A selection model for auditing software

With the advancement in information technology, many companies have become heavily dependent on computer‐assisted systems, and implemented various computer‐based business activities and document system, among which computer‐assisted auditing tools and techniques (CAATTs) is an important choice. CAATTs can assist auditors in conducting control and confirmation tests, analysis and verification of financial statement data, and continuous monitoring and auditing. When constructing computer‐assisted auditing systems, enterprises must take many factors into consideration to determine whether to develop the software or purchase professional software packages. Therefore, the purpose of this paper is to construct an auditing software assessment model.

This study first conducted a focus group interview to determine the auditing software criteria and decision‐making factors, and then identified the main decision‐making factors. Finally, analytic network process was employed to evaluate the weights of the criteria and decision‐making factors in order to construct an auditing software decision‐making model upon both objective and subjective factors.

The most important auditing software criterion is the system functions, followed by data processing, and technical support and service provided by the software company. The most important factor of auditing software is cost and system stability, followed by data processing accuracy, technical support, and purchase cost.

The main contribution of this paper is the construction of an auditing software assessment model, which can be applied to other decision‐making topics. Moreover, this study applies the model on audit command language, interactive data extraction and analysis, and Focaudit as examples. In addition to determining project priority sequences, the advantages and disadvantages of the model are presented in order to provide references to businesses on decision making regarding software purchases.