Real-time accounting systems

IN THE TITANIC WAKE OF TECHNOlogical advancements such as electronic data interchange (EDI) and other

In the information age, traditional, paper-based accounting systems that showed financial position and results of operations for time periods in the past increasingly seem to be out of sync with current practices. Many economic events are now being captured, measured, recognized, and reported electronically, without any paper documentation; and online, real-time accounting (RTA) is emerging as the system of choice.

Internal auditor involvement in the RTA development process will help to ensure the integrity and quality of the system. Internal auditors can help make sure that financial information is not only reliable, but assists the organization in achieving its business goals and conforming with generally accepted accounting principles (GAAP).