Auditing is an accounting process of evaluating a person, company, system, process, enterprise, product or project. This is done by a trained practitioner known as an auditor. The work done is called an audit. It can also be defined as the process of examining of financial statements in an organization. All this is done to test if there are frauds made with the accounting statements. Auditing now a days is made easy through the use of accounting software packages which include IDEA, APEX systematic, ACL, Individual audit system, internet security scanner, HAWK, Computerized Accounting Records Comparison System, WINIDEA, IDEA4 Excel, Word and various others used in different nations across the world. All these are computer aided auditing techniques, which are procedures that are performed through the system or computer.
The audit software contains system programs used by auditors as part of the auditing procedures to process facts and figures of audits significance from the entity’s accounting system. The system audit software is a schedule or plan of how processed facts and figures can be extracted for the user’s requirements or needs. It provides real time or ready information to the users and makes it easy to scrutinize large amounts of facts and figures or data.
This also stores the proceed facts and figures permanently till they get destroyed or updated by the auditor or responsible programmer (Cascarino 2012)IDEA is strong and user friendly software which is specifically designed for helping financial and accounting professionals. It is used to enhance the auditing and analytical capabilities, detection of frauds, and to ensure that the standards of documentation are met. IDEA also allows one to fast import, link, evaluate, analyze, sample and export or remove or extract the facts and figures from generally all the sources, including reports printed to file.
IDEA is generalized auditing software which is the short form for interactive data extraction and analysis. This software is used in various languages from many countries in the world like over a hundred, used by major accounting companies. It was developed by the Canadian institute of chartered accountants and finally by the Case wares IDEA incorporation. This software supports the windows version operating system and was first released to the market in the year 1995.
This was not able to effectively work which prompted the emergence of another version in the year 2002 which enjoyed overall satisfaction among its accounting users in compliance with the computer assisted audit techniques. IDEA software is capable of extracting different kinds of facts and figures’ documents, involving the print documents (Coderre 2010). The data repositories are generated in import where the facts and figures of the original files are put or inserted in several different types of fields. Here, the user will be able to browse through that repository or database then look for the expected records, quickly sort it and index the very records, do the extraction of the records hence following certain specific procedure, the search of duplicates and blanks, make the summary and a stratification of records and the export of files like the Microsoft excel.
All these measures are fundamentally supported by functions.