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Copyright © 2012 ACL Services Ltd.

Best Practices of World-Class

Audit Shops

Host: Peter Millar

Director of Technology Application

Presenter: Steve Biskie (CPA, CITP, CISA)

Director of Customer Solutions

Copyright © 2012 ACL Services Ltd. 2 ACL Services Ltd.

Peter Millar Director, Technology Application

PBMillar


Steve Biskie Director, Customer Solutions


Why do some organizations achieve enviable,

quantifiable results from their technology investment while

others seem to flounder? The answer lies in best

practices that make the analytics both sustainable and well

managed. It's also important to not think of analytics purely

in terms of technology, but understand that people and

processes are equally important to ongoing success.

-Steve Biskie


vs.


Best Practice #1

World Class Audit Teams:

– Have a shared goal

– Work together to reach that goal

– Focus on the outcome, and what it takes as a

group to get there together

It’s a group outcome, not an individual one


0

5

10

15

20

25

30

Q1 Q2 Q3 Q4

Target

Actual vs.


Best Practice #2


– Develop plans for success

– Establish milestones and accountability

– Track progress towards their goal

Six Sigma Principle:

We don’t value what we don’t measure


“Typical” Thinking

How many tests do I have?

How do I get this data so I can

use it?

How do I write the logic to

compare my vendor addresses

to employee addresses to

detect suspect relationships?

How many audit-centric

exception reports can I provide

to my audit team?

World-Class Thinking

How many useful tests?

Once I get this data, how do I

make it recurring?

How to I write the logic to

compare any address to any

other address, and apply it to

employee-vendor matching?

How can I more intelligently

present this information so it

can be quickly understood?


Best Practice #3


– Think beyond the immediate need

– Work smarter, not harder

It’s not about analytic results,

it’s about better auditing


How many SuperBowl

rings in the team’s history?

What was the score of the

last game?

Who are the next three

teams on the calendar?

Who is the 2nd string

quarterback?

How many analytics

resulted in an audit-

committee level report?

$ value of exceptions

identified this week?

What are the next 3

analytics to be developed?

What is the plan if your

ACL expert leaves?


Best Practice #4


– Know their accomplishments and plans

– Have fans that rave about their success


What is the World-Class

Message Here?

+


Best Practice #5


– Anticipate obstacles and fight to overcome them

– Recognize that success may not come easy,

even if it has for others

– Understand that making it happen once does not

mean it will be easy next time

– Will make it happen no matter what it takes » Including learning from those who have been there


In Summary, World-Class Audit Shops…

1. Have a shared goal that they work together to achieve

2. Develop plans for success, and track progress towards

their goal

3. Think beyond the immediate need to work smarter, not

harder

4. Create raving fans from key stakeholders

5. Anticipate obstacles and fight to overcome them


Additional Resources:

E-Book: Don’t Navigate Risky Waters

Without Internal Audit

– Visit acl.com/risk
