(003) Continuous auditing: Improving business results in real time

Continuous auditing is an increasingly popular practice that delivers more timely results for clients and the public. Samantha Bowling, CPA, CGMA, of Garbelman Winslow, and Paul Johnson, CPA, of Wipfli, explain how continuous auditing brings substantial benefits.

As technology continues to make information available faster than ever, a developing practice known as continuous auditing promises to provide enormous benefits to the public. If a deficiency develops in a company’s internal financial controls, continuous auditing has the potential to detect the problem far quicker than a yearly financial statement audit. Likewise, continuous auditing in an IT audit can discover a vulnerability quickly enough that a company can correct it before a breach occurs.

In this episode, we discuss:

• How continuous auditing improves outcomes and helps businesses perform better.
• The difference between continuous auditing and continuous monitoring.
• What continuous auditing means for auditors’ relationships with their clients.
• How public confidence in the marketplace can be increased by continuous auditing.

For more on audit and audit quality, visit our Purpose In Action page at AICPA.org.

Connect with our guests Samantha Bowling and Paul Johnson.

Feedback and comments welcomed at [e-mail]

This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants.