Paperless Auditing - 2619 Words

Paperless auditing is a very important issue facing the accounting profession today. Several firms throughout the world are faced with the decision to go paperless and many are in the early stages of becoming a paperless office. It is important for a company to go at this task full force or the benefits will be significantly reduced. When the decision has been made to go to a paperless office, several issues present themselves for the firm. These issues include the level and how to implement a paperless system, what audit issues need to be addressed in the conversion and use, and what are the pros and cons of this system. So with all this talk about going paperless, what exactly does it mean? There are various definitions of†¦show more content†¦This also allows more the one auditor to be working on the same engagement. The software allows the user to see the immediate affect of a journal entry on the various bases of accounting. A nice feature of this program is the f act that it will calculate several preliminary analytical procedures for you automatically. GoSystems also has the uniqueness of being able to consolidate up to 75 different entities. So if you are a bigger business you are also able to utilize this software. This software is an integrated software package so you can use FileCabinet CS with GoSystems to effectively store your files in an organized fashion. You can also link it with GoSystems tax to save time during the busy tax season and not having to re-key in all the information into a tax program. Overall GoSystems has several unique features that might be right for either a small or large company. Prosystem fx Engagement is the final program that we will highlight. According to the CCH Groups website, Prosystem allows multiple users to be working on the same engagement at the same time. It has a check out procedure where the user checks out only the materials he/she needs to complete their section of the audit. One uniq ue feature of Prosystem is that it assigns teams of employees rather then individuals to the binders. This allows quicker set-up and makes the audit flow faster and more smoothly because individuals do not have to be added oneShow MoreRelatedSystem Integration and Validation970 Words   |  4 Pagesand Validation Computer technology has advanced enough to help auditors find more efficient ways to audit. By using different auditing techniques and utilizing audit productivity software auditors can find errors in a business computer system faster and easier. Using this type of computer technology improves Audit documentation and processes. 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Firm infrastructure: A publicly listed company, with sound financial auditing and an emphasis on going paperless. Intel encourages its investors to enroll in Electronic Shareholder Communications and receive their statements, tax information and proxy materials electronically. A flexible quality management system architecture is in place toRead MoreTechnology And Risk Management Process1297 Words   |  6 Pagesthe Research Industry are revision to the â€Å"Common Rule† â€Å"to reduce burden, delay and ambiguity for investigators†, the Food and Drug administration (FDA) encouraging Diversity because there is variability of drug response and FDA’s initiatives for paperless trials with the release of multiple guidance documents addressing technology tools including electronic informed consent (FDA, 2017; HHS, 2017 and Mitchel Helfgott, 2017). Furthermore, widespread adoption of new software and technologies like