An accounting information system used at my work is project
management (PM) which we use to enter our time, enter our
expenses, and show a breakdown of how our time is used at work.
There are controls in place where you cannot change your time after
it has already been released, only admins can change time after it is
released, and there is a memo box for employees to document how
their time was used beyond just listing the client, number of hours
worked, and audit area worked on.
If I were an audit manager, the internal control I would put in place is
I would randomly look at an audit binder that is actively being
worked on and look through the current workpapers. Staff at the firm
would know that I am doing this, but they would not know which
binders I am looking at any given time. This sets a level of inherent
risk for staff that should keep them honest throughout a project. This
should also protect data as staff would want to have the best work
going forward with the random chance that I may review their work.
