What’s in it for you?

Understand how to audit more by doing less! We teach you how to implement continuous control monitoring and construct dashboards for management monitoring. Gain the audit training and expertise to reduce the time spent on your mundane internal audits by up to 90%. These continuous internal controls never sleep and they are a fraud detection and prevention technique. Learn how to optimise your financial system, create a stronger control environment and know how to implement real-time/run-time continuous auditing.

Earn 7 CPE Hours

Why is this relevant?

World-class business runs at the speed of technology; shouldn’t the controls do the same? If applications run in real-time/run time, doesn’t it follow that controls need to be in real-time run-time too? What good are detective (after-the-fact) controls, if the dastardly deed has been done?

It is ironic that you can audit more, by doing less, because “pinging” embedded controls is a real test of control operation effectiveness, and less time consuming than after-the-fact file sweeping. This paradox is true if you take an engineering approach (e.g., process focus) to audit. Audit shops have reported a 90% reduction in audit time AND stronger testing! By continuously monitoring core business processes and leveraging off embedded controls and mathematical modelling, you may locate material errors in real-time/run-time, strengthen the control environment, and manage down business risks. Additionally, CCM has been shown to reduce fraud/waste/abuse and identify best practices. (“What gets measured gets done”.)

Current audit literature supports the concept of continuous controls monitoring; major financial systems/applications/ERPs contain embedded controls; all that is left is for you to discover how to leverage off the tools you already have!

What will you learn?

  • Assess the staggering cost of audit evidence
  • Cite and discuss the current literature supporting continuous controls monitoring
  • Understand the four necessary components of continuous controls monitoring
  • Determine whether you are really ‘testing’ or just ‘reviewing’ internal controls?
  • Identify opportunities lost – embedded controls (triggers and configurables)
  • Address macro-level design issues – building, hosting, what to monitor, etc
  • Address micro-level design issues – implementation, common challenges, modelling business rules, constructing dashboards, etc
  • Learn from actual business examples and implementation ‘wins’

Who is training suitable for?

  • All auditors (financial, compliance, operational, performance, efficiency, fraud, process, etc)
  • Line Management and Senior Management
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