Computer Assisted Audit Techniques Tools and Techniques (CAATTS) are gaining popularity in the audit profession

Computer Assisted Audit Techniques Tools and Techniques (CAATTS) are gaining popularity in the audit profession

Subject: Business / Accounting
Question
Computer Assisted Audit Techniques Tools and Techniques (CAATTS) are gaining popularity in the audit profession. CAATs is the practice of using computers to automate the audit processes.These tools are being used to assist internal auditors when searching for irregularities in data files, helping internal accounting departments to do more detailed analysis, and helping the forensic accountant with extrapolate large amounts of data for analysis and fraud detection. CAATTS are used to automate the data analysis process

You are a member of the internal audit team for your manufacturing company that handles hazardous materials. Your team has recently been tasked with working with the chemical specialist who identified hazardous compounds for which your company should ensure proper storage and handling procedures are in place; you are to ensure that employees are following those storage and handling procedures.

Since you will be working with the chemical specialist for development of the list of hazardous compounds, describe the process you would go through to verify that each compound is stored properly, that employees are not in danger, and that risk has been mitigated using CAATTS. Include recommendations for continuous audit steps to assure the CEO that no risks are present.