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Cognitive assessment in clinic represents time consuming and expensive task. Speech may be employed as a means of monitoring cognitive function in elderly people. Extraction of speech characteristics from speech recorded remotely over a telephone was investigated and compared to speech characteristics extracted from recordings made in controlled environment. Results demonstrate that speech characteristics can be, with little changes in feature extraction algorithm, reliably (with overall accuracy of 93.2%) extracted from telephone quality speech. With further development of a fully automated IVR system, an early screening system for cognitive decline may be easily realized.