Assessing the Effectiveness of Continuous Auditing in Large-Scale Financial Institutions
Posted: Nov 02, 2023
Abstract
The evolution of auditing practices in financial institutions has undergone significant transformation with the advent of continuous auditing methodologies. Traditional periodic auditing approaches, while established and standardized, increasingly demonstrate limitations in addressing the dynamic risk landscape of modern financial ecosystems. Continuous auditing represents a paradigm shift from retrospective examination to real-time monitoring and assessment of financial transactions and controls. This research investigates the effectiveness of continuous auditing implementations in large-scale financial institutions, moving beyond conventional compliance metrics to develop a comprehensive understanding of what constitutes successful adoption and utilization. Financial institutions face unprecedented challenges in maintaining audit integrity amid rapidly evolving regulatory requirements, technological complexity, and sophisticated financial crime methodologies. The theoretical promise of continuous auditing—enabling immediate identification of control weaknesses, transaction anomalies, and compliance deviations—has driven substantial investment in these systems across the global financial sector. However, empirical evidence regarding the actual effectiveness of these implementations remains limited.
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