Today, my senior asked for my help to prepare a CAATs memo for a company he is currently handling. I was told that a CAAT memo is a document that summarizes all the results or exceptions found during the CAAT testing process.
The purpose of the memo is to provide an over of the results of the tests performed. My first task was to download all the CAAT reports prepared by my senior and carefully re them. Next, I recorded the variances found and documented them in the memo.
My understanding from my senior is that the auditor will use the memo to re and clear the exceptions by providing an explanation directly in the memo.
Main things that have learned:
To learn how to prepare memo that lists out all the variances or exceptions found on the CAATs test reports.
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