Index

Citation (2018), "Index", Chan, D.Y., Chiu, V. and Vasarhelyi, M.A. (Ed.) Continuous Auditing (Rutgers Studies in Accounting Analytics), Emerald Publishing Limited, Bingley, pp. 341-350. https://doi.org/10.1108/978-1-78743-413-420181019 Publisher: Emerald Publishing Limited Copyright © 2018 Emerald Publishing Limited INDEX Access violations, 116–117 Accounting Standards Board (ASB), 171 Accounts payable, 3 Accounts receivables, 3 Activity-Based Management, 153 Adaptation to technologies, 78–79 Advanced Decision Support System, 131 Agency costs, continuous online auditing of, 139–141 AIC, 42 Alarm hierarchy, 240–243 Amazon, 43 American Institute of Certified Public Accountants (AICPA), 32, 54, 59, 150, 173, 188, 251 Accounting Standards Board, 171 ASEC Emerging Assurance Technologies Task Force, 27 assurance independence, 162 Assurance Services Executive Committee, 294 Auditing Procedures Study, 178 Committee on Continuous Auditing, 130 Elliot Committee, 129, 152, 158 Enhanced Business Reporting project, 8 Red Book, 7, 8, 16, 46, 249, 261 Statement on Auditing Procedure, 286, 288–289 Systems Reliability Task Force, 129–130 SysTrust, 130, 152, 158, 160 Vision Project 1998, 170 WebTrust, 130, 152, 158, 160 Analytical procedures, 277 Analytic method, 34–36, 78 Analytic monitoring, for continuous assurance, 191–215 automatic confirmations, 212–213 continuity equations, 208–209 control tags, 213 data taps, 211–212 dynamic reconciliation of accounts, 211 hierarchy of auditing, 204–205 levels of assurance and audit objectives, 196–202 MC layer, 205–207 outcomes, 213–214 process, 203–204 supply and demand, 193–196 tagging data accuracy, 209–210 tertiary ‘black box’ monitoring, 207 time series analysis, 210–211 timing of, 202–203 tools for, 207–213 Annual World Continuous Auditing and Reporting Symposium, 323 Anti-money laundering, 15 Apple, 43 Application agents, 306–308, 311 Approva, 249, 250 Archival audit, 150 Article collection, 62 Article source, 62 Artificial neural network assistant (ANNA), 61 Association of Certified Fraud Examiners, 289 Assurance, 8 continuous, 149–165, 251 continuous data, 9, 261–268, 277 control level, 30 costs of providing, 160–161 embedded modules, 163–164 entity, 36 estimation of, 200–201 independence, 162, 164 judgment, 201–202 levels of, 29–30, 196–202 measurement rule, 199–200 products, ownership of, 161–162 Assurance Services Executive Committee (ASEC), 294 Emerging Assurance Technologies Task Force, 27 Assuror’s independence, and continuous assurance, 162–164 AT&T Corp., 3, 248, 273 continuity equations, 208 continuous monitoring versus continuous auditing, 18 Continuous Process Audit System. See Continuous Process Audit System (CPAS) RCAM system, 11, 17–18 transaction evaluation, 199 Attestation, 88, 92 Audit Action Sheets (AASs), 224–226, 236, 239, 254, 256, 259, 260 selection of, 230–233 AUDITAPE, 287 Audit applications approach, 294 Audit Applications Group (AAG), 184 Audit automation, 56–57, 75 Audit Command Language (ACL), 175, 195, 248, 249, 250, 268, 288 Audit Data Standard (ADS), 26–28 ecosystem architecture, 28 Audit data warehouse model, 293–294 Audit ecosystem, 42–45 characteristics of, 43, 299, 309 defined, 299 external influences on, 310 to support blockchain-based accounting and assurance, 299–312 Auditees–auditors relationship, 144 Audit fatigue, 21 Auditing: A Journal of Practice and Theory , 3 Auditing Standards Board, 178 Statement on Auditing Standards, 178, 266, 267 Audit-like organizations (ALOs), 16, 20, 21 Audit methodology, continuous auditing innovations in, 273–278 audit reporting, 278 automation of audit procedures, 275 continuous or frequent audit, 274 data modeling and data analytics, for monitoring and testing, 277–278 internal and external auditors, work and role of, 275–276 nature, timing, and extent of testing, 276–277 proactive audit, 274 Audit modules into DBMS application programs, embedding of, 110–111 Audit objectives, 196–202 Auditor interface, 117–119 Auditors external, 2 heuristics, 92 internal, 2 relationship with auditees, 144 Audit process, 278–280 Audit Reference Library (ARL), 184 Audit reporting, 278 Audit risk assessment, 134 Audit stages, 278–280 Audit trial of continuous monitoring of business process controls, 243 AuSoftware, 293–294 Australian Institute of Chartered Accountants Continuous Assurance for the Now Economy , 16 Automated auditing capability, building, 169–188 continuous auditing applications, 182–186 future research, 186–188 Automated continuous transaction verification environment (ACTVE), 60 Automatic confirmations, 212–213 Automation, 10, 240, 272, 275, 290 audit, 56–57, 75 data analytics as precursor to, 315–321 migration of functions to, 41–42 path for future, 76–77 BAAN, 127, 179 Balanced Scorecard, 153 Behavioral effects, of continuous online auditing, 143 Big, 8, 288 Big Data, 9, 75–76 BizTalk, 153, 158 Blockchain-enabled audit model audit ecosystem to support, 299–312 Bring-your-own-device (BYOD), 31 Business process (BP) controls, continuous monitoring of. See continuous monitoring of business process controls (CMBPC) defined, 220, 262 reengineering, 153, 239–240 Business transaction agents, 306 Business transactions, continuous reading of, 153–154 BW-Bex, 238 CA analyzer, 234–239 Canadian Institute of Chartered Accountants (CICA), 32, 54, 59, 171, 173 Committee on Continuous Auditing, 130 Red Book, 7, 8, 16, 46, 249, 261 Systems Reliability Task Force, 129–130 SysTrust, 130, 152, 158, 160 WebTrust, 130, 152, 158, 160 Carolina Power and Light SMART Auditing, 183 Caseware, 249, 250 Center for Audit Quality (CAQ), 27 Choice of assertion, 33–34 CL Grocers (CLG), 42 COBOL, 110, 132, 288 Cognitive effects, of continuous online auditing, 143 Committee on Continuous Auditing (CICA/AICPA), 130 Compliance, 199–200 Compliance monitoring (COMO) continuous, 14–16 COMPUSTAT, 63 Computer Associates, 3 Computerized aided audit tools (CAATs), 1, 195, 244, 250, 287, 288, 290–292 Concept confusion, 40–41 Concurrent auditing techniques (CAT), 106–108 Conservation laws, 262 Content analysis, 62 Continuity equations, 208–209, 262 Continuous and intermittent simulation (CIS), 179 Continuous assurance (CA), 251 analytic monitoring for, 191–215 in ASP setting, analysis of, 150–152 assuror’s independence and, 162–164 business transactions, continuous reading of, 153–154 components of, 152–153 demand for, 155–159 feasibility and economics of, 149–165 issues for future research, 164 paying for, 160–162 supply and demand for, 193–196 technical architecture of, 162–164 timing of, 202–203 transaction monitoring, assurance, and reporting, 154–155 Continuous Audit, 3, 7, 8, 16, 46, 249, 261 Continuous auditing (CA) characteristics of, 62–75 defined, 2, 8, 54, 169, 173–174, 186, 221, 251 distinguished from traditional auditing, 273 elements of, 10, 20–21 emergence of, 56–57 guidance on, 16 implementation of, 60–61 process, 174–176 research directory 1983–2011, 327–338 research distribution, 4 versus continuous monitoring, 16–20 See also individual entries Continuous Audit Monograph, 291 Continuous audit tools and techniques (CATTs), 175, 178, 179, 187 Continuous compliance monitoring, 14–16 Continuous control monitoring (CCM), 9, 12–13, 23–24, 59–60, 71, 74, 252, 277 implementation of, 60–61 Siemens, 254–261 Continuous data assurance (CDA), 9, 261–268, 277 Continuous data audit, 11–12 Continuous Management Monitoring (CMM), 268 Continuous monitoring (CM) versus continuous auditing, 16–20 Continuous monitoring of business process controls (CMBPC), 59, 219–245 Audit Action Sheets, selection of, 230–233 audit trial of, 243 CA analyzer, 234–239 continuous monitoring software, developers of, 243–244 control and alarm hierarchy, management of, 240–243 data issues, 233 formalization, 239–240 implementation of, 230–239 MC layer–ERP system interaction, 229–230 modes of, 226–228 pilot implementation, 222–226 reengineering, 239–240 system architecture for, 228–229 Continuous online auditing (COA), 58, 125–147, 250 architectural issues, 132–137 database applications, 128–129 defined, 126–127 economic feasibility, 127–128 effects/consequences, 138–146 experiences, 129–132 factors affecting, 137–138 history and institutional background, 128–147 program of research in, 132–146 research priorities, 133, 146–147 technological feasibility, 127 Continuous Process Audit Methodology (CPAM) online systems, 88, 92, 102, 103 Continuous Process Audit System (CPAS), 17–19, 249, 250 Advanced Decision Support System, 131 architecture, 131 online systems, 87, 88, 92, 94–98, 101–103, 130–132 software implementation, 96–101 Continuous risk monitoring and assessment (CRMA), 13–14, 20, 59 Control(s), 231, 240–243 charts, 60 compliance, 9 level assurance, 30 processes, improvement on, 214 settings, 227 structure, 9 tags, 213 violations, 116 Corporate governance, 1 Costs of providing assurance, 160–161 CRSP, 63 Data, 9 capture, 134 integrity, 214 mining, 315 modeling, 277–278 source, 32–33 standardization, 181 taps, 211–212 Data analytics, 277–278 exceptions versus audit automation exceptions, 316 as precursor to audit automation, 315–321 Database applications, continuous audit of, 128–129 Database audit, 24–25 Database control, 109 Database Management System (DBMS), 56, 90–91 audit modules into DBMS application programs, embedding of, 110–111 controls using DBMS facilities, establishing, 109–110 environment, need for EAMs in, 106–107 Database security, 109 Data description language (DDL), 108–110, 123 Data warehousing project interrelationships, auditing of, 183 Decentralized Autonomous Organization/Corporation (DAO/DAC), 301, 303, 305 Decision Support Systems , 3 Deloitte & Touche, LLP, 176, 319 Demand for continuous assurance guarantee of, 156–158 inherent, 155–156 real-time assurance, 158–159 Development and intellectual structure, of continuous auditing research, 53–81 continuous auditing, characteristics of, 62–75 continuous controls monitoring, 59–60 electronic data processing and audit automation, 56–57 implications of, 80–81 paths for future research, 75–80 real-time reporting and assurance, demanding and promoting, 57–59 Development of continuous auditing, 249–251 Digital ecosystem, 302 Direct costs, continuous online auditing of, 139 Discrepancy analysis, 207 Distance auditing, 137 Distributed resource protection mechanism, 305 Dynamic reconciliation of accounts, 211 E-Audit, 230–231, 258 EbXML, 153, 158 Economic feasibility, of continuous online auditing, 127–128 EDGAR system, 65, 172, 250 ElderTrust Plus, 152 Electronic commerce, 170 Electronic data interchange (EDI), 57, 163, 170, 250 Electronic data processing (EDP), 56–57, 126, 135, 179, 287 Electronic Data Processing and Auditing , 286–287 Electronic financial reporting, 171–173 Electronic records, 137 Elliot Committee, 129, 152, 158 Embedded assurance modules, 163–164 Embedded audit modules (EAMs), 57, 105–123, 228, 229, 258, 292, 293 access violations, 116–117 advantages of, 121–122 audit modules into DBMS application programs, embedding of, 110–111 auditor interface, 117–119 as audit tool, use of, 119–121 control violations, 116 controls using DBMS facilities, establishing, 109–110 database control and security, 109 in DBMS environment, need for, 106–107 drawbacks of, 122 error handling approaches, 112 implementation of, 112–116 operational considerations, 121 prior research, 107–108 Enhanced Business Reporting (EBR) project, 8 Enterprise resource planning (ERP) systems, 9, 10, 13, 14, 22, 24, 30, 32, 58, 127, 150, 154, 161, 188, 193, 195–196, 272 interaction with MC layer, 229–230 EQUEL (Embedded QUEry Language), 112–113 Equity Funding Corporation scandal of 1973, 287–288 Ernst & Young (E&Y), 132 Error handling approaches, 112 ETL (extract, transform, and load) process, 179, 181 European Commission, 302 Evolution of auditing, 285–296 Expanded opinion conceptualization, 37 Exploratory Data Analysis (EDA), 34, 47 EXtensible Business Reporting Language (XBRL), 58, 65, 74, 171, 172, 186, 188, 250, 268 EXtensible Markup Language (XML), 171 Extent of testing, 276–277 External audit, 8 technology, 88 External auditors, 2 characteristics of, 138 work and role of, 275–276 External contracts, continuous online auditing of, 143–144 Exxon Company USA, 183–184 FASB, 188 File transfer protocol (FTP), 181 Financial Reporting and Auditing Agent with Net Knowledge (FRAANK), 250 Foreign Corrupt Practices Act (FCPA) of 1977, 288 Formalization, 219, 220, 222, 226, 231, 232, 233, 236, 237, 239–241, 245 FORTRAN, 110, 119 Frequent audit, 274 Fund Radar, 132, 134 Future audit, 291–295 General auditing software (GAS), 287 General business activity agents, 306 Generalized audit software (GAS), 106 Generally Accepted Accounting Principles (GAAP), 54, 161, 187, 197, 199, 202, 275, 286 Generally accepted auditing standards (GAAS), 7, 32, 186 Generally accepted data standards (GADS), 316 Geographical distribution, 66 Go Digital initiative, 302 Google, 43, 249 Guidance on continuous auditing, 16 Haskins & Sells, 287 HCA Inc., 273 Health service provider (HSP), 250, 253 continuous data assurance, 261–268 Hierarchy of auditing, 204–205 History of auditing, 285–289 Home Depot, 37 HP, 3, 273 Human resources, 1 IBM, 3, 273, 287 IMS, 90 internal audit approach, 17 Watson, 319 IDEA, 195 IMS, 90 Incremental technological change, 26 Independence, 41 Industrial Revolution, 286 Information and communication technologies (ICT), 302 Information brokering agents, 306 Information Systems Audit and Control Association (ISACA), 3 IT Audit and Assurance Guidelines, G42, Continuous Assurance , 16 Information Systems Reliability service, 129 Information technology (IT), 22–28, 221 Audit Data Standard, 26–28 database audit, 24–25 evolution of, 22–23 incremental technological change, 26 INGRES, 105, 110, 117 Innovation, 271–281 in audit methodology, 273–278 technological process, 272 Institute of Internal Auditors (IIA), 3, 248, 268 GTAG 3 Continuous Auditing: Implications for Assurance, Monitoring, and Risk Assessment , 16 Intacct Corp., 176 Integrated test facilities (ITF), 108, 178, 179, 292 Interactive Data Extraction and Analysis (IDEA), 288 Internal audit, 8, 54 technology, 88 Internal auditors, 2 work and role of, 275–276 Internal controls, 56, 76 Internal vs. external COA effects, 144 International Federation of Accountants (IFAC), 60 International Journal of Accounting Information Systems , 3 International Journal of Digital Accounting Research, The , 3 Internet, 170 Interoperation agents, 306 Itau Unibanco, 273 J. D. Edwards, 127 Journal of Information System , 3 Judgment assurance, 201–202 Kaufman, Felix, 286–287 Key performance indicators (KPIs), 12, 204, 206 Key risk indicators (KRIs), 14 King Commission, 46 Kira Systems Inc., 319 KPMG, 16, 174, 220, 244, 319 Large database systems, current environment for, 90–91 Linear regression, 266 Longitudinal analysis, by specific area of emphasis research methods, 67–70 topical area, 70–75 Machine learning, 315 Management advisory services (MAS), 161 Management information systems (MIS), 80, 87–89 Managerial effects, of continuous online auditing, 143–144 Marketing, 1 Materiality, 38 MC (monitoring and control) layer, 195, 203, 205–207, 228–229, 240, 243, 292–293 interaction with ERP system, 229–230 McKesson & Robbins, 286 Measurement rule assurance, 199–200 MetLife, 3, 273 Microsoft, 318 Mobile robotics, 303 Moral hazard, auditors, 142–143 Motorola, 43 MS Office, 195 Multi-agent systems (MAS), 304 Nature of testing, 276–277 Negotiation and contracting agents, 306 New audit products, 38–40 New continuous audit, 28–36, 48 analytic method, 34–36 assurance entity, 36 assurance level, 29–30 choice of assertion, 33–34 chosen procedure, 33 data source, 32–33 dimensions of, 29 time focus, 30–31 time interval, 32 Online financial reporting, 145 Online systems, continuous audit of, 87–103 alarms, 95–96 analysis, 94–95 analytics, 95 large applications, current environment for, 90–91 measurement, 93 metrics, 95 monitoring, 93–94 software implementation, 96–101 technology precluded auditors, 88–89 Oracle, 134, 179, 318 Oracle Applications, 163, 227 Oracle Financials, 127 Oversight Systems, 249, 250 Ownership of assurance products, 161–162 PASCAL, 119 Payment infrastructure, for continuous assurance, 160 Penetration testing, 227, 257 PeopleSoft, 127, 134, 163, 179 Personal (or interface) agents, 306 Pilot implementation, 222–226 Planning and scheduling agents, 306 Predictive audit, 3 PricewaterhouseCoopers (PWC), 59, 60, 248, 249, 268 Proactive audit, 274 Probabilistic reporting, 38 Proctor & Gamble (P&G), 3, 273 Program of research, in continuous online auditing architectural issues, 132–137 effects/consequences, 138–146 factors affecting, 137–138 Prometheus system, 17, 18 Psychological effects, of continuous online auditing, 143–144 Push button audit, 252 Quality of audit, continuous online auditing effects on, 141–143 auditor’s moral hazard, 142–143 thoroughness, 142 timeliness, 141 Quality of Service (QoS) Framework, 302 Rating criterion, 255 RCAM system, 11, 17–18 Real-time accounting systems (RTA), 58, 171–173, 178 Real-time analytical review procedures, 135–136 Real-time assurance, demand for, 158–159 Real Time Error Correction, 267 Real-time reporting and assurance, demanding and promoting, 57–59 Red Book. See Continuous Audit Reengineering, 153, 239–240, 249 Reporting, 278 Research method, 62, 63–64 longitudinal analysis of, by specific area of emphasis, 67–70 SAP, 12, 134, 188, 249, 318 Audit Action Sheet, 224, 225 Business Warehouse, 238 SAP R/3, 127, 163, 179, 222, 224, 227, 229, 243 Sarbanes Oxley Act of 2002 (SOX), 1, 11, 29, 41, 192, 193, 251–252, 288, 296 Section, 201, 65, 244, 252 Section, 404, 65, 76, 214, 224, 244, 252, 254, 261, 268 Section, 409, 58 Scope of auditing, 134–135 Screen scrapping, 11 Securities Act of 1933, 7 Securities and Exchange Act of 1934, 1, 7, 286 Securities and Exchange Commission (SEC), 286, 288 Security agents, 307 Security of continuous online auditing, 136–137 Selective Monitoring and Assessment of Risks and Trends (SMART) Auditing, 183 Service oriented computing (SOC), 304 Siemens, 3, 11, 59, 253, 268, 273 continuous control monitoring, 254–261 continuous monitoring of business process controls, 222–245 Simultaneous Equation Modeling (SEM), 265 Small Audit Support (SAS), 175 Snapshot approach and systems control and audit review facility (SCARF), 179 Software-based agent research, 302 Special Committee on Assurance Services (SCAS). See Elliot Committee Specific area of emphasis, 65–66 longitudinal analysis of research method by, 67–70 longitudinal analysis of topical area by, 70–75 SQL, 179 Standards, formalizing, 79 Statement on Auditing Procedure (SAP), 286 Statement on Auditing Standards (SAS), 178, 266, 267 Stochastic opinion, 38 Supply and demand, for continuous assurance, 193–196 Supply chain management (SCM), 1, 153 System-level support agents, 306 Systems audit, 135 Systems Reliability Task Force (CICA/AICPA), 129–130 SysTrust, 152, 160 denomination–system reliability assurance, 130 Tagging data accuracy, 209–210 Target, 37 Taxonomic categories development, 62–63 Technical architecture, of continuous assurance, 162–164 Technological feasibility, of continuous online auditing, 127 Technological process innovation, 272 Tertiary ‘black box’ monitoring, 207 Time focus, 30–31 Time interval, 32 Time series analysis, 210–211 Timing of continuous assurance, 202–203 Timing of testing, 276–277 Topical area, 62–65 longitudinal analysis of, by specific area of emphasis, 70–75 Traditional auditing, 289 distinguished from continuous auditing, 273 Transaction evaluation, 197–199 Transaction verification, 267 Treasury transactions, 3 Triple-entry accounting system, 301 UNIVAC, 286 Vector Autoregressive Models (VAR), 265–266 Verification, 88 Walker, David, 269 WebTrust, 152, 158, 160 Seal assurance service, 130 Wiener, Norbert, 302 Wood, Richard, 130 Wood Committee, 171 WorldCom disaster, 289 XBRLGL, 250 Book Chapters Prelims Introduction Continuous Auditing—A New View The Development and Intellectual Structure of Continuous Auditing Research The Continuous Audit of Online Systems Continuous Auditing of Database Applications: An Embedded Audit Module Approach Continuous Online Auditing: A Program of Research Feasibility and Economics of Continuous Assurance Continuous Auditing: Building Automated Auditing Capability Principles of Analytic Monitoring for Continuous Assurance Continuous Monitoring of Business Process Controls: A Pilot Implementation of a Continuous Auditing System at Siemens Putting Continuous Auditing Theory into Practice: Lessons from Two Pilot Implementations Innovation and Practice of Continuous Auditing Evolution of Auditing: From the Traditional Approach to the Future Audit An Audit Ecosystem to Support Blockchain-based Accounting and Assurance New Perspective: Data Analytics as a Precursor to Audit Automation Conclusion Appendix: Continuous Auditing Research Directory: 1983–2011 About the Editors Index

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