Bellosoftwarereportweek 4 PDF

Preview

Summary

Software Report – ACCT 422
Auditors use electronic software programs such as ACL and Teammate software to help them conduct testing of the client’s data and documentation. In addition, auditor’s use electronic software such as Idea to help them perform sampling of the client’s data.
...

Description

SOFTWARE AUDIT REPORT

1

Abdul Bello ACCT 422 Prof. Dawn Summers February 10, 2019 Software Audit Report Introduction Audit software is a specialized, sophisticated program that perform a variety of audit functions, such as sampling databases and generating confirmation letters to customers and vendors. It can highlight exceptions to categories of data and alert the examiner to possible error. Furthermore, audit software helps consolidate audit information so businesses can make coordinated decisions with a broad idea of the company's financials. This paper looks to discuss the benefits and the disadvantages of ACL audit software as well as the purpose and capabilities of ACL audit software. According to its website – Acl.com, ACL audit management software is a technological advanced program that provides risk assurance in to today’s rapidly changing business and regulatory landscape. Additionally, the program offers highly engaging and collaborative technology to help auditors unlock audit insights. Purpose of ACL audit software Audit Command Language (ACL) main purpose is to provide risk assessment tools to let users run a sophisticated risk analytics to detect errors, anomalies that would not otherwise been detected if it were to be done using manually sampling or generic business intelligence program. Furthermore, the software is designed to solve the time spent on managing governance, risk management and compliance activities. Publicly traded companies like AAPL (NASDAQ) can use the client-based data extraction and analysis software tool to prevent, detect fraud and risk management. By sampling large data sets, ACL data analysis software can find irregularities or patterns in Apple’s transactions that could indicate control weaknesses or fraud. Capabilities Data visualization and trend Analysis – ACL software Technology can remove the manual burden of having to prepare excel sheets and PowerPoint heat maps by providing out-of-the-box data visualization tools and heat maps and making them available to everybody with the most up-to-date information. It can also show how organization risk assessment has changed over time.

2

Connect to risk management frameworks and regulations – ACL software map frameworks, standards and regulations to any organization internal controls to track regulatory compliance. Analyzing massive amounts of data to identify risks and anomalies – ACL technology helps analyze 100% of transactional data to detect, prevent and predict risk events gives organizational assurance. Risk analytics - ACL analytics is developed and designed to perform risk analytics against the company operations data and Information Technology (IT). Public sector Monitoring – The software helps organization enhance oversight monitoring, and assurance for its expenditures, revenues, etc. Integrate specialized risk management systems – In the new age of technology, organizations use the best tool for the job and that often means that a variety of technology will be used for various activities. ACL software makes it easy to integrate data across systems, both from workflow and data analysis perspectives. Provide at least two examples of how companies have used the software as it relates to audit capacity Risk and control monitoring To adequately impact the company’s future direction, the management requires a platform for giving knowledge to budgetary authority and adjusts back to corporate technique. ACL’s risk and control monitoring solution helps companies assess its performance against targets and quickly spot the need for corrective action. The technology makes it easy to uphold quality standards for company’s processes, and report on productivity and other key performance indicators. Fraud management Fraud and corruption hides in nooks and crannies within and between systems, one can only imagine how rampant this will be in a multi-national firm like Apple. According to its website, ACL states that large corporations make use of ACL technology to implement anti-fraud or antibribery framework and manage a robust program from detection through to case resolution—to protect organization’s performance, integrity, and reputation. This is a perfect example of how companies can use the software in implementing proper controls and fraud deterrence. Discuss the benefits from using the software The best part of ACL is that you can analyze large sets of data and it is easy to reuse your work for other projects. It's much better to use from an audit standpoint than Excel. ACL provides free online training that helps and there is an active community for help when you need it. 

Enhances Compliance management

3



Facilitates Risk based auditing

Discuss disadvantages from using the software if any. 

Heavy installation costs

The cost of installing this audit software is very high and therefore making it difficult for small or medium companies to afford installation cost. Requires constant Maintenance ACL auditing software maintenance does not only require upgrading of the software package, but also maintenance and upgrading of all the necessary equipment to utilize the auditing software because the new versions of the software may necessitate upgrading of the old version. Finally, discuss in detail how you would use the software in the context of the SEC Company that you selected. 

Segregation of duties

ACL's software operational hazard management encourages segregation of duties as it provides proper execution of duties thus enhancing better performance. 

Supply chain oversight

ACL audit software to provide controls for the company systems against risk exposures. I will incorporate this to Apple’s Inventory systems.

REFERENCES

4

ACL Data Analytics: Company Overview. Acl.com. Retrieved 2019-02-10. http://www.acl.com/...