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ine the substantive procedures that will provide the audit evidence to reduce detection risk, and therefore audit risk, to an acceptable level. In some small entities, such as those where most transactions are for cash and there is no regular pattern of costs and margins, the available evidence may be inadequate to support an unqualified opinion on the financial report.
AUS 214: Auditing in a CIS Environment8
.61 The increasing availability of computer-based accounting systems that are capable of meeting both functional and economic circumstances of
8 See footnote 3.
entities’ accounting systems often make use of personal computers. AGS 1018, “IT Environments - Stand-Alone Personal Computers” gives additional guidance regarding the special considerations of such an environment.
.62 Small entities are likely to use less sophisticated hardware and software packages than large entities (often “packaged” rather than developed “in house”). Nevertheless, the auditor has sufficient knowledge of the computer information system to plan, direct, supervise, and review the work performed. The auditor may consider whether specialised skills are needed in an audit.
.63 Because of the limited segregation of duties, the use of computer facilities by a small entity may have the effect of increasing control risk. For example, it is common for users to be able to perform two or more of the following functions in the accounting system:
• Initiating and authorising source documents.
• Entering data into the system.
• Operating the computer.
• Changing programs and data files.
• Using or distributing output.
• Modifying the operating systems.
.64 The use of computer information systems by small entities may assist the auditor in obtaining assurance as to the accuracy and appropriateness of accounting records by reducing control risk. Computerised information systems may be better organised, less dependent upon the skills of people using them, and less susceptible to manipulation than non-computerised systems. The ability of the auditor to obtain relevant reports and other information may also be enhanced. Good computerised systems facilitate accurate double entry and the reconciliation of subsidiary ledgers with control accounts. Report generation and the production of bank reconciliations may be more disciplined and effective, and the availability of reports and other information to the auditor is often improved. The assurance provided by such features, providing they are properly evaluated and tested, may permit the auditor to limit the volume of substantive testing of transactions and balances.
.65 The general principles outlined in AGS 1060, “Computer Assisted Audit Techniques" (CAATs) are also applicable in small entity computer environments and give additional guidance regarding the special considerations in such an environment. However, in many cases where smaller volumes of data are processed, manual methods may be more cost-effective.
AUS 502: Audit Evidence9
.66 AUS 502 recognises that, although audit evidence may be obtained in a number of ways, including from an appropriate mix of tests of control and substantive procedures, in some circumstances evidence may be obtained entirely from substantive procedures. A typical example of such circumstances would be where segregation of duties is limited and evidence of supervisory control is lacking, as is the case in many