Research Streams in Continuous Audit: A Review and Analysis of the Existing Literature Carol E. Brown, Jeffrey A. Wong and Amelia A. Baldwin Boritz, J. Efrim and Wensley, Anthony K. P., 1992, Bibliography Evaluating Expert Systems with Complex Outputs: The Abdolmohammadi, M. J. and Sharbatouglie, A., 2005, Case of Audit Planning, Auditing, Fall, 11 No. 2, p14-29. Continuous Auditing: An Operational Model for Internal Borthick, A. F.; Jones, D. R. and Kim, R., 2001, Auditors, The Institute of Internal Auditors Research Developing Database Query Proficiency: Assuring Foundation, Altamonte Springs, Florida, 1-159, Compliance for Responses to Web Site Referrals, http://www.theiia.org/bookstore.cfm?fuseaction=pro Journal of Information Systems, 15: No. 1, 35-56. duct_detail&order_num=5001. Braun, Robert L, and Davis, Harold E., 2003, Alles, M., Kogan, A., and Vasarhelyi, M. A., 2005a, Computer-assisted audit tools and techniques: Implementing Continuous Auditing of Business Process analysis and perspectives, Managerial Auditing Controls, In C. Brown and A. Lymer, Collected Papers Journal, 18: No. 9, 725-731. of the Annual Research Workshop on: Artificial Brown, C. E. Coakley, J. R., 1999, Financial Neural Intelligence and Emerging Technologies in Accounting, Network Applications: Brief Literature Review and Auditing and Tax, Fifteenth:, Artificial Intelligence and Extensive Bibliography, Collected Papers of the Annual Emerging Technology Section of the American Research Workshop on: Artificial Intelligence and Accounting Association, San Francisco, CA. Emerging Technologies in Accounting, Auditing and Tax, Alles, M., Kogan, A., and Vasarhelyi, M. A., 2005, Eighth, Artificial Intelligence and Emerging Implications of Section 201 of the Sarbanes-Oxley Act: Technologies Section of the American Accounting The Role of the Audit Committee in Managing the Association: San Diego, CA, 124-132. Informational Costs of the Restriction on Auditors Brown, C. E. Coakley, J. R., 2000, Financial Neural Engaging in Consulting, International Journal of Network Applications: 1998-1999 Update, Collected Disclosure and Governance, 2: No. 1, 9-26. Papers of the Annual Research Workshop on: Artificial Alles, M., Kogan, A., and Vasarhelyi, M. A., 2004, Intelligence and Emerging Technologies in Accounting, Restoring Auditor Credibility: Tertiary Monitoring Auditing and Tax, Ninth, Artificial Intelligence and and Logging of Continuous Assurance Systems, Emerging Technologies Section of the American International Journal of Accounting Information Accounting Association: Philadelphia, PA, 65-72. Systems, 5: No. 2, 183-202. Calderon, T. G. and Cheh, J. J., 2002, A roadmap for Alles, M., Kogan, A., and Vasarhelyi, M.A., 2002, future neural networks research in auditing and risk Feasibility and Economics of Continuous Assurance, assessment, International Journal of Accounting Auditing: A Journal of Practice and Theory, 21: No. Information Systems, 3: No. 4, 203-236. 1, 125 – 138. CICA/AICPA, 1999, Continuous Auditing, Research Alles, M., Kogan, A., and Vasarhelyi, M.A., 2004, Real Report, The Canadian Institute of Chartered Time Reporting and Assurance: Have Their Time Accountants, Toronto, Canada. Come?, ICFAI Reader, Institute of Chartered Financial Coakley, J. R. and Brown, C. E., 1993, Artificial neural Analysts of India, Special issue: Finance in 2004. networks applied to ratio analysis in the analytical Bailey Jr., Andrew D.; Duke, Gordon Leon; Gerlach, review process, International Journal of Intelligent James; Chen-en Ko; Meservy, Rayman D. and Systems in Accounting, Finance and Management, 2: Whinston, Andrew B. 1985, TICOM and the No. 1, 19-39. Analysis of internal Controls, Accounting Review; Daigle, Ronald J. and Lampe, James C., 2005, The April, 60 No. 2, p186-291. level of assurance precision and associated cost Baker, N., 2005, Fraud and Artificial Intelligence, In demanded when providing continuous online McCollum, T., Internal Auditor, 61: No. 1, 29-31. assurance in an environment open to assurance Boccasam, P. V. and Kapoor, N., 2003, Managing competition, International Journal of Accounting Separation of Duties Using Continuous Monitoring, 6, Information Systems, June, 6 No, 2, 129-156. The Institute of Internal Auditors, , Available online: DeWayne, L. S. and Woodroof, J. B., 2003, Continuous http://www.theiia.org/itaudit/index.cfm?fuseaction=f Auditing: Leveraging Technology, CPA Journal orum&fid=5433. (The), Available online: http://www.nysscpa.org/ Boritz, J. Efrim and Wensley, Anthony K. P., 1990, cpajournal/2003/0503/dept/d054603.htm. Structuring the Assessment of Audit Evidence--An Dutta, S. K. and Srivastava, R. P., 1993, Aggregation of Expert Systems Approach, Auditing; Supplement, 9, Evidence in Auditing: A Likelihood Perspective, 49-87. Auditing: A Journal of Practice and Theory, 12: No. 2, 137-170. Elliott, R. K., 2002, Twenty-First Century Assurance, Auditing: A Journal of Practice and Theory, 21: No. 1, 139-146. Ethridge, H. L.; Sriram, R. S. and Hsu, H. Y. K., 2000, A Comparison of Selected Artificial Neural Networks that Help Auditors Evaluate Client Financial Viability, Decision Sciences, 31: No. 2, 531-549. Fonseca, B., 2005, Software guards DB SQL data, eWeek, 22: No. 21, 27. Gillett, P., 1993, Automated Dynamic Audit Programme Tailoring: An Expert System Approach, Auditing: A Journal of Practice and Theory, 12: No. 1, 173-189. Gillett, P. R. and Srivastava, R. P., 2000, Attribute Sampling: A Belief-Function Approach to Statistical Audit Evidence, Auditing: A Journal of Practice and Theory, 19: No. 1, 145-155. Glover, S., and M. Romney. 1998. The next generation software. Internal Auditor (August): 47–53. Greenstein, M. M.; Ray, A. W., 2002, Holistic, Continuous Assurance Integration: e-Business Opportunities and Challenges, Journal of Information Systems, 16: No. 1 Supplement, 1-20. Groomer, S. M. and Murthy, U. S., 1989, Continuous Auditing of Database Applications: An Embedded Audit Module Approach, Journal of Information Systems, 3: No. 2, 53-69. Halper, F. B., Snively, J. and Vasarhelyi, M. A., 1992, The Continuous Process Audit System: Knowledge Engineering and Representation, EDPACS, 20: No. 4, 15-22. Harrison, R., 2005, Embracing Compliance with Continuous Online Auditing, Sarbanes Oxley Compliance Journal, Available online: http://www.sox.com/feature/article.cfm?articleID=900. Huffman, Arnold and Crump, James, 2005, Applying Continuous Controls Monitoring for Achieving Compliance and Business Improvement, Financial Executive, October, 21, No, 8, 54-56 Hunton, J.E., A.M. Wright, and S. Wright, 2004. Continuous Reporting and Continuous Assurance: Opportunities for Behavioral Accounting Research. Journal of Emerging Technologies in Accounting, 1: No. 1, 91-102. Jersky, P., 2005, Using Analytical Procedures for Continuous Auditing and Fraud Detection, Working Paper, 1-8, Available online: http://www2.bc.edu/~jerskey/ap1.pdf. Kogan, A. Nelson, K. M. Srivastava, R. P.; Vasarhelyi, M. A. and Bovee, M, 2002, Design and Applications of an Intelligent Financial Reporting and Auditing Agent with Net Knowledge (FRAANK), Available Online, The University of Kansas, 1-37, https:// kuscholarworks.ku.edu/dspace/handle/1808/141. Kogan, A., Sudit, E. F. and Vasarhelyi, M. A., 1999, Continuous Online Auditing: A Program of Research, Journal of Information Systems, 13: No. 2, 87–103. Koskivaara, E., 2004, Artificial Neural Networks in Analytical Review Procedures, Managerial Auditing Journal, 19: No. 2, 191-223. Koskivaara, E., 2000, Artificial Neural Network Models for Predicting Patterns in Auditing Monthly Balances, Journal of the Operational Research Society, 51: No. 9, 1060-1069. Krass, P., 2002, The Never-Ending Audit: Can Software Prevent Future Enrons?, CFO, Available online: http://www.cfoasia.com/archives/200211-08.htm. Lin, J. W.; Hwang, M. I. and Becker, J. D., 2003, A Fuzzy Neural Network for Assessing the Risk of Fraudulent Financial Reporting, Managerial Auditing Journal, 18: No. 8, 657-665. McGuire, B. L.; Seaton, M. M. and Schiff, C., 2003, Information Systems and Continuous Auditing, Accounting World. Means, G. E. and Warren, J. D. Jr., 2005, Continuous Financial Controls Review Processes (CFCRP) Using Powerful New Technologies may be the Only Real Answer to the Demands of Sarbanes-Oxley, Sarbanes Oxley Compliance Journal, Financial Market Solutions, , Available online: http://www.sox.com/feature/article.cfm?articleID=525. Meservy, Rayman D., Bailey Jr, Andrew D. and Johnson, Paul E., 1986, Internal Control Evaluation: A Computational Model of the Review Process, Auditing, 6, Fall, No. 1, 44-74. Murthy, U. S., 2004, An Analysis of the Effects of Continuous Monitoring Controls on e-Commerce System Performance, Journal of Information Systems, 18: No. 2, 29-47. Murthy, U. S. and Groomer, S. M., 2004, A Continuous Auditing Web Services Model for XML-Based Accounting Systems, International Journal of Accounting Information Systems, 5: No. 2, 139-163. Nelson, K. M. and Kogan, A., 2000, Virtual Auditing Agents: The EDGAR Agent Challenge, Decision Support Systems, 28: No. 3, 241-254. Nelson, K. M.; Kogan, A.; Srivastava, P. P. and Vasarhelyi, M. A., 1998, Virtual Auditing Agents: The Edgar Agent Example, Hawaii International Conference on System Sciences, 4, IEEE Computer Society, Kohala Coast, Hawaii, USA, 396-404. Nelson, L., 2004, Stepping Into Continuous Audit, Internal Auditor, 61: No. 2, 27-29. Pathak, J.; Chaouch, B. and Sriram, R. S., 2005, Minimizing Cost of Continuous Audit: Counting and Time Dependent Strategies, Journal of Accounting and Public Policy, 24: No. 1, 61-75. Potla, L., 2003, Detecting Accounts Payable Abuse Through Continuous Auditing, IT Audit, 6, Available online: http://www.theiia.org/itaudit/index.cfm?fuseaction=f orum&fid=5458. Rezaee, Z. and Hoffman, C., 2001, XBRL: Standardized Electronic Financial Reporting, Internal Auditor, 58: No. 4, 46–51. Rezaee, Z.; Ford, W. and Elam, R., 2000, Real-Time Accounting Systems, Internal Auditor, 57: No. 2, 6267. Rezaee, Z.; Sharbatoghlie A.; Elam, R. and McMickle, P. L., 2002, Continuous Auditing: Building Automated Auditing Capability, Auditing: A Journal of Practice and Theory, 21, No. 1, 147-163. Rose, W. C. and B. Hirte. 1996. Carolina Power and Light: Smart auditing. In Enhancing Internal Auditing Through Innovative Practices, edited by G. L. Gray, and M. J. Gray, 47–57. Altamonte Springs, FL: Institute of Internal Auditors Research Foundation. Shafer, G. R. and Srivastava, R. J., 1990, The Bayesian and Belief-Function Formalisms: A General Perspective for Auditing, Auditing: A Journal of Practice and Theory, 9: Supplement, 110-137. Sigvaldason, T. and Warren, J. D., 2005, Is Continuous Auditing Right for You?, Sarbanes Oxley Compliance Journal, Available on-line: http://www.s-ox.com/feature/article.cfm? articleID=715. Sigvaldason, T. and Warren, J. D. Jr., 2005, Solving the Software Architecture Riddle to Deliver Enterprise-wide Continuous Financial Process Monitoring and "Auditing", Available Online, Financial Markets Solutions, LLC, 7 pages, http://ausoftware.com/Architecture.pdf. Srivastava, R. P., 2000, Evidential Reasoning for WebTrust Assurance Services, Journal of Management Information Systems, 16: No. 3, 11-32. Srivastava, R. P. and Shafer, G. R., 1992, BeliefFunction Formulas for Audit Risk, Accounting Review (The), 67: No. 2, 249-282. Turoff, M.; Chumer, M.; Hiltz, S. R.; Klashner, R.; Alles, M. G.; Vasarhelyi, M. A. and, Kogan, A., 2004, Assuring Homeland Security: Continuous Monitoring, Control & Assurance of Emergency Preparedness, Journal of Information Technology Theory and Application, 6: No. 3, 1-24. Van Decker, J., 2004, The Need for Continuous Controls Monitoring, Available Online, Delta 2951:, METAgroup, http://www.metagroup.com/webhost/ONLINE/73974 3/d2951.htm. Vasarhelyi, M. A., 2002, Concepts in Continuous Assurance, In S. Sutton and V. Arnold, Researching Accounting as an Information Discipline, American Accounting Association, Sarasota, Florida. Vasarhelyi, M. A. and Alles, M., 2005, Reengineering Business Reporting: Towards a New Paradigm for Measuring, Managing and Communicating Firm Performance, In C. Brown and A. Lymer, Collected Papers of the Annual Research Workshop on: Artificial Intelligence and Emerging Technologies in Accounting, Auditing and Tax, Fifteenth, Artificial Intelligence and Emerging Technology Section of the American Accounting Association, San Francisco, CA, 47-60. Vasarhelyi, M. A. and Halper, F. B., 1991, UNIX and Auditing, EDP Auditor Journal, 3, 9-17. Vasarhelyi, M. A. and M. L. Greenstein, 2003, Underlying Principles of the Electronization of Business: A Research Agenda, International Journal of Accounting Information Systems, 49, 1-25. Vasarhelyi, M. A.; Halper, F. B. and Ezawa, K. J., 1991, Continuous Process Audit System: A UNIXbased auditing tool, EDP Auditor Journal, 3:, 85-91. Vasarhelyi, M. A.; Kogan, A. and Alles, M. G., 2002, Would Continuous Auditing Have Prevented The Enron Mess?, CPA Journal (The), 72: No. 7, 80. Vasarhelyi, M.A. and Halper, F. B., 1991, The Continuous Audit of Online Systems, Auditing: A Journal of Practice and Theory, 10: No. 1, 110-125. Vasarhelyi, M.A., Alles, M. and Kogan, A., 2004, Principles of Analytic Monitoring for Continuous Assurance, Journal of Emerging Technologies in Accounting, 1: No. 1, 1-21. White, L., 2005, Does Internal Control Enhance or Impede, Strategic Finance, 86: No. 8, 6-7. Woodroof, J. and Searcy, D., 2001, Audit Implications of Internet Technology: Triggering Agents Over the Web in the Domain of Debt Covenant Compliance, Hawaii International Conference on System Sciences, 34th, HICSS, Hawaii.