Definition of Continuous audit:
Examination and verification of a firms financial transactions and their supporting documents, carried out daily or on fixed interval basis. Continuous-audit is performed usually by the firms internal auditors to eliminate the year-end workload.
A continuous audit driven system generates alarm triggers that provide notice about anomalies and errors detected by the system.
A continuous audit is an internal process that examines accounting practices, risk controls, compliance, information technology systems, and business procedures on an ongoing basis. Continuous audits are usually technology-driven and designed to automate error checking and data verification in real-time.
How to use Continuous audit in a sentence?
- Continuous auditing requires the ongoing assessment of accounting practices and risk controls. .
- Continuous audits are most often used when new procedures are implemented as a way to track effectiveness.
- This auditing practice helps continually assess the effectiveness of controls. .
Meaning of Continuous audit & Continuous audit Definition