The Role of Continuous Monitoring of Internal Controls over Financial Reporting: A Case Study of an Italian Medium-Sized Company

Giuseppe Ianniello (), Marco Mainardi (), Fabrizio Rossi () and Miklos Vasarhelyi ()
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Giuseppe Ianniello: University of Tuscia
Marco Mainardi: University of Florence
Fabrizio Rossi: University of Tuscia
Miklos Vasarhelyi: Rutgers Business School

A chapter in Accounting Information Systems for Decision Making, 2013, pp 121-137 from Springer

Abstract: Abstract This chapter aims to analyze the academic and professional utilization of continuous monitoring (CM) with subsequent tentative implementation in a medium-sized Italian company. The study focuses on the possible role of CM techniques in the system of internal controls over financial reporting. The primary research questions are as follows: (1) Are recent regulatory changes related to corporate governance creating opportunities to implement the CM approach? (2) What are the obstacles to applying the CM techniques in the Italian corporate governance model and the market for audits of accounts? and (3) What is unique about applying CM to small and medium-sized organization in the current IT environment? Using a case study method can provide initial answers to those questions and indicate possible firm-level benefits of CM (i.e., efficiency, better decision making, and cost savings) as well as benefits for stakeholders (i.e., more reliable financial reporting).

Keywords: Continuous monitoring; Internal control systems; Accounting information system; Financial reporting; Continuous auditing; Corporate governance; SMEs (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/978-3-642-35761-9_7

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