and uses sequential files for storing accounting records. This is an example of an early
legacy-type system. This approach characterizes the era of data ownership in which files
were designed exclusively for the use of a single user. Data sharing is difficult, if not impossible,
in this setting and results in a great deal of data redundancy and data obsolescence.
Although archaic, such systems are still used because they continue to add value
for organizations. For years, the anticipation was that legacy systems would be replaced
before the end of the twentieth century to avoid highly publicized Y2K problems. Instead,
many organizations opted to commit significant resources to repair and modify
these systems for the next millennium. Once the investments were made, the pressure
to replace legacy systems was reduced. Odds favor the likelihood that auditors will be
dealing with these technologies for some time to come