Hailed as a way to more effectively and efficiently identify anomalies through real-time data analysis, continuous auditing is also mistakenly viewed by many as being synonymous with increased IT spending. Although the technique has been promulgated for several years, few internal audit functions have yet to fully embrace the process and instill it within their audit plan.
In this interactive three-day seminar you will gain a well-grounded understanding of continuous auditing principles, the need for a well-defined framework, and why attempts at continuous auditing using technology alone can lead to ongoing struggles with vast amounts of data analysis. You will begin with the end in mind, and learn how to define the purpose and intent of your program. You will explore taking a phased approach to implementation, focusing on such critical areas as corporate understanding and buy-in; assessing and identifying process risk levels in areas where the approach can be applied; understanding control objectives and their link to corporate rules and tolerance; examining exceptions or kick-out; and the impact on your annual audit plan. In addition, you will discover how auditors and process owners can work together to identify the level at which exceptions should be reported or further evaluated. You will also explore which technological applications may or may not be necessary to achieve your objectives. There will be a focused discussion on what types of technology and applications can be beneficial in advancing your overall process and how to manage and control the information inflow and outflow requirements.
Throughout the seminar, group work and brainstorming sessions will let you put into practice what you have learned as you identify control objectives and testing methods for processes that lend themselves to continuous auditing. You will leave this high-impact course with a framework you can use to help your organization successfully implement continuous auditing.
Prerequisite: Fundamentals of Internal Auditing or equivalent experience.
Advance Preparation: None Learning Level: Intermediate
Delivery Method: Group-Live Field: Auditing