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CONTINUOUS MONITORING AND CONTINUOUS AUDITING (CM/CA roadmap (Plan Design…
CONTINUOUS MONITORING AND CONTINUOUS AUDITING
Continuous Monitoring
Enables management to continually review business processes for adherence to and deviations from their intended levels of performance and effectiveness
Benefits
Increase value through improved financial and operating controls
Replace manual preventative controls with automated detective controls
Establish more automated, risk-based control environment with lower labor cost
The process and technology used to detect compliance and risk issues associated with an organization's financial and operational environment
Automated process that enables management to
Improve business processes and activities while adhering to ethical and compliance stabdards
Execute more timely quantitative risk-related decisions
Assess the effectiveness of controls and detect associated risk issues
Continuous Auditing
Enables internal audit to continually gather from processes data that supports auditing activities
Benefits
Reduce costs including internal audit costs and costs associated with unaddressed control deficiencies
Achieve a more robust, more effective auditing process
Improve risk and control assurance
Usually technology-driven and designed to automate error checking and data verification in real time
Automated process that enables internal audit to
Achieve more timely, less cost compliance with policies, procedures and regulations
Reduce audit costs while increasing effectiveness through IT solutions
Collect from processes, transactions and accounts data that support internal and external auditing activities
Barriers to CM and Ca adoption
Realistic expectations
Priority of implementation
IT and software considerations
Perceived impact on enterprise
CM/CA roadmap
Plan Design and Implementation
Build and implement the CM and CA system
Develop strategy for adoption
Monitor performance and progress and refine needed
Develop business case