Continuous Auditing: Approach Phase
In this chapter, we identify and discuss the second phase of the continuous auditing model as well as the keys to creating strategic test procedures that will be specifically used in your testing. In addition, we explain the five key component development factors that comprise the approach phase to validate that the information identified in the foundation phase is accurately translated to the continuous auditing testing approach. The five components to be discussed are:
- Criteria and attributes
From an internal audit perspective, the scope is developed based on the planning information compiled. It details what will be included in the continuous auditing testing. The scope should be linked directly to the continuous auditing objective and include the proper amount of detail to accurately conclude on the specific continuous auditing testing objective. The scope also provides your business partner with the parameters in which the testing is going to be executed. In the ideal situation, the scope that has been established by the internal audit team should not change once the testing has begun. Let us discuss some of the specific components that make a scope statement more effective and efficient and reduce the number of times it is changed or altered once the testing has begun.
One of the main components related to scope is time frame. Time frame in this instance represents ...