Continuous Auditing: Gain more timely insight into fraud, errors and inefficiencies

2011-08-01

The Continuous Auditing Solution enables your audit team to provide the organisation with timely insight to critical business assurance issues with automated analysis.

Provide More Value with Timely Insight

Automating analytics to run on a continuous basis allows for auditors to move from a historical, ad-hoc review process to a more proactive approach. Rather than identifying control breakdowns and instances of fraud, errors and abuse that have occurred in the past, audit teams can now meet the increasing expectations of audit committees and management through immediate insight.

Create a More Efficient and Effective Audit Process

By achieving a higher level of audit automation and tracking risk and control issues, organisations will have a more efficient and effective audit process overall. Your audit team can keep easily track high risk control issues and focus valuable resources on these areas. At the same time, the effort to perform audit procedures that are typically expected in core business process areas can be dramatically reduced if Continuous Auditing procedures show that there are no significant issues.

Expand Your Audits to Cover More Areas, More Often

Continuous Auditing allows senior audit management to provide a greater level of insight to the audit committee and business management. For example, the results of ongoing concurrent auditing that have taken place over key business process areas, in addition to special areas of current risk and concern. By leveraging continuous and automated analysis, audit teams can gain greater coverage across multiple business process areas without an increase in staff resources.

Audit Analytic Capability Model graph

 

Continuous Auditing Case Study

Founded in 2005, Emergency Medical Services Corporation (EMSC) is the leading provider of emergency medical services in the United States. With headquarters in Greenwood Village, Colorado, EMSC has 250 administrative offices and annual revenues of £1.8 billion.

Results Using ACL

With ACL, Emergency Medical Services Corporation has:

  • Experienced significant cost recoveries
  • Automated AP testing to reduce time consuming manual processes
  • Freed employees to pursue high value exceptions

The AP team engaged ACL consulting to lead the implementation and ensure a seamless experience. An ACL consultant spent one week working on-site to create and schedule custom analytics. Each test was tailored specifically to address the AP group’s needs. The consultant also provided hands-on training, real-time troubleshooting, and answered questions as they emerged. After another two weeks of remote collaboration, the automated analytics were fully up and running.

Once a week, nine different analytics automatically compare data populations to find outstanding credit memos, duplicate payments, one-time payments disbursed to recurring vendors, repetitive invoice numbers, and other red flags in the data. By Monday morning, the team has a complete report to guide deeper investigations.

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

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