Generalized Software as a Factor of Innovation in the Financial Statement Audit Process

Abstract

Generalized audit software is a software solution that is specifically designed for the needs of the auditor.
The use of generalized audit software leads to the changes and innovations at the level of audit process and audit firm.
At the level of audit process the use of software leads to the reduction of the time, the audit evidence is a higher level
of reliability, possibility of identification of fraud. The most important changes is the possibility of testing the entire
population, which leads to the audit evidence of very high level of reliability. At the level of audit firm implementation
of software leads to reduction of the cost of audit services and possibility of realization of larger number of audit
process.