Continuous auditing is a method used by auditors to perform audit-related activities on a continuous basis. Continuous auditing changes the audit paradigm from periodic reviews of a sample of transactions to ongoing audit procedures that test 100 percent of transactions resulting in more timely and comprehensive insight into risk and control issues.

Due to the sheer volume and complexity of business transactions today, traditional testing of controls, performed on a retrospective and cyclical basis, often months after business activities have occurred, is no longer adequate. Operational wellness demands a continuous auditing process that automatically performs control and risk assessments on a more frequent basis. This is especially true during times of economic uncertainly when the risks of fraud and error increase.

While the quality of insight delivered by continuous auditing has been praised for years, the challenges in effective implementation have held back deployment. ACL has recently introduced a solution that transforms the process of continuous auditing. ACL AuditExchange 2 provides automation and standardization of ACL analytics, combined with a simple scheduling interface. The results can be output to a multi-level dashboard for management review and monitoring.

And for teams wanting to scale up and fully achieve continuous testing of 100% of transactions, we have add-on components that dramatically expand data access capabilities to enable automated data extracts, and even mask sensitive data.

ACL AuditExchange 2 allows organizations to implement continuous auditing with ease. Our business assurance platform allows you to:

• automate regular testing so you can focus on higher risk areas
• determine the effectiveness of key controls by analyzing financial transactions continuously and independently
• quickly discover and report fraud, errors, and inefficiencies
• reduce audit time and effort spent on controls testing

Continuous Auditing with ACL improves operational performance and increases profitability by correcting control deficiencies, plugging revenue leaks and improving cost management.

Contact an account representative for more information.