Attached you will find my lecture notes from the class on Wednesday 20 November. One concept not mentioned in my notes is auditing a company on a continuous basis instead of once per accounting period. Explain the concept of continuous auditing and the difference between continuous auditing and continuous monitoring.

Auditing Accounting Information Systems General Assurance services Accounting services that improve the quality of information Main purpose of the audit to assure users of financial information about the accuracy and completeness of the information Primary types of audits include compliance audits, operational audits, and financial statement audits Compliance audits determine whether the client has complied with regulations and policies established by contractual agreements, governmental agencies, company management, or other high authority Operational audits assess operating policies and procedures for efficiency and effectiveness Financial statement audits determine whether the company has prepared and presented its financial statements fairly, and in accordance with generally accepted accounting principles (GAAP) or some other financial accounting criteria