Continuous Controls Monitoring Tops 2009 Internal Audit To-Do List
Posted on April 20th, 2009 by Michael Evans »Permalink
Our friends at Protiviti recently issued their “2009 Internal Audit Capabilities and Needs Survey.” It makes for interesting reading. A couple of key conclusions jump off of the page. First, it’s clear that internal audit groups see continuous controls monitoring (CCM) as the next wave that’s going to impact the role of internal audit. Take a look at the top areas internal auditors list when it comes to audit processes where they “Need to Improve” their knowledge. Continuous auditing, computer-assisted audit techniques and fraud monitoring top the to-do list. Sounds a lot like CCM. Second, for the third year in a row, enterprise risk management (ERM) makes the top-5 list of issues where internal auditors need to improve their general technical knowledge. Like their counterparts across the hall in the finance organization, internal auditors are trying to automate routine tasks to make room for strategery. Sure, processes and financial results need to be audited. But boards also want to know where the short-, medium- and long-term risks lie. It seems clear from these surveys that internal audit is eager to find a more strategic role in the organization…and that step one is to automate as many of the day-to-day tasks as possible. A.E. Feldman has a similar take on the expanding role of internal audit over on their blog.
July 2nd, 2009 at 4:31 am
I is good articles i want to read it in detail
July 9th, 2009 at 4:26 pm
Continuous controls monitoring has been on the radar now for a long time…but it really has gained only moderate traction. I think people have a misconceptions that CCM is a panacea. It really operates no differently than any other control and control implementation process…and let’s remember that the business should ultimately be owning controls. I don’t think the long-term goal of CCM was ever for IA to permanently own the process…so its interesting to see a report that lists it as a top Internal Audit goal. Just a couple quick thoughts on the matter.
Robert
AccountingNation.com
May 25th, 2010 at 7:26 pm
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Always yours Mr. Cialis