The Institute of Internal Auditors has released an updated look at continuous auditing, providing guidance to chief audit executives on what technologies are available for continuous auditing, and how continuous auditing relates to management’s risk management, risk assessment and monitoring activities.
The IIA’s new Global Technology Audit Guide, GTAG 3: Continuous Auditing: Coordinating Continuous Auditing and Monitoring to Provide Continuous Assurance, Second Edition, offers a look at the process of establishing and optimizing an ongoing assurance framework, practical applications and implementation.
“Through continuous auditing, internal audit departments can realize significant increases in efficiency and heightened levels of insight,” said the publication.
The guide discusses how the full power of continuous auditing can be realized best when it is coordinated with programs run by an organization’s operational and oversight management functions that monitor risks.
Continuous monitoring programs typically are overseen by management functions, such as compliance and risk management departments, or the operational management functions that own and manage risks, the guide notes. Such programs “ensure that policies, procedures and business processes are operating effectively” and include “automated tests to highlight activities and transactions that fail to conform to expected norms,” according to the guide.
Ultimately, coordinated continuous auditing and monitoring can help identify gaps and weaknesses in risk management and control, and create a more responsive environment.
A copy of the publication is available here.
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