Anyone know where to find any analysis on electronic workpapers? My audit group consists of 3 people (staff, senior , manager) We are trying to determine which electronic working paper would best fit our need?
You must stand for something or you will fall for anything!
My company uses an electronic workpaper system that was developed internally. We generally attach more than one workpaper to each step. Does anyone know if every one of these workpapers needs to be signed off on or if we can just sign off on the audit step we are doing using the assumption that if we are signing off on the step we are signing off on all workpapers that are attached?
With such a small department, why the expensive overhead of an automated workpaper package. Generally, such packages are useful to larger shops with IA staff spread out globally. I have supervised many small shops and have seen no ROI to fielding an electronic workpaper system.
Dan Integrity can be defined as your moral soundness. A test for integrity - Do your actions match your words?
<< we can just sign off on the audit step we are doing using the assumption that if we are signing off on the step we are signing off on all workpapers that are attached? >>
You *can* do this, if such a practice is acceptable to your management, however there is obviously some risk in that the work won't be completed or reviewed as thoroughly. Our company's internal audit manual permitted an "Index Page" that listed all w/p's to be signed by the auditor and approved by the manager. The signatures on the "Index Page" were in lieu of signing every attached page.
That said - we are now using TeamMate, and the "Index Page" provision no longer exists (and will not be replicated in TeamMate)! Every audit step and attachment needs to be signed-off and approved. Makes one careful not to load too much extraneous info into TeamMate folders.
Edited: Monday January 22, 2007 at 1:24 PM by MP49E
Many auditing firms in Canada use a product called Caseware. It is setup to to signoff the pages if needed, it has a note section so from anywhere you can create queries and so on. In addition you can signout sections and then sign them back in. It is not very expessive - I think around $500 per user and annual maintenance fee.
I've used it for a number of years and one of my collegues is also using it for internal auditing.