AUDIT ANALYTICS AUDIT

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ESSAY 2: THE CURRENT STATE OF CONTINUOUS AUDITING AND CONTINUOUS MONITORING Dashboard Feature The system contains an internal audit dashboard feature whereby key metrics and trends are captured and displayed in a variety of graphical and tabular formats that enable users to easily visualize pertinent information and detect problems at a glance. The main internal audit dashboard window also maintains other functionalities including, but not limited to, executive summaries (figure 2-3). Figure 2-3 The Internal Audit Dashboard window displays pertinent metrics in a convenient fashion. The internal audit (IA) dashboard also provides critical operational information, group account data and ratios, compliance and performance metrics, business reporting analyses, and so forth. First, the auditors believe that manual journal entries (MJEs) applied during the standard closing process carry more risk than other MJEs. With this in mind, the Workday Analysis feature depicts MJE activity occurring during the accounting closing period and is able to display this information for three accounting periods at a glance. In general, MJEs generated during the first day of closing (WD1) represent less risk than those posted on subsequent days. Furthermore, the risk and day attributes maintain a positive relationship such that risk increases as MJEs are applied later in the closing process. As such, periods that have a greater percentage of MJEs applied near the conclusion of closing may be targeted for further investigations. For added utility, the audit tool displays MJE activity by account category to isolate areas where deeper inspections are warranted (figure 2-4). 63
AUDIT ANALYTICS AND CONTINUOUS AUDIT:LOOKING TOWARD THE FUTURE Figure 2-4 Financial Close Workday Analysis: In the upper charts, closing period manual journal entry (MJE) activity is displayed for each accounting period by workday (WD) using a color coding scheme. In the lower table, MJE metrics are presented by account category. In this example, the account most impacted by post-closing MJEs in each period is Cash. This finding, in addition to the fact that Cash is inherently a high-risk account, suggests that further analyses may be advised in this area. (Amounts in Billions) Second, the general ledger (GL) Account Wise Analysis function aggregates information by account type to display various pertinent metrics. In fact, multiple levels of aggregation are available to facilitate drilldown operations. For example, a level 2 view, which is a single drilldown from level 1, results in GL account groupings identical to those shown in figure 2-5. Similar to other IA dashboard tools, emphasis is again placed upon looking at MJE activity. However, additional information is captured relative to trial balance (TB) and manual journal voucher (MJV) values. 64
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AUDIT ANALYTICS and CONTINUOUS AUDI
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Notice to Readers Audit Analytics a
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TABLE OF CONTENTS Preface Acknowled
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CONTENTS 3 Evolution of Auditing: F
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CONTENTS B Page Implementing Contin
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AUDIT ANALYTICS AND CONTINUOUS AUDI
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AUTHOR BIOGRAPHIES Abdullah Alawadh
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AUTHOR BIOGRAPHIES He is a passiona
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AUTHOR BIOGRAPHIES AICPA Assurance
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AUTHOR BIOGRAPHIES management. Prio
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AUTHOR BIOGRAPHIES Trevor R. Stewar
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PART I Essays 1
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PART II Case Studies 145
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CASE STUDY B Implementing Continuou
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CASE STUDY B: IMPLEMENTING CONTINUO
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CASE STUDY D Implementing Continuou
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CASE STUDY D: IMPLEMENTING CONTINUO
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AICPA Assurance Services Executive
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AUDIT ANALYTICS AUDIT

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