An audit team is currently engaged in planning the audit of financial statements of E Limited as at 30 June 2007. This was the first accounting period throughout which all the transactions were processed in a computerised system. As team leader you have been requested to brief the audit team on the following issues:
problem1. Determine the factors which must be considered when planning the audit in a computer environment.
problem2. describe how a computerised system diverges from a manual one.
problem3. describe what is meant by?
i) Application controls
ii) General controls
problem4. Illustrate the term Computer Assisted Audit Techniques (C.A.A.Ts) and the benefits that might be derived from using them.