Internal Audit and management deploy Continuous Auditing (CA) and Continuous Monitoring (CM) to monitor IT systems, transactions, and controls often or continuously over the course of a particular time period.
Companies that use Continuous Auditing (CA) can invest in technology to evaluate risk data more effectively and frequently—focusing on audit assets more efficiently, this aids in the detection of anomalies, outliers, inconsistencies, and other variables.
Continuous Monitoring (CM) enables management to manage risks and opportunities and opportunities by providing them with real-time information on vital performance metrics. This gives management better insight into problems as they occur.
Basic issues
- Monitoring transaction mistakes, abuse, fraud, and non-compliance in a timely manner.
- Ongoing assurance of internal control and risk management systems.
- Rapid discovery of new problems; ongoing risk assessment is necessary.
- Traditional audit coverage is becoming limited in the types as more areas are being taken into account.
- Ability to evaluate and prioritise resources to the attention of real problems.
How we can assist
From proof of concept to embedding continuous auditing & monitoring within an organisation as “business as usual”, we can assist the entire spectrum of tasks necessary.
How Smart Monitoring Audit will benefit you to run a Business:
1. Continuous auditing & monitoring can reduce the risk of financial loss through the detection of error and typically finds abuse before the financial impact is realised.
2. A continuous auditing & monitoring solution provides additional management information which can be used to drive efficiencies in the monitored process. For example, the granular in-process data available in a continuous monitoring solution can be used to track KPIs and identify and fix process bottlenecks.
3. The closed loop investigation of detected anomalies can lead to ongoing improvements to controls. Besides, using continuous auditing & monitoring helps increase the scope of coverage (100% of transactions as opposed to the sampling method).
4. Continuous auditing & monitoring can be targeted to provide additional assurance over processes that are high in value or risk. It also allows for flexibility in an ever-changing regulatory environment.
The core skill sets and experience of our enterprises include:
- GRC suite software used with leading ERP systems.
- Evaluation of the anti-fraud process and fraud risk assessment.
- Business risk analysis.
- Knowledge of risks and controls, with a focus on those that are industry and compliance – specific.
