1. Discuss the advantages of using continuous auditing. Provide examples. Use yo

Question

1. Discuss the advantages of using continuous auditing. Provide examples. Use your own words (no cutting and pasting).

2. Thinking about the concepts in COSO regarding the importance of the Internal Environment in the overall internal control and overall risk management frameworks, which factors included in COSOs Internal Environment could impact, especially negatively, the quality, privacy, and confidentiality of vendor data entered into the information system? Use your own words (no cutting and pasting).

Explanation / Answer

Continuous auditing helps to identify the unusual entries or unusual transaction which took place.Further it helps to rectify data entry at that period in which error occurs. For example if there is any embezzlement of cash then it would we identify at the very occurrence if the continuous audit would not have taken place then it would be identify at the time of audit and if the person involved in embezzlement would have left the entity then audit would not be fruitful.

2. Lack of proper authentication of user in information system will lead in negative impact in quality,privacy and confidentiality Of vendor data compromise entered into Information system.

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