Forensic Auditing: Structural Requirements For Fraud Monitoring

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Executive Summary

Companies today need a cost-effective and efficient way to identify and resolve potentially fraudulent transactions flowing through their ERP and financial systems. Without automated forensic auditing tools, finding these fraudulent transactions can be nearly impossible, especially if the person committing the fraud knows the criteria a company uses to look for suspicious activity. With time and resource constraints, human auditors can only take a sample of data to analyze, greatly increasing the chances of missing key evidence, whereas an automated 'Virtual auditor' can monitor in real-time all of the transactions flowing through a company's ERP and financial systems. Continuous controls monitoring software with strong forensic auditing features serves as such a 'Virtual auditor', protecting companies against fraud and misuse.

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