Organizations are continually exposed to error, fraud, and inefficiencies that can lead to increased risk and financial loss. Moreover, an evolving regulatory environment, increased globalization, market pressure to improve operations, and rapidly changing business conditions require that organizations ensure that internal controls are effective and that risk is being properly mitigated. Leading organizations have turned to the continuous auditing and monitoring of financial transactions as a way to ensure that policies and procedures are followed and the business is operating as intended.

Challenges
Internal audit teams are faced with some daunting challenges: pinpointing risk "hot spots" and assessing the degree of exposure; providing ongoing assurance of the effectiveness of internal controls; and timely identification of non-compliance with regulations and policies. And in an environment of increased scrutiny, competing priorities, and limited skilled resources, meeting these challenges is becoming harder and harder.

ACL Solutions
ACL solutions allow organizations to determine the effectiveness of key controls by analyzing financial transactions continuously and independently. Advantages include timely insight into control problems; early discovery and reporting of fraud, errors, and inefficiencies; and effective identification of risk areas. ACL solutions reduce the audit time and effort spent on controls testing resulting in a more efficient and sustainable compliance process. By embedding audit best practices into an organization's business processes, operational performance gains and increased profitability are attained through correcting control deficiencies, plugging revenue leaks, and improving cost management.