- 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 :
For fraud detection:
With ACL, you have a powerful fraud solution to create and run comprehensive tests designed to detect indicators of a wide range of fraud, for limitless volumes of transactions and from virtually any data source.
ACL technology helps detect and prevent fraud by allowing 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
2. 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 :
Continuous Monitoring is the 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 offers another continuous monitoring product for organizations interested in continuously monitoring specific business areas. Our CCM product is designed with the following plug and play modules:
- CCM Purchase to Payment Module
- CCM Purchasing Card Module
- CCM Travel & Entertainment Module
- CCM General Ledger Module
- CCM Payroll Module
- CCM Order to Cash Cycle Module
Source :
Dinitriwardani's Blog 