Knowledge Discovery for Continuous Financial Assurance Using Multiple Types of Digital Information

Abstract

This paper investigates some extensions to what has emerged as classic continuous (financial) assurance (CFA). First, this paper suggests broadening the base of information that is used in such systems to include emerging social media. Second, because of the new source of data, the methodologies also need to be expanded to include knowledge discovery approaches to facilitate analysis of new and existing information. Third, I suggest that continuous financial assurance begin to integrate with other business efforts at monitoring and knowledge discovery, for example, “business process management.” Ultimately, an integrated system could gain from information and discoveries in these other monitoring and knowledge discovery efforts. Finally, this paper suggests that additional proactive knowledge discovery be used in addition to classic continuous financial assurance data to facilitate additional discovery.

Keywords: continuous assurance, continuous financial assurance, social media, digital media, COBRA, reputation monitoring

JEL Classification: D21, L21