What is called "Continuous Audit"?

According to Canadian Institute of chartered Accountant (CICA).Continuous Auditing is defined as that enables independent auditors both internal and external to provide written assurance on a subject matter using a series of  Auditors' reports issued simultaneously with, or a short period of time after,the occurance of events underlying the subject matter methodology.(Searcy and Woodroof,2003). OR when the audit is carried out during the accounting period with some interval it is called as "Continuous Auditing".It is also called as each and every time audit because all the transactions are checked up to date.

According to generally accepted auditing standards issued by ICAI continues auditing means verification of books of accounts at regular intervals. .say quarterly or monrhly..it is otherwise called concurrent audit...normallyvthis audit can be happened in financial institutions like banks...

According to ICAI an audit which is going continuesly throughout the year is called continous audit. Internal auditor of the company does this audit and it is only for big firm which has lots of transactions daily like purchase and sales.

A process that examine the financial aspect of a firm in a contiuesly  thougout the year base on the General Accepted Accounting Principle (GAAP). An Automatic method used to perform an auditing activities of a firm in order to control the frequent error and it will detect anomalies in a real time.