Computer Assisted Audit Techniques (CAATs)
Computer Assisted Audit Techniques (CAATs) is the tool which is used by the auditors. This tool facilitates them to make search from the irregularities from the given data. With the help of this tool, the internal accounting department of any firm will be able to provide more analytical results. These tools are used throughout every business environment and also in the industry sectors too. With the help of Computer Assisted Audit Techniques, more forensic accounting with more analysis can be done. It’s really a helpful tool that helps the firm auditor to work in an efficient and productive manner.
The CAAT tool supports the forensic accounting in which larger amount can be diverted to the analytical form and it also prompts where the tool detects the fraud. This tool simplifies the data and in the automated form. The name of CAATs tool is placed in almost every firm where the auditing or advance level accounting takes place. The firm is well aware of the benefits of these tools and also making some advancement in this tool in accordance with their need, in return all the large raw data becomes in statistical and analytical form. It’s a time saving tool.
With the advancement in the field of technology, many easy to use and more efficient CAATs tools are available. Accountants of the present business world found this tool very much easier to use as the new upcoming tools come with the guide book and even are users friendly.
For working with the CAAT tool, it is essential for the accountant or the auditor to select the right data, the selection process is very much tricky, and you need to be professional for it. After selecting the right data, import that to the CAAT tool, now the tool will automatically generate the analytical data. This tool really contributes to the efficiency of the auditors.
- Debt ratios
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- Profitability ratios
- Asset management ratios
- Cash Flow Indicator Ratios
- Market value ratios
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- IFRS Interpretations (EU)
- Financial software