Implementation of the continuous auditing system in the ERP‐based environment

Ilhang Shin · Myung-Gun Lee

38 citations0/0 files storedManagerial Auditing Journal

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Auditing, Earnings Management, Governance ERP Systems Implementation and Impact Robotic Process Automation Applications

Abstract

Purpose The purpose of this paper is to introduce the continuous auditing system based on continuous monitoring and its implementation methodology; also to present a systematic case study of actual continuous auditing systems implemented in the financial industry and the manufacturing industry. Design/methodology/approach The paper examines the method of implementing the continuous auditing system in the enterprise resource planning (ERP) environment, and suggests how the continuous auditing system can take firm root by looking at the successful introduction of the continuous auditing system in the financial industry and the manufacturing industry. Findings The proposed method of implementing the continuous auditing system has the 2stage approaches which can be applied to various kinds of companies in the ERP‐based environment. In addition, the proposed cases have the important practical implications acquired in the process of implementing the continuous auditing system in the financial industry and the manufacturing industry. Practical implications This study will help many corporations facing various types of corruption or circumvention of internal control, with their internal auditing, by showing them how to use the continuous auditing system to reinforce internal control. Also, it will make the independent auditor understand audited company's continuous monitoring system and lead to use the infrastructure for efficient and effective external auditing. Originality/value The proposed method and cases of implementing the continuous auditing system offer an innovative approach to auditing in the ERP‐based environment because it facilitates both internal auditor and external auditor to achieve the audit objectives efficiently and effectively.

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References

2002The Relation between Auditors' Fees for Nonaudit Services and Earnings Management 2003Do Nonaudit Services Compromise Auditor Independence? Further Evidence 2007Accruals Quality and Internal Control over Financial Reporting 2005Bankruptcy prediction using support vector machine with optimal choice of kernel function parameters 2003Client Importance, Nonaudit Services, and Abnormal Accruals 2003The Determinants of Enterprise Risk Management: Evidence From the Appointment of Chief Risk Officers 2010Case Study Research: What, Why and How?1991Evaluating and Rethinking the Case Study

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