Archived media coverage is available below. To view the most recent coverage,
return to the main ACL Media Coverage page.
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Palomar Pomerado goes on RAC Attack with continuous monitoring
In the RAC demonstration period between 2005 and 2008, the Centers for Medicare and Medicaid Services recouped over $900 million in overpayments and found nearly $38 million in underpayments returned to health care providers. The program will be permanent in all 50 states by January 1, 2010, and is expected to return many more hundreds of million dollars in improper payments back to government coffers. ACL customer Tom Boyle, CIA, CISA, CFE, CCP, MBA, District Audit Officer for Palomar Pomerado Health details their approach to RAC, including continuous auditing and monitoring. (AuditNet Newsletter, December 2009) Read the article...
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X-ray Visions
An American private fleet that has been known to spend up to US$3.1 million every month on fuel saw its diesel and gasoline charges drop by almost $1.4 million over a two-month period in the summer of 2008.
And while a small part of that amazing saving came from delivering less product, the people in charge of corporate security at the company know that it’s also a result of a new internal auditing procedure, used to track the 3,000 or so fuel cards used by the fleet’s drivers around the continent. (Today's Trucking, Nov. 30, 2009) Read the article...
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Your Internal Audit's Vital Signs
When Tom Boyle, district audit officer at Palomar Pomerado Healthcare (PPH), updated his board of directors on the progress of his company's fledgling continuous GRC monitoring program in September, he chose an analogy that hit close to home."Continuous controls monitoring is just like monitoring a patient's vital signs," says Boyle, a 30-year veteran of healthcare internal auditing. An in-depth profile of PPH's continuous monitoring program, using ACL AuditExchange 2.0. (Business Finance, Nov. 16, 2009) Read the article...
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Doing the Internal Audit-Management Dance
Internal auditors are used to walking fine lines, but championing a "continuous controls monitoring" program requires extra balancing skill. Dr. Miklos Vasarhelyi, Rutgers University, and ACL customer Mary Ann Tourney, Talecris Biotherapeutics, are interviewed about a recent case study by the Center for Continuous Auditing at Rutgers University Business School. (CFO.com, Nov. 10, 2009) Read the article...
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Reach the Everest of Technical Auditing Designation
Today’s business environment of organizational complexity and economic uncertainty has led most global firms to embrace data analytics. Computer Assisted Audit Techniques (CAATs) has become a best practice for companies of every shape and size. But research shows there’s a wide disparity between the need for technology-enabled audits and the number of audit professionals who are proficient with data analytics. ACL director of professional services David Chiang, CA.CIA, CMC, ACDA, talks about the ACDA designation. (AuditNet Newsletter, November 2009) Read the article...
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Monitoring the Monitors
The audit group at Talecris worked with business-line leaders to put in place automated monitoring of controls.
Using technology from ACL, Talecris automated its monitoring of purchasing cards, implemented controls on its vendor list and eliminated many inactive vendors. It also tightened its policies on returned goods, and used ACL tests to track expense usage. (Treasury & Risk Magazine, November 2, 2009) Read the article...
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Effective Data Analytics: The Path to An Integrated Approach for Audit and GRC
For the past several years, international business leaders have been sharply focused on meeting and maintaining regulatory compliance. Sarbanes-Oxley legislation and more stringent reporting requirements from both industry and governments have engaged global companies in complex compliance planning, testing, and assessment activities.
That laser focus, however, is shifting. (Corporate Compliance Insights, October 26, 2009) Read the article...
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Internal Audit: The Continuous Conundrum
A generally accepted definition of "continuous auditing" remains elusive, and expert practitioners remain rare. Here are some tips from the trenches for getting a program going.
Featuring two ACL customers: Hospital Corporation of America (HCA) and American Electric Power. (CFO Magazine, September 18, 2009) Read the article...
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The RAC Reserve Debate
The question is whether hospitals should establish reserve funds as the government's Recovery Audit Contractor program is rolled out nationally.
ACL customer Tom Boyle, internal audit officer at Palomar Pomerado Health and CFO Bob Hemker are interviewed. (Health Leaders magazine, September 2009) Read the article...
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Fraud Detection: What’s Under the Rug?
Identifying fraud has always been an important goal for organizations across the globe. The current economic turmoil, however, is pushing fraud detection higher on everyone’s priority list. Unfortunately, few companies are taking advantage of technology solutions that can actively target key risk areas – instead of relying on sporadic hotline calls or anonymous tips.
ACL customer Penny Borjas, CFE, CIA, dives into three case studies on how she has used technology to catch fraud. (AuditNet Newsletter, September 2009) Read the article...
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‘Continuous auditing’: The next trend in compliance?
While running internal audits has become a fairly common practice, some firms are taking it a step further.
A growing trend: continuous auditing. The Institute of Internal Auditors defines this process as any self-auditing efforts made on a “more continuous or continual basis.” (CFO Daily News, August 20, 2009) Read the article...
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Software Trend Spotting
ACL is cited as the preferred audit software in an audit software solutions survey by The Institute of Internal Auditors discussed in this article (Internal Auditor, August 2009) Read the article...
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The 24/7 Audit
ACL customers at Siemens Financial Services, Inc. and Harrah's Entertainment are interviewed in this article on continuous auditing and monitoring. (CFO Magazine, July 15, 2009) Read the article...
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Monitoring Matters
For a company that executes complex commercial financing transactions, one of U.S.-based Siemens Financial Services, Inc.'s primary governance, risk management, and compliance (GRC) programs can be described in refreshingly simple terms: Continuous monitoring + continuous auditing = continuous assurance. (Business Finance Magazine, July 14, 2009) Read the article...
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A Primer on Continuous Monitoring
Eric Krell discusses the difference between continuous auditing and continuous monitoring, and his upcoming case study with ACL customer Jason Gross, VP of controls management at Siemens Financial Services, Inc. (Business Finance - Big Fat Finance blog, July 9, 2009) Read the post...
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Fraud Investigations
ACL customer Brenda Buetow, a certified fraud examiner and senior manger of forensic services at Crowe Horwath LLP, describes cases she's investigated and offers tips for detecting fraud and the employees most likely to commit fraud.(SearchFinancialSecurity.com, July 5, 2009) Listen to the podcast...
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Internal Audit: Change Agents in a Tough Economy
As the economic downturn grips organizations around the globe, corporate governance steps into the spotlight. Boards of Directors and their designated audit committee members have a critical responsibility to be hands-on stewards of their organizations. (AuditNet Newsletter, June, 2009) Read the article...
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Former Comptroller Weighs In
If you thought David Walker was sharp, thoughtful, and independent-minded during his tenure as Comptroller General of the United States (I sure did), you ought to hear him now. (Business Finance, May 18, 2009) Read the blog...
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Maturing the use of data analytics
In the internal audit practice the use of data analytics as part of the audit process is usually part of a continuum. It tends to start off in ad hoc use, then move to repetitive use, and, finally, to continuous auditing and continuous monitoring. In this article, John Verver from ACL Services Ltd. examines the typical evolution in using data analytics. (KnowledgeLeader, April 27, 2009) Read the article
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Coping With Recovery Act’s HIPAA Requirements
ACL customer Tom Boyle, chief audit executive at Palomar Pomerado Health, is interviewed in this article. The recently enacted Recovery Act extends stringent privacy standards for personal health information to many more companies, including some far removed from the healthcare business. Inside is a recap of what companies new to healthcare privacy should be doing to get up to speed. (Compliance Week, April 7, 2009) Read the article
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Internal Audit: The Board’s Agent on the Ground
When Siemens, one of the world’s largest companies, was recently shaken by internal fraud and abuse scandal, their corporate board members realized that they needed to enhance their ability to oversee such a large organization. The Siemens case impacted the company’s governance structures all the way up to the board and C-suite level. And board members around the globe have watched the case carefully as a cautionary tale of the inherent challenges in governing large organizations. Being a board member is a serious commitment in this regulatory age. (Corporate Compliance Insights, February 6, 2009) Read the article
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Slots of Risk
Success in gambling has nothing to do with luck and everything to do with knowing the system -- just ask Cheryl Kondra, chief audit executive of Harrah's Entertainment...The system that Harrah's internal audit function uses to maximize its odds for success consists of new technology, best practices gleaned from auditors within the legacy organization and recently acquired companies, and strong relationships with other corporate functions, particularly finance and information technology (IT).(Business Finance, January 21, 2009) Read the article
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Continuous Monitoring and Auditing: What is the difference?
Both continuous auditing and continuous monitoring can be cornerstones in helping internal audit respond effectively to the increased expectations that are placed upon them. They can also help organizations operate more efficiently and more profitably. In part one of this two-part series, John Verver, from ACL Services Ltd., poses the question: Are these two separate concepts or merely variations of a theme? In part two, John closes his discussion by focusing on the benefits of continuous auditing and monitoring, and related best practices. (KnowledgeLeader, December 22, 2008) Read the article...
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Auditors, the New Best Risk Managers?
Internal auditors are shedding their number -crunching shells and taking wing as corporate-wide risk experts, recent trends seem to show. Building on their Sarbanes-Oxley (SOX) expertise in perfecting financial controls, auditors should—and many are beginning to—play critical roles in assessing enterprise-wide business and operational threats, according to a recent PricewaterhouseCoopers report. With SOX demands decreasing, notes Jim LaTorre, PWC internal audit services leader, “manpower is being freed up to tackle all risk issues that impact shareholder value.” (Treasury & Risk, November 25, 2008) Read the article
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Silver AHA Award Winner in Corporate Governance
Government agencies are not known for innovation, and back in 2000 the Province of British Columbia was no exception. A Hackett benchmarking survey indicated that the staff spent 77% of their time processing invoices—20% more than the most efficient corporations. (Treasury & Risk, November 3, 2008) Read the article
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Who’s to Blame for the Credit Crisis? How About IT! Underneath every bad decision, fraudulent assumption, and greedy gamble, there’s some analysis — and that analysis is built on a model, and that model is dependent on data from IT applications — yes, it’s true — whether that application is a speadsheet, business intelligence application, or ERP system — it all points back to IT. (French Caldwell blog, Oct. 13, 2008) Full Blog Post
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Raising Red Flags ACL is customizing its continuous monitoring technology for
Corruption-plagued German giant Siemens. the massive installation will
analyze data from 1,300 business units in 190 countries. (Treasury & Risk, Sept. 2, 2008) Full Story
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ACL Brings Real-Time Audit to Bear at Siemens Siemens, the world's largest SAP shop, is adopting audit software from ACL Services to analyze its purchase transactions and look for waste and fraud. The implementation, which will span 1,300 subsidiaries and other entities of the German technology giant--including 800 that use SAP and 500 that use some other ERP system--will be the world's largest purchase-to-pay monitoring project ever undertaken, according to ACL. (IT Jungle, July 15, 2008) Read the full post here
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How Continuous Auditing and XBRL-GL Work Together to Provide Improved Business Value Nigel Matthews, Senior Product Manager, ACL Services, was invited to contribute a post to Data Interactive, a weblog launched by Hitachi that aims to encourage XBRL dialog.
In his post, Nigel discusses the importance of continuous auditing and need for auditors to have ongoing and ready access to enterprise data, and the tremendous potential of XBRL-GL to address one of the fundamental challenges facing auditors today: How can the average non-specialist auditor find and make sense of complex, often poorly documented, but nonetheless vital enterprise data — without getting deep into the weeds of IT technology? Read the full post here
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Financial Integrity Threatened By Risks of Change External pressures on businesses in the retailing sector from mergers and acquisitions, organisational change and regulatory compliance are causing 'fault lines' in financial processes that are exposing businesses to potential fraud, mistakes and inefficiencies. (Retailspeak, Spring '08) ... Full Story
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Enhancing Audit Efficiencies: Maximizing the Use of Technology To help internal audit departments assess their options for enhancing audit efficiencies, a panel of experts convened for the September 2007, IIA webcast, "Enhancing Audit Efficiencies: Maximizing the Use of Technology." In follow-up interviews with KnowledgeLeader, several of the participants - including Paul Sobel - shared their views on the topic and discussed their own experiences and key areas relating to maximum technology use. (Protiviti KnowledgeLeader, 2008) ... Full Story
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ACL CCM Version 3.5 Launches ACL continuous monitoring technology is continually evolving to support the changing GRC environment and larger, more complex organizations that need to distribute results to a broader community of users. (Sarbanes-Oxley Compliance Journal, February 25, 2008) ... Full Story
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Big Four battle intensifies The Financial Reporting Council (FRC) has stepped up its efforts to widen choice in the UK audit market by publishing responses to the April assessment by its Market Participants Group (MPG). While few of those participants, or their respondents, expect a sudden change in rules or players’ behaviour, big companies are being challenged to reflect on whether their predilection for the Big Four results from concern for quality or lack of information and imagination. (Accounting Web, July 20, 2007) ... Full Story
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Got XBRL? Although more organizations around the world are using XBRL, many internal auditors are still unaware of the benefits this markup language for the electronic communication of business information has to offer. (IT Audit, June 2007) ... Full Story
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Continuous Fraud Control ACL President & CEO Harald Will argues that effective compliance systems add much more value to a business over and above merely helping to reduce fraud. (Governance.co.uk, April 2007) ... Full Story
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Compliance - The Impact on Internal Audit Increasingly, the lines between regulatory compliance and internal audit duties have become blurred in recent years and this overlap is becoming a major problem for internal audit departments according to Harald Will, president and CEO, ACL Services Ltd. (Compliance Executive, January 2007) ... Full Story
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Continuous Auditing Is Ready for Prime Time Continuous auditing was hatched in Bell Labs approximately 25 years ago, and since then it has matured slowly - very slowly. But a new global survey of audit professionals conducted by ACL in cooperation with The IIA shows strong signs of an uptick in interest in this technology-intensive approach. (Business Finance Magazine, August 2006) ... Full Story
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Audit Execs Cite Staff Shortages In a new survey of internal auditors conducted by ACL Services, 70 percent said difficulty hiring competent staff was their biggest business challenge. Another 60 percent cited complex IT infrastructures. (CFO.com, June 26, 2006) ... Full Story
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The clock is ticking, but the answer to 404 hasn't gelled It's only two and a half months until the fiscal year begins when smaller companies granted a reprieve on Section 404 internal controls assessments will have to begin filing audits. And there is still no definitive answer as to what will be expected of them, although there is a glimmer of what is to come. (Treasury & Risk Management Express Newsletter, May 1, 2006) ... Full Story
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Continuous Auditing Is Here to Stay Now that the need for transactional efficiencies, fraud prevention and real-time financial reporting is acute, mainstream finance is finally jumping on the bandwagon. (Business Finance Magazine, March 2006) ... Full Story
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ACL keeps an eye on the ledger 24/7 Built on a continuous controls monitoring (CCM) framework, ACL CCM for the General Ledger consolidates information from various sub-ledgers and automates the testing and monitoring of a company's internal controls by analyzing transactional data underlying business and financial reporting functions. (Treasury & Risk Management Express Newsletter, November 9, 2005) ... Full Story
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See Your Enterprise Data from a Single Point of View Ken McGovern, ACL Director of Product Management, discusses how SAP customers can apply ACL Data Analytics technologies to gain visibility into financial and operational performance and satisfy compliance regulations. (SAP Insider, Oct - Nov - Dec 2005) ... Full Story
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SarbOx: The Next Generation By now, most large companies have had to comply with Section 404 of the Sarbanes-Oxley Act. However, since the obligation is an annual one, many companies are looking to automation and technology solutions to improve compliance efficiency and add real-time capabilities. (eWeek, August 5, 2005) ... Full Story
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SOX: Not So Bad After All? With most of the work for Sarbanes-Oxley done, finance execs are starting to acknowledge that the corporate-governance law may be beneficial (BusinessWeek Online, August 2, 2005) ... Full Story
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SOX year two: trouble ahead Year one of Sarbanes-Oxley Act (SOX) compliance was a painful and expensive one for many firms both in the US and Australia, but it’s about to get a whole lot worse, according to two major studies. (Risk Management Magazine, July 25, 2005) ... Full Story
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404 Compliance In Year Two Isn't Getting Cheaper A new survey of public companies indicates that a solid majority of them will struggle through Sarbanes-Oxley compliance in 2005 much as they did in 2004: understaffed, overworked, and awash in a sea of manual controls that require expensive testing and remediation. (Compliance Week, July 12, 2005) ... Full Story
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Harald Will of ACL Services Speaks Out Jack Martin sat down with Harald Will, President and CEO of ACL Services to discuss ACL's latest survey and his view of how Sarbanes-Oxley is evolving. (Sarbanes-Oxley Compliance Journal, June 23, 2005) ... Full Story
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SOX Relief Pushed Further Out On The Horizon As companies pass the year two mark for complying with Sarbanes-Oxley’s internal controls legislation, they are finding that costs are still on the rise according to several recent studies. (DowJones, June 22, 2005) ... Full Story
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SarbOx May Not Benefit Businesses The benefits envisioned by enterprises for complying with the Sarbanes-Oxley Act may never materialize. So says a survey conducted by ACL Services and the Center for Continuous Auditing. (eWEEK, June 20, 2005) ... Full Story
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Sarbox resolve flagging A recent study by the CCA and ACL found that there are serious concerns among audit and financial managers at leading companies about sustaining Sarbanes-Oxley compliance procedures (Accountancy Age, June 23, 2005) ... Full Story
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The impact of SOX Canadian companies feeling the effects of changing U.S. regulatory environment—and ACL is here to help. (ITWorld Canada, June 7, 2005) ... Full Story
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Survey: Compliance spending soars Companies will spend nearly $15.5 billion on compliance programs in 2005, according to a recent study by Boston-based AMR Research. John Verver, ACL Vice President of Professional Services, believes that technology must step up to the plate to help companies rein in costs. (CIO Insight, April 27, 2005) ... Full story
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Policing Payroll With its high number of transactions and the large portion of overall expenditures devoted to it, the payroll process can be a target for fraud and costly errors within an organization. That’s the idea behind ACL Services Ltd.’s latest release, CCM for Payroll. (Treasury & Risk Management, November, 2004) ... Full Story
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Many Companies Lack Sarbanes-Oxley Compliance Budget Two-thirds of companies with revenue of more than $1 billion have no annual budget for Sarbanes-Oxley Section 404 compliance, according to a survey by ACL Services Ltd. and the Center for Continuous Auditing.(Compliance Reporter, July 14, 2004) ... Full Story
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Fahrenheit 404 After toiling roughly two decades as an editor, you can imagine I’ve been faced with more than my share of deadlines. So, duty has sort of molded me to adopt a proactive approach to meeting any pending time constraints. (Accounting Today, July 2004) ... Full Story
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BankBoston Argentina Upgrades Reporting Software BankBoston Argentina uses ACL to manage the wealth of information that it has on its customers, saving 1,500 hours per year in report processing time and standardizing thier most frequent control tasks. (Bank Systems & Technology, November 4, 2003) ... Full Story
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How to Catch a T&E Thief ACL and Concur have teamed up to launch a module designed to detect travel and entertainment expense fraud. (Treasury & Risk Management Magazine, October 2003) ... Full Story
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Scouring the Entire Haystack Auditors may not be effusive by nature, but get them started on how ACL has heightened their investigative prowess, and the praise flows. (Baseline, August 2003) ... Full Story
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Governance Falls into CIO's Lap CIOs are being charged with helping their CEOs and CFOs comply with the corporate governance regulations in the Sarbanes-Oxley Act. (Insurance & Technology, June 2003) ... Full Story
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Balance Scorecard Meets BPM ACL client Rich Lanza, internal audit manager for Toys "R" Us Inc., discusses how his organization uses ACL software to minimize risk. (BusinessFinanceMag, June 2003) ... Full Story
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