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Jou nal o In o ma ion Sys ems Enginee ing and Managemen
2022, 7(1), 11681
e-ISSN: 2468-4376
h ps://www.jisem-jou nal.com/
Resea ch A icle
Con inuous Assu ance o he Digi al T ans o ma ion o
In e nal Audi ing
Cá ia Ba os1, Rui Ped o Ma ques 1 *
1 Uni e si y o A ei o, Po ugal
*
Co esponding Au ho :
uima [email protected] @ua.p
Ci a ion: Cá ia Ba os, Rui Ped o Ma ques (2022). Con inuous Assu ance o he Digi al T ans o ma ion o In e nal Audi ing.
Jou nal o
In o ma ion Sys ems Enginee ing and Managemen , 7
(1), 11681.
h ps://doi.o g/10.55267/iad .07.11681
ARTICLE INFO
ABSTRACT
Recei ed: 10 Dec. 2021
Accep ed: 26 Jan. 2022
As a esul o he inc easing demand on he c edibili y o he inancial in o ma ion disclosu e, in e nal
audi ing has been playing an inc easingly impo an ole in o ganiza ions. Cu en ly,
he e is a need
o ensu e he compliance o o ganiza ional ansac ions in eal ime in o de o inc ease he eliabili y
o he in o ma ion and o educe isks. In his con ex , he concep o Con inuous Assu ance has
eme ged, allowing o educe po en ial
e o s and isks and ob ain use ul in o ma ion in eal ime,
suppo ing mo e e ec i ely he decision making and in e nal audi ing. This pape aims o
unde s and he impo ance and he use o Con inuous Assu ance se ices om he pe spec i e o he
in e n
al audi o . So, he me hodology used is quali a i e and he ques ionnai e su ey was used o
collec da a om in e na audi o s in Po ugal. The main esul s demons a e, among o he indings,
ha he Con inuous Assu ance se ices a e conside ed by he in
e nal audi o s as e y impo an .
Despi e his, i s implemen a ion in he o ganiza ions does no ollow he impo ance assigned o i ,
and is s ill a om being ully deployed. The dimension o he audi depa men is an in luen ial
ac o in he use o some Con inuous Assu ance se ices.
Keywo ds: Digi al T ans o ma ion, In e nal Audi , Con inuous Assu ance, Risk Managemen
INTRODUCTION
In ecen yea s we ha e seen cons an changes: in he
economy, in business ansac ions, in in o ma ion sys ems, hen
he business en i onmen has o adap daily o hese
ans o ma ions. In his con ex , in e nal audi ing has been
playing an inc easingly impo an ole wi hin o ganiza ions. The
in e nal audi ing no only e i ies he accoun ing sys em and he
anspa ency o he in o ma ion p o ided by he inancial
s a emen s, bu also helps o implemen con ol sys ems and
undamen al p ocedu es inhe en in he ac i i y o he
o ganiza ion. Acco ding o IIA (2021), in e nal audi ing is an
independen , objec i e assu ance and consul ing ac i i y
designed o add alue and imp o e an o ganiza ion’s
ope a ions. I helps an o ganiza ion accomplish i s objec i es by
b inging a sys ema ic, disciplined app oach o e alua e and
imp o e he e ec i eness o isk managemen , con ol, and
go e nance p ocesses.
Fu he mo e, wi h he mos echnological de elopmen s,
audi ing has also been digi ally ans o med, allowing he
e olu ion o adi ional audi ing o a con inuous and eal- ime
audi ing. In o ma ion sys ems ha e changed he way
o ganiza ions ope a e, ansac ions a e inc easingly au oma ed,
and human in e en ion in hese ansac ions also changes,
no ably as ega ds he oles, esponsibili ies and quali ica ions
equi ed. Thus, he audi o 's wo k has also been adap ed o
in oduce suppo ing echnologies ha p o ide no only eliable
bu eal- ime in o ma ion on he business p ocesses o be
audi ed. We can explain con inuous audi as a sys ema ic p ocess
o ac i i ies ha in ends o p o ide c edibili y and assu ance in
con inuous in o ma ion simul aneously, o in a sho pe iod o
ime a e he occu ence o ele an e en s. Bu despi e he
nume ous ad an ages in i s applica ion, i s implemen a ion is
no always easily accep ed by he o ganiza ion, due o he high
cos s o implemen ing he echnologies and in o ma ion sys ems
necessa y o i s p ocess, he lack o p ocedu es and p ac ices o
he con ol sys em and he lack o quali ied p o essionals in
con inuous audi ing (San os e al., 2019).
The Con inuous Assu ance concep eme ged wi h he
de elopmen o con inuous audi ing, based on a se o se ices
and echnologies ha enable audi o s o p oac i ely conduc
eal- ime managemen o ansac ions ha a e being execu ed
simul aneously, gi ing hem he abili y o in e ene in he
comple ion o ansac ions, co ec ing hem and in o ming hose
esponsible o he s a e o execu ion (Vasa helyi e al., 2010).
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The main objec i e o his s udy is o explo e, om he
in e nal audi o 's pe spec i e, he deg ee o impo ance and use
o Con inuous Assu ance se ices. In addi ion o being a ecen ,
inno a i e concep and he e being no e idence o he exis ence
o s udies o his ype, as we may ha e clues in he e iew made,
i is also a opic ha may ha e an impac on he u u e o
o ganiza ions, since i p o ides a new and b oad ision in which
will be he digi al ans o ma ion o in e nal audi . I s ele ance
is jus i ied by he ac ha in e nal audi ing should be a cons an
and ac i e p esence o he o ganiza ions, p o iding e ec i e
managemen o hem. The in e nal audi o should be awa e ha
ans o ma ion o he audi because i no only changes you
ou ine as you way o hinking.
This chap e is di ided in o i e main sec ions, including
his in oduc ion. Nex , he li e a u e e iew is p esen ed wi h
he main concep s and models which suppo his wo k, as well
as some ela ed wo ks mo e pe inen . Then i p esen s he
me hodology ha led o his esea ch. Be o e he conclusions, he
esul s a e p esen ed and discussed.
LITERATURE REVIEW
Con inuous Assu ance
Con inuous Assu ance is de ined as he applica ion o
eme ging in o ma ion and communica ion echnologies o he
s anda d echniques o audi ing, bo h manda o y pe iodic
audi ing and in e nal audi ing (Vasa helyi e al., 2010). In ha
iew, he same au ho s add ha Con inuous Assu ance appea s
as a pacese e o he digi al ans o ma ion o audi ing as a
pionee in he e olu ion o ansac ional audi ing om manual
echniques o au oma ed me hods.
Fu he mo e, Con inuous Assu ance eme ges as a se o
se ices which aims o es o e he c edibili y o audi ing,
simul aneously allowing o ganiza ions o mee he equi emen s
o egula ions. Hence, i can diagnose he company’s iabili y
and allega ions o aud and illegal ac s, assessing he economy,
e iciency and e ec i eness o o ganiza ions (Mu cia e al., 2008;
Vasa helyi e al., 2010).
Mo eo e , Con inuous Assu ance has p o ided a change in
he audi ing p ac ice o he maximum possible deg ee o
au oma ion. Gi en he emphasis on he ans o ma ion o he
en i e audi ing sys em, he de elopmen o Con inuous
Assu ance equi es a undamen al eassessmen o all aspec s o
audi ing, in pa icula on how da a is made a ailable o he
audi o , how ale s a e managed, wha kind o epo s a e issued,
and how o en and o whom hey a e sen (Ma ques, 2019)
The e ms Con inuous Assu ance, Con inuous Audi ing
and Con inuous Moni o ing a e some imes used
indisc imina ely in li e a u e. The e o e, i is c ucial o
unde s and wha cha ac e izes and dis inguishes hem, bu
mos ly o unde s and how hey can be ela e o, complemen ing
each o he (Figu e 1). Con inuous Assu ance is a s a emen on
he adequacy and e ec i eness o con ols and in eg i y o
in o ma ion. Con inuous moni o ing o con ols is a he cen e
o Con inuous Assu ance s a egies; howe e , he audi ac i i y
ensu es ha managemen ac i i ies a e app op ia e and e ec i e
so ha o ganiza ions ha e a g ea e le el o ce ain y abou he
e ec i e ope a ion o con ols, abou isk managemen and abou
he in eg i y o in o ma ion used o decision making (Alles e al.,
2003; Code e, 2005; Kuhn and Su on, 2006).
Figu e 1. Con inuous moni o ing, audi ing and assu ance
(adap ed om (Code e, 2005))
In u n, Con inuous Audi ing e e s o ac i i ies unde aken
o p o ide wa an y and c edibili y o ope a ions, besides gi ing a
mo e imely cha ac e o issues o con ol and managemen o isk.
Con inuous Moni o ing is esponsible o cons an ly moni o ing
and e alua ing business ansac ions and hei ela ed con ols,
enabling a eal- ime iew on e ec i eness o con ols and on
in eg i y o ansac ions ((Li ley e al., 2010; Minnaa e al., 2008).
E alua ing he combined esul s o Con inuous Moni o ing and
audi p ocedu es, audi o s can p o ide Con inuous Assu ance.
Howe e , only ecen ly has an e o been made o unde s and
hei di e ences and dis inguish be ween he concep s.
In 2006, a su ey (P icewa e houseCoope s, 2006) concluded
ha Con inuous Assu ance igge ed co po a e sensi i i y o i s
adop ion because in 2005 only 35% had a con inuous audi ing o
moni o ing p ocesses in place o we e planning o de elop one,
and his alue inc eased o 50% in 2006. I is in e es ing o obse e
ha 56% o esponden s said hei con inuous audi ing p ocesses
include bo h manual and au oma ed elemen s, 41% indica ed hei
p ocesses a e en i ely manual, and 3% epo ed ha ing ully
au oma ed p ocesses.
Ano he s udy by Ins i u e o In e nal Audi o s and ACL
(ACL, 2006) also showed simila esul s: 36% o su eyed
o ganiza ions con i med hey implemen ed a Con inuous
Assu ance app oach in all hei business p ocesses o simply in
some selec ed a eas, and 39% in ended o implemen in he nea
u u e. Howe e , i also s a es ha ega dless o he easons ha
o ganiza ions may ha e had o neglec he con inuing audi ing in
he pas , he ecen egula ions, he s imulus o eal- ime
moni o ing and epo ing o inancial in o ma ion and he abili y
o au oma e he adi ional audi me hods ha e s ongly
encou aged i s adop ion.
Acco ding o he subsec ion Rela ed Wo ks o his pape , we
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can see ha he implemen a ions designa ed as p o ide s o
Con inuous Assu ance se ices, in he pe iod 2002-2019, we e
s ill ew and wi h some limi a ions ega ding he di e si y o
se ices ha Con inuous Assu ance should be expec ed o o e .
This shows ha his a ea is s ill de eloping and ma u ing. Also,
o he s udies (Ma ques and San os, 2017a, 2017b) also e ealed
wi h bibliome ic s udies ha Con inuous Assu ance is no
ma u e enough and is g owing.
Objec i es and Componen s
The objec i es o Con inuous Assu ance, making i
ad an ageous, a e di ided in o ou le els, which a e di icul o
de ine in a mu ually exclusi e way, bu which se e o illus a e
he unc ional dependence o Con inuous Assu ance on audi ing
(Alles e al., 2004):
 Le el 1: E alua ion o O ganiza ional T ansac ions - a
his le el, i is in ended o e alua e o ganiza ional ansac ions,
and analyze and e i y he a omic ac ions o ansac ions
execu ion. Wi h he use o co po a e sys ems, such as ERP
(En e p ise In o ma ion Sys em) sys ems, i is possible o
analyze, agg ega e and e alua e da a in o de o classi y and
moni o o ganiza ional ansac ions. A his le el, inpu da a
should be es ed in o de o e i y whe he hey a e alid, and
whe he p ocedu es in execu ion o ansac ion a e consis en
wi h he sequence o es ablished ope a ions Con a y o
adi ional audi ing, wi h Con inuous Assu ance i is possible o
do his check in eal ime due o au oma ion and in eg a ion o
audi p ocedu es. This ansac ion con ol can use he o mal
speci ica ion o wo k low o p ocesses de ined in he ERP
sys ems as a s anda d beha io o ansac ion. Thus, i is possible
o e i y whe he ansac ions ha e been execu ed in compliance
wi h all p o ided s eps o o esee he low o ansac ions, and
whe he hese a e missing o ailing.
 Le el 2: Compliance o Pe o med Ope a ions - a his
le el i is in ended o ensu e ha p ocedu es applied in he
execu ion o o ganiza ional ansac ions a e app op ia e ( o
example, a e consis en wi h he ules, no ms, o s anda ds se by
he o ganiza ion o by ex e nal egula o y en i ies).
 Le el 3: Quali y o Es ima es and he Consis ency o
Agg ega e Da a - in some businesses, es ima es and o ecas s a e
o en used because he measu emen o di ec de e mina ion o
some in o ma ion is di icul and expensi e o ob ain. A simple
and economical al e na i e is o use a o mal model o
au oma ically ge an es ima e, hen he audi o ’s ask will be
educed only o e i ying he accep abili y o his model, which
can be done only once and o -line, based on knowing whe he
he used pa ame e alues in model a e easonable. This le el o
Con inuous Assu ance includes au oma ion o analy ical
p ocedu es based on in e nal and ex e nal pa ame e s. The use
o analy ical p ocedu es in an au oma ed sys em o Con inuous
Assu ance inc eases e iciency and e ec i eness o audi ing.
 Le el 4: E alua ion o O ganiza ional Decisions - he
audi ing ca ied ou by using ERP sys ems and ad anced
inancial ins umen s mus inco po a e complex and high-le el
assessmen s, which a e especially impo an o decision making.
Con inuous Assu ance and he cu en analy ic echnology allow
he ex ensi e ga he ing o exogenous e idence, which p o ides
c ucial inpu in o hese judgmen s. Con inuous Assu ance may
use, o example da a wa ehousing and da a mining as ools ha
acili a e au oma ion o some o hese decisions, imp o ing he
quali y o high-le el decisions and dec easing he audi isk.
Con inuous Assu ance is di ided in o h ee dis inc
componen s, bu complemen a y (Vasa helyi e al., 2010):
 Con inuous Con ols Moni o ing (CCM): Consis s o a se
o p ocedu es o moni o he ope a ion o in e nal con ol
mechanisms;
 Con inuous Da a Assu ance (CDA): Ve i ies he in eg i y
o he da a ci cula ing in o ganiza ional in o ma ion sys ems;
 Con inuous Risk Moni o ing and Assessmen (CRMA):
Measu es he isk dynamically and allows o sus ain an audi ing
plan.
Model o E alua ing an In o ma ion Sys em wi h
Con inuous Assu ance
A model composed o ou dimensions we e p oposed in
o de o e alua e an in o ma ion sys em wi h Con inuous
Assu ance se ices (Ma ques e al., 2016). I in ends o be ega ded
as a e e en ial se o equi emen s when de eloping his ype o
in o ma ion sys ems. Ma ques e al. (2016) used he Delphi me hod
o alida e he model in o de o ensu e he ele ance o inclusion
o hese dimensions and equi emen and also a se o me ics o be
included in each dimension. Fu he mo e, his model was
success ully used in a mo e comp ehensi e esea ch p ojec
(Ma ques e al., 2015).
I is composed o he dimensions Moni o ing, Compliance,
Es ima ion and Repo ing, which comp ise all objec i es and
componen s o a sys em wi h Con inuous Assu ance se ices
(Ma ques e al., 2016):
 Dimension Moni o ing ela es wi h he objec i es o le el
1 and he componen CCM. In his dimension, he ollowing
me ics may be ound o assess whe he he sys em can: moni o
he a ious ope a ions o a p ocess as soon as hey occu ; iden i y
an i egula (un o eseen o inconsis en ) ope a ion as soon as i
occu s; e i y whe he he ope a ions we e p ocessed a all he
p e ious s eps as equi ed; de ec lack o ope a ions; and assess he
con inui y and comple eness o ansac ions.
 Dimension Compliance includes he ea u es o he
componen CDA and he objec i es o le el 2. The me ics
associa ed o his dimension aims o assess whe he he sys em can:
ecognize which known execu ion pa e n was o has been
ollowed by each o ganiza ional ansac ion moni o ed; asce ain
which ules, condi ions and p ocedu es we e ul illed and
un ul illed in he o ganiza ional ansac ions moni o ed; de ec
po en ial e o s; inhibi inapp op ia e e en s o beha io s; and
help compliance wi h exis ing laws, policies, no ms and
p ocedu es.
 Dimension Es ima ion co e s he objec i es o le el 3 and
he unc ions o he CRMA componen . The me ics o his
dimension assess whe he he sys em can: es ima e, gi en he
cu en si ua ion, wha he possible esul s o he o ganiza ional
ansac ion execu ion will be; and de e mine he execu ion pa e n,
o a se o execu ion pa e ns, which will be possible o be ollowed
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by he o ganiza ional ansac ions moni o ed, acco ding o he
cu en s a us o execu ion.
 Dimension Repo ing includes he ea u es o all
componen s and he objec i es o all le els. The me ics o his
dimension mus assess whe he he sys em can: epo he esul s
o he moni o ing o ansac ions; no i y he esul s o he
e i ica ion o compliance; in o m he esul s o es ima ion; and
ale use s o i egula si ua ions in moni o ing, compliance
e i ica ion and es ima ion o nega i e esul s.
Table 1 concisely summa izes his model, p esen ing
quan i a i ely measu able me ics o each dimension.
Table 1. Dimensions o he model and hei me ics
Dimensions Me ics
Moni o ing
Real- ime moni o ing o ope a ions
Real- ime iden i ica ion o i egula ope a ions
Real- ime e i ica ion o p ocessing o equi ed
ope a ions a all p e ious s eps
Real- ime de ec ion o lack o ope a ions
Real- ime assessmen o he s a e o execu ion o
business ansac ions
Compliance
Recogni ion o execu ion pa e ns
Asce aining o ul illing o ules
De ec ion o po en ial e o s
Ve i ica ion o compliance o exis ing policies
Es ima ion
Es ima ion o possible esul s
De e mina ion o possible execu ion pa e ns
which a e likely o be ollowed
Repo ing
Real- ime p esen a ion o he execu ed ope a ions
which we e moni o ed
Real- ime p esen a ion o he compliance
e i ica ion in ansac ions execu ions
Real- ime p esen a ion o he isk es ima ed on
de e mining possible execu ion pa e ns
Real- ime ale o i egula si ua ions in
moni o ing, compliance e i ica ion and
es ima ion o nega i e esul s
Rela ed Wo k
An o ganiza ion in he s eel indus y wi h 234 indus ial
and comme cial uni s, p esen in 10 coun ies and wi h sha es in
New Yo k S ock Exchange, was o ced o implemen measu es o
Con inuous Assu ance in acco dance wi h SOX equi emen s.
A e hese measu es, all p ocesses had o be documen ed and
in o ma ion s a ed o be disclosed in ime and wi h hei
in eg i y ensu ed and i held he pa icipan s esponsible,
inhibi ing he occu ence o aud (Ha gadon and Fanelli, 2002).
Siemens has made an e o in his a ea, and i has
success ully expe imen ed some aspec s o Con inuous
Assu ance, namely, o ensu e he in eg i y o i s ERP sys ems and
hei au oma ed modules wi h audi unc ions. Siemens’s p ojec
p oposes a me hodology o moni o and e alua e he daily
con igu a ion o a ious se ings o exis ing con ols using CCM,
because abou 68% o i s audi ac i i ies could be ully
au oma ed. Thus, an independen sys em was de eloped o
in e ac ing wi h ead-only ope a ions wi h he exis ing
in o ma ion sys ems and o epo ing sys em and ala ms in case
o eme gency (Alles e al., 2006).
These implemen a ions ha e ensu ed he e ec i eness,
e iciency and a imely cha ac e o he audi p ocedu es (Alles e
al., 2006, 2008). Fo example, he use o CCM a Siemens Financial
Se ices enabled signi ican imp o emen s in he a e age
excep ion a e, h ough he es ing and moni o ing o pe o mance
analy ics (e.g. inpu checks, alidi y checks, and compliance wi h
egula ions and in e nal policies). In some depa men s, he
educ ion in he a e age excep ion a e was o e 20% in he i s
yea o implemen a ion.
Also, and acco ding o Vasa helyi e al. (2010), one o he
bigges banks in B azil, wi h mo e han 1400 b anches, has
implemen ed measu es o Con inuous Assu ance, p o ing he
iabili y and bene i s o hese measu es. This ins i u ion has a
CDA, a sys em which daily analyses mo e han i e million
accoun s and gene a es abou six housand ale s a mon h. This
sys em aims o inc ease p oduc i i y wi h e iciency and quali y
and i s mission is o assess he isks and con ols au oma ically and
con inuously in o de o iden i y excep ions, anomalies, ends and
indica o s o isk; ad ise abou con ols, isk assessmen ; and
con ibu e o he co po a e go e nance. These ea u es include all
p oduc s, p ocesses and se ices which enable da a ex ac ion and
analysis. The aken app oaches a e o de ec ion ( ou ines o de ec
possible e o s), o de e ence ( ou ines o inhibi inapp op ia e
beha io and e en s), inancial ( ou ines o educe o a oid losses),
and o compliance ( ou ines o ensu e compliance wi h applicable
laws, policies and s anda ds) (Vasa helyi e al., 2010).
The audi s ca ied ou by sampling once a yea a e
insu icien o he cu en business model. Thus, con inuous
audi ing is he answe o g ea e e ec i eness in comba ing aud
and e o s and hus inc easing in es o con idence. I is impo an
ha ansac ion anomalies a e ound wi hin o ganiza ions in eal
ime and ha hei epo is immedia ely issued (Boyda¸s and
Haza , 2021). Ini ially, con inuous audi ing so wa e becomes a
ime-consuming p ocess, as i equi es a highly specialized se ice.
Howe e , he same modules can be used o e and o e again,
educing cos s in he long un. Con inuous audi ing also allows
emo e access o company da a, hus allowing audi o s o ca y ou
he audi ou side he en i y's loca ion, hus educing he audi cos
and inc easing ime e iciency. The au ho s s a e ha he concep
o con inuous audi is s ill no widely used by o ganiza ions, he
implemen a ion me hods a e s ill in he esea ch phase and s ill
ha e g ea di icul ies in execu ion, howe e he con inui y o
esea ch ha has been e i ied and he de elopmen o in o ma ion
sys ems, will elimina e he di icul ies o implemen a ion and hei
use will be exponen ial (Boyda¸s and Haza , 2021).
A s udy (Ezzamou i and Huls ijn, 2018) in he public sec o ,
mo e speci ically in some municipali ies in he Ne he lands, shows
he oppo uni ies and needs o con inuously moni o and e alua e
inancial da a in he social a ea, as hese se ices we e
decen alized om he go e nmen o he municipal le el.
Acco ding o he s udy, i was ound ha he echnology applied
o con inuous moni o ing easily de ec s e o s and de ia ions,
making i easie o ca y ou imp o emen p ocesses.
Ma ques e al. (2015; 2018) de eloped an inno a i e solu ion
in o de o implemen Con inuous Assu ance se ices in
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in o ma ion sys ems applicable o any business p ocess,
ega dless o i s ype, dimension, business a ea o e en i s
in o ma ion sys em suppo echnology, suppo ed by an
on ological model a an abs ac ion le el ha gua an ees ha
con ex ual independence. The esul s analysis om an
implemen a ion o his solu ion allowed o ensu e he easibili y
and he e ec i e use o he solu ion.
A s udy was ca ied ou in Indonesia (Soeda sono e al.,
2019), inqui ing axpaye s om a ious Minis ies, wi h he aim
o esea ching he e ec s o he quali y o in o ma ion and
managemen suppo , o he applica ion o a con inuous
audi ing and moni o ing in he go e nmen sec o . Con inuous
moni o ing was implemen ed in eal ime o moni o he
go e nmen 's inancial pe o mance and concluded ha he
quali y o in o ma ion posi i ely a ec s he applica ion o
con inuous audi ing and con inuous moni o ing, namely in he
a ailabili y o eal- ime da a o each echnical a ea, he
imp o ing inancing p ocesses and inc easing human esou ces
skills. The au ho s also sugges he c ea ion o a egula ion o
he ansi ion om manual p e en i e p ocedu es o au oma ic
de ec ion con ols in o de o inc ease he e ec o con inuous
audi ing and con inuous moni o ing o be epo ed o
in o ma ion use s and managemen .
A a enowned public uni e si y in he USA, a con inuous
moni o ing sys em was implemen ed in he in e nal audi
depa men , o shopping ca ds used by uni e si y employees
(T on o and Killingswo h, 2021). The use ulness o his
implemen a ion was o educe he amoun o documen a ion,
and he cos s associa ed wi h he analysis o his documen a ion,
hus allowing he pu chase o se ices and goods o educed
alue o be mo e e icien . To educe he isk o misuse o he ca d
by employees, p e en i e ac ions we e implemen ed in o de o
comba aud. The p ojec was success ul, demons a ing ha
con inuous moni o ing plays a e y impo an ole in in e nal
audi ing, educing he ime equi ed o checking ansac ions.
Me hodology
Conside ing ha he main objec i e o his s udy is o
explo e, om he in e nal audi o 's pe spec i e, he deg ee o
impo ance and use o Con inuous Assu ance se ices. The
ollowing esea ch ques ions we e he e o e aised:
 RQ1: Wha a e he mos ele an Con inuous Assu ance
se ices om he pe spec i e o he in e nal audi o ?
 RQ2: Wha Con inuous Assu ance se ices a e mos
used by he in e nal audi o ?
 RQ3: Wha ac o s in luence he impo ance assigned by
in e nal audi o s o he Con inuous Assu ance se ice?
 RQ4: Wha ac o s in luence he use o he Con inuous
Assu ance se ice by in e nal audi o s?
 RQ5: Is he deg ee o impo ance o he Con inuous
Assu ance se ice, om he in e nal audi o 's poin o iew,
equi alen o he deg ee o use o he Con inuous Assu ance
se ice?
This is an explo a o y s udy ha uses a quali a i e
me hodology. We op ed o a ques ionnai e su ey applied o
p o essionals linked o he in e nal audi ing unc ion o companies
o any size and o any sec o o ac i i y, be ween Janua y and
Feb ua y 2019. The ques ionnai e was dis ibu ed by he social
ne wo k LinkedIn. In his social ne wo k, p i a e messages we e
sen o p o essionals who iden i y hemsel es in hei p o ile as
in e nal audi o s in Po ugal, asking hem o espond o he
ques ionnai e. In o al, abou 600 o hese messages we e sen .
The ques ionnai e was di ided in o ou pa s: he i s was
o know he p o ile o he esponden (age, gende , academic
quali ica ions, possession o an audi ing ce i ica ion, p o essional
expe ience in audi ing in numbe o yea s and unc ion.), he
second was in ended o cha ac e ize he company whe e
esponden wo ks (size o he company in which he esponden
wo ks, numbe o in e nal audi o s in he company), he hi d was
o collec da a on he deg ee o impo ance o he Con inuous
Assu ance se ice and he ou h pa abou he use o he
Con inuous Assu ance se ice. The hi d and ou h pa s we e
suppo ed by he dimensions and me ics included in he
in o ma ion sys ems model o e alua ing in o ma ion sys ems
wi h Con inuous Assu ance se ices p esen ed abo e.
Rega ding ques ions o impo ance and use o Con inuous
Assu ance, a Like Scale was used, consis ing o quali a i e
a iables wi h an o dinal scale o measu emen in which he
di e en ca ego ies o he scale a e o de ed in a g adua ed o de ,
and he esponden can choose be ween i e possible answe s.
Rega ding he scale o esponse, i was used "no impo an ",
"sligh ly impo an ", "mode a ely impo an ", "impo an " and
" e y impo an " o he ques ion o deg ee o impo ance. Fo he
ques ion o deg ee o use, i was used he op ions "no
implemen ed", " a ely", "casually", " equen ly" and "always".
RESULTS AND DISCUSSION
Sample Cha ac e iza ion
The sample o his s udy consis s o 91 alid answe s o he
ques ionnai e.
The i s pa o he ques ionnai e, wi h espec o he
cha ac e iza ion o he esponden s, shows ha mos o he
esponden s, app oxima ely 75.82%, a e be ween 25 and 45 yea s
o age (36.26% be ween 25 and 35 yea s and 39.56% be ween 35 and
45 yea s). Abou 15.38% a e in he 46-55 age g oup, only 5.49% a e
unde 25 yea s old and 3.30% o he sample a e o e 55 yea s old.
The esponden s a e mos ly male, abou 73.63% o he answe s,
and he emaining esponden s a e emale.
Rega ding academic quali ica ions, i is obse ed ha mos o
he esponden s, 49.45%, ha e an unde g adua e deg ee. In
addi ion, 25.27% ha e a pos g adua e deg ee, 23.08% ha e a
mas e 's deg ee and only 2.20% go a PhD.
The majo i y o esponden s do no ha e any audi
ce i ica ion, co esponding o 64.84% o he answe s. I should be
no ed ha 21.98% o he sample a e CIA (Ce i ied In e nal
Audi o ), and his pe cen age is s ill ep esen a i e. The e a e also
CISA (Ce i ied In o ma ion Sys ems Audi o ) and CRMA
(Ce i ied in Risk Managemen Assu ance) co esponding o 3.30%

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and 2.20% espec i ely, bu wi hou g ea impac on he o al
sample. The esponse ega ding o he ce i ica ions ob ained
7.69% o he answe s, indica ing essen ially in e nal ce i ica ions
based on he ac i i y/depa men o he o ganiza ion in which
he esponden is inse ed.
Rega ding he p o essional expe ience o he esponden s,
we ound ha he hose who ha e o less han 5 yea s o
expe ience and be ween 11 o 20 yea s ha e simila equency,
wi h 28.57% and 27.47%, espec i ely. Howe e , mos o hem,
abou 38.46%, ha e be ween 5 and 10 yea s o expe ience, and,
inally, only 5.49% wo ked o mo e han 20 yea s. Fu he mo e,
71.43% o esponden s pe o m audi ing unc ions, 12.09%
managemen unc ions and he o he adminis a i e, inancial,
accoun ing o in o ma ion sys ems unc ions.
Conce ning he ques ions in he second pa o he
ques ionnai e which cha ac e izes he companies whe e
esponden s wo k, i was ound ha he as majo i y, a ound
79.12%, wo k in a la ge company, 16.48% wo k in a medium-
sized en e p ise, only 3.30% wo k in a small en e p ise and only
one esponden wo ks in a mic oen e p ise. The ca ego ies o
mic o, small and medium-sized en e p ises is based on he
Eu opean Commission Recommenda ion 2003/361/EC o 6 May
2003 conce ning he de ini ion o mic o, small and medium-sized
en e p ises.
Wi h ega d o he numbe o in e nal audi o s wo king in
he audi depa men whe e he esponden is inse ed, he da a
show ha 10.99% o esponden s indica e ha he e is only one
audi o in ha depa men , 25.27% o esponden s indica e ha
i is composed o 2 o 4 audi o s, 24.18% indica e ha i is
composed o 5 o 10, and 39.56% o esponden s say ha he e
a e mo e han 10 audi o s wo king. This las inding is expec ed
since he as majo i y wo k in a la ge company.
By ela ing some o he a iables p esen ed p e iously, i is
possible o ob ain a mo e de ailed cha ac e iza ion o he sample.
Fo example, Table 2 shows ha 52.75% o he esponden s
wo king in a la ge company do no ha e any audi ce i ica ion
and only 16.48% a e CIA. The emaining CIA wo k in medium-
sized en e p ises (3.30%), and in small and mic oen e p ises
(1.10% each). I should be no ed ha he only esponden who
answe ed he ques ionnai e wo king in a mic oen e p ise is CIA.
We can also obse e ha almos 65% o he esponden s,
ega dless o he size o he company whe e hey wo k, ha e no
audi ce i ica ion. This pe cen age is simila when we analyze
he numbe o p o essionals wi hou ce i ica ion by company
size.
Table 2. Ce i ica ion o Responden s by Company Size
No
Ce i ic CIA CISA CRMA
O he s To al
La ge Company
52.75% 16.48%
2.20% 1.10% 6.59% 79.12%
Medium
-Size
Company 9.88% 3.30% 1.10% 1.10% 1.10% 16.48%
Small Company
2.20% 1.10% 0.00% 0.00% 0.00% 3.30%
Mic oen e p ise
0.00% 1.10% 0.00% 0.00% 0.00% 1.10%
To al
64.84% 21.98%
3.30% 2.20% 7.69% 100.00%
Analyzing Table 3, we ound ha o he 79.12% pa icipan s
who wo k in a la ge company, almos hal ha e mo e han 10
in e nal audi o s in hei companies. I is also clea ha 5.49% o
esponden s wo king in a la ge company ha e only one audi o . I
should be also no ed ha he esponden wo king in he
mic oen e p ise indica ed ha he e a e be ween 2 and 4 audi o s
and ha a esponden , wo king in a small company, speci ied ha
he e a e mo e han 10 audi o s.
Table 3. Numbe o Audi o s by Company Size
1 2-4 5-9 10+ To al
La ge Company 5.49% 16.48% 20.88%
36.26%
79.12%
Medium-Size Company
3.30% 7.69% 3.30% 2.20% 16.48%
Small Company 2.20% 0.00% 0.00% 1.10% 3.30%
Mic oen e p ise 0.00% 1.10% 0.00% 0.00% 1.10%
To al 10.99%
25.27% 24.18%
39.56%
100.00%
Answe s o Resea ch Ques ions and Discussion
RQ1: Wha a e he mos ele an Con inuous Assu ance se ices
om he pe spec i e o he in e nal audi o ?
To answe his ques ion, we ou line a anking o he me ics
o each dimension. The choice ell on he measu e o loca ion o
cen al endency: mode. Mode is he mos equen alue o he
esponses made a ailable o he esponden . I depends only on he
equency o obse a ions and no on hei alue, and is no
a ec ed by ex eme alues, which makes i a e y obus measu e
(Ma inez and Fe ei a, 2007). Table 4 shows he dis ibu ion o he
answe s by he a ious answe op ions; he mode being
ep esen ed in bold o e e y me ic.
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Table 4. Dis ibu ion o esponses ega ding he impo ance assigned o each me ic
Dimensions Me ics No
Impo an
Sligh ly
Impo an
Mode a ely
Impo an Impo an Ve y
Impo an
Moni o ing Real- ime moni o ing o ope a ions 2.20% 6.59% 21.98% 45.05% 24.18%
Real- ime iden i ica ion o i egula
ope a ions 1.10% 2.20% 7.69% 29.67% 59.34%
Real- ime e i ica ion o p ocessing o
equi ed ope a ions a all p e ious s eps 2.20% 6.59% 19.78% 51.65% 19.78%
Real- ime de ec ion o lack o ope a ions 1.10% 2.20% 5.49% 39.56% 51.65%
Real- ime assessmen o he s a e o execu ion
o business ansac ions 2.20% 7.69% 20.88% 47.25% 21.98%
Compliance Recogni ion o execu ion pa e ns 1.10% 1.10% 15.38% 47.25% 35.16%
Asce aining o ul illing o ules 1.10% 6.59% 13.19% 46.15% 32.97%
Ve i ica ion o compliance o exis ing policies 0.00% 6.59% 9.89% 39.56% 43.96%
De ec ion o po en ial e o s 1.10% 4.40% 3.30% 45.05% 46.15%
Es ima ion Es ima ion o possible esul s 1.10% 1.10% 3.30% 35.16% 59.34%
De e mina ion o possible execu ion pa e ns
which a e likely o be ollowed 1.10% 0.00% 5.49% 39.56% 53.85%
Repo ing Real- ime p esen a ion o he execu ed
ope a ions which we e moni o ed 1.10% 6.59% 23.08% 42.86% 26.37%
Real- ime p esen a ion o he compliance
e i ica ion in ansac ions execu ions 1.10% 5.49% 8.79% 49.45% 35.16%
Real- ime ale o i egula si ua ions in
moni o ing, compliance e i ica ion and
es ima ion o nega i e esul s
2.20% 2.20% 9.89% 36.26% 49.45%
Real- ime p esen a ion o he isk es ima ed
on de e mining possible execu ion pa e ns 1.10% 3.30% 23.08% 42.86% 29.67%
The "no impo an " op ion has achie ed ex emely low
esponse a es, so his means ha in e nal audi o s a e awa e o
he impo ance o Con inuous Assu ance se ices.
Rega ding he Moni o ing dimension, he me ics “ eal-
ime iden i ica ion o i egula ope a ions” and “ eal- ime
de ec ion o lack o ope a ions” we e conside ed he mos
impo an , ha ing bo h ob ained mo e han hal o he
esponden s conside ing hem e y impo an . The impo ance
a ibu ed o his dimension by he in e nal audi o s is e y
no o ious. Rega ding he Compliance dimension, i is impo an
o no e ha he me ic “asce aining o ul illing o ules” did no
ob ain any "no impo an " esponse, hus showing he conce n
o all audi o s in complying wi h egula ions and legisla ion,
howe e , despi e he mode being “ e y impo an ”, his anks
second, wi h me ic “de ec ion o po en ial e o s” being he
mos impo an .
All me ics in he Es ima ion dimension we e " e y
impo an " as mode, wi h a esponse equency g ea e han 50%.
In addi ion o he " eal- ime iden i ica ion o i egula
ope a ions" me ics om he Moni o ing dimension, we ha e he
“es ima ion o possible esul s” me ic, wi h a simila numbe o
esponses in he " e y impo an " op ion (almos 60%). O he 15
me ics conside ed in he s udy, hese wo a e he mos impo an
in he pe spec i e o in e nal audi o s. We can also e i y ha he
" eal- ime ale o i egula si ua ions in moni o ing, compliance
e i ica ion and es ima ion o nega i e esul s” was conside ed
he mos impo an in he Repo ing dimension, ob aining almos
50% o he esponses.
The esponse op ions which co espond o he highes
impo ance (impo an and e y impo an ) we e he mos
equen , allowing o con i m ha he o e whelming majo i y o
esponden s a e awa e o he bene i s ha he Con inuous
Assu ance se ice p o ides in an o ganiza ion and he
impo ance may ha e in he execu ion o he audi wo k. The
sum o esponses in hese wo esponse op ions is always highe
han 69% in each me ic, wi h some o hem eaching close o 95%
o he answe s.
RQ2: Wha Con inuous Assu ance se ices a e mos used by
he in e nal audi o ?
In he same way o he p e ious ques ion, we used mode o
analyze he deg ee o use o each me ic unde analysis. Table 5
shows he equency o esponses ob ained in each esponse
op ion by dimension and me ic o he model. Simila ly, he
mode is ep esen ed in bold.
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Table 5. Dis ibu ion o esponses ega ding he equency o use o each me ic
Dimensions Me ics No
Impleme ed Ra ely
Casually
F equen ly
Always
Moni o ing Real- ime moni o ing o ope a ions 19.78% 6.59% 18.68% 39.56% 15.38%
Real- ime iden i ica ion o i egula ope a ions 20.88% 4.40% 20.88% 34.07% 19.78%
Real- ime e i ica ion o p ocessing o equi ed ope a ions a all
p e ious s eps 16.48% 9.89% 15.38% 40.66% 17.58%
Real- ime de ec ion o lack o ope a ions 20.88% 7.69% 15.38% 40.66% 15.38%
Real- ime assessmen o he s a e o execu ion o business ansac ions 15.38% 9.89% 20.88% 36.26% 17.58%
Compliance Recogni ion o execu ion pa e ns 13.19% 6.59% 24.18% 38.46% 17.58%
Asce aining o ul illing o ules 3.30% 4.40% 14.29% 46.15% 31.87%
Ve i ica ion o compliance o exis ing policies 6.59% 1.10% 16.48% 39.56% 36.26%
De ec ion o po en ial e o s 7.69% 4.40% 13.19% 50.55% 24.18%
Es ima ion Es ima ion o possible esul s 5.49% 8.79% 19.78% 40.66% 25.27%
De e mina ion o possible execu ion pa e ns which a e likely o be
ollowed 10.99% 7.69% 16.48% 47.25% 17.58%
Repo ing Real- ime p esen a ion o he execu ed ope a ions which we e
moni o ed 20.88% 9.89% 18.68% 35.16% 15.38%
Real- ime p esen a ion o he compliance e i ica ion in ansac ions
execu ions 5.49% 7.69% 18.68% 36.26% 31.87%
Real- ime ale o i egula si ua ions in moni o ing, compliance
e i ica ion and es ima ion o nega i e esul s 17.58% 4.40% 15.38% 38.46% 24.18%
Real- ime p esen a ion o he isk es ima ed on de e mining possible
execu ion pa e ns 9.89% 7.69% 14.29% 40.66% 27.47%
As shown in he able abo e, he pe cen age o answe s "no
implemen ed” is mo e signi ican han he "no impo an " in he
ques ion abou impo ance. Thus, we immedia ely pe cei e a
gap be ween impo ance and implemen a ion.
Rega dless o dimension, he mos equen answe is
" equen ly". In his ques ion we no longe ob ain he maximum
scale "always" as he mos equen answe , and he answe s
we e al eady much mo e dis ibu ed by he esponse op ions
and no as concen a ed in he wo maximal scales as in he
ques ion abou impo ance.
Analyzing now he pe cen age o esponse ob ained o he
answe ha co esponds o Mode, i is obse ed ha in he
dimension Moni o ing, he e a e h ee me ics wi h highe
equency o use wi h iden ical pe cen ages, namely “Real- ime
e i ica ion o p ocessing o equi ed ope a ions a all p e ious
s eps”, “Real- ime de ec ion o lack o ope a ions”, and “Real-
ime moni o ing o ope a ions”, bo h wi h abou 40% esponses.
In he same way, i is e iden ha , in he dimension
Compliance, he “de ec ion o po en ial e o s” has he highes
pe cen age in he esponse op ion ha co espond o Mode,
ob aining 50.55% o answe s. In he Es ima ion dimension, he
wo me ics ha e alues no oo a apa , bu sligh ly below 50%.
Finally, in he Repo ing dimension, he mos widely used me ic
is " Real- ime p esen a ion o he isk es ima ed on de e mining
possible execu ion pa e ns" wi h almos 41%.
In addi ion, we can u he conclude ha he me ics wi h
he lowes implemen a ion in companies a e:
 Real- ime iden i ica ion o i egula ope a ions;
 Real- ime de ec ion o lack o ope a ions;
 Real- ime p esen a ion o he execu ed ope a ions
which we e moni o ed;
 Real- ime moni o ing o ope a ions;
 Real- ime ale o i egula si ua ions in moni o ing,
compliance e i ica ion and es ima ion o nega i e esul s;
 Real- ime e i ica ion o p ocessing o equi ed
ope a ions a all p e ious s eps.
F om he anking o he leas implemen ed me ics, we
obse e ha hose ha compose he Moni o ing dimension a e
he leas implemen ed and used. This esul is in line wi h wha
was ound in he li e a u e by Ma ques and San os (2017a),
which demons a e by a bibliome ic s udy ha esea ch on
con inuous moni o ing is sca ce and he e o e may be one o he
causes o he slow g ow h o esea ch on con inuous assu ance,
and consequen ly i s implemen a ion. Some eal- ime epo ing
se ices a e also he leas implemen ed because hey a e a
consequence o he sca ce implemen a ion o eal- ime
moni o ing, since he e will be no eal- ime epo ing wi hou
con inuous moni o ing.
RQ3: Wha ac o s in luence he impo ance assigned by
in e nal audi o s o he Con inuous Assu ance se ice?
In o de o answe his ques ion, he ollowing hypo heses
we e pu o wa d and he non-pa ame ic Chi-Squa e
independence es was applied, which allows us o de e mine
whe he wo a iables a e ela ed. All he cha ac e is ics o he
esponden will be es ed as independen a iables. Tha is, he
hypo heses below will be applied o e e y independen
a iable.
The hypo heses conside ed o applying he Chi-Squa e
es a e:
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 H0: The impo ance assigned o he Con inuous
Assu ance se ice is independen o he independen a iable;
 H1: The impo ance assigned o he Con inuous
Assu ance se ice is dependen on he independen a iable.
Fo simpli ica ion o he sample: in he company size, since
we only ob ained 3.30% o he esponses o small companies and
1.10% o mic oen e p ises, which a e no signi ican in he o al
sample, bu ne e heless a e alid answe s, we conside ed hese
answe s as being o medium-sized companies. In he same line
o hinking, and ega ding ce i ica ion in audi ing, as we only
ob ained 3.30% CISA and 2.20% CRMA, which a e no signi ican
in he o al sample, howe e , a e alid answe s, we conside he
answe s in he ca ego y wi hou CIA ce i ica ion. In o al we
ha e 22% CIA and 78% o non-ce i ied esponden s.
Fo a signi icance le el o 5%, he decision ule depends on
whe he he alue o Sig. is g ea e han 0.05. Table 6 shows he
alue o Sig. ob ained om he Chi-Squa e es o each me ic
and independen a iable. F om his able, we obse e ha he
alue o Sig. is almos always g ea e han 0.05, so we do no
ejec H0. Tha is, he impo ance assigned o he Con inuous
Assu ance se ice is, in gene al, independen o he analyzed
a iables.
Table 6. Value o Sig. ob ained om he Chi-Squa e es (independence o he pe cep ion o impo ance)
Me ics Age Sex Habili a ions
Ce i ica ion Expe ience Job Role
Company
Size
No. o
Audi o s
Dimension Moni o ing
Real- ime moni o ing o ope a ions 0.672 0.634 0.941 0.865 0.314 0.355 0.197 0.028
Real- ime iden i ica ion o i egula ope a ions 0.889 0.754 0.997 0.656 0.300 0.093 0.579 0.509
Real- ime e i ica ion o p ocessing o equi ed
ope a ions a all p e ious s eps 0.476 0.714 0.782 0.911 0.266 0.504 0.687 0.430
Real- ime de ec ion o lack o ope a ions 0.690 0.827 0.795 0.968 0.182 0.110 0.720 0.204
Real- ime assessmen o he s a e o execu ion
o business ansac ions 0.911 0.366 0.431 0.949 0.997 0.540 0.654 0.615
Dimension Compliance
Recogni ion o execu ion pa e ns 0.742 0.063 0.676 0.785 0.829 0.190 0.816 0.303
Asce aining o ul illing o ules 0.991 0.817 0.669 0.904 0.432 0.273 0.775 0.078
Ve i ica ion o compliance o exis ing policies 0.774 0.536 0.744 0.497 0.427 0.430 0.988 0.631
De ec ion o po en ial e o s 0.293 0.328 0.960 0.605 0.269 0.191 0.958 0.111
Dimension Es ima ion
Es ima ion o possible esul s 0.917 0.393 0.946 0.006 0.687 0.005 0.263 0.509
De e mina ion o possible execu ion pa e ns
which a e likely o be ollowed 0.189 0.511 0.777 0.564 0.639 0.318 0.844 0.212
Dimension Repo ing
Real- ime p esen a ion o he execu ed
ope a ions which we e moni o ed 0.992 0.366 0.965 0.972 0.275 0.061 0.371 0.852
Real- ime p esen a ion o he compliance
e i ica ion in ansac ions execu ions 0.885 0.449 0.961 0.842 0.065 0.111 0.785 0.661
Real- ime ale o i egula si ua ions in
moni o ing, compliance e i ica ion and
es ima ion o nega i e esul s
0.931 0.243 0.271 0.903 0.199 0.661 0.677 0.660
Real- ime p esen a ion o he isk es ima ed on
de e mining possible execu ion pa e ns 0.808 0.636 0.963 0.991 0.212 0.227 0.607 0.567
Howe e , we de ec ed h ee me ics in which he exac
opposi e is ue:
 Real- ime moni o ing o ope a ions is in luenced by he
numbe o audi o s - he le el o impo ance a ibu ed o his
me ic is in luenced by he numbe o audi o s wi hin he
company, a g ea e a ibu ion o impo ance is obse ed when
he depa men is made up o se e al in e nal audi o s.
 Es ima ion o possible esul s is in luenced by
ce i ica ion in in e nal audi ing - he impo ance a ibu ed o
his me ic is in luenced by audi ce i ica ion. All esponden s
who a e CIA esponded ha his me ic is "impo an " o " e y
impo an ", hus ce i ica ion in luences he impo ance
pe cei ed.
 Es ima ion o possible esul s is in luenced by he
audi o 's ole – he impo ance is also ela ed by he audi o 's
unc ion. I is obse ed ha almos all in e nal audi o s,
conside ed his me ic "impo an " o " e y impo an ".
The e o e, when an audi o exclusi ely assumes he in e nal
audi as i s main unc ion, he p o essional gi es mo e
impo ance o his me ic.
In hese me ics, he e is a dependence ela ion among he
a iables. An audi o wi h in e nal audi ce i ica ion is mo e
awa e o he es ima ion o po en ial isks in he execu ion o his
wo k. And he eal- ime moni o ing o ope a ions is pe o med
mo e equen ly and e ec i ely in a depa men whe e wo ks
many in e nal audi o s.
We can con i m ha ega dless o he p o ile o he