Automation Powers: Continuous Control Monitoring made easy and workable
Automation allows that more auditing tasks can be done in less time and sometimes even with less workers. The lowered need for additional employees for auditing increases the business’ potential to expand other resources and spend less just to maintain the inventory. Automation could be used for creating adequate environment for Continuous Control Monitoring, which is required in the environment of rapid increasing data and business complexity. Post CCM, Business Intelligence is a next effective step under review.
Continuous Ability to Monitor
In the very beginning of using ACL Software, there are setbacks in the form of learning curves of users, inputting the initial data necessary for the tasks and many other adjustments. However, the software has long-term quality in the sense that it promotes continuous monitoring of company assets and operations.
Greater Sample Size or Scope of Work: Migrate to 100% analysis
The samples taken in ACL software are much greater than what Bank rely on its employees to do the job manually. Aside from saving time, it also increases the scope of work, making the whole audit system very efficient & accurate. It helps the bank to perform 100% analysis of electronic data and migrate from sampling to more accurate and precise auditing and monitoring.
Fraud Detection
Fraud detection is made easier since there is continuous monitoring and a much larger sample size. Fraud is much more easily discovered in a well-maintained system that does not purely rely on human powers. Use of Benford Law for Fraud Management has been made easy with ACL. |
