What You Will Learn
1. Continuous Auditing Concepts
- today’s business challenges
- defining continuous auditing
- continuous auditing is not a new idea!
- continuous auditing benefits and challenges
- continuous monitoring vs. continuous auditing
- continuous auditing implementation strategies
- obtaining management buy-in
- determining cost-recovery opportunities
- reporting the results
- delivering business intelligence
- addressing the independence question

2. Phase I: Framework and Methodology Development
- importance of planning
- critical elements when establishing a framework
- determining program purpose/objectives
- supporting business objectives
- finding a corporate champion
- establishing a schedule
- developing a process universe applicable to your business
- determining departmental requirements
- obtaining management buy-in and answering critical questions
- communicating the program to the Audit Committee

3. Phase II: Process-Level Risk Assessments
- phase II purpose and considerations
- determining process area candidates for continuous auditing
- setting risk priorities
- risk tolerance connection to continuous auditing
- developing risk appetite/tolerance
- based on risk, determining which processes should be included
- determining control objectives and their relevance
- prioritizing control objectives to achieve optimal results
- determining what constitutes a control failure based on risk tolerance

4. Phase III: Establishing Testing Processes
- KRI and KPI definitions
- determining risk indicators
- determining a test approach and establishing documentation
- manual testing
- automated testing types and benefits
- identifying sources of data
- validating data integrity
- defining thresholds
- identifying control errors and failures
- trending considerations

5. Phase IV: Continuous Testing and Reporting
- establishing a continuous testing and reporting process that meets management's expectations
- determining the frequency of tests
- establishing reporting mechanisms
- defining levels of reporting information
- determining reporting levels that require management attention
- rightsizing reporting to the audit committee
- audit follow-up considerations

6. Using Data Analysis Tools
- selecting the appropriate data analysis tools
- data analysis design and implementation
- getting the data
- validating the data
- information integrity
- information security
- change management
- profiling
- Benford’s Law

7. Delivering Business Intelligence
- technology enablers and their relevance
- business intelligence software vs. query tools
- data warehouses and data marts
- embedded audit modules
- artificial intelligence
- neural networks
- regression analysis
- ACL CCM

8. IT Continuous Control Monitoring
- privileged access management
- log management
- vulnerability assessments/health checks
- intrusion detection

9. Transitioning to Continuous Auditing
- communication and buy-in requirements
- strategic planning and timeline requirements
- critical success factors
- looking for “success” opportunities
- technology enablers
- establishing a framework for success