03
Feb
10

A.01 Internet Problem (Worksheet 7)

Shelly Huzaynah 21207019

SMAK01-7

Auditing 2

Question :

  1. Read about ACL’s solution for data quality and fraud detection. How might an auditor use ACL’s data analytics software for these two purposes?

Answer :

Auditors use ACL’s data analytics software for data quality and fraud detection. ACL technology helps auditors/organizations detect and prevent fraud by allowing auditors/organizations to:

  • Test 100 percent of transactions
  • Quickly access data from any source
  • Flag all suspicious activity
  • Automate testing to free up resources for more strategic investigations
  • Summarize fraud risks for management review

Question :

  1. How might ACL be used by a company to comply with the requirements related to internal control over financial reporting? Hint: Take a look at ACL’s Continuous Controls Monitoring software.

Answer :

The company used ACL with continuous monitoring method. It is method that a business process owner or management uses to ensure that internal controls related to business activities and financial reporting are working as intended. By providing perpetual assessment of key controls and insight into transactions, continuous monitoring can help organizations quickly identify issues that significantly impact the bottom line.

ACL offer continuous method, which allows organizations to:

  • Detect and prevent fraud, waste and errors
  • Identify segregation of duties issues
  • Gain prompt notification of control breaches
  • Drill down to exceptions for quick resolution

Source :


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