Question

Which of the following is true of generalized audit software packages?

1) They can be used only in auditing online computer systems.
2) It involves auditing while data is being processed.
3) They can be used to examine an entire population and eliminate the need for sampling.
4) They enable the auditor to perform all manual test procedures less expensively.

Answer 1

Generalized audit software packages can be used for auditing online and offline computer systems. They enable auditors to examine the entire population of data and automate manual test procedures.

Step-by-step explanation:

A generalized audit software package is a tool used by auditors to automate and simplify their audit procedures. It can be used for auditing both online and offline computer systems.

While the data is being processed, a generalized audit software package can analyze and validate the data to detect errors, fraud, or other inconsistencies.

These software packages allow auditors to examine the entire population of data, eliminating the need for sampling. This helps ensure a more comprehensive and accurate audit.

Using generalized audit software packages can also make the audit process more efficient and cost-effective by automating manual test procedures.