A study from PwC, "Pricewaterhouse Coopers 2006 State of the Internal Audit Profession Study: Continuous Auditing Gains Momentum," says that half of the companies surveyed are now using "continuous auditing" techniques, which typically leverage technology to accelerate the internal audit cycle, and improve risk and control assurance.
That's an increase from 35 percent in 2005. Of those that do not yet have continuous auditing techniques in place, 31 percent have implemented plans to do so.
The survey notes that an increasingly dynamic risk environment is demanding that internal audit provide more timely and reliable assurance relative to risks and controls. Internal audit executives are increasingly looking toward continuous auditing, which employs 'non-traditional' approaches to internal auditing to strengthen reporting and communication with senior management and the audit committee.
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