This article by Michael P Cangemi CPA was published in IIA’s Ia magazine -Continuous Monitoring, assurance or auditing – even Shakespeare knew what it does is more important than what it’s called.You can read the complete article by clicking here.
IIA Ia “What’s in a name?” CM or CA Dec 2012

Our old friend Shakespeare knew back then that what something is is more important than what it is called. Take, for example, continuous monitoring. To the credit of the internal audit profession, my foundation vocation, we were part of the creation of the process of monitoring as it relates to controls and risks. In essence, an audit process is monitoring. As technology enabled, we added automated monitoring, as well as, in the early days, the advanced concept of automated continuous assurance monitoring.
Recognizing the independent dimension of audit, we assisted business managers in defining their responsibilities for systems of control and risk mitigation, including the recommendation that these control systems include monitoring. In the 1990s, The Committee of Sponsoring Organizations of the Treadway Commission released its internal control framework, which offered innovative advice on a controls structure, including monitoring, and became the accepted standard in the United States and around the world.
You can read the complete article by clicking above.