Continuous auditing: the audit of the future

Abstract

Technological advances (e.g. e‐commerce and the Internet) have changed business practices and the process of recording and storing business transactions. Extensible Business Reporting Language (XBRL) will soon be built into accounting and reporting software which would allow on‐line real‐time preparation, publication, examination, and extraction of financial information. Thus, outside, independent auditors should use continuous, electronic auditing when most financial information exists only in electronic form under real‐time accounting systems. Continuous auditing and its implications for independent auditors, including internal control considerations and audit procedures, are described and analyzed.

Citation

Rezaee, Z., Elam, R. and Sharbatoghlie, A. (2001), "Continuous auditing: the audit of the future", Managerial Auditing Journal, Vol. 16 No. 3, pp. 150-158. https://doi.org/10.1108/02686900110385605