PRESENTATION AGENDA WHAT IS CONTINUOUS AUDITING AND CONTINUOUS

WHAT IS CONTINUOUS AUDITING AND CONTINUOUS MONITORING CONTINUOUS AUDITING CONTINUOUS MONITORING On-going Risk and

WHY CONTINUOUS AUDITING AND KEY BENEFITS Fraud Risk Detection and mitigation Full Population Testing

Continuous Assurance Framework TITLE HERE * Global Technology Audit Guide (GTAG) – Coordinating Continuous

Relationship Between Continuous Auditing and Continuous Monitoring Efforts TITLE HERE * Global Technology Audit

CONTINUOUS AUDITING IMPLEMENTATION ROADMAP PILOTING MONITORING - Identification of test criteria - Recommendation implementation

EXAMPLES OF CONTINUOUS AUDITING TESTS YOUR TITLE HERE Duplicate and split Purchases Suspicious Transactions

TIPS AND CHALLENGES 03 Communicate, Communicate and Communicate 02 Strong Coordination with first and

Slides: 14

Download presentation

PRESENTATION AGENDA WHAT IS CONTINUOUS AUDITING AND CONTINUOUS MONITORING BENEFITS AND IMPORTANCE IMPLEMENTATION ROADMAP EXAMPLES OF ON-GOING CONTINUOUS AUDITING TESTS TIPS AND CHALLENGES RESULTS 01 02 03 04 05 06

3 POLLING QUESTION # 1

WHAT IS CONTINUOUS AUDITING AND CONTINUOUS MONITORING CONTINUOUS AUDITING CONTINUOUS MONITORING On-going Risk and Control Assessments using technology Continually review business processes for adherence to and deviations Conducted by Internal Audit (third line of defense) Conducted by first and second line of defense Timely identification of exceptions and anomalies. Identification of activities that fail to conform to expected norms Complement Continuous Monitoring Similar techniques used in Continuous Auditing

WHY CONTINUOUS AUDITING AND KEY BENEFITS Fraud Risk Detection and mitigation Full Population Testing Closer to the occurrence of Transactions Improve the risk management effort Identification of control design gaps Act on risk on real time. Proactive Enhance Continuous Monitoring

6 POLLING QUESTION # 2

Continuous Assurance Framework TITLE HERE * Global Technology Audit Guide (GTAG) – Coordinating Continuous Auditing and Monitoring to Provide Continuous Assurance – 2 nd Edition

Relationship Between Continuous Auditing and Continuous Monitoring Efforts TITLE HERE * Global Technology Audit Guide (GTAG) – Coordinating Continuous Auditing and Monitoring to Provide Continuous Assurance – 2 nd Edition

CONTINUOUS AUDITING IMPLEMENTATION ROADMAP PILOTING MONITORING - Identification of test criteria - Recommendation implementation follow-up - Development of test scripts - Assess effectiveness of the program - Adhoc tests PLANNING IMPLEMENTATION - Continuous Assurance Strategy - Continuous audit scripts - Buy-in from Management - Revise audit scripts - Resource identification, training and tool selection - Exception review and investigation - Setting up the architecture - Control recommendations EXPAND - Identify new areas for continuous auditing - Pass Continuous Audit techniques to management - Develop dashboards for monitoring

1 0 POLLING QUESTION # 3

EXAMPLES OF CONTINUOUS AUDITING TESTS YOUR TITLE HERE Duplicate and split Purchases Suspicious Transactions P-cards purchases and expense reimbursement Zero mandatory deductions Duplicate / Missing bank accounts, SIN Employee and vendor bank account match PAYROLL Purchases after termination of employment Purchases on weekends / Stat P-CARDS CONTINUOUS AUDITING Overtime payments (Selfapproved, Management ) More than 2 base salaries in a year

TIPS AND CHALLENGES 03 Communicate, Communicate and Communicate 02 Strong Coordination with first and second LOD 01 Look for low hanging fruits. Start Simple 04 Understanding the data 05 False Positives 06 Database Schemas

1 3 POLLING QUESTION # 4

ANY QUESTIONS?