Initially focused on the U.K market, the TopCAATs system has been growing in popularity among U.S.-based audit firms by providing time-saving features that help streamline audit processes. The Excel-based program is primarily geared toward automating testing functions, with computer-assisted audit techniques and dozens of pre-built tools, guides and reports.
TopCAATs plugs into the user’s Excel program and uses common spreadsheet tools, making it easy to use, and providing built-in Help and color coding to guide new or inexperienced users. It also helps reduce risk by allowing the testing of 100 percent of the audit data, instead of just a sampling of the data. Built-in tests include Benford’s testing, Gap/Duplicate detection and Monetary Unit Sampling. This adds value, especially since many of the tests simply can’t be performed manually, while also reducing errors and improving quality.
The TopCAATs system also helps to standardize audit processes based on firm or client needs and preferences, which further aids reliability and speeds engagement functions. TopCAATs can also be customized by adding macros or other tools and changing the terminology it uses to fit firm standards.