New Analytics Model in Internal Audit Released
Software company ACL Services Ltd has released a new analytics model designed to help internal audit groups move forward with audit technology, using a five-level outline of audit analysis utilized in organizations.
The Audit Analytic Capability Model aids internal audit groups in understanding the elements contained in the five-level outline which revolves around people, process and technology. These elements are said to contribute to the success of each level and increase the benefits thereof.
ACL Services has introduced on January several resources for internal audit groups that aimed to increase their understanding of the risks arising from failure to comply with the Foreign Corrupt Practices Act (FCPA).
The online resources which include e-book, webinars, and a feature article, are designed to help auditors in overseeing internal controls of organizations to ensure strict FCPA compliance.
With the resources, internal audit groups can be alerted to sound the alarm when a company is close to violating the FCPA, thus enabling timely and preventive steps to help the firm avoid penalties, prosecution, and damage to reputation.
Formerly the Audit Command Language, ACL is a data extraction and analysis software used by organizations to detect fraudulent practices within their ranks and adopt preventive measures accordingly.
To bust the malpractices and detect signs of weak internal controls that could give way to fraud, ACL goes by sampling of large sets of data.
In a recently published survey by AuditNet, a global resource for internal auditors, 63pc of surveyed internal audit practitioners that use data analysis software were shown to patronize ACL.
The findings correspond to the 2009 survey results released by the Institute of Internal Auditors in which most of the respondents were shown to have been using the ACL audit analytics software in extracting data sets, analyzing samples, detecting fraud, investigating and pursuing the audit process.
Harald Will, president and CEO of ACL Services, pointed out that ACL Services has been working with thousands of internal audit groups for years, enough to keep the company updated with the latest challenges facing internal auditors.
As internal audit function gradually moves to more strategic and consultative role in organizations, audit technologies available to fit these changes have started sprouting.
The 2010 Global Internal Audit Survey Reports, released by the IIA last month, included “Step up your use of audit technology and tools” to the 10 imperatives “for the internal auditing activity to meet organizations’ fast changing needs and stakeholder expectations to strategically position the profession for the long term.”