The rapid development of hardware and software technologies has made real-time electronic reporting possible and accessible. However, continuous reporting (both daily and monthly) requires continuous monitoring of such reporting and assurance of the overall information of its users. Thus, the audit should also be continuous. Ideally, all suspicions and transactions should be tracked by the software that records them, that is, the enterprise computer information systems. While this approach is theoretically possible, in practice it is risky. The reason is that software procedures in complex computer systems tend to affect hundreds of other procedures, and there is a great risk of changing any component to stop the major processing systems. An alternative to the built-in control modules is a compromise approach, in which transactions are periodically (eg, nightly) uploaded and transferred to a separate data warehouse and subsequently analyzed by using specialized audit software. Factually, there is a way in which both internal and external auditors will be able to provide near-continuous (at minimum time intervals) assurance about the information generated under the information systems applications, regardless of effectiveness of manual and computer control technologies that are implemented by managers. We propose to call the implementation of economic control at enterprises in this way ‘periodic audit’. The concept of the continuous audit is particularly useful in the context of Ukraine, where there is a generally low level of practice and culture regarding the process of enterprise management as a whole, not only the internal control procedures and technologies. JEL classification: M420 Manuscript received 29.04.2020
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