Efficacy of Audit Planning in Professional Life

Efficacy of Audit Planning in Professional Life
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Efficacy of Audit Planning in Professional Life
1 Overview of the Article
The increasing advancements in information technology have transformed the working strategies and mechanisms in every sector. Every sector can only predict to ensure success by adopting useful information technological tools. Information technology has reduced communication obstacles in one way and has greatly reformed many companies' performance (Murphy & Brown, 1992). Several tools are used for advancing accounting and auditing, including smart databases and elite systems.
Figure SEQ Figure \* ARABIC 1: The Application of Information Technology in Inspection
(Murphy & Brown, 1992)
The figure above talks about the different uses of information technology in scrutiny planning. Several accounting and auditing tools are used for internal control of auditing, probability management, and control. As accounting and inspection planning is a long and laborious task, it requires perfection and accuracy. A single mistake at any stage can cause disruptions from different angles by damaging the normal workflow at an organization (Thottoli et al., 2019). Therefore, it is always recommended to use smart information technological tactics to undertake any predictive procedure related to audit assessment.
2 Salient Features of Advanced Information Technology in Audit Planning
The scrutiny is an eternal procedure that many organizations initiate to assess their work performances against the set targets. Before the application of IT in the checking assessments, a lot of paperwork and labour was used, but after the adoption and smooth IT application, paperwork was reduced extensively.
Table SEQ Table \* ARABIC 1: Pros and Cons of IT Application in Audit Planning
Advantages of IT in Audit Planning

Disadvantages of IT in Audit Planning

Extensively reduced labor and paper material

Expert skills are required to undertake computing entries

Quick and error-free entries

Expertise is critical in assessing the record

Easy record checking

High likelihood of data loss in case of prime entry absence/loss

Ease in the detection of fraud and manipulated entries

Difficulty in maintaining data safety and protection standards

As described in the table above, the adoption of IT in audit drafting has several pros and cons. General inspection and account practices require the personnel to develop a framework for scrutiny analysis. Expert-level skills are essential in planning the framework for auditing and assessing the already implemented layout. The application of IT has reduced the paperwork and the tendency of errors in audit work. Now, any frauds and manipulations can be easily checked and rectified with the help of automation systems (Murphy & Brown, 1992). Even though automation has many benefits in auditing, the likelihood...