Organisations across the country are facing new challenges amid today’s economic slowdown, placing increasing pressure to management to cut costs, create efficiencies and ensure regulatory compliance while also trying to drive sustainable performance.
Continuous Controls Monitoring (CCM) offers ongoing assurance that procedures are operating effectively, significant errors and fraudulent transactions are detected and risk is being mitigated.
In practice, CCM involves the identification of critical control points established in the organisation’s procedures and implementation of automated tests, which may involve real-time testing of transactions, to determine if these controls are operating effectively. Depending on the designed automated tests, certain transactions are flagged as exceptions. Deviations from established controls are reported in the form of notifications or alerts. Depending on the exception’s importance, they are communicated to the designated business owners, to management, to internal auditors, to other assurance related functions and/or to other designated individuals. The continuous reporting of deviations from established controls enables management and assurance related functions to immediately investigate and remediate incorrect transactions, target specific areas for audit and continuous risk re-assessment.
The implementation of software solution provided by CaseWare™ Monitor provides an end-to-end solution to support real time monitoring of transactions, design of integrated workflows and efficient reporting and tracking of identified exceptions.
Implementation of CCM can provide important benefits to the organisation:
We offer a full range of services designed to enable organisations to empower their monitoring procedures through the implementation of CCM, which include the following:
Support management to design and implement the continuous monitoring procedures
Support internal audit functions to implement the concept, the methodologies and tools required for continuous auditing and integrate them with audit processes
Installation and implementation of Caseware Monitor software and data analysis tools.