Innovation and practice of continuous auditing

International Journal of Accounting Information Systems

Volumn 12, Issue 2, 2011, Pages 152-160

  Chan, David Y ^a   Vasarhelyi, Miklos A ^a  

^a RUTGERS UNIVERSITY   (United States)

Author keywords

Analytical procedures; Audit methodology; Audit practice; Audit process; Audit stages; Continuous auditing; Data analytics; Data modeling; Innovation; Traditional auditing

Indexed keywords

EID: 79955908982     PISSN: 14670895     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.accinf.2011.01.001     Document Type: Article

References (34)

1. Alles M.G., Kogan A., Vasarhelyi M.A. Restoring auditor credibility: tertiary monitoring and logging of continuous assurance systems. Int J Acc Inf Syst 2004, 5(2):183-202.
2. Alles M., Brennan G., Kogan A., Vasarhelyi M.A. Continuous monitoring of business process controls: a pilot implementation of a continuous auditing system at Siemens. Int J Acc Inf Syst 2006, 7(2):137-161.
3. Alles M.G., Kogan A., Vasarhelyi M.A. Putting continuous auditing theory into practice: lessons from two pilot implementations. J Inf Syst 2008, 22(2):195-214.
4. Alles M.G., Kogan A., Vasarhelyi M.A., Wu J. Continuous data level auditing using continuity equations 2008.
5. CICA/AICPA. Continuous auditing. Research Report, Toronto, Canada: The Canadian Institute of Chartered Accountants; 1999.
6. Dopuch N., Holthausen R.W., Leftwich R.W. Predicting audit qualifications with financial and market variables. Acc Rev 1987, 62(3):431-454.
7. Doumpos M., Gaganis C., Pasiouras F. Explaining qualifications in audit reports using a support vector machine methodology. Intell Syst Acc Finance Manage 2005, 13(4):197-215.
8. Du H., Roohani S. Meeting challenges and expectations of continuous auditing in the context of independent audits of financial statements. Int J Auditing 2007, Vol. 11(No. 2):133-146. July 2007.
9. Economist The Real Time Economy 2002, January 31.
10. Elliott R.K. Assurance services and the audit heritage. CPA J 1998, 68(6):40.
11. Elliott R.K. Twenty-first century assurance. Auditing J Pract Theory 2002, 21(1):139-146.
12. FASB Financial Accounting Series. Conceptual Framework for Financial Reporting: Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information 2006, Vol. 1260-001.
13. Groomer S.M., Murthy U.S. Continuous auditing of database applications: an embedded audit module approach. J Inf Syst 1989, 3(2):53.
14. Hirst D.E., Koonce L. Audit analytical procedures: a field investigation. Contemp Acc Res 1996, 13(2):457-486.
15. Hoitash R., Kogan A., Vasarheyli M.A. Peer-based approach for analytical procedures. Auditing 2006, 25(2):53-84.
16. Kirkos E., Spathis C., Manolopoulos Y. Data mining techniques for the detection of fraudulent financial statements. Expert Syst Appl 2007, 32(4):995-1003.
17. Kirkos E., Spathis C., Manolopoulos Y. Audit-firm group appointment: an artificial intelligence approach. Intell Syst Acc Finance Manage 2010, 17(1):1-17.
18. Kogan A., Vasarhelyi M.A., Wu J. Continuous Data Level Auditing Using Continuity Equations. Working paper, Rutgers Business School 2010.
19. Kotsiantis S., Koumanakos E., Tzelepis D., Tampakas V. Forecasting Fraudulent Financial Statements using Data Mining. Int J Comput Intell 2007, 3(2).
20. Martens D., Bruynseels L., Baesens B., Willekens M., Vanthienen J. Predicting going concern opinion with data mining. Decis Support Syst 2008, 45(4):765-777.
21. Menon K., Williams D.D. Long-term trends in audit fees. Auditing 2001, 20(1):115.
22. Min J.H., Lee Y.-C. Bankruptcy prediction using support vector machine with optimal choice of kernel function parameters. Expert Syst Appl 2005, 28(4):603-614.
23. OECD The Oslo Manual: Proposed Guidelines for Collecting and Interpreting Technological Innovation Data 1997, OECD, Paris.
24. Pathak J., Chaouch B., Sriram R.S. Minimizing cost of continuous audit: counting and time dependent strategies. J Acc Public Policy 2004, 24(1):61-75.
25. Rezaee Z., Elam R., Sharbatoghlie A. Continuous auditing: the audit of the future. Managerial Auditing J 2001, 16(3).
26. Stringer K.W., Stewart T.R. Statistical techniques for analytical review in auditing 1986, Wiley, New York.
27. Sung T.K., Chang N., Lee G. Dynamics of modeling in data mining: interpretive approach to bankruptcy prediction. J Manage Inf 1999, 16(1):63-85.
28. Tam K.Y. Neural network models and the prediction of bank bankruptcy. Omega 1991, 19(5):429-445.
29. Vandervelde S.D. The importance of account relations when responding to interim audit testing results. Contemp Acc Res 2006, Vol. 23:789-821. Canadian Academic Accounting Association.
30. Vasarhelyi M.A., Halper F.B. The continuous audit of online systems. Auditing J Pract Theory 1991, 10(1).
31. Vasarhelyi M.A., Kuenkaikaew S. Continuous auditing and continuous control monitoring: case studies from leading organizations: Rutgers Business School, Rutgers Accounting Research Center 2010.
32. Vasarhelyi M.A., Alles M.G., Kogan A. Principles of analytic monitoring for continuous assurance. J Emerg Technol Acc 2004, 1(1):1-21.
33. Vasarhelyi M.A., Teeter R.A., Krahel J. Audit education and the real-time economy. Issues Acc Educ 2010, 25(3).
34. Wu C.-H., Tzeng G.-H., Goo Y.-J., Fang W.-C. A real-valued genetic algorithm to optimize the parameters of support vector machine for predicting bankruptcy. Expert Syst Appl 2007, 32(2):397-408.