ABSTRACT
This chapter examines the developments in and application of continuous online auditing (COA) as an imperative response to the challenge of online financial accountability and reporting. The ongoing changes within audit organisations and audit departments need to be determined to evaluate the future shape of the profession together with the training and development of future auditors. As a result of the technological developments currently taking place around auditing one of which is COA, the continued relevance of the McInnes's position is still persuasive. The Canadian Institute of Chartered Accountants (CICA) categorised 'auditors' reports in an online real-time situation into two: the 'evergreen reports' and the 'reports on demand'. The technological feasibility of COA rests on computerised accounting information systems and ubiquitous computer networking. COA is also predicted to continue to enhance the reliability of real-time financial statements being made available for financial transactions on stock exchange markets.
