The Benefits of Continuous Monitoring and Auditing
Continuous auditing is fairly straightforward: Audit performs auditing activities on a frequent repeated basis to provide ongoing assurance and more timely insight into risk and control issues.
Continuous monitoring is also straightforward: It is essentially a process that falls under management's responsibility, in which key business process transactions and controls are constantly assessed and validated. This permits ongoing insight into the effectiveness of controls and the integrity of transactions running within them.
Hotel general manager's tend to be focused primarily on day to day operational issues like guest service and selling rooms. Most do not have a professional background that helps them to fully understand the impact of controls and control deficiencies and to know how to move ahead with continuous monitoring, or identifying how to establish them.
In times of economic uncertainty, the benefits to hotel owners can be particularly significant and the risks of fraud and error often increase. By implementing continuous monitoring there can be proven quantifiable reductions in revenue loss and occurrences of fraud.
Audit Hotel can establish continuous monitoring at your property, which will help reduce potential losses due to fraud that are often discovered when its too late.
Protect your hotel and call me today.