Welcome to the March edition of our newsletter. It’s spring already and I can hardly believe how quickly the time is passing. Lots of things to tell you about in this edition.
Overall, we continue to receive significant interest in the ACL suite of Continuous Controls Monitoring tools. This tells me that in spite of the economic down-turn, companies are still looking to invest in good internal controls. Rather than cutting back on internal audit, many companies are seeing it as a means of driving efficiencies. It’s refreshing to see. In keeping with this, ACL has published a free risk e-book which extolls the virtues of Internal Audit. I found it to be most informative and, a surprisingly light read.
ACL have also released a video on the testing one might like to perform on corporate procurement cards. An ACL customer found 50% of questionable transactions were personal and found themselves able to recover $1m of payments!! Remarkable.
On a final note, for those who have forgotten or were not aware, the ACL user group is meeting on Monday 12th March. The meeting which begins at 5.30 will be held at the Deloitte office in central London. If you aren’t on the circulation list and would like to attend the meeting, then do let us know, it’s not too late. The meeting focuses on fraud detection.
We hope you find the newsletter interesting. If there is anything that is of particular interest to you, either topics we’ve covered, or topics that we’ve failed to cover, whatever it is let us know and we’ll do our best to elaborate or find relevant content to circulate.
Don’t Navigate Risky Waters Without Internal Auditors
“Basing audit plans on an annual snapshot of risk is like relying on a security camera that films once a day for five minutes.”
Richard Chambers, CIA, CGAP, CCSA, CRMA, President and CEO of The IIA
In this serialisation we are considering the why’s and how’s of Data Governance. Understanding and shaping your motivations will ensure that the project is on a sound footing, and ultimately lead to success. With everyone knowing what they are doing it for, there can be no doubt.
Can you afford not to watch this?
While P-cards can offer convenience, reduce overheads and lower procurement costs, they are also one of the highest risk areas to an organisation for potential fraud, waste and abuse.
Simple analytics are not only able to reduce this threat, but if employed across 100% of transactions on a continuous basis, can actually eliminate it. One of many ACL customers examining its organisation’s card usage identified that 50% of questionable expenses were personal and by following up on this misuse, reclaimed over $1 million in revenue!
With work underway to ensure readiness for Solvency II when it comes into force in 2014, many companies are still struggling with IMAP – the internal model approval process; data and modelling validation being of particular concern to the FSA as highlighted in their February 2011 review.
Exercise 6: Bootcamp Skills Review
This session will be a refresher of the skills that we’ve looked at in the past 6 months of ACL Bootcamp. We’ll be kicking off our spring training with a mashup of all of our previous exercises.
ACL London User Group March 12th, 2012 from 17:30 to 19:30 – Ask us about the ACL London User Group
ACL Bootcamp Webinar Series – Exercise 6: Bootcamp Skills Review, March 22nd, 2012 – 7:00pm GMT – Details
ACFE European Fraud Conference March 25th-27th, 2012 – Contact us for more info
Dudley MBC VfM (Value for Money) One Day Seminar March 29th, 2012 – Contact us for more info
ACL 182 Concepts and Practices London, April 23rd-25th, 2012 – Get a quote
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ACL Training for Internal Auditors