continuous monitoring: getting results today!raw.rutgers.edu/docs/wcars/28wcars/28wcars...
TRANSCRIPT
![Page 1: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/1.jpg)
Continuous Monitoring: Getting Results Today!
Gerard (Rod) Brennan, PhD , CFE
Risk & Internal Control Officer – NA, Siemens Corporation
Jason A. Gross, CPA, CIA, CFE, CISA, ACDA
Vice President, Controls Management, Siemens Financial Services, Inc.
Emigdio Zambada, CIA, ACDA
Data Analytics Manager, Controls Management, Siemens Financial Services, Inc.
![Page 2: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/2.jpg)
Agenda
Overview / Importance of CCM
CCM Methodology Principles
CCM Demo
2
![Page 3: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/3.jpg)
Overview / Importance of CCM
3
![Page 4: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/4.jpg)
ACFE Fraud Report to the Nations
![Page 5: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/5.jpg)
ACFE Fraud Report to the Nations
![Page 6: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/6.jpg)
ACFE Fraud Report to the Nations
![Page 7: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/7.jpg)
ACFE Fraud Report to the Nations
![Page 8: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/8.jpg)
CCM Methodology Principles
8
![Page 9: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/9.jpg)
9
Challenge Statement:
Implement a CCM program for the Organization that offers
flexibility in the definition of analytics that can be custom
tailored to fit the needs and changing parameters of our
business which includes a workflow system such that
owners can update the status of exceptions via a
web-based interface that provides real-time statistics and
transparency across the Organization of open and closed
items of which is readily auditable and can be relied upon
by internal/external auditors.
![Page 10: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/10.jpg)
Overall Themes
Simple
Value
Assurance
Portable
Accredited
Closed loop validation
Escalate
New perspective of test vs control
10
![Page 11: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/11.jpg)
CCM Model Diagram
11
![Page 12: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/12.jpg)
12
Which of the Following Is Continuous Monitoring ??
Detective Control
Corrective Control
Preventative Control
![Page 13: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/13.jpg)
13
CCM Improves the Closing Process:
Detect Errors in Sub-Ledger
Correct Errors in Sub-Ledger
Prevent Misstatements
to GL
Reduce Need for
Correcting Journal
Entries
![Page 14: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/14.jpg)
14
Specific
Identification
Potential for False Positives
Anticipated
Level of
Sophistication Trending and
Patterns
Heuristic and
Predictive
3 Key Techniques of Continuous Monitoring
![Page 15: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/15.jpg)
15
Exceptions Published
From Data Analytics
Exceptions
Investigated
Exceptions
Corrected
Source Data
Exceptions Website
Closed Loop Exceptions Validation Mechanism:
Source Data
CCM Program
automatically Re-Publishes
Exceptions to website if
items closed on website
but source data not
corrected, all without
manual intervention !!
Legend:
![Page 16: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/16.jpg)
Resolution of Exceptions:
Out of Scope
Script Changes
Data Corrections
16
Data not being
analyzed—i.e.
Inactive Contracts
Modify script to
address false
positives
Source data has
been corrected to
resolve exception
Auto
Close
Auto
Close
Auto
Close
![Page 17: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/17.jpg)
Uses and Application of CCM
Financial Reporting Controls / SOX Controls
Operational Controls
IT Controls
Process Efficiency (pre-validation of data before job runs)
SOX testing (ITAC, scoping, sample selection, reliance)
Rapid Remediation Solutions
Eliminate manual controls
17
![Page 18: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/18.jpg)
18
Harmonization of CCM into SOX Methodology:
(TLC)
Transaction Level
Controls
IT General Controls (ITGC)
Company Level Controls (CLC)
Perform assessment
of CCM Change
Management & User
Management
![Page 19: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/19.jpg)
CCM DEMO
19
![Page 20: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/20.jpg)
CCM DEMO
Import validation / Import Hash total validation
Analytic Routine / Duplicates / Completeness check
User Notifications – New Items
Publish Reconciliation
Re-publish (Closed loop validation) – improper closure
Script change management / Script Sync
No Longer Exception/Auto Close
20
![Page 21: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/21.jpg)
21
IMPORT DATA ROUTINE /
IMPORT HASH TOTAL RECON
![Page 22: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/22.jpg)
22
Analytics Routine
![Page 23: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/23.jpg)
23
NEW ITEMS
PUBLISHED
![Page 24: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/24.jpg)
24
NEW ITEMS PUBLISHED
RECONCILIATION
![Page 25: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/25.jpg)
Custom workflow
25
![Page 26: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/26.jpg)
26
Re-Published (Closed loop Validation)
Items From Improper Closure
![Page 27: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/27.jpg)
27
SCRIPT CHANGE
MANAGEMENT
![Page 28: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/28.jpg)
28
No Longer Exception /
Auto Close
![Page 29: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/29.jpg)
29
Continuous Assurance Attributes
Authorization Data
Completeness
Table
Maintenance
Edit
Checks
Calculation
Verification Data Integrity
Change Management
Trending & Analysis
![Page 30: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/30.jpg)
30
Questions and Discussion… Contact Information:
Gerard (Rod) Brennan, PhD , CFE
Risk & Internal Control Officer – NA,
Siemens Corporation
Tel# 732-603-5882
Email: [email protected]
Jason A. Gross, CPA, CIA, CFE, CISA, ACDA
Vice President, Controls Management
Siemens Financial Services, Inc.
Tel# 732-476-3480
Email: [email protected]
Emigdio Zambada, CIA, ACDA
Data Analytics Manager, Controls Management
Siemens Financial Services, Inc.
Tel# 732-476-3481
Email: [email protected]
![Page 31: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/31.jpg)
31
Backup Information
![Page 32: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/32.jpg)
32
Traditional Internal Audit Process
Planning
Preliminary
Survey Fieldwork Reporting Follow-Up
Risk Assessment & Audit Plan Development August-
Sept
January Jan - Feb Feb-March March-April April- ??
Continuous Auditing Needs to Be Added to the Mix to:
● Reduce time interval between recurring audits
● Reduce audit cycle times
● Achieve timely impact of corrective action implementation
![Page 33: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/33.jpg)
33
Leveraging Continuous Auditing to Promote
Best Practices in Internal Audit
Audit Plan should define optimal mix of traditional audits, consultations, and
Continuous Auditing topics for the Organization; with Audit Committee approval. As
methodology matures over time, Continuous Audits should comprise a greater
portion of the Audit Plan.
Audit Plan - Today
TraditionalAudits
Consultation
ContinuousAudits
Audit Plan - Tomorrow
TraditionalAudits
Consultation
ContinuousAudits
![Page 34: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/34.jpg)
34
Benefits of Data Analytics
Analysis is more objective, less subjective
Examine populations of transactions, not samples
Analyze data from disparate systems
Unlimited transaction sizes
Less risk of data integrity issues
Examine transactions, with greater confidence
Auditor independence across data analysis workflow:
Greater control & independence over testing/analysis
Greater assurance
Maintain audit logs of testing performed
![Page 35: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/35.jpg)
35
Key Drivers for Successful Implementation
Define Continuous Auditing/Monitoring objectives
Obtain support & commitment from Audit Committee
and Management
Continuous Auditing should complement the Audit Plan
Identify key audit/monitoring topics
Start small; build from success
Automate/leverage from well-defined periodic audits
![Page 36: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/36.jpg)
36
Key Drivers for Successful Implementation
Migrate from testing of samples to testing of universe
Timely evaluation of activity
Define responsibility between continuous monitoring
and continuous auditing
Gain reliance by external auditors and add value
Formalize continuous audit approaches and
methodology
![Page 37: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/37.jpg)
37
Technology Tools -- Vital for Success
Embrace and invest in technology tools and solutions
Data analytics is at the heart of ‘Continuous’
‘Continuous Assurance’ is still possible with technology
products even without ‘Continuous’ in the name!
Optimize current data analytic scripts and schedule
routines on a ‘continual’ basis
![Page 38: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/38.jpg)
38
Continuous Monitoring
Real-time identification of control breakdowns
Valuable mechanism for testing controls
Test transactional data against expected limits
and parameters
Automated exceptions and reporting; less manual
intervention
Proactive; less reactive
Sustainable as a program
Improves risk management practices
![Page 39: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/39.jpg)
39
Evolution to a Continuous Methodology
Isolated Detection Prevention Corrective
Detection
Event Driven Continuous Monitoring
Ad hoc Repetitive Continuous
Reactive Proactive
Manual intensive Automated & Sustainable
![Page 40: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/40.jpg)
40
CCM Implementation:
Integrated CCM program design….’engine’ calls analytics
Open framework…custom defined ‘engine’ and analytics
Cumulative versus Differential analytics
Exception versus Alert analytics…dual purpose for CCM!
Personalized Email notifications of new exceptions to owners
Script change management logging and email notifications
Master table change management and email notifications
Entire data analytic process is mechanized; no manual
intervention
CCM routine publishes only new or changed exception items
![Page 41: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/41.jpg)
41
CCM Implementation:
Self validation of corrected exceptions & false positives
Web-based customized Workflow process to handle
exceptions…un-validated items require 4-eye approval
Daily and Cumulative Reconciliations (analytic vs. website)
Rollforward Summary (open + new items – closed items =
outstanding items)
Status Update reminders and tracking email notifications
‘CCM engine’ portability to other parts of the Organization
Fully logged and auditable
![Page 42: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/42.jpg)
42
Build the Bridge to Continuous Assurance
Continuous Monitoring Continuous Auditing
Continuous Assurance-
Built Upon the Two Pillars of
Continuous Monitoring and Continuous Auditing
• Owned by Management
• Is a Management activity
• May be preventive, detective and
corrective in nature
• CM is a control itself
• Owned by Internal Audit
• Is an Audit activity and responsibility
• Independent of the control; therefore
should not be preventive in nature
• IA should evaluate CM activities, trending
and change management
Continuous Assurance
Sponsorship
Partnership
Oversight
Strategy
Integration
Com
munication
Technology
Coordination
![Page 43: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/43.jpg)
43
Continuous Methodology
Continuous
Techniques
Continuous
Corrective Action
Validation
Continuous
Risk Assessment
• Identify risks
• Identify key controls
• Identify impacts
• Define topics/approach
• Define frequency/intervals
• Execute techniques
• Validate corrective action
• Evaluate effectiveness
against new universe
![Page 44: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/44.jpg)
44
Harmonization of CCM into SOX Methodology:
Establish and
document CCM
process
Establish Analytic
Owner as Control Owner
Dashboards generated to summarize
Analytic results
Analytic Owner
certifies Analytic
functioning as designed
Independent Assessor evaluates
objectives of analytic (ToD)
Independent Assessor examines
Owner Certification
and Dashboard
results (ToE)
Replace manual TLC
SOX 404 Tests
Obtain External Auditor
reliance and reduce testing
![Page 45: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/45.jpg)
45
Finding the Right Mix…
Detective
Corrective
Preventive
Continuous
Assurance
![Page 46: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/46.jpg)
46
Opportunity Areas
Accounts Payable
Accounts
Receivable
Cash
Disbursements
Claims
Credit Card /
Procurement Card
Deposits
● Retail
Transactions
● Revenues
● System
Maintenance
● Travel &
Entertainment
● Vendor
Management
● Expenses
● Inventory
● Investments
● General Ledger
● Loans
● Payroll
● PP&E
● Purchases
● Procurement
![Page 47: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/47.jpg)
47
Benefits of Well-Controlled CCM Program
External Audit
Reliance w/ Testing
& Hours
Reductions
Remove SOX
Sampling
Testing
Process
Improvement
Population
Monitoring &
Data Quality
Replace
Manual
Controls
CCM
Program**
** Requires well-controlled
foundation with strong IT
General Controls (change
mgmt, user access,
security, etc.) to ensure
reliance upon the CCM
Program.
![Page 48: Continuous Monitoring: Getting Results Today!raw.rutgers.edu/docs/wcars/28wcars/28wcars presentations...Continuous Monitoring: Getting Results Today! Gerard (Rod) Brennan, PhD , CFE](https://reader030.vdocument.in/reader030/viewer/2022040910/5e839d431449933381555784/html5/thumbnails/48.jpg)
48
Reference Info
http://www.acl.com/portfolio/siemens-financial-
services-inc/