OUR THOUGHTS ON:

Points to Consider for Continuous Auditing

Risk Advisory/Internal Audit

By Heather Haemer

Designing and implementing a continuous audit program may be on your organization’s to-do list. Here are some points to consider to ensure that such a program meets your needs, provides value to the organization and can be sustained successfully into the future:

  • Determine the desired outcomes of the program while considering what objectives the program is being designed to achieve
  • Evaluate the skill sets and staffing needs to execute the program
  • Determine data requirements of the audit population
  • Define samples to be extracted and tested
    • Consider testing 100% of identified high-risk cross-sections of the population
    • Consider testing all transactions that meet a certain dollar value or volume for a particular type of transaction
  • Create a means of tracking, reporting and monitoring identified exceptions or opportunities for improvement

Once you have defined the preliminary objectives and approach, it is time to implement the program. The procedures for such a program will most likely be tailored month to month (or other appropriate frequency) as procedures are executed, results are evaluated and as the volume and characteristics of activity change.

© 2013 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments