Harnessing the Power of Continuous Auditing :

In order to ensure that the structure surrounding the operational environment is sound, auditors and controllers need guidance on how to take continuous auditing from concept to reality. Drawing on the author's two decades of auditing experience, this book is a "how to" for building, marketing, and managing a continuous auditing process for companies. It provides step-by-step instruction regarding continuous auditing objectives, a handbook for execution, and tips for achieving better SOX work. Using documented, proven techniques, Continuous Auditing is an essential text for those involved in regulating financial information.

ROBERT L. MAINARDI is President of Mainardi & Associates, a firm that creates, develops, facilitates, and administers custom training programs in auditing and risk; evaluates, creates, and implements formal audit methodologies; and consults on critical projects. Prior to forming his own firm, he was a vice president with the Penn Mutual Life Insurance Company. He has written over thirty-five courses focused on continuing education for professionals in the audit, operational risk and control, and accounting fields. He is also a Distinguished Faculty Member for the Institute of Internal Auditors and a featured speaker for the MIS Training Institute.

Preface	p. xi
Acknowledgments	p. xv
Defining Continuous Auditing	p. 1
The Real Definition	p. 1
Differentiating Continuous Auditing	p. 6
Segregating Continuous Auditing and Control Testing	p. 9
Continuous Auditing Objectives	p. 10
Dispelling the Continuous Auditing Myths	p. 11
Summary	p. 13
Where to Begin	p. 14
Recognize the Need	p. 14
Potential Need/Fit Considerations	p. 15
Client Relationship Score	p. 18
Summary	p. 25
Continuous Auditing Methodology Development	p. 26
Continuous Auditing Methodology	p. 26
Methodology Requirements	p. 27
Summary	p. 33
Preparing for a Continuous Audit	p. 34
Building the Business Knowledge	p. 34
Developing Business Knowledge	p. 35
Understanding the Rules	p. 46
Identifying Technology	p. 51
Summary	p. 53
Continuous Auditing: Foundation Phase	p. 54
Target Area	p. 54
Testing Objectives	p. 63
Frequency	p. 70
Testing Technique	p. 74
Summary	p. 79
Continuous Auditing: Approach Phase	p. 80
Approach Phase	p. 80
Scope	p. 81
Volumes	p. 83
Sampling	p. 86
Testing Criteria and Attributes	p. 91
Technology	p. 94
Summary	p. 98
Continuous Auditing: Execution Phase	p. 100
Execution Phase	p. 100
Performance	p. 100
Exception Identification	p. 105
Summarizing Results	p. 110
Summary	p. 115
Root Cause Analysis	p. 116
Root Cause	p. 116
Root Cause Defined	p. 117
Team Understanding	p. 119
Do I Need to Find Root Cause?	p. 124
Root Cause "Why" Approach	p. 125
Root Cause Keys	p. 126
Summary	p. 127
Continuous Auditing Reporting and Next Steps	p. 129
Reporting and Next Steps	p. 129
Reporting Options	p. 130
Advantages and Disadvantages of Report Type	p. 139
Reporting Options Summary	p. 140
Five-Component Approach	p. 147
Next Steps	p. 153
Summary	p. 155
Action Plans	p. 157
Action Plans	p. 157
Addressing Root Cause	p. 158
Creating the Perfect Action	p. 159
Components of a Real Action Plan	p. 165
Action Plan Tracking	p. 169
Summary	p. 170
Continuous Auditing Conditions	p. 171
Conditions	p. 171
Business Unit Management Conditions	p. 173
Internal Audit Conditions	p. 187
Technology Conditions	p. 201
Summary	p. 206
Selling Continuous Auditing	p. 208
Selling	p. 208
Business Unit Management	p. 209
Audit Team	p. 215
External Clients	p. 220
Summary	p. 222
Continuous Auditing Challenges	p. 223
Challenges	p. 223
Internal Audit Department	p. 224
Client	p. 230
Summary	p. 233
Continuous Auditing Uses and Users	p. 235
Uses and Users	p. 235
Uses	p. 236
Users	p. 240
Summary	p. 242
Continuous Auditing Lessons Learned	p. 243
Lessons Learned	p. 243
Developing Technique	p. 244
Effective Concept	p. 246
Lessons Learned Template	p. 248
Summary	p. 248
Appendix: Continuous Auditing Guidance	p. 251
About the Author	p. 269
Index	p. 271
Table of Contents provided by Ingram. All Rights Reserved.

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Harnessing the Power of Continuous Auditing : Developing and Implementing a Practical Methodology

Summary

Author Biography

Table of Contents

Supplemental Materials