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A framework for continuous auditing: Why companies don’t need to spend big money Logo aicpa

  Josh Shilts, CPA/CFF, CGMA |   Free |   AICPA |   01 Mar 2017 |   Journal of Accountancy

This article discusses the appropriate methods organizations should use in implementing continuous auditing procedures. 

Topics covered:
  • Management accounting: Technical: Management reporting & analysis: Financial analysis, Intermediate
  • Management accounting: Technical: Risk management & internal control: Internal audit, Intermediate
  • Assurance: Technical: Audit: Data analytics, Intermediate

3 Comments/Reflections

Stephen Gradwell

Stephen Gradwell Nov 2019

Continuous Auditing has significant potential in the Cloud Services environment. Machine learning and variable computational time means an audit can be stopped and started relatively quickly and cost effectively. 
Ismat Osman

Ismat Osman Sep 2018

Useful in enhancing standard audit methodologies. Could be used in my Firm in up and coming audits.
Bruce Crosland

Bruce Crosland Mar 2018

Continuous auditing helps identify risks and issues as they occur rather than some time after the event, by which time it can be too late to address the problems.  The disaster that was Carillion particularly comes to mind.

Traditionally monthly management accounts are produced to sometimes very tight timescales.  My present organisation doesn't do this, but instead takes a longer approach thus providing time to review costs and other numbers in detail.

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