Continuous assurance (continuous auditing) will lead to:
A) fewer financial statement audits
B) use of audit modules embedded in ERP systems
C) convergence of GAAP and IFRS
D) All of the above

Question

Quizplus · Accepted Answer

Continuous assurance is the process by which auditors can obtain real-time information about a company’s operations and financial performance. This is achieved by integrating audit software into the company's information systems, such as ERP systems, to continuously monitor and test financial data. This approach allows auditors to provide more frequent and timely assurance to stakeholders but doesn't necessarily result in fewer financial statement audits or convergence of GAAP and IFRS. Thus, option B is the best choice.

Continuous Assurance (Continuous Auditing) Will Lead To