Auditing during a pandemic - can continuous controls monitoring (CCM) address challenges facing internal audit departments?

PurposeDuring a pandemic, with businesses implementing social distancing protocols and work-from-home strategies, the use of continuous controls monitoring (CCM) may add value to the internal audit function. This study aims to examine the use of CCM technologies and the impact on the internal audit function during a pandemic. Design/methodology/approachThis study adopted a case study approach for this study because it focuses on questions of "how" and "what." Case studies provided an opportunity for an in-depth analysis of the phenomena being investigated. Semi-structured interviews were used to collect data. This study did not use sampling. Instead, multiple case studies were used for data collection. FindingsBased on the findings, this study makes several contributions to the literature, for example, in health-care evidence suggests the pandemic has caused internal audit to focus on risk areas. Other industries, such as retail, have invested in CCM. However, in all cases, education and preparedness (or the lack thereof) appeared to significantly influence uptake of CCM. Organizations that made prior investments in CCM technologies experienced greater acceptance in the face of changing demands. Training in emerging technologies is a key competency in supporting audit operations in changing environments. Research limitations/implicationsAs the study was conducted with a small sample of cases, findings cannot be extrapolated nor generalized beyond the case study organizations. Practical implicationsThis study found that several factors limit adoption, exploitation and further development of CCM technologies, such as lack of top management support, acceptance of CCM technologies and suitable education and training of internal audit staff. Originality/valueThis study addresses the issue of the value that CCM offers organizations and whether it is a silver bullet that the internal audit profession needs, particularly when physical access to organizations may be restricted. The COVID-19 pandemic placed considerable focus on digital access. Better IT systems and more data will allow organizations to better support employees, inform strategic and financial decisions and engage stakeholders. During the recovery phase, leveraging investments in CCM technologies will contribute to internal audits' ability to help clients to manage organizational risk.

Exposure to SARS-CoV-2 Aerosols in U.S. Residences: Sample analysis Using Two Detection Criteria

Uniform practices and quality control methods are needed to detect and quantify airborne viruses across sampling and analysis platforms. We compared detection of airborne SARSCoV-2 RNA in residences of individuals with COVID-19 using two commonly used criteria: environmental (at least one SARS-CoV-2-specific gene and internal control amplified by PCR with Ct ≤ 40) and clinical (at least two SARS-CoV-2-specific genes and internal control amplified with Ct ≤ 37). 24-hr total aerosol samples were collected in a self-isolation room and an additional room without manipulating subjects' behavior/activities. Under the environmental criterion, 7/16 samples in primary rooms and 7/15 samples in secondary rooms were positive. Comparable but lower positive sample proportions were observed using the more rigorous clinical criterion: 6/16 primary rooms and 5/15 secondary rooms. A consensus SARS-CoV-2 environmental sampling and analysis framework is needed for comparisons between studies. © 2022 17th International Conference on Indoor Air Quality and Climate, INDOOR AIR 2022. All rights reserved.

Internal Control System on Using Digital Banking Applications and Services in Jordanian Banks During the Corona Virus Pandemic

A study has aimed at identifying the extent of effectiveness and ability of internal control to supervise digital banking applications and services which have been highly used in Jordanian banks due to the Corona. A descriptive analytical approach has been used due to the nature of the study;a questionnaire has been designed as a tool of data collection and distributed to study sample, composed of internal auditors, chief accountants, and financial managers in Jordanian commercial and Islamic banks. 96 questionnaires have been distributed. Statistical package for the social sciences (SPSS). The study has found that digital banking applications and services used by Jordanian bank have contributed to the achievement of internal control system's goals. In addition, it has indicated that digital banking applications and systems, used by Jordanian banks, are characterized by information properties which make internal control system more effective and efficient during the Corona pandemic. Moreover, the study has shown that public or regulatory administrative control procedures have achieved the effectiveness of digital banking applications and services used by Jordanian banks in the light of the Corona pandemic;and the procedures and systems of data security and safety have highly affected the effectiveness of digital banking applications. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

THE MATURITY LEVEL ASSESSMENT OF INTERNAL CONTROL ASSURANCE

The article explains how Capability Maturity Models from CMMI can be integrated with COBIT 2019 in order to design the worksheet for maturity self assessment of the internal control assurance focus area. First the scope of focus is described and then by the help of maturity assessment rules that are embedded in COBIT 2019 the design of work sheet is presented along with an example of completed answers and results. The proposed procedure allows the organization's management to get a quick answer to whether their organization reaches the fourth level of the internal control system maturity, which is currently an appropriate level that reduces the risks of COVID and digitalization. © 2022 IDIMT. All rights reserved.

Rapid SARS-CoV-2 testing with duplexed recombinase polymerase amplification and a bacteriophage internal control

Without global mass vaccination, COVID-19 will continue to infect and cause serious illness, disproportionately in low- and middle-income countries. Point-of-care and home-based nucleic acid amplification tests (NAATs) are valuable tools to control COVID-19 transmission. Here we present a rapid isothermal NAAT for duplexed detection of SARS-CoV-2 and an MS2 bacteriophage internal control. This assay amplifies RNA in less than 15 minutes, utilizes a low temperature of 39°C, and has fluorescence or visual lateral flow readout. This positions our assay for use in low-cost paper-based nucleic acid diagnostic devices for ultrasensitive and reliable COVID-19 detection in POC or home-based settings. © 2021 MicroTAS 2021 - 25th International Conference on Miniaturized Systems for Chemistry and Life Sciences. All rights reserved.

Keys to Successful Remote Audits of Not-for-Profit Organizations: Certified Public Accountant

The coronavirus (COVID-19) pandemic made remote audits a necessity rather than a luxury. CPA firms have adapted to the new environment, but challenges still remain with any client, perhaps especially not-for-profit organizations. The authors explain the common challenges and considerations facing auditors working remotely and provide advice on how to be successful in the current environment.

The New Working World of the COVID-19 Pandemic: Certified Public Accountant

The coronavirus (COVID-19) pandemic created a new working world for businesses, accounting firms, and government. Most offices, including CPA firms and the PCAOB, pivoted to remote work. Unprecedented labor shortages meant auditors had to do the same work with fewer people. In this article, the authors examine recent PCAOB reports to investigate the pandemic's effect on the auditing profession. A focus on the reports of the largest firms, and the specific deficiencies found, permits the identification of industries that have been of greatest concern to the PCAOB. Finally, the authors discuss the changes that have taken place at the PCAOB and how they may have also impacted inspection results.

It's Time for a Nice, Cold Glass of Lemonade

In order for citizens to hold all public officials accountable, they need information from government financial professionals with a solid foundation in S&L governmental accounting and financial reporting. d. All 93,000 government entities, and their accountants and auditors, have concentrated responsibilities on internal controls and technologies. [...]many governmental entities, especially federal agencies, are already leaders in the development, use and implementation of some of the most advanced technologies in the marketplace, including blockchain, artificial intelligence, and robotic process automation. e. Governmental content in the CPA exam never included federal accounting requirements. The CGFM certification will brand its holders as professionals with the requisite knowledge of government financial management. Since the one constant in life is change, many of us made a lot of lemonade from the lemons received in 2020.

Improvement of the Internal Control System of Credit Risk in Banking Sector of the Republic of Moldova in Conditions of the COVID-19 Pandemic

The internal control system of credit risk in the banking sector of the Republic of Moldova is currently jeopardized by the effects of COVID-19 pandemic. The COVID-19 crisis has triggered five major challenges to the credit risk environment: changes in the credit worthiness at the sector and subsector level, difficulty in differentiating between borrowers in the same sector/subsector, scare, lagging data on crisis conditions, socially responsible collections needed to meet changing customer preferences, large wave of non-performing loans which must be addressed in a new way. Consequently, banking institutions are forced to identify new solutions in fostering the efficiency of internal control systems.

Pharmacy Internal Controls: A Call for Greater Vigilance during the COVID-19 Pandemic.

For businesses that store physical goods, managing product inventories and financial cost accounting controls are critical. Pharmacies are under considerable scrutiny, due to the nature of their merchandise, making internal controls even more vital. Due to the emergence of COVID-19 and government mitigation strategies, the US economy has seen significant macro- and microeconomic effects. COVID-19 has changed the pharmacy working environment, which could theoretically increase rates of employee drug diversion. Therefore, better inventory management could reduce the misuse of pharmaceutical drugs from fraudulent and drug diversion activities. The author explored secondary findings to create a multidisciplinary conceptual analysis of the reasons why internal controls executed with greater diligence may be needed to avoid damaging financial, legal, and health outcomes. The author also provides a review of available internal control methods that can be used to mitigate diversion.