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Paperless audits have been receiving a great deal of attention from auditors. As the world of business moves toward a paperless environment in which most transactions are recorded by computer, it should only be a matter of time before all auditors are using paperless audit techniques. auditor and client, and a need for efficiency on the audit engagement have facilitated the use of the paperless audit.
The potential benefits of paperless audit include: computer-generated workpapers which are more legible, consistent, and easy to store; the elimination of manulists; and, improved morale and productivity due to the reduction of clerical tasks.
Some firms have implemented their own audit software. Deloitte & Touche LLP (D&T) and Coopers and Lybrand LLP (C&L) are two international accounting firms with their own Paperless audits combine the attributes of technologies that are currently being used such as word processing, spreadsheets, and electronic mail. The enhanced performance of the notebook computer, an increased understanding of computers by both the al footing, cross-footing, and other routine calculations;...