Computer transactions have increasingly become more complex and can support added functions. Therefore they can therefore support enormous volumes of transactions within the same system and are completed in nanoseconds. As such the traditional computer auditing software tools have become increasingly less efficient. Some of them have become obsolete. The complexity of modern computer transactions thus needs new technological solutions that, while supporting the added functions, enable for accurate policing of electronic transactions and prevent any fraudulent transaction (Robert, 2003). There are several continuous auditing software applications available to increase the coverage of computer transactions audit (Dalal, 2000) some of which the company can effectively use. However, this paper will analyze three of them; Approva, CaseWare IDEA and Oversight technologies.
Approva One is the only known continuous audit application that can allow finance, audit and Information Technology to operate from a single common platform and still retain the independence of policing their electronic transactions throughout their major applications. This application has a number of key capabilities. It can investigate computer transactions directly by looking at the surrounding environment and comparing related information. This is referred to as 360o View of Exceptions. Other than auditing multiple controls, Approva One can show a correlation between various audit controls. The software also does both the auditing as well as monitoring functions. Furthermore, it allows users to perform multiple functions such as investigation and analysis under a single interface. This means that other than allowing for users to launch multiple applications under a single platform, users can also resolve audit issues from within the network. The applications also generate reports geared towards helping the companies attain their business goals (Approva Corporation, 2010).
CaseWare IDEA enables users to import data in many formats from unlimited sources such as AS-400, XML, dBASE among others, as well as generate reports in varied forms such as Excel, Access, HTML and many more. To avoid any unwanted changes the application only allows read-only user access and tracks any changes to the source. The application allows users to also easily manage and organize data through a series of simple functions such as record specific matching, sorting and grouping of data, viewing of reports as well as alerting manipulation data fields through addition or deleting of fields. These allow for easier analysis, sampling and display of data. Furthermore, users are able to use numerous data files to match, authenticate and add information from various sources. This means that the application can process enormous data in milliseconds. As such the auditing of data is instantaneous meaning fraud can be detected very easily and in time (CaseWare International Inc., 2011).
Oversight Technologies allow users to continuously monitor a range of computer transactions from financial transactions to ERPs. Oversight Technologies operates on the strength of locating weaknesses within computer systems and as such is not limited to individual applications. The application has a number of powerful features such as an intelligent workbench, dashboards, reasoning engine, among many others. These functionalities help to streamline problem-solving; the application generates its own solutions to any error noticed. The application also has a problem reporting function that generates auditing reports in various formats. The results from the audit analyses are stored automatically inside an inbuilt data store. The data store acts as a reservoir of information for the evaluation of future performance management. To check the integrity of data the applications consolidate all the details of all transactions into a single data model that has a series of audit features able to create a trail of any alteration in computer transactions (Oversight Systems, Inc., 2009; Oversight Systems, Inc., 2011).
The table below shows a comparison of five basic functionalities between the three applications.
From the comparison above, Approva One seems to be the most suitable continuous auditing software application for this company. This is because of its strength and capabilities. The company esteems to maintain 100 % monitoring and auditing of its business transactions while maintaining user access rights. Using this application, the company will also be able to configure its account to its own specification. As such Approva one is highly recommended for the company.
Reference List
Approva Corporation. (2010). Continuous controls Monitoring solutions. Web.
CaseWare International Inc. (2011). Idea version eight. Web.
Dalal, C. (2000). Advanced use of audit software in the audit. I.T. Audit, 3. Web.
Oversight Systems, Inc. (2009). The operational effectiveness of continuous monitoring approaches A guide to cm assessment based on the COSO guidance on monitoring. Web.
Oversight Systems, Inc. (2011). Solutions overview. Web.
Robert, L. 2003. Towards a paradigm of continuous auditing. Web.