Episode 1: The rise of the continuous audit
Kevin Kolliniatis, CPA, looks at the impact the continuous audit could have on the accounting profession, and what this means for businesses, accountants and stakeholders as new technology and ways of working continue to develop.
We’re kicking off season five with Kevin Kolliniatis, CPA, the national technology leader for KPMG in Canada’s audit and assurance practice. Kevin has been instrumental in KPMG’s transition towards continuous auditing. This emerging aspect of accounting can be described as a transformative shift from traditional practices. It’s characterized by a continuous flow of client information that is analyzed, monitored and flagged for exceptions in real time.
Kevin highlights numerous benefits of continuous auditing, including:
- Real-time transaction monitoring: instant data analysis, detecting potential issues as they emerge rather than adhering to a set audit timeline
- Proactive response to anomalies: swift responses to irregularities, such as transactions exceeding set tolerance limits, and can potentially prevent fraudulent activities
- Impact on business operations and customer relations: enhance customer trust and satisfaction by streamlining overall operations helping to prevent issues like double billing
- Comprehensive transaction coverage: covering 100 per cent of transactions, leading to more detailed audits and facilitating improved client communication
Listen in as we unpack the developing concept of continuous auditing.
Disclaimer: The views and opinions expressed in this podcast are those of the guest and do not necessarily reflect those of CPA Canada
