KPMG renews its support for Rutgers Business School's Continuous Assurance and Reporting Laboratory
NEWARK, NJ – KPMG LLP, the audit, tax and advisory firm, has renewed its support for Rutgers Business School’s Continuous Assurance and Reporting Laboratory (CAR-Lab). The research that has emerged out of this collaboration has spawned many new techniques and methods for “real time” financial reporting and auditing that is helping businesses improve their audit practices.
Continuous auditing and monitoring refers to companies utilizing timely, updated, audited information on demand.
Along with helping to fund the lab, KPMG provides talented individuals to help conduct the research and apply the lessons learned in experiments that can help companies identify relevant risk and performance-related corporate information in a more timely fashion.
“We are providing our expertise and sharing our vision of where we see the continuous auditing and continuous monitoring practice area going and where there are gaps that need to be addressed,” said Jim Littley, Advisory principal for KPMG. “The lab has provided a great opportunity to bring academia and business together and to leverage the research to solve real-world business problems.”
CAR-Lab, which is housed at the Rutgers Accounting Research Center (RARC), has been a leading force in continuous auditing and monitoring working with several large corporations including Siemens, MetLife and the Brazilian bank ITAU, in the development of continuous auditing technology.
“During the past nine years that CAR-Lab has been operating, we have gone from conceptual ideas to working directly with companies and using their data to test new techniques and methods,” said Miklos Vasarhelyi, PhD at RARC and Director of the CAR-Lab. “We expect the results to have a major impact on businesses, which could lead to the rethinking and evolving of many of their current audit practices.”
Vasarhelyi noted that their work has led to the emergence of new commercial software that a number of companies have been working with.
The collaboration between KPMG and CAR-Lab showcases Rutgers Business School’s strong corporate partnerships and commitment to solving business needs. “The cooperation between KPMG and Rutgers is advancing the practice of real-time auditing which is pushing the boundaries on how to apply audit,” said Vasarhelyi.
An advisory board composed of professionals in accounting, auditing, information systems and technology provides advice to the CAR-Lab. A portion of the funding for the lab has been provided by KPMG International, KPMG LLP and the U.S. firm's KPMG Foundation.
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 150 countries and have 138,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG LLP, the audit, tax and advisory firm (www.us.kpmg.com), is the U.S. member firm of KPMG International Cooperative (“KPMG International.”) KPMG International’s member firms have 140,000 professionals, including more than 7,900 partners, in 146 countries.
Rutgers Business School-Newark and New Brunswick is an integral part of one of the nation's oldest, largest, and most distinguished institutions of higher learning: Rutgers, The State University of New Jersey. Today, Rutgers Business School is educating more than 4,500 undergraduate and graduate students at two main campuses in New Jersey as well as five satellite locations in Jersey City, Morristown, Beijing and Shanghai. Rutgers Business School’s MBA program is ranked #17 nationwide for the employment rate of its graduates three months after graduation by U.S. News & World Report. Full-time MBA and part-time MBA programs give excellent options for people looking to gain real-world, relevant skills needed in today’s job market.