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Home » Services » Audit, Risk and Compliance

Audit,Risk and Compliance

The importance of corporate governance must not be underestimated and should form the basis of sound financial reporting. Organizations that do not manage their governance effectively could face not only monetary loss, but also losses to reputation, goodwill and customer relations.

There are a number of issues that make effective fraud detection a particularly challenging task: extensive volumes of data, complexity and diversity of IT systems, changes in business processes, and the adaptive nature of fraud schemes. Many of the audit techniques currently in use to combat fraud come up short: sampling data leaves suspicious transactions undetected, use of spreadsheets is prone to errors, and testing of system controls leaves one vulnerable to exploitation of "gaps" between systems.

ACL has an effective fraud detection solution with the power to create and run a comprehensive set of tests continuously, which are designed to detect indicators of a wide range of fraud regardless of which IT system houses the transactional data and how many records you need to analyse. With the ability to test 100 percent of transactions, your investigation will uncover all relevant anomalies – typical signs of fraud, error, or abuse. Through automation, these tests run continuously, often catching the fraud early, before the money goes out the door, making remediation easier and acting as an effective deterrent for other potential fraudsters.

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Internal & External Audit     Go Top

The roles of internal audit activities and the Chief Audit Executive (CAE) have increased tremendously. With increased business demands and a heightened regulatory environment, internal auditors are looking for greater visibility into internal controls and ways to both reduce risk and expand audit coverage, all with limited internal audit resources.

The Institute of Internal Auditors (IIA), recognises the benefits of Continuous Auditing and the use of technology as an enabler in Continuous Auditing. According to the IIA, Continuous Auditing changes the audit paradigm from periodic reviews of a sample of transactions to ongoing audit testing of 100% of transactions. It becomes an integral part of modern auditing at many levels, Technology is key to enabling such an approach.

Implementing technology such as the comprehensive ACL Data Analytics solution, offers internal audit departments the ability to expand the scope, scale and frequency of audits within critical areas of the organisation. This enables auditors to minimise risk, revenue leakage and to improve operational processes.

By using ACL and automating your audit processes, as an Internal Auditor you can focus on areas of highest risk and will gain more confidence in the effectiveness of internal controls. This will improve overall audit recommendations to management and satisfy the growing demand for more reliable relevant, and timely information.
 
Continuous Controls Monitoring Solution  

The ACL Continuous Controls Monitoring Solution enables a proactive, rather than a reactive approach towards achieving 100% data assurance. This is possible by reducing duplicates and inaccuracies of data, with the view to minimise the risk and fraud within your systems.
Our solution uses powerful software to automatically extract and run tests on transactional data from underlying systems on a regular and ongoing basis – daily, weekly or monthly.

Tests can be run across any system to look at any area of focus:
  • Payroll
  • Master files
  • Expenses
  • Customer Accounts
  • Accounts Payable
  • Fraud Detection/Prevention
  • Accounts Receivable
  • Anti-Money Laundering

Exceptions and anomalies are highlighted then alerted to the key business stakeholders through the browser based user interface and dashboard. The closure of exceptions and incidents can be monitored, reported and also tracked.

As time progresses, additional tests can easily be added to expand on the amount of data being checked, continually improving the efficiency of the business processes through the quality of data. The system can alert the business prior to transactions and thus reducing errors, fraud and improving quality. For example, ghost employees on payroll, duplicate payroll payments or unauthorized changes in pay amounts.

Fraud Detection & Prevention Solutions
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There are a number of issues that make effective fraud detection a particularly challenging task: extensive volumes of data, complexity and diversity of IT systems, changes in business processes, and the adaptive nature of fraud schemes. Many of the audit techniques currently in use to combat fraud come up short: sampling data leaves suspicious transactions undetected, use of spreadsheets is prone to errors, and testing of system controls leaves one vulnerable to exploitation of "gaps" between systems.

ACL has an effective fraud detection solution with the power to create and run a comprehensive set of tests continuously, which are designed to detect indicators of a wide range of fraud regardless of which IT system houses the transactional data and how many records you need to analyse. With the ability to test 100 percent of transactions, your investigation will uncover all relevant anomalies – typical signs of fraud, error, or abuse. Through automation, these tests run continuously, often catching the fraud early, before the money goes out the door, making remediation easier and acting as an effective deterrent for other potential fraudsters.