What is a continuous audit?

A continuous audit is the idea that a company or business could obtain financial information "in real time" according to a set of financial audits performed simultaneously or in rapid succession. This kind of financial system is generally more theoretical than practical for most businesses. This is largely because in most cases the costs of a continuous audit would prevail over the advantage.

Audits provide important financial data for the company. Audits help with the prevention of errors, prevention of fraud and many other types of responsibility prevention. They also help to provide a game plan for the future of a company or company.

The company could create a continuous audit process using various automated tools that are now available on today's market. Continuous audits should not be confused with continuous monitoring, a similar system where businesses can look at their financial processes in real time. Many businesses do more work on continuous tracking, kdsE can provoke some advances in this type of internal observation.

is an easy way to think about continuous audit or monitoring is the replacement of the stock market. Financial information about the company's shares comes in real time investors and updated every few seconds. This kind of thought applied to the inner business structure can be called a continuous audit.

Many settings of continuous audit or continuous monitoring could theoretically provide a great value for the company. Real -time vision for internal financial processes can help enter the leaders of businesses to make better decisions and recognize more profits in the long run. If the main costs of the continuous monitoring project relate to initial installation and planning, the system could become cost effective over time.

with new technology, continuous audit and continuousRiban monitoring becomes much easier and more affordable for BUSI. It is likely that this trend will continue and that future companies can be able to generate real -time reportage for many of their financial systems. Consultants and others recognize many promises in the idea of ​​continuous audit and similar goals. Many of this must still be converted to a practical application, but the ideas are generally considered a sound.

Most of today's companies use audits quarterly or annually. Conventional audits show what happened in a quarter or year. Businesses that want to strengthen their financial reporting can look at different ways of implementing new systems and increasing their audit capabilities. In the future, this could include "continuous audit tools" that will show immediate results and current values ​​for business processes.