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The Continuous Audit - Online Term Paper

The Continuous Audit

Introduction:

Continuous auditing model that provides external auditors the opportunity to audit clients continuously or on a more frequent basis while reducing the possibility of compromising auditor independence. The continuous auditing models proposed in the literature often are developed for internal audit and propose embedded auditing modules for the client’s system. A continuous auditing model that provides external auditors the opportunity to audit clients continuously or on a more frequent basis. The model requires the auditor’s tool (system) to be independent from the auditee’s system so that the two systems do not interfere with each other. Limiting interaction between the ...

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transactions is also referred to as a “base system”

What is Continuous Auditing?

In 1999, the joint study of the American Institute of Certified Public Accountants (AICPA) and the Canadian Institute of Chartered Accountants (CICA) defined continuous auditing as ‘a methodology that enables the auditor to provide assurance on a subject matter simultaneously with, or very shortly after, the occurrence of events underlying the subject matter. The definition emphasizes two aspects of continuous auditing: its function as a methodology, and its use in an independent audit. As a methodology, continuous auditing has attracted a great deal of attention from researchers over the past three decades and, as a consequence, a variety of models have been developed to audit transactions continuously.

The continuous auditing model not only addresses challenges of continuous auditing in the context of the independent audit of financial statements but also provides auditors with the ...

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units on a continuous basis to detect potential problems.

The continuous auditing model not only addresses challenges of continuous auditing in the context of the independent audit of financial statements but also provides auditors with the opportunity to audit clients on a more frequent basis.

Background and Literature Review of Continuous Auditing:

The conventional annual audit, not a continuous audit, will continue to dominate the audit market of certified accounting professionals (Certified Public Accountant (CPA) in the United States and Chartered Accountant (CA) in the United Kingdom, Canada, and Australia, etc.) for the foreseeable future. The demand by investors and ...

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The Continuous Audit. (2011, May 24). Retrieved February 7, 2023, from http://www.essayworld.com/essays/The-Continuous-Audit/99379
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"The Continuous Audit." Essayworld.com. May 24, 2011. Accessed February 7, 2023. http://www.essayworld.com/essays/The-Continuous-Audit/99379.
"The Continuous Audit." Essayworld.com. May 24, 2011. Accessed February 7, 2023. http://www.essayworld.com/essays/The-Continuous-Audit/99379.
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PAPER DETAILS
Added: 5/24/2011 12:21:16 PM
Submitted By: Mustaq
Category: Business
Type: Premium Paper
Words: 2525
Pages: 10

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