Applied Analytics: Enhance quality and consistency by embedding analytics into audit processes

2011-08-01

The Applied Analytics solution allows auditors to take advantage of ACL’s unrivaled experience in creating and applying analytic tests tailored to an organisation’s unique needs.

Identify Weak or Non-Existent Controls

If your organisation has business processes that are at risk for fraud, errors or compliance issues or that the audit team requires greater insight into, there is no better way than through the creation and integration of audit analytics. Take your use of data analysis to the next level beyond ad-hoc analysis to the use of targeted, audit analytics supporting specific audit objectives.

By integrating audit analytics into your audit program, risks that may have otherwise gone undetected can be identified, allowing management to take action.

Integrate Best Practices for Audit Analytics

Knowing what to test and acquiring the skills to create and implement these analytics can be challenging. ACL’s expertise in accessing the required data and creating audit analytics is second to none. Integrate the same best-practice analytic concepts currently being used in some of largest and most successful organisations in the world.

ACL experts will work with you to create a customised strategy for integrating audit analytics into your audit plan. By standardising a suite of audit analytics into your audit program, repetitive testing becomes significantly easier and more efficient.

Audit Analytic Capability Model graph

 

Applied Analytics Case Study

From highway safety to vehicle and driver services to the licensing and regulation of over 30 professions and businesses, the Washington State Department of Licensing is focused on public safety and consumer protection. The agency also works to ensure state revenue is collected fairly and efficiently.

“The process was simple, constructive and enjoyable, from start to finish.”

Results Using ACL

The Integrated Audit team got more than expected with their ACL Consulting experience. The goal was to develop one automated analytic but ACL delivered three effective analytics during their time onsite. Two analytics were created to detect duplicate payments and driver licensing fraud and the third test cross-checks Accounts Payable files against Human Resources data. These are tests that the team would have previously had to run manually. Automating the process offers considerable value to the audit department.

The new analytics enable automated data testing. The team was able to meet a critical project deadline, despite working with data from multiple platforms. According to their auditors, the ACL consultant outperformed expectations and always explained the step-by-step logic underpinning his work. ACL Consulting added value to the organisation by suggesting useful tests that the team hadn’t previously considered.

Monday, August 1, 2011 In: Hot Topics Comments (None)

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