The truth is in the transactions
Almost every audit and every area of the organization needs to consider the risk of fraud and put controls in place to prevent it.
Adding new rules or, as in the case of the FCPA, enforcing old ones or encouraging whistle-blowers, will not cause fraudsters to stop. What can influence the outcome more effectively is putting proactive detective measures in place and letting everyone know that you are actively monitoring the business for tell-tale signs of fraudulent activity.
Data analysis technology seeks out indicators of fraud in an organization’s transactional data. When someone commits an act of fraud, there is invariably a record of their actions or an indicator of their deceit. Applied on a continual basis through continuous auditing or monitoring, detective measures can become preventative in nature. When it’s known that activities are being monitored 24/7, an environment is created where the risk of getting caught outweighs the possible gains.
ACL technology supports audit, business and financial management, and compliance teams by providing the whole analytic solution – from ad hoc investigation to continuous auditing and monitoring, as well as dashboard views and exceptions management – necessary to support fraud detection and prevention.
Contact us for a free consultation on how you can uncover fraud, errors and abuse using technology.
- Discussion Paper: Fraud Detection Using Data Analytics in the Banking Industry
- Discussion Paper: Fraud Detection Using Data Analytics in Government Organizations
- Discussion Paper: Fraud Detection Using Data Analytics in the Healthcare Industry
- Discussion Paper: Fraud Detection Using Data Analytics in the Insurance Industry
- eBook: Detecting and Preventing Fraud with Data Analytics
- eBook: 7 Steps to Tackle Fraud Using Data Analytics
- White Paper: The ACL Audit Analytic Capability Model: Fraud Detection
- Webinar: Analytics for P-Card Programs
- Webinar: ACL Tutorial: Accounts Payable Phantom Vendor Test
- Video: Spotlight on Dave Coderre, President CAATS (Computer Assisted Analysis Techniques and Solutions)
- Q&A: Croatia Airlines
- Article: ISACA Journal: The Devil’s in the Details – Fighting Fraud with Audit Analytics
- Podcast: Interview with David Riddell, Manager Automated Audit Solutions, Fidelity National Financial
- Podcast: Dollar Thrifty Automobile Group Case Study
- Case Study: Metcash
- Case Study: Austrian Ministry of Finance
“There is no way we could have been as successful assessing risk and detecting fraud without using ACL.”
- Alan Nixon, Staff VP and General Auditor, Dollar Thrifty Automotive Group
“We are a small airline, but in a year and a half, managed to detect close to $200,000 US worth of online credit card fraud using ACL.”
- Kreso Suntesic, Internal Auditor, Croatia Airlines
“Uncovering and stopping this fraud, in addition to recovering millions in lost tax revenue on behalf of the Ministry, was made possible by using ACL technology. In addition, because of the new audit standards for all EU member countries, the Austrian Ministry of Finance is using ACL analytics for ongoing monitoring and auditing.”
- Bernhard Kurz, Senior EDP Auditor, Austrian Ministry of Finance
“Fraud prevention and detection is an ongoing focus. ACL Direct Link collects data from SAP overnight and the results of the tests including ‘high probability exceptions’ are delivered to some 70-end users, broadening and deepening our Continuous Monitoring strategy.”
- Glen Laslett, FCA, CIA, CCSA, CISA – Group Audit Manager, Metcash Limited