Continuous auditing is a method of performing audit-related activities on a real-time or near real-time basis.
Continuous auditing is best suited for real-time transactions, such as online banking, e-commerce, or electronic funds transfer, that require immediate verification and assurance. Low-value transactions are not necessarily suitable for continuous auditing, as they may not pose significant risks or require frequent monitoring. Irregular transactions are not suitable for continuous auditing, as they may not occur frequently or consistently enough to justify the use of continuous auditing techniques. Manual transactions are not suitable for continuous auditing, as they may not be captured or processed by automated systems that enable continuous auditing. References:
* CISA Review Manual, 27th Edition, pages 307-3081
* CISA Review Questions, Answers & Explanations Database, Question ID: 253

The finding that presents the most significant risk when reviewing the deployment of a new automated system is that data from the legacy system is not migrated correctly to the new system. Data migration is a critical process that involves transferring data from one system to another, ensuring its accuracy, completeness, integrity, and usability. If data migration is not performed correctly, it can result in data loss, corruption, inconsistency, or duplication, which can affect the functionality, performance, reliability, and security of the new system. Data migration errors can also have serious business implications, such as affecting decision making, reporting, compliance, customer service, and revenue. The other findings (A, B and D) are less significant risks, as they can be mitigated by rehiring or retraining personnel, providing user training, or adapting the system to different platforms.

The most assurance over the completeness and accuracy of loan application processing with respect to the implementation of a new system can be obtained by running historical transactions through the new system.
Historical transactions are transactions that have been processed and recorded by the old system in the past.
Running historical transactions through the new system can provide the most assurance over the completeness and accuracy of loan application processing, by comparing the results and outputs of the new system with those of the old system, and verifying whether they match or differ. This can help identify and resolve any errors or issues that may arise from the new system, such as data conversion, functionality, compatibility, etc.
Comparing code between old and new systems is a possible way to obtain some assurance over the completeness and accuracy of loan application processing with respect to the implementation of a new system, but it is not the most effective one. Code is a set of instructions or commands that define how a system operates or functions. Comparing code between old and new systems can provide some assurance over the completeness and accuracy of loan application processing, by checking whether the logic, algorithms, or functions of the new system are consistent or equivalent with those of the old system. However, this may not be sufficient or reliable, as code may not reflect the actual performance or outcomes of the system, and may not detect any errors or issues that may occur at the data or user level. Reviewing quality assurance (QA) procedures is a possible way to obtain some assurance over the completeness and accuracy of loan application processing with respect to the implementation of a new system, but it is not the most effective one. QA procedures are steps or activities that ensure that a system meets its quality standards and requirements, such as testing, verification, validation, etc. Reviewing QA procedures can provide some assurance over the completeness and accuracy of loan application processing, by evaluating whether the new system has been properly tested and verified before implementation. However, this may not be adequate or accurate, as QA procedures may not cover all aspects or scenarios of loan application processing, and may not reveal any errors or issues that may arise after implementation. Loading balance and transaction data to the new system is a possible way to obtain some assurance over the completeness and accuracy of loan application processing with respect to the implementation of a new system, but it is not the most effective one. Balance and transaction data are data that reflect the status and history of loan applications in a system, such as amounts, dates, payments, etc. Loading balance and transaction data to the new system can provide some assurance over the completeness and accuracy of loan application processing, by transferring data from the old system to the new system and ensuring that they are consistent and correct. However, this may not be enough or valid, as balance and transaction data may not represent all aspects or features of loan application processing, and may not indicate any errors or issues that may arise