Continuous Auditing - Challenges - Overwhelming Results

Overwhelming Results

When not properly implemented, continuous auditing can result in hundreds - even thousands - of false positives and wasted effort. Many companies that have experienced success with continuous auditing recommend that you start small. Select which area of the company poses the greatest risk and where its transactions and control systems are most important to the company for your initial foray into continuous auditing. Automate a small number of key initial tests, such as comparing your accounts payable vendor master file with the employee address file, to uncover potential policy violations or fraud. Moving forward, increase the tests and gradually expand into other business processes in stages.

Read more about this topic:  Continuous Auditing, Challenges

Famous quotes containing the words results and/or overwhelming:

    For every life and every act
    Consequence of good and evil can be shown
    And as in time results of many deeds are blended
    So good and evil in the end become confounded.
    —T.S. (Thomas Stearns)

    We are threatened with suffering from three directions: from our own body, which is doomed to decay and dissolution and which cannot even do without pain and anxiety as warning signals; from the external world, which may rage against us with overwhelming and merciless forces of destruction; and finally from our relations to other men. The suffering which comes from this last source is perhaps more painful than any other.
    Sigmund Freud (1856–1939)