（2006）Theory to Practice：Continuous Auditing Gains.pdfVIP

f i n a n c i a l R E P O R T I I V G by Ellen M , Heffes Theory to Practice: assisted audit programs and manual pro- audit to issuance of the report . Further- Continuous cedures. This monitoring or auditing is more, audits are typically planned on an continuous in relatively few cases — annual cycle, following an annual risk Auditing Gains and, in those rare instances, usually assessment. The ability to react to n the wake of Sarbanes-Oxley, chief involves repetition of both automated and changes in mid-cycle depends on the audit executives (CAEs) are rethinking manual audit procedures. However, there auditors capability to identify changes in their strategies for internal audit . is a clear trend in the majority of depart- risk or control performance proactively. iAmong the challenges they face is the ments sun/eyed towards the implementa- The practical development of continu- need for much more timely identification tion of the continuous auditing concept . ous auditing wil l demand a mastery of of risk and control issues. In todays envi- Other findings of the PwC study include: applying technology to the entire internal ronment of constant change, coupled • More than 80 percent of the nearly audit process. Leading practices in this wit h increased expec