What is ongoing audit?

An ongoing audit refers to a continuous auditing process that occurs throughout the financial reporting period, rather than being confined to a specific time frame at the end of the period. This approach allows auditors to assess and monitor an organization’s financial practices and internal controls regularly, enabling timely identification and resolution of discrepancies or risks. Ongoing audits can improve the overall accuracy of financial statements and enhance compliance with regulations, providing stakeholders with more reliable insights into the organization’s performance.