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Continuous Auditing: Lessons from Fifteen Years of Putting Theory into Practice
Michael Alles, Rutgers University
Alexsandr Kogan, Rutgers University
Miklos Vasarhelyi, Rutgers University
ABSTRACT. In the 15 years since Vasarhelyi and Halper first reported on a pioneering implementation of what has come to be known as Continuous Auditing (CA), the concept has increasingly moved from theory into practice. A 2006 survey by PwC shows that half of all responding firms use some sort of CA techniques, and the majority of the rest plan to do so in the near future. What particularly distinguishes CA, apart from its increasing impact on auditing practice, is that it is one of the rare instances in which such a significant change was developed and led by the academic community. This record of academic leadership with CA stands in contrast to the all too familiar pattern in which academics catch up with innovations adopted by practitioners—or ignore them entirely, especially outside the classroom. In this paper we survey the state of CA and draw out the lessons from this decade and a half of research into the theory and practice of continuous auditing.
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