Audit Data StandardsThe benefits of standardization are well-recognized and have led to the development of various general IT standards. One reason data standards are needed is to address the ongoing challenge that management and internal and external auditors face in the efficient exchange of a company’s data. This process is complicated by the fact that accounting and IT personnel approach requests for such information from different perspectives.
For example, in some cases, audit-related data requests are forwarded directly to a company’s IT department, with limited further involvement from the accounting or finance department. In many cases, the burden is on the auditors to acquire the data.
This document covers the General Ledger