How Much IT Involved in Auditing - Dissertation Example

To analyze the actual scenario, this research work has adopted a qualitative survey method for collecting data about the research scenario. Data have been collected from twelve different organizations that have implemented IT-based auditing tools. The data collected were interpreted properly and subjected to a Strength, Weaknesses, Opportunities, and Threats (SWOT) analysis to obtain the results of the research. It has been found that IT-based auditing tools reduce the time of analysis and data retrieval.

They provide good availability of data. They are more accurate, efficient, and effective in conducting audit procedures. The cost involved in implementing and maintaining them is considerably more. Comparing the United Kingdom and Kurdistan, the United Kingdom is more extensively using IT-based audit tools than Kurdistan. This chapter provides an introduction about this research work with the research problem statement, the aim of the research, the main research question, and the methodology of research to be adopted.

1.2. Research Scenario:
The methods of auditing have changed significantly in the recent past due to the advancements in IT. Notable standards for effectiveness in auditing have evolved.

The quality of auditing is critical for financial reporting and auditing (FRC, 2008). Auditing involves the presentation and discussion of the financial statements of an organization. The discussion may be among the audit team and the top-level management. Auditing is considered to be critical activity in view of the overall capital assets and market confidence. Present auditing practices are quite adequate but their data authenticity is less. This may be detrimental to an organization as they suffer from unintentional or intentional errors. Assurances to decision-makers on data integrity and data accuracy require detection and prevention of errors in audit reports (Witten and Frank, 2011).  The amount of data to be handled by the auditor and his team in a large organization would be large and difficult. The auditor’s data act as the base for management decisions and policies.