1. Key Challenges Faced Before and During the Use of AudTech
The firm identified the following challenges in relation to the use of the AudTech platform:
- Internet Dependency: Since AudTech is a web-based platform, an active internet connection is required to access and use the system.
- Data Linkage and Consistency: Data is not currently linked across different sections of the system, which can result in duplication and a higher possibility of inconsistencies.
- Manual Working Papers: Adding and maintaining manual audit working papers can be time-consuming and requires additional effort from the audit team.
- File Archiving: The system does not currently provide an option to archive an individual file separately.
2. How AudTech Has Addressed These Challenges
As of the current stage of implementation, the challenges are yet to be fully addressed
3. Improvements and Benefits Experienced
Despite the above observations, the firm has experienced improvements in the following areas:
- Risk Assessment: The risk assessment process has improved through the use of AudTech.
- Internal Controls Testing: The process of testing internal controls has also improved and is more structured.
