The Impact of Real-Time and Continuous Auditing on Financial Transparency and Fraud Detection: A Systematic Literature Review

Abstract

This study examines the impact of Real-Time Auditing and Continuous Auditing on Financial Transparency and Fraud Detection, with a focus on the application of modern technologies such as Artificial Intelligence (AI), Blockchain, Big Data Analytics, and ERP Systems. This systematic literature review (SLR) evaluates recent studies that discuss the implementation of these auditing techniques in enhancing audit efficiency, financial reporting accuracy, and the timely detection of fraud. The findings reveal that the adoption of Real-Time Auditing and Continuous Auditing significantly improves audit efficiency by automating auditing processes, reducing human errors, and enabling real-time monitoring of financial transactions. Technologies like Random Forests and Real-Time Stream Processing play a key role in enhancing audit accuracy and risk detection speed. Furthermore, the use of AI in the auditing process proves effective in automating repetitive tasks, improving audit accuracy, and ensuring better financial reporting transparency. Moreover, Continuous Auditing significantly contributes to fraud detection and financial data reliability by continuously monitoring financial transactions, identifying discrepancies or fraudulent activities at an early stage. The integration of Big Data Analytics strengthens fraud detection by analyzing large datasets in real-time, uncovering patterns or anomalies that may indicate fraudulent activity. Blockchain and Fintech solutions have emerged as critical tools for fraud prevention by ensuring transparency and real-time transaction verification, safeguarding equity investments. The integration of ERP Systems with Continuous Auditing further enhances the efficiency of financial transaction monitoring and ensures the accuracy of financial reporting. These findings suggest that these modern technologies play a vital role in improving audit efficiency, enhancing fraud detection, and ensuring financial transparency, ultimately reducing fraud risks and enhancing the overall integrity of financial audits.