خلاصة:
The traditional auditing pattern has actually become obsolete in the current economy. Innovation in traditional auditing processes and procedures is essential to provide assurance. Practitioners and academics have introduced continuous auditing as a potential successor to traditional auditing. The use of technology and automation increases the effectiveness and efficiency of the auditing process and ensures continuous auditing. The purpose of financial reports is to provide useful information to management and shareholders for making appropriate decisions regarding resource allocation. For financial information to be useful, it must be timely and free from material errors, omissions, and fraud.
ملخص الجهاز:
Keywords: Continuous auditing, traditional auditing, audit review method, auditing process, auditing stages, audit execution, analytical methods, continuous auditing models, continuous auditing analytics Introduction The purpose of financial reports is to provide useful information to management and shareholders for making appropriate decisions regarding resource allocation.
The continuous auditing model involves innovations applied to traditional auditing across seven main areas, which are: ــ Continuity or increased frequency of auditing ــ Proactive auditing model ــ Automation in the auditing process ــ Gradual completion of auditing operations and the role of auditors ــ Change in the nature, timing, and volume of auditing ــ Use of data models and data analytics for investigation and testing ــ Change in the nature and timing of the audit report.
The duty and role of internal and external auditors: Vasarhelyi has proposed four levels of audit objectives for continuous assurance and analytical investigations: First level: Verification of transactions, discovery of unusual business transactions Second level: Verification of compliance, measuring the extent of compliance with existing laws Third level: Verification of estimates, evaluating the reasonableness of accounting estimates Fourth level: Verification of judgment, applying a more complex level of professional judgment to reduce audit risk The implementation of continuous auditing by internal and external auditors in two different forms regarding the execution of auditing methods will lead to inefficiency in the nature, timing, and volume of tests and investigations.
In contrast, in continuous auditing, all transactions are investigated and tested, which can increase audit effectiveness, lead to a reduction in material errors, omissions, and potential frauds, and also discover internal control weaknesses.
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