The Role of Continuous Auditing in Enhancing Real-Time Financial Monitoring and Risk Management
Posted: Jul 31, 2015
Abstract
The contemporary financial landscape is characterized by unprecedented velocity, volume, and complexity of transactions, presenting formidable challenges to traditional auditing methodologies. Conventional audit practices, predominantly retrospective and sample-based, operate with inherent latency that undermines their effectiveness in timely risk identification and fraud prevention. This research addresses a significant gap in the literature regarding the operational implementation and measurable efficacy of continuous auditing systems. Our investigation introduces an innovative framework that integrates cutting-edge technologies in a novel configuration specifically designed to overcome limitations of existing approaches. We develop and validate an original continuous auditing architecture that combines machine learning, blockchain technology, and real-time data processing in a manner not previously documented. We provide empirical evidence of performance improvements through rigorous testing in a simulated financial environment that accurately mirrors real-world complexity, and analyze the cultural and procedural transformations that organizations must undergo to successfully implement continuous auditing.
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