What is Continuous auditing?
In short
Continuous auditing uses automated tools to test transactions and controls frequently or in near real time, rather than periodically, and to flag exceptions for follow-up.
Key takeaways
- Continuous monitoring is the related process performed by management.
- It depends on reliable access to data and well-designed rules.
- Exceptions must be investigated promptly to add value.
Where it's tested
ISC: Information Technology (IT) Audit & Advisory Services — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
A module built into a company's accounting system continuously flags transactions that meet criteria the auditor defined, such as payments over $100,000, and records them for later review. This is an: