Posted on : 25-05-2019 02:53:05
The automated audit procedures with real
time or near real time monitoring. However, it stayed unfocused for about a
decade due to lack of technical resources and expertise available.
Cresolv Continues Audit Platform Continuous auditing performs control and
risk assessments automatically on a continuous. Basis. This help changes in the
audit strategy from periodic reviews of a audit sample transactions to regular ongoing audit testing of 100 percent of transactions.
This enables auditors to detect control
gaps and weaknesses within a much shorter time (almost instantaneous) but also
makes remediation faster. Unlike the traditional audit model, where a long
period of time passes before the issuance of the audit report, largely making
the crucial information redundant and delaying corrective actions on audit
The traditional audit systems calls for
an overhaul. Keeping in mind the imperfections exposed by the current financial
crisis, organizations today are not just asking internal audit to take on a
more strategic role but also require internal audit groups to refocus their
efforts from compliance to better business performance.
Companies have advanced for inaction or
ignorance in the past, increasing regulatory demands, compliance requirements,
the push for real-time financial reporting and resource-snapping manual audits
are propelling them towards adopting principles of continuous auditing. The importance
of information systems in the current business environment and senior management
review vastly increased depend on volumes of data and transactions; The rapid
pace of business requiring prompt and proactive identification of, and response
to, control issues and regulations requiring the timely disclosure of control
deficiencies and management assertions to put to controls in place to mitigate
risk arise from review.
Todays expectations from internal
auditors control audit activities to keep an eye on a company’s risk profile
and play a key role in identifying areas to improve risk management processes.
However, if they do not have a thorough understanding of the business processes
and associated risks, auditors can only perform traditional audit
checklist-based tasks. Continuous auditing provides auditors with an
opportunity to go beyond the confines of traditional audit approaches and the
limitations of sampling, lengthy reviews of audit reports and delayed
We have made technological advancements
have made this concept more feasible for the organizations to adopt, its
implementation using existing ERP data and integrate with Cresolv Continues Audit Platform.
Obtain audit committee and senior
management support for the implementation of continuous auditing;
Enable Cresolv Continues Audit Platform and technology necessary to rapidly access, analyze, communicate and
review the information;
Implement data analysis techniques and
tools for audit projects;
Ensure that continuous auditing is
adopted as part of an integrated, consistent approach to risk-based auditing;
Manage and respond to the results of
continuous auditing, determining appropriate use, follow-up, and reporting
next-generation Cresolv Continues Audit Platform design will supports all
audit-related activities in an organization-managing audit schedules, auditing
working papers, conducting ad-hoc audits, documenting audit findings, drafting
audit reports and recommendations, summarizing audit findings and presenting to
the top management, and driving corrective action plans.
Cresolv application can power continuous
auditing as it allows easy access to ERP data and improves visibility within
the audit team as well as between auditors and audits leading to quicker
response times for improved efficiencies. With a rich set of dashboards and
reports, it rolls up information across multiple dimensions such as risk
profiles, areas of compliance, business units and business processes with the ability
to drill down to view data at granular levels. This allows auditors to determine
when and where to apply continuous auditing. Key elements of continuous
auditing that the audit tool facilities are;
Ad-hoc audits and unscheduled audits: In
addition to following the annual audit schedule, audits can be triggered on an
ad-hoc basis based on need judgment or external events.
Corrective action: Continuous auditing
requires corrective actions to be implemented faster which can be achieved by
escalating issues at different levels depending on their severity as soon as
they are found and without causing any confusion or duplications that might
break the process.
Meeting deadlines: The escalated issues
can be immediately referred to the concerned department for a corrective action
without waiting for the audit report submission and review process to complete
enforcing aggressive deadlines on action plans.
Skill set call out: Finding the right
auditor for a particular job can be quite daunting in a complex business
environment. An audit tool enables this as a push button away, making peer
reviews, and expert advice easier and streamlined.
Flexibility in reporting: Executive can
access audit reports continuously while the audit is being carried out.
Auditors can generate and distribute partial audit reports if they want to flag
and highlight certain sections or areas much before the final report is
published. Cresolv Continues Audit Platform