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Internal Audit: The Continuous Conundrum

Internal Audit: The Continuous Conundrum

by Toby Lucich on May 27, 2010

The department painstakingly went through its inventory of SOX controls to determine which ones could be assessed just by analyzing data in company systems. Then data-analytic scripts were written to allow exceptions to be found. Now, for example, the entire population of journal entries can be examined quickly for segregation-of-duty violations.

..Look directly for irregularities traceable to the finance operation. Journal entries by senior finance executives or business-unit leaders are flagged, because entries normally are made by lower-level accountants. Likewise, any entries that boost revenue by a certain percentage, particularly those that put the business unit just above its budgeted monthly goal, are flagged.

Internal Audit: The Continuous Conundrum

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