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!
“Excellent webinar. The live analytic tests that were run using ACL on the large real-world purchasing card transactions data showed just how effective and efficient these tests could be in detecting anomalies and other internal control breaches. Management would be able to understand these tests and would see the value in the auditor’s work.”
Author of Forensic Analytics and Benford’s Law
Senior Technical Consultant, ACL Services, Ltd.
Chris Stewart-Smith, Senior Technical Consultant with ACL, works with clients globally to help them realise the benefits of data analytics technology and bridge the knowledge gap between the IT department and business leaders. With over 12 years’ experience in software consulting and training across a broad range of industries, Chris is considered a data analytics expert. He is a frequent speaker and educator on the topics of Continuous Auditing & Monitoring.
Director of Technology Application, ACL Services, Ltd.
Peter is the Director of Technology Application at ACL Services Ltd. For the past 15 years, Peter has been involved in the evolution of analytic solutions for audit departments in industry and government. His combination of experience and expertise has helped audit departments in some of the world’s leading organisations to create value-added opportunities by implementing efficient and sustainable audit analytics solutions. He has more than 20 years experience in the high tech industry in various software and systems integration companies.
Peter was the Project Manager and technology contributor to the IIA “Global Technology Audit Guide (GTAG)-3 – Continuous Auditing: Implications for Assurance, Monitoring and Risk Assessment.” He is also co-author of the “Global Technology Audit Guide (GTAG)-13 – Fraud Prevention and Detection in an Automated World,” and “GTAG-16 – Data Analysis Technologies.”