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ACL Presentation . Software Expo: Automated Solutions for Creating Sustainable Value April 19, 2005 Northern NJ IIA Chapter. “In the past, internal controls were merely considered by auditors; now they have to be

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Acl presentation l.jpg

ACL Presentation

Software Expo: Automated Solutions for Creating Sustainable Value

April 19, 2005

Northern NJ IIA Chapter


Why internal controls why now l.jpg

“In the past, internal controls were merely considered by auditors; now they have to be

tested and examined in detail. That process will add an important protection for investors because solid internal controls are the first line of defense against misconduct and one of the most effective deterrents to fraud.”

PCAOB Chairman William McDonough, June 2004

Why Internal Controls? Why Now?


About acl l.jpg
About ACL auditors; now they have to be

  • Eighteen years as the global leader in audit, controls testing, and compliance technology solutions

  • Market Leadership

    • IIA 2004 Software Survey

      • Data Extraction & Analysis

      • Fraud Detection

      • Continuous Monitoring

  • Global Client Community

    • 170,000 Users in 130 Countries

    • 70% Fortune 500

    • Big 4 Public Accounting Firms

    • All Levels of Government


The truth is in the transactions l.jpg

ENTERPRISE auditors; now they have to be

ENTERPRISE

ENTERPRISE

ENTERPRISE

Strategic

Decision Making

Strategic

Decision Making

Strategic

Decision Making

Strategic

Decision Making

Accurate

Financial Reporting

Accurate

Financial Reporting

Accurate

Financial Reporting

Accurate

Financial Reporting

BUSINESS PROCESSES

BUSINESS PROCESSES

BUSINESS PROCESSES

Asset Management

Asset Management

Asset Management

InvestmentManagement

InvestmentManagement

InvestmentManagement

InventoryManagement

InventoryManagement

InventoryManagement

PayrollExpenses

PayrollExpenses

PayrollExpenses

AccountsPayable

AccountsPayable

AccountsPayable

Sales &Receivables

Sales &Receivables

Sales &Receivables

Purchasing

Purchasing

Purchasing

Vendor Management

Vendor Management

Vendor Management

INFORMATION SYSTEMS

INFORMATION SYSTEMS

ERP

ERP

SCM

SCM

HRMS

HRMS

CRM

CRM

Financial/Accounting

Financial/Accounting

TRANSACTIONS

The Truth is in the Transactions


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Enterprise Controls Assurance auditors; now they have to be

Enterprise

Controls

Regulatory Controls

Operational Controls

Financial Controls


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Management Responsibilities auditors; now they have to be

Enterprise

Controls

Design

Implement

Maintain

Monitor

Assess

Evaluate

Support

Audit Responsibilities

Regulatory Controls

Operational Controls

Financial Controls

Enterprise Controls Assurance


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Audit Best Practices auditors; now they have to be

  • Analyze all transactional source data

  • Compare transactions across disparate systems

  • Independently validate controls effectiveness

  • Conduct regular and frequent testing and review

  • Enable timely identification of patterns, trends, anomalies, and gaps

  • Embed data analytics in business operations

    Drive audit best practices into the business


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Approach to Data Analytics auditors; now they have to be

Continuous Monitoring

Ad Hoc Analysis

Data Access & Analytics

Continuous Controls Monitoring

•ACL Desktop Edition

•ACL Server Editions

  • OS/390

  • OS/400

  • AIX

  • Linux

  • Windows Server 2003

    •Direct Link for SAP R/3

• Purchase-to-Payment Cycle

• T & E Expenses

• Purchasing Cards

• Payroll

• Order-to-Cash Cycle

• Inventory Management

• General Ledger

• Fixed Assets

• Bank & Treasury

TECHNOLOGY

•Technical Experience • Leverage Investment • Proven Methodology • Increase Efficiency

Implementation

SERVICES

•Skills Building • Increase Productivity • Novice to Expert Level Courses • Technical Proficiency

Training

•Expert Technical Advice • Global Help Desk • Web-Based Learning Resources • Knowledge Base

Support

ACL Business Assurance Analytics


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ACL CCM & COSO Framework auditors; now they have to be

ACL CCM solutions address controls and business challenges within core financial and operational processes. CCM application modules include:

Order-to-Cash Cycle

Inventory Management

Fixed Assets

Bank & Treasury

General Ledger

Purchase-to-Payment Cycle

Travel & Entertainment Expenses

Purchasing Cards

Payroll

Control objectives addressed by CCM analytics across key business processes:

Authorization

Accuracy

Completeness

Validity

Efficiency & Effectiveness

Segregation of Duties

Regulatory Compliance

Supported by ACL Technology

COSO INTERNAL CONTROLS FRAMEWORK


Enterprise business processes l.jpg

Enterprise Business Processes auditors; now they have to be

AccountsReceivable

AccountsPayable

InventoryManagement

General Ledger

AccountsReceivable

AccountsPayable

Other

Payroll

Enterprise Business Processes

InventoryManagement

General Ledger

AccountsPayable

AccountsReceivable

Payroll

Other

A C L C C M S O L U T I O N S

Sub Processes

Payments

Payments

Sub Processes

Payments

Payments

Payments

Requisitions

Receiving

Payables

Purchasing

Payables

Payments

Purchasing

Requisitions

Control Objectives

Analytics

Control Objectives

Segregation of Duties

Efficiency & Effectiveness

Segregation of Duties

Authorization

Validity

Regulatory

Authorization

Accuracy

Authorization

Accuracy

Validity

Regulatory

Completeness

Analytics Examples

ApprovalLimits

Phantom Vendors

Split

Payments

Duplicate Payments

Enterprise Business Processes


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Key Attributes of ACL CCM Technology auditors; now they have to be

  • Independent testing of controls through transaction analysis at the source level

  • Review 100% of data – cross-platform analysis

    • Any ERP (SAP, Oracle, PeopleSoft), mainframe system, or custom-built applications

  • Apply automated, pre-defined analytics to critical control points, mapped to the COSO framework

  • Provide prompt notification of control breakdowns – quantified exposure of business risk

  • Ability to quickly drill down to specific exceptions & transactions to resolve problems before external reporting or material impact on financial results


Customer usage l.jpg
Customer Usage auditors; now they have to be

Financial Services

Retail

Government

Manufacturing

Healthcare

Utilities

Insurance

Telecommunications

Education

Business Services


Market leadership l.jpg
Market Leadership auditors; now they have to be

IIA Software Survey 2004

Data Extraction

Data Analysis

ACL 36%

ACL 38%

Fraud Detection

Continuous Monitoring

ACL 38%

ACL 50%


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Market Leadership auditors; now they have to be

“We saw [ACL technology] as an opportunity to identify our risks, but also put forth an oversight program to provide management a picture — on a real-time, continuous basis — of how effective their controls are at managing those risks.”

Byron Neaman

Director, Financial Audit - Bon Secours

Business Finance Magazine – December 2004


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Summary – Hot Points auditors; now they have to be

  • New compliance and reporting requirements are here to stay

  • Data analytics are necessary in today’s competitive business environment

  • The right technology effectively implemented is necessary to stay in the game

  • Strategic approach is needed to properly implement data analytic solutions

  • ACL Business Assurance Analytics provide immediate opportunities for improvements in controls frameworks and business processes


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Contact Information auditors; now they have to be


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