Generalized audit software is highly adaptable, easy to use, and enables auditors to perform large scale processes by examining entire populations of data. However, it does not allow for real-time auditing while data is being processed.
The advantages of generalized audit software include several aspects that are beneficial to auditors when examining a company's financial records. These advantages are:
- Highly adaptable to different types of data and audit environments, which is essential for tailoring the audit approach to the needs of each unique audit.
- Ability to examine an entire population, which allows auditors to conduct large scale processes efficiently, potentially reviewing all transactions instead of just a sample.
- The software is usually easy to use, requiring minimal training, and can lead to a shorter time to develop the application necessary for the audit.
However, one of the options listed in the question is not an advantage of generalized audit software. Generalized audit software does not involve auditing data 'real-time' or while data are being processed. Generally, this software is used for examining data that has already been processed and stored.