Continuous Auditing Article accepted for publication in Internal Auditing

We received news that an article submitted jointly with Dr. George Aldhizer of Wake Forest University's has been accepted for publication by Thomson Reuters in their Internal Auditing publication for the September / October issue that will be mailed to subscribers shortly. Very timely, as Dr. Aldhizer, David Payseur (CAE of Arrowpoint Capital), and I are scheduled to present a Continuous Auditing CPE day in Winston-Salem NC on November 18, 2009.

The article describes Visual Risk IQ's Continuous Auditing Maturity model, and how the steps from moving from Basic data analysis toward Continuous Auditing requires more than just technology investments. Changes in audit methodology and especially reporting process are integral and equally important to such a journey.

The article profiles Arrowpoint Capital, a commercial property casualty run-off insurance carrier that is headquartered in Charlotte, NC, whose continuous auditing program is more than five years old and actually pre-dates the IIA's GTAG publication on Continuous Auditing. Arrowpoint has an established, data-driven ERM program that links the results of Continuous Auditing activities and query scripts to specific risk assessment and control assessment activities that is reported monthly to management and the board.

For more information, check back on how to order reprints and/or to come see us in Winston-Salem in November for the Triad CPE day.

Joe Oringel

Visual Risk IQ

Charlotte NC, USA

Defining Continuous-ness. One more reason why I love my mother-in-law

Donna, my mother-in-law, is a terrific lady. I remember meeting my then future in-laws less than a month after my wife and I began dating. They were fun, light-hearted, and affectionate toward their immediate family, extended family, and each other. Throughout literally dozens of moves across the country through a military career, they remain in touch with their many friends. Often via Donna's holiday letter. Which brings me to continuous auditing. Really.

This year, as she has during their forty-plus years of marriage, Donna recounted an update of their family's travels, joys, and important life events. Included in this years business was an update on my immediate family and a brief mention of my new business. "Joe has started a business focused on continual auditing..." Which brought about an interesting discussion about continuous-ness and continual.

Our dictionary makes a clear distinction between continuous and continual. "In precise usage, continual means 'frequent, repeating at intervals' and continuous means 'going on without pause or interruption" and provides instruction to "Avoid using continuous or continuously as a way of describing something that occurs at regular or seasonal intervals: in the sentence, "The White House's tree-lighting ceremony has been held continuously since 1923, the word continuously should be replaced with continually or annually."

So my mother-in-law is right. After all, we're trying to help our clients update the frequency of their risk and control assessments to be quarterly or monthly. And to assess some key controls as frequently as weekly or daily. But not to assess risk or controls without pause or interruption.

My partner Kim Jones and I have often talked about how continuous auditing should be about working smarter, not harder. Doing more with less. So stay tuned and see how we can begin to make this new label stick.

Joe Oringel
Visual Risk IQ
Charlotte NC, USA