Continuous Control Monitoring
Continuous Controls Monitoring is the process and technology used to detect compliance, risk, and control issues associated with an organization’s financial and operational environment. In establishing a continuous controls monitoring capability at The University of Toledo, Internal Audit is developing a tool that identifies unusual or exception transactions that necessitate further review. By the time the continuous controls monitoring tool is developed, the audit staff will be able to execute over 100 different reports/applications on demand in the general ledger; purchasing and accounts payable management; payroll processing; billing and accounts receivable management; inventory management; property, plant, and equipment; and IT processing areas.
It should be noted that development of the continuous controls monitoring capability at UT is still in progress. We anticipate that, once the tools have been in place and used in several business cycles, that our clients will have an interest in using these tools within their own business processes. It is Internal Audit’s position to share relevant tools we have developed with our clients in the interest of improving the overall internal control environment.