wp_gtag_may05 - Continuous Auditing Implications for...

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W H I T E P A P E R Continuous Auditing: Implications for Assurance, Monitoring, and Risk Assessment A Summary of The IIA's Global Technology Audit Guide
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As a chief audit executive, I recognized a growing need for guidance on technology management written speciFcally for executives to help them keep pace with today’s evolving business landscape. When I became president of The Institute of Internal Auditors (IIA) I made it a priority to initiate the development of this type of guidance, which has become the Global Technology Audit Guide (GTAG) series. This white paper is a summary of the third in the GTAG series, Continuous Auditing: Implications for Assurance, Monitoring, and Risk Assessment , and is intended to provide guidance on gaining timely, ongoing assurance regarding the effectiveness of risk management and control systems, particularly in light of increasing regulatory and business pressures. The audit profession has been profoundly impacted by several events over the last few years. Though the long-term effects remain to be seen, one thing is certain – now is a great time to be an internal auditor! Internal audit skills, talents, and focus on risk and controls assessment can add value in ways never before possible. Sarbanes-Oxley and other regulations around the world have created new demands and opportunities for internal auditing to meet the challenging requirements of compliance. While the opportunities are exciting, the challenges and resulting burden on internal audit departments have been overwhelming for many organizations. The concepts of continuous auditing, monitoring, and assurance, as presented in this white paper and the GTAG upon which it is based, are key to a sustainable, resource-efFcient solution. I encourage you to use this white paper and the entire GTAG series as a foundation to assess and build your organization’s framework and audit practices for control, compliance, and assurance. I am conFdent that the combination of these resources will assist you in meeting the challenges of constant change, increasing complexity, rapidly evolving threats, and the need to constantly improve efFciency. The GTAG series is a true testament to what The IIA does best: “Progress Through Sharing.” David A. Richards, CIA, CPA President, The Institute of Internal Auditors, Inc. FOREWORD by David Richards President of The IIA
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The New Audit Environment .......................................................................................... 1 The Continuous Auditing Approach .............................................................................. 1 Application of Continuous Auditing ............................................................................. 3 Continuous Control Assessment Applications . .................................................................. 3 Continuous Risk Assessment Applications . ....................................................................... 4 Implementing Continuous Auditing
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This note was uploaded on 04/08/2011 for the course FIN 101 taught by Professor Minhngo during the Spring '11 term at Universidade do Minho.

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wp_gtag_may05 - Continuous Auditing Implications for...

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