CPE SESSION 12: SUNDAY, AUGUST 8, 8:00 AM – 11:00 AM

Continuous Audit: Assurance in a Real-Time Economy

Description/Objectives:
The objectives of this workshop are to provide an overview of the state of the art of continuous auditing and assurance (CAA) and to discuss significant issues, challenges, and opportunities going forward.

1. Historical events, current practices, demand for CAA, auditor/assurer independence, and the relationship with the Emerging Business Reporting Model.
2. Continuous assurance technologies, emerging practices, and products in the market.
3. The likely impact of CAA on earnings management (distortion of company performance), the changing focus and economics of the auditing profession.
4. The issues around data level assurance and links CAA to the developments in XBRL, XML, and Web Services.
5. Conclusions on the needs for standards, the emerging issues on continuous reporting, necessary condition and contingencies for CAA, and a discussion of promising research directions.

Format/Structure:

1. Introduction: Historical events, current practices, demand for CAA, auditor/assurer independence, and the relationship with the Emerging Business Reporting Model.
2. Continuous assurance technologies, emerging practices, and products in the market.
3. The likely impact of CAA on earnings management (distortion of company performance), the changing focus and economics of the auditing profession.
4. The issues around data level assurance and links CAA to the developments in XBRL, XML, and Web Services
5. Conclusions on the needs for standards, the emerging issues on continuous reporting, necessary condition and contingencies for CAA, and a discussion of promising research directions.

Intended Audience:
Given its broad focus, the workshop is useful for accounting faculty with an interest in continuous auditing and assurance, e.g., AIS, auditing, managerial. The discussion is not technical, and no prior knowledge of this area is necessary. Also, the workshop will be of value to accounting practitioners, who wish to gain knowledge of the state of the art of continuous auditing and assurance and emerging issues.

Presenters:
Miklos A. Vasarhelyi, Rutgers University
Eric E Cohen, PricewaterhouseCoopers
Liv Watson, Edgar Online
Michael Alles, Rutgers University
Alexander Kogan, Rutgers University

Sponsor:
Artificial Intelligence/Emerging Technologies Section

* Denotes special requirements or prerequisite