COMPUTERIZED AUDIT SYSTEM: ISSUES, PROBLEMS AND PROSPECTS (A CASE STUDY OF AKINTOLA WILLIAMS DELOITTE, ABUJA)
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COMPUTERIZED
AUDIT SYSTEM: ISSUES, PROBLEMS AND PROSPECTS
(A CASE
STUDY OF AKINTOLA WILLIAMS DELOITTE, ABUJA
ABSTRACT
This research
work “Computerized Audit System: Issues,
Problems and Prospects” (A Case Study of Akintola Williams Deloitte Abuja).
Tries to examine the advantages of computerized auditing. To assess the
computerized audit procedure in Akintola Williams Deloitte and see how they
combat fraud and errors. The methods of data collection used were the primary
and secondary sources. Simple percentage used to analyze the research questions.
Senior Auditors 40%, Middle class Auditors 40% and Management 20%. The
computerized auditing is however not totally lost because since it aids the
auditor to discover and advise claims on areas where profitable investment can be
made and areas where problems are likely to arise. The computer aim of auditing
firm should be made to produce a computer system manual to enable the auditor
develop a relevant audit computerized system.
TABLE
OF CONTENTS
Title
page i
Declaration ii
Certification iii
Dedication
iv
Acknowledgement v
Abstract vii
Table
of contents viii
Chapter One
Introduction
1.1
Background of the study 1
1.2
Statement of the Problem 4
1.3
Hypothesis 4
1.4
Objective of the study 5
1.5
Scope of the study 6
1.6
Significance of the study 6
1.7
Delimitations 7
1.8
Definition of Terms 8
Chapter Two
Literature Review
2.1
Introduction 11
2.1.1 Application
programs 14
2.1.2 Utility
program 15
2.1.3 Auditor
Developed programs 15
2.1.4 Auditing
around the computer 16
2.2
Impact of computer audit on auditors 18
2.3
Control over computer use 19
2.4
Computer application and tasks for
audit 20
2.5
Issues involved in computer audit 23
2.6
Implication of the auditor 28
2.7
Sample computer audit procedure 29
2.8
Risks associated with computer 30
Chapter Three
Research Methodology
3.1
Methods of data collection 35
3.2
Data analysis techniques 36
3.3
Research Assumptions 39
Chapter Four
Data Analysis and Presentation
4.1
Data analysis 40
4.2
Schedule for testing of hull hypothesis 56
4.3
Contingency table for testing null
hypothesis 58
4.4
Decision rule 60
Chapter Five
Summary, Conclusion
and Recommendation
5.1
Summary 62
5.2
Conclusion 64
5.3
Recommendations 65
Reference 67
Appendix 69
CHAPTER
ONE
INTRODUCTION
1.1
BACKGROUND
OF THE STUDY
Computerized
Auditing System: A computer is an electronic device, which works faster than
the ordinary human brain. Although a computer has no brain of its own to reason
like a human being, it has in-built memories that enable it perform complex
mathematical problems as fast as possible, faster than the human brain. The
background of computing aids can be traced to China
Since
the first office computer LED Ilyans end co-electronic Office was introduced in
1953, machine have increased on speed, reliability and new used in wide range
of application without any change in the fundamental principles. The
introduction of computer has made accounting such as auditing easier and
quicker to perform. The computer is capable of performing a months transaction
of auditing work of an organization in a few hours thus reducing the job of the
Auditor.
This
auditor need to learn about computer programming or at least should be able to
follow the transaction trail up to the paint where they are keyed into the
computer in form of input since there is usually a Loss of Visible Evidence
(LOVE) during operation. The Auditor should be able to relate the input to
output. It is also advisable for an Auditor to take a course in computer
programming in output data in course of his audit trail.
The
fast developing of technology, paper transactions are fast disappearing,
consequently, source documents are less available. The introduction and
adoption of computer to the Auditor business has led to revolution in data
processing methods. They have served as a catalyst to auditing world in the
area of efficient, effectiveness, timely and accurate operation of business.
From
the foregoing, computerized audit as a way of checking the efficiency and
accuracy of data procedures present a fascinating study.
An
audit is an independent or objective examination of the financial statement of
an entity and the expression of an opinion. It could be inferred that the
primary reason of conducting an audit is to enable the Auditor make a report to
the effect that the financial statement as prepared by officers of an
establishment gives a true and fair view, otherwise to what extent they
disagree with the report.
The
auditor along side help to ascertain compliance of the organization to
operational policies and prescribed standard. This is aimed at increasing the
acceptability, dependability and usefulness of financial statement.
1.2
STATEMENT
OF THE PROBLEM
The
research will be concerned with the problems faced by auditors and will offer
solution to them. Those problems are:
a.
Complexity of the computer systems
b.
Non-existence of visible evidence
c.
Possibility of systematic errors
d.
Non retention of files and data
e.
Lack of audit trail. The tracing of
individual transaction through the system from source to completion.
1.3
HYPOTHESIS
Hi: A computerized accounting has a significant
influence on the auditor
Ho: A computerized accounting system has no significant influence on
the auditor.
RESEARCH
QUESTION
In
line with the above purpose of the study some questions are design to enable
the research address the issue. These questions are:
a)
What are the causes of the problem in
computerized system of auditing?
b)
How will the auditor carry out his
auditing functions in a computerized system?
c)
What are the impacts of computerized
system and the Auditor function
d)
Is there any need for Auditors in a
computerized system
e)
Would it be easy for Auditors to
detect computer fraud using computerized system?
f)
How would the computer system
influence opinion of Auditors?
g)
Are Auditors function affected by the
use of computers?
1.4
OBJECTIVE
OF THE STUDY
The
purpose of the research is as follows:
a)
To examine the advantages of audit
b)
To examine the computer audit
c)
To examine the responsibilities of Auditors
in a computerized environment.
d)
To access the computerized procedure
in Akintola Williams Deloitte and see how they combat fraud and errors.
1.5
SCOPE
OF THE STUDY
This
research work is conducted with computerized audit approach as it is obtained
at Akintola Williams Deloitte. It also emphasizes on the assessment of
computerized procedure in achieving effectiveness and efficiency in audit
operations. Included is the analysis of the problems associated with the new
computerized system of auditing firms in relation to its effects in the
operation of the firms.
1.6
SIGNIFICANCE
OF THE STUDY
The
significance of the study is derived from the impact of computerized auditing
system and also the value ascribed to it by the society.
The
study has a significant impact on auditors.
Impact
on Auditors
It
will consider computerized auditing system, records auditing system, records
and accurate way of applying computer in keeping records in Akintola Williams
Deloitte Abuja.
The
decision makers will also immensely from the appropriate information would be
available for decision making and planning.
The
researcher will also find the significance of the project in their quest for
knowledge and also as a useful contribution to their field of study.
1.7 DELIMITATIONS
In
the past, auditing of public and private organization have been carried out by
the conversational method making it time consuming and problems encountered led
to the development of computerized audit, thus helping to overcome the
shortcomings of the conventional method. The computerized auditing system
however, created its own problems which hinders the Auditor from discharging
his responsibilities. The research will try to address these problems. The
research may not provide absolute solution for these problems but will try to
reduce some likely errors which may be created or affect the Auditor during
audit work in a computerized environment.
The
delimiting factors affecting the full coverage of this are:
a)
Data collection for research is not
easy
b)
Other problems include financial
handicap because research work demand more funds than one could afford.
c)
Lack of relevant books on the topic
and other periodical materials.
d)
Time constraint
Nevertheless, much will be done on the work
despite these constraints.
1.8 DEFINITION OF TERMS
To
accomplish the objective and aim of this work, it is therefore necessary that
some terms used in the study be defined as this work enhances the understanding
of the reader.
i) Internal Control: Atwood and Staris
(1986) defined internal control in the auditing guideline on the subject as the
whole system of control, financial and otherwise established by the management
in order to carry on the business of the enterprise in an orderly and efficient
manner, to ensure adherence for management policies, safeguard the assets and
secure as afar as possible the completeness and accuracy of records.
ii) Processing: This refers to the
calculation that are performed on the data to get the output.
iii) Data: These are raw factors and figures
collected for further processing meant to help solve a given problem.
iv) Audit Query: This is a question raised
and issued whenever the Auditor is in doubt about the truth of stated matters
in the record.
v)
Computer
Audit: [Howard L.R. 1992] states that it is an
approach, which embraces review of application in terms of general controls and
installation controls (i.e. input control, processing control and output
control).
vi)
Worms
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