continuous auditing
Auditing activity that takes place over an extended time period. A continuous audit is not necessarily an uninterrupted process, as it may involve short breaks in audit activity. A classic example is daily stocktaking to monitor the reliability of a *perpetual inventory system. With potential moves to corporate *real time reporting in the future, the role of continuous *financial auditing is expected by many commentators to grow in importance: "For the listed companies of the world, one can foresee detailed financial information being available by electronic means, possibly on the *Internet. Such information is unlikely to be accompanied by a long form external *audit report, nor is it likely to be produced some months afterwards but in real time" (Percy, 1997,11). Further reading: Rezaee et al. (2001)

Auditor's dictionary. 2014.

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