Research Streams in Continuous Audit: A review and Analysis of the Existing Literature Carol Brown Jeff Wong Amelia Baldwin.

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Research Streams in Continuous Audit: A review and Analysis of the Existing Literature Carol Brown Jeff Wong Amelia Baldwin

Nov. 4, th Continuous Auditing and Reporting Symposium The Purpose of This Paper A review and analysis for literature related to continuous auditing (CA) to provide a background for: Researchers working with CA related topics Professionals whose clients (or organizations) wish to implement CA systems or have done so. Companies providing software or other technologies to enable CA systems

Nov. 4, th Continuous Auditing and Reporting Symposium Scope of Literature Reviewed More on our definition Scope of the literature reviewed Continuous auditing Continuous assurance Continuous monitoring Real-time auditing Other synonymous terms

Nov. 4, th Continuous Auditing and Reporting Symposium Literature Search Procedures Search for papers Broad searches on library databases and the internet Papers presented at CA conferences Collegial input References cited in all papers read Selection – papers that appeared to be relevant, meaningful and important to CA Over 75 papers and growing

Nov. 4, th Continuous Auditing and Reporting Symposium Classification of Literary Contributions Factors causing the demand for CA CA theory and guidance Enabling technologies CA applications Economic impact – costs and benefits

Nov. 4, th Continuous Auditing and Reporting Symposium Factors Causing the Demand for CA External Disclosure Internal Focus Regulatory Technology

Nov. 4, th Continuous Auditing and Reporting Symposium Demand – External Disclosure Calls for increasing the frequency or disclosing financial information is a driving force behind the demand for CA. Relevance and reliability are fundamental to valuable information. Rezaee, et al (2002) Elliott (2002) Hunton, et al (2002) Vasarhelyi, et al (2002)

Nov. 4, th Continuous Auditing and Reporting Symposium Demand – Internal Focus Complex webs of information processing and exchange have increased the importance of assuring the integrity of data used to make decisions. Firm-wide information linkages and information sharing partnerships Van Decker (2004) Vasarhelyi, et al (2004) Greenstein and Ray (2002)

Nov. 4, th Continuous Auditing and Reporting Symposium Demand – Laws and Regulations Sarbanes-Oxley Act of 2002 CA can help with management’s responsibility for the internal control structure CA helpful to external auditors who must assess the internal controls and opine on them. Means and Warren (2005) White (2005)

Nov. 4, th Continuous Auditing and Reporting Symposium Demand – Technology Rapid growth in e-business transactions has contributed to the need for continuous online assurance processes. Kogan, et al (1999) AICPA – Elliott Committee Report (1997) Vasarhelyi, et. al (2004)

Nov. 4, th Continuous Auditing and Reporting Symposium Economic Impact CA processes may result in cost efficiencies by: Automating and replacing some visual assurance processes (Means and Warren, 2005) Allowing external auditors to test transactions more efficiently, in larger number, and with fewer mistakes (Rezaee, et al, 2002; Searcy and Woodruff, 2003)

Nov. 4, th Continuous Auditing and Reporting Symposium Continuous Auditing Applications Nearly half of the Institute of Internal Auditors members responding to a survey indicate some type of CA software application was being used in their work. Up 24 percent from a similar survey in Glover, et al (2000)

Nov. 4, th Continuous Auditing and Reporting Symposium Continuous Auditing Applications Some CA applications: Auditing large paperless real-time systems at AT&T Bell Laboratories, Vasarhelyi and Halper (1991) Variance analysis in the construction industry, Rose and Hirte (1996). Healthcare facility operational auditing, Nelson (2004) Royal Canadian Mounted Police accounts payable, Coderre (2006)

Nov. 4, th Continuous Auditing and Reporting Symposium Conclusions CA is a multi-disciplinary topic Research streams from information systems, accounting, external and internal auditing are contributing to the growing body of CA literature. The demand for CA and technological capabilities to implement it suggest that CA will increasingly become an important assurance tool.

Nov. 4, th Continuous Auditing and Reporting Symposium Future Research Needs More detailed descriptions of actual working systems are needed. Architecture and techniques Best practices Practice will provide feedback on theory to enhance theoretical framework. Accurately capturing the economic costs and benefits of CA systems implemented. Initial and long-run costs and benefits How do CA systems change individual and organizational behavior? Do they enhance the control environment along with providing specific control activities?