A generally accepted definition of "continuous auditing" remains elusive, and expert practitioners remain rare. Here are some tips from the trenches for getting a program going.
David McCann, CFO.com | US
September 18, 2009
An excellent example of a high ROI from continous audits is in telecom expense management (TEM). Telecom invoices are prone to error. A best practice for large organizations is to outsource to a TEM provider that will (1) arrange for carriers to provide invoices via EDI and (2) process invoices using a TEM software application with "continuous audit" business logic. Each invoice is audited against a telecom inventory, contract rules, etc. It is amazing how often large organizations are billed for previously disconnected lines/locations. In selecting a TEM provider, focus on its success in converting paper invoices to EDI, because that lays the groundwork for maximizing your audit ROI.
Posted by Jackie Engel | October 21, 2009 04:01 pm
Hoffman had it right in my opinion. The Sarbox does eat a lot of time a resources, but as he has done, take the time to streamline the process and the following audits will only take a fraction of the time. www.blogs.vbpoutsourcing.com
Posted by Marcelle Green | September 22, 2009 03:21 pm
Good Article.Hope to hear more from internal auditors who are trying to implement continuous auditing .I just think of it as "real time " auditing.
Posted by Wael Bibi | September 19, 2009 10:27 am© CFO Publishing Corporation 2009. All rights reserved.