Chapter 15
Continuous Auditing Lessons Learned
Lessons Learned
In this chapter, we identify and discuss two specific concepts relating to the continuous auditing methodology: understanding that continuous auditing is a developing technique and that continuous audit is an effective concept but needs to be properly understood and developed. The most efficient way to discuss and describe these summary comments about the continuous auditing methodology is to organize it in a table. Table 15.1 contains the component details for the developing technique and Table 15.2 lists the component details for the effective concept. Both tables include brief explanations of each component.
In addition, we discuss a continuous auditing methodology team evaluation template that provides a tool to facilitate a meeting with internal audit team members responsible for the planning, execution, and reporting of the continuous auditing methodology throughout the entire frequency period. The specific section details are explained in this chapter; the actual template is included in the appendix.
Developing Technique
The continuous auditing methodology is a unique approach, but it is not new. It has been around for a long time but until recently has never gotten support from internal audit departments as an approved auditing methodology that could produce valuable results. In the past five years or so, many internal audit departments have begun using the continuous auditing methodology or are drafting the ...
