Audit Lens

Abstract

The term ”audit” typically refers to an examination of financial statements. A financial audit is an independent review and assessment of an organization’s financial statements to ensure that they fairly and accurately reflect the transactions they purport to represent. Employees of the organisation may conduct the audit internally, or an outside company of Certified Public Accountants may do it externally. External audits can be quite beneficial in removing any prejudice when examining the health of a company’s finances. Financial audits look for any significant inaccuracies in the financial statements. Internal auditors work for the business or organisation they are auditing, and they deliver their audit report directly to management and the board of directors. Auditor-friendly features in Excel are numerous. Excel is a potent audit tool since it allows for the input of data and the running of various tests and analyses. Most auditors can easily access it, and it is easy to use. There are numerous analytical tests that Excel is capable of doing. Numerous other sorts of data analysis can also be carried out with this tool, including append and merge, cross tabulation, pivot tables, gaps and duplication detection, extract and filter, connect and relate, sample, sort, summarise, and subtotal. A tool that aids auditees in better understanding audits is thus required which displays the progression of each section of the question using bar graphs and percentages. It saves the user time and permits the monitoring of the auditor’s performance by avoiding the conventional Excel sheet appraisal.It also helps the user to quickly and easily determine the auditing’s progress and track the efficiency of auditor.