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Pamela McCoy, CPA, CIA, CISA Senior Product Manager TeamMate Product Development Team October 9, 2003 PowerPoint PPT Presentation


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Electronic Audit Management Systems “Automated Working Papers” Project & Resource Scheduling Risk Assessment Electronic Work papers Knowledge Management Reporting Project and Issue Tracking. Pamela McCoy, CPA, CIA, CISA Senior Product Manager TeamMate Product Development Team

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Pamela McCoy, CPA, CIA, CISA Senior Product Manager TeamMate Product Development Team October 9, 2003

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  • Electronic Audit Management Systems

  • “Automated Working Papers”

    • Project & Resource Scheduling

    • Risk Assessment

    • Electronic Work papers

    • Knowledge Management

    • Reporting

    • Project and Issue Tracking

Pamela McCoy, CPA, CIA, CISA

Senior Product Manager

TeamMate Product Development Team

October 9, 2003


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Agenda

  • Paperless Audits: What, Why?

  • A few questions for you

  • Paper-based Audits: A unique study

  • Paper-based “pains”

  • Standards?

  • What should you expect from your system?

  • Other Considerations

  • What should you do?

  • Challenges and Questions


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Paperless Audits – What?

Any audit that is electronically planned, documented, indexed, referenced, reviewed, reported, and stored.


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Paperless Audits – Why?

  • Enhance and improve auditor efficiency & effectiveness

  • Manage and leverage knowledge

  • Reduce, or even eliminate, non value-added activities

  • Improve business decisions

  • Manage and share information

  • Standardize the “usual”

  • Promote consistency in approach

  • Promote timeliness in reporting


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A Few Questions for You

  • What is your E-mail package?

  • How do you share audit information?

  • What is your Operating System platform?

  • What are your typical audit dynamics?

    • Time – weeks and/or hours

    • Do you work in teams?

    • Work from the office or from the field?

    • Levels of review?

  • When do you want to implement?

  • Why do you want to implement?

  • Have you seen other systems?


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Paper-Based Pain #1: Preparation

  • Write, print, and manually annotate (cross-reference, tickmark, signoff)

  • If edits, re-write, re-print, re-annotate

  • Repagination and/or incorrect cross-referencing

  • How to locate and re-use prior workingpapers

  • Lack of standardization in set up and audit approach


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Paper-Based Pain #2: Review

  • Reviewer must be where the working papers are

  • Working papers must be complete

  • Reviewer must search to find items “ready for review”

  • Review comments or post-review edits mean the process must be restarted

  • Interruption of audit workflow


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Paper-Based Pain #3: Access & Storage

  • Archival requirements – how long must you keep them?

  • Where do you keep them?

  • How can you find them?

  • Storage costs

  • Security

  • Multiple files are heavy

  • No easy way to back up paper


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Paperless Audit Standards

  • AICPA, IIA, and GAO standards are vague

  • Permit use of media “other than paper”

  • Courts accept electronic evidence and signatures

  • Electronic signature must be under the signer’s sole control and verifiable

  • We must assume the evidence and documentation requirements are the same as paper working papers


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What Features Should You Expect?

  • MUST incorporate your process

  • Flexible operating model

  • Drives consistency in audit process

  • Real-time preparation and review

  • Minimal workflow interruption

  • Electronic signature integrity and control

  • File security – encryption technology

  • Intuitive look & feel

  • Automatic indexing and referencing

  • Imaging technology

  • Report generation – in YOUR format

  • Understandability and reliability

  • DBMS


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Other Considerations

  • Your IT Infrastructure – How will you share information?

  • Microsoft vs Lotus Notes platforms

  • Supportability and maintenance

  • Time to build and incorporate into current plan

  • Help desk – yours or the vendor’s?

  • Training – who, how, where? How often?

  • Other costs – PC or NW upgrades, scanners, turnover


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So What Should YOU Do?

  • Understand, agree on, and document your current process

  • Establish your protocols

  • Identify and understand your requirements

    • Hardware

    • Network

    • Documentation

  • Talk to the vendors – can you test the product?

  • Talk to the users – yours and theirs

  • Allow for and accept a learning curve


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Challenges and Questions

  • Agreement on basics

  • Acceptance

  • Learning curve

  • Support from the “top” – use is not an option

  • Fear of change – “If it ain’t broke, don’t fix it”

  • How about “If it ain’t broke, break it?”


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