Abstract
ABSTRACTAdvances in information technologies, multiple and diverse risks, complex and changing regulatory environments, antifraud measures, budget constraints, and the volume, velocity, and variety of data being created have renewed attention in continuous auditing (CA) and continuous monitoring (CM). Notwithstanding the growing interest, there is currently limited guidance and empirical evidence available about the practicalities of implementing CA and CM and the differences (or not) between them. In this paper, we describe a case study of how CA and CM has been interpreted and implemented at Metcash, a wholesale distribution and marketing company in Australia. The results for this organization so far are notable: over 100 automated tests performed daily, a fully integrated exception management system, advancement from data to predictive analytics, and the use of visualization technologies for enhancing reporting. However, this outcome has not been without challenges. Our aim in presenting this case is to assist senior audit and business executives with assessing the viability of adopting CA and CM by reflecting on the implementation at Metcash and to offer lessons from this organization's experiences for theory and practice.
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