ABSTRACT
This chapter explores the difference between continuous monitoring and continuous auditing, which is a methodology that gives audit results simultaneously with, or a short period of time after, the occurrence of relevant events. This facilitates continuous control assessment as well as continuous risk assessment based upon the ongoing examination of consistency of processes, thus providing support for individual audits as well as allowing the development of enterprise audit plans. Continuous auditing is any method used by auditors to perform audit-related activities on a more continuous or continual basis. Management's expectations have moved away from audit assurances of the accuracy and completeness of financial information to searching for a consultative support regarding the effectiveness and efficiency not only within internal controls, but also with regard to operational issues and even strategic risk. As always, internal auditing is seen as part of the third line of defense in the provision of independent assurance.
