Using other peoples' test ideas

There is no sense re-inventing the wheel and to that end, auditors need to use their network to identify top audit tests. This network could be their friends and associates but there is no reason why it can't be the Internet as well.

Auditnet.org has free and subscription based (only $100 per year at the maximum) access to more audit programs and control matrices that you would ever need. Check them out!

The Overlooked Audit — Spreadsheets

A spreadsheet is one of the greatest software tools used by accounting and finance professionals. While spreadsheets can make accounting work easier, they are also ripe ground for errors and fraud: entry and copy/paste errors are common in spreadsheets, given that there are generally no controls to prevent such occurrences; virtually no security features available in spreadsheets applications; the false sense of security or "comfort factor" given spreadsheets ubiquity in the marketplace. Spreadsheets therefore become the least expected link in producing errors in financial records and for commiting fraud.
To learn more about this issue, pelase see a short article on the topic. Also see a free whitepaper on using Excel as an audit software.

Happy Auditing,
Rich