continuous auditing continuous monitoring of business controls discussant’s comments presented by:...
TRANSCRIPT
Continuous Auditing
Continuous Monitoring Of Business Controls
Discussant’s Comments
Presented by: Clyde Rogers – October, 2005
Overview
• High Level of Interest by Business Executives, Academics, Auditors and Technology Vendors
• Response to Changing Regulatory and Stakeholder Expectations and Requirements such as COSO and Sarbanes/Oxley
• Identification and Reporting of Information on “holistic/complete portfolio”, “process” and “close to or at real time”
Status – Next Steps
• Day to Day Practitioners Need to Move Implementation Phase Forward
• Siemens Project- Good Start. The Need was Identified by Siemens
• Brand Profile of Siemens and Rutgers
• High Quality Work in IT Area
• Leverage Point is the Business Case
Significant Benefits/Learning
• Pilot Scope aligned and formalized with Internal & External Audit
• Supported Year-End and Sarbanes/Oxley Compliance
• Risk Ranking and Weighting of Exceptions
• Gaining Access & Impact on Enterprise Systems
• Protecting Client Data
• Management of Alarm Floods
Recommendations
• Expand Participants such as Business Owners, Enterprise Risk & Governance and Audit – “Enterprise Wide”
• Additional Time is Worth the Effort – Build Consensus – Clarify Roles & Responsibilities
• Align to COSO Framework and SOX - Audit to Focus on Management’s Monitoring Model/Processes & Attestation
• Leverage Client Tools, Mapping, Risk Rankings & Duplication – Additional Savings/Effectiveness
Summary
• Continuous Auditing supports COSO, Sarbanes/Oxley
• Improves Effectiveness in the Management of Risk & Compliance
• Significant Cost Savings
• Technology is a Major Enabler
• Enterprise Wide Approach & Model