An exploratory study of the adoption,application and impacts of continuous auditing technologies in small businesses |
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| Institution: | 1. Reykjavik University, School of Business, Menntavegur 1, 101 Reykjavík, Iceland;2. West Virginia University, Department of Accounting, PO Box 6025, 300 B&E Building, 1601 University Av., Morgantown, WV 26506, USA;1. Cyber Security Institute, Department of Computer Science, USA;2. School of Accounting & Management Information Systems, USA;3. The University of Tulsa, 800 S. Tucker Drive, Tulsa, OK 74104, USA;1. University of North Texas, United States;2. University of Arkansas, United States;3. Xi''an Jiaotong-Liverpool University, China;1. California State University, Fullerton, Department of Accounting, SGMH-4351, Mihaylo College of Business & Economics, 800 N. State College Blvd., Fullerton, CA 92831, United States;2. School of Accountancy, University of South Florida, 4202 E. Fowler Ave, BSN 3403, Tampa, FL 33620, United States;1. Kent State University, United States;2. Penn State Erie, The Behrend College, United States;1. UQ Business School, The University of Queensland, Brisbane, Australia;2. School of Accountancy, Queensland University of Technology, Brisbane, Australia;3. Tasmanian School of Business and Economics, University of Tasmania, Hobart, Australia |
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| Abstract: | Continuous auditing technology has been studied in various contexts, but mostly within large enterprises with their own integrated information systems and internal auditing functions. Although several vendors of continuous auditing technologies have reported implementations in small businesses, little is known about the use and impact of this technology in this type of organizations. This exploratory study considers the motivations for adopting a certain type of continuous auditing technology, as well as the applications and impacts of this technology in seven small businesses. The results indicate that the technology is usually implemented to increase resource efficiency, but is frequently perceived as a tool to fix data quality problems — rather than a strategically aligned technology. Implementation is not driven by an internal auditing department but by either an IT or finance department. Application of the technology is first and foremost transaction verification with process control applications emerging later. Main impacts include a change from corrective controls to preventive and detective controls; an increase in the perception of value created by the financial department; and an increase in management trust of data. The study also reveals potential negative impacts of this technology, such as alert immunization and loss of users' critical thinking. |
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