If you have been trying to build scripts following my previous posts, then you are ready to make your scripts a little more robust; particularly if your scripts will be used by other people. There are always issues when you prompt the user for input such as: did they actual provide any input; and is the input the right type and correct format. Since the proper running of the script…
Many new ACL users overestimate the difficultly in developing simple ACL scripts. I would agree with you if we were talking about IDEA scripts which require some knowledge of Visual Basic. But, in my opinion a simple, ACL script which only performs commands that you have previously executed and want to execute again, is simple to create. Assumption: you have performed an analysis and want to save it in a…
What could be worse than not having an analytics capability? Having an analytics capability, but not being sure what to do with it! This means that you have invested in developing analytics to access your business systems, but now are unsure about: Which analytics do I run? How often should I run them? What do the results mean? How do I verify the results? How do I deal with false…
1.0 Introduction There are two main types of sampling: Statistical sampling is used to draw conclusions about populations. Non-statistical sampling is used to establish the existence, and determine the extent of, suspected conditions. Statistical Sampling Statistical sampling permits auditors to project characteristics of the sample to the population from which the sample s drawn, whereas non-statistical sampling only allows you to draw conclusion about the sample itself. Statistical sampling also…
At the annual ACL user conference (Connection 2017) the recurring theme was “Being Sought After”. Employees who are sought after are recognized by senior management. In the case of ACL users, this means their ability to use analytics to identify and assess risk, detect fraud and improve operational efficiency and effectiveness. Clearly, if you can do that, not only will you bring value to the organization, but also to your…
Always looking for ideas for my blog, I could not resist when Chris Broussard asked me to write something on ACL workspaces. Simply put, an ACL workspace is used define either physical fields or expressions. However, instead of defining these fields in the table layout, the definitions are stored in a separate project item (i.e. a workspace). The main advantage is that the workspace can be shared by multiple data…
I often write about analytics and other aspects of data extraction, interpretation and the like. Today I thought I would do something different. I am teaching a 4th year university/college course. The students are eager to get their CMA/CPA designation and go off to work for a big accounting firm. I admire their zeal, but worry about the lack of practical “seat of the pants” knowledge. I tell them that…
Studies after study have shown that data analytics is more effective and efficient at detecting risk, and identifying control weaknesses, non-compliance, and inefficient business processes. Chief Audit Executives (CAEs) have repeated stated that data analysis expertise is a much needed skill in internal audit, and IIA surveys of software over the past 10-15 years have rated data extraction, data analysis and analytical software as critical tools for effective audit organizations. …
The following posts is part 2 of “Adding Value to Compliance Audits” Given a good understanding of the current level and sources of risk, the next step is to look at the requirement for, and the adequacy and effectiveness of, the control to mitigate the risk. This requires an understanding of the cause and source of the risk and the operation of the control. Is the control still required? Does…
I have often been critical of compliance audits, but I recently realized that it is not the ‘compliance audit’ that bothers me, but the way it is done. This led me to write the following thoughts. It is difficult to argue that compliance audits are not an important internal audit product. Done properly, they can protect a company from fines, penalties and even criminal charges. For example, non- compliance with…