IntroductionDifferent accounting packages and software are dominating the market so that the irregularities that remain in the data files can be found out. This has increased the use of Computer Assisted Audit Techniques (CAATs) which helps the auditing and other departments to analyze and find the areas which results in frauds and helps to curtail frauds by identifying the sources. Different accounting and auditing firms have increased their dependence on different tools so that the different areas which are important from the point of business can be looked into. This has increased the usage of CAAT which includes different software packages like IDEA, APEX systematic, ACL, Individual audit system, internet security scanner, HAWK, Computerized Accounting Records Comparison System, WINIDEA, IDEA4 Excel, Word and others which are used based on the requirements of a region.
This is further demonstrated through a graph which highlights the usage of different tools as (Internal Audit, 2012)The above chart shows the use of software based on the process of extraction and highlights the usage of different software. A look at the usage based on analysis is as followsThe above graph thereby highlights the manner in which the use of different software enables the different functions to be managed effectively.
This report thereby look to present the manner in which IDEA software is being used in the field of accounting auditors, forensic auditor and information system auditing so that the manner in which this tools help to detect frauds can be identified and the different application of IDEA software can be ascertained. About IDEAIDEA is a Computer Assisted Audit Techniques which is user friendly and has been developed to help financial and auditing professionals so that they are able to assist in analytical purposes, auditing purposes, detection of threats, and to ensure that correct information is retrieved and used for future (Cascarino, 2012).
A specialty of IDEA software is that it allows the user 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. This serves as an important point in financial purposes as it ensures that the software can be used in diverse fields and provides the required results that the business is looking forward.
The manner in which IDEA software is used has been demonstrated belowThe above diagram depicts that IDEA process look to import data and perform the analysis based on the users’ inputs which helps to provide the results in different forms and shapes so that the user is able to draw influential findings based on it. IDEA software is capable of extracting different kinds of facts and figures’ documents, involving the print documents (Coderre 2010) and the acceptability in different languages multiplies the uses.
The software thereby has its importance and is used in different directions so that the frauds are easily detected and the importance of auditing magnifies. Use of Information Technology by Financial Statement Auditors, Forensic Auditor and information system auditing