INTERNAL CONTROL SOFTWARE During the testing of internal controls, control software is used to test and analyze the system used within the company. The software helps auditors to better identify the problems at hand. The audit team put together will conduct a daily run of accounting reports to help eliminate potential risk within a company sector. The ERP which is a security system which help with optimizing business transactions, reduce the total cost of information systems used in auditing. (Allen, 2008) The ERP system helps to identify the problems that may occur within an organization. This is another control of identity and management. (Allen, 2008) Data Mining is something that is used for internal auditors. Auditors will…show more content… Some of the changes to be made to the internal controls would be consistency. Currently based on the review of the company that Damian Services there is no consistency in following the internal controls in place. The review of accounting reports should be monitored on a weekly base and audited on monthly bases in order to stay in compliance with governmental regulations. This is a change that will be implemented in the new internal controls. Damian Services provides the back office service for their clients which specifically deal with the tax reporting of the company. Therefore, that is the reason of how the fraud was identified because the reports that Damian conduct does not match the reports that the client provides which should be the same information used when reporting. Our reports should be a check list to the reports that the company provides to ensure accurate reporting of the company’s financials. Damian Services focus is primarily on the tax compliance for the company. (De Simone, 2015) The audit team put together will have a greater ability to asses and evaluate the quality of the internal controls. (De Simone,
