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Continuous Auditing & Monitoring

Being offered twice a quarter on Mondays at 10:00 a.m. to 2:30 p.m. Central Time.

The more continuous monitoring that is accomplished the more the risks are reduced.

Continuous monitoring and auditing involves performing control and risk assessments on a frequent basis, if not online in real-time. As technology has improved there has been an increased adoption of continuous auditing as a vital monitoring tool. This seminar walks through the process of continuous auditing from start to finish and prepares you to create your own customized continuous audit program.

This comprehensive seminar provides unique training on how to design, implement and improve a continuous auditing and monitoring approach for auditors. We present examples from our clients and specific controls to establish for monitoring on a regular basis. This continuous approach provides a more timely assessment of the operation of internal controls.

Continuous auditing has changed the internal auditing paradigm from periodic reviews of a small sample of transactions to ongoing audit testing of volumes of transactions. This CPE event focuses on identifying what must be done to make effective use of information technology in support of continuous auditing.

This timely, four hour CPE event is designed for internal audit management, compliance managers, controllers, CFO's and others who have to create value within the internal audit function.

The retail cost of the online 4 CPE internal auditor training event is $240 per attendee.

Each attendee will receive 4 CPE Hours (YB). A certificate of completion will be provided.

Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 4, based on 50 minutes of instruction per hour

CPE Event Highlights

The seminar reviews and answers the following questions:

  • Continuous Auditing Methodology Defined

  • Best Practices in the Internal Audit Function

  • Steps to implement a continuous auditing program

  • Value of continuous auditing and monitoring

  • Application to Sarbanes-Oxley testing

  • Review of automated audit tools: IDEA, ACL, Approva, etc.


Learning Objectives

  • Attendees will understand the continuous auditing concepts

  • Attendees will see how to improve inter-period controls monitoring

  • Attendees will learn how to use a continuous auditing approach

  • Attendees will improve cost-effectiveness of their internal audit function


Key Issues on the Agenda


Section 1 - Introduction and Definitions

  • Do you use personal continuous auditing & monitoring?

  • What is Continuous Monitoring (CM)?

  • What is Continuous Auditing (CA)?

  • What is assurance?

  • What is continuous assurance?

  • "The Inverse Relationship"

  • COSO 2013 - Seventeen Integrated Principles

Section 2 - Client Examples of CAM Systems

  • Monitoring a financial database

  • Monitoring a fleet

  • Banking regulatory reporting

  • Retail dashboards

  • IT security administration

  • Disbursement fraud

  • Call Center operations

Section 3 - Software Market Leaders

  • Traditional approach to auditing

  • Benefits of a CAM program

  • Auditor tools

  • Substantive testing

  • Internal Control testing

  • Challenges and other considerations

Section 4 - Evaluating the "Build" or "Buy" Decision

  • If we build it we own it

  • General Audit software

  • Buy criteria

  • Substantive testing

  • Internal Control testing

  • Challenges and other considerations

Section 5 - Designing the Continuous Auditing Program

  • Culture and politics

  • Are you ready for continuous auditing? - Challenges of implementation

  • Define the objectives

  • Project management techniques

  • Identity risks, controls and audit tests

  • Establish data use requirements

  • Pilot the system

  • Refine the system

  • Report and "manage" results

Section 6 - Implementing Continuous Auditing for Sarbanes-Oxley Act Compliance

  • Sarbanes-Oxley Act

  • SEC focus on "ICFR"

  • SOX Guidance

Section 7 - Implementing Continuous Auditing for Information Technology

  • Access security

  • Development, change, and implementation

  • Operations, backup, restoration and recovery

  • IT vendor management

Section 8 - Implementing Continuous Auditing for Financial Control and Fraud

  • Occupational Fraud

  • Areas of Fraud

  • Excluded parties listings

  • Financial transactions and fraud

Section 9 - Case Study Example

  • IDEA and Monitor

  • Usage Examples

Section 10 - Summary and Wrap-up