ACL Services: Best Practices of World-Class Audit Shops

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  • 1. Your Trusted Partner for Audit AnalyticsBest Practices of World-ClassAudit ShopsCopyright 2012 ACL Services Ltd.Host: Peter MillarDirector of Technology ApplicationPresenter: Steve Biskie (CPA, CITP, CISA)Director of Customer Solutions

2. ACL Services Ltd.Copyright 2012 ACL Services Ltd. 2 Peter Millar Director, Technology ApplicationPBMillar 3. ACL Services Ltd.Copyright 2012 ACL Services Ltd. 3Steve BiskieDirector, Customer Solutions 4. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 4Why 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. Its 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 5. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 5vs. 6. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 6Best 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 agroup to get there togetherIts a group outcome, not an individual one 7. ACL Services Ltd.Copyright 2012 ACL Services Ltd. 7302520Targetvs.15Actual1050 Q1 Q2 Q3 Q4 8. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 8Best Practice #2 World Class Audit Teams: Develop plans for success Establish milestones and accountability Track progress towards their goal Six Sigma Principle: We dont value what we dont measure 9. ACL Services Ltd.Copyright 2012 ACL Services Ltd. 9Typical ThinkingWorld-Class Thinking How many tests do I have? How many useful tests? How do I get this data so I can Once I get this data, how do Iuse it? make it recurring? How do I write the logic to How to I write the logic tocompare my vendor addresses compare any address to anyto employee addresses toother address, and apply it todetect suspect relationships? employee-vendor matching? How many audit-centric How can I more intelligentlyexception reports can I provide present this information so itto my audit team? can be quickly understood? 10. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 10Best Practice #3 World Class Audit Teams: Think beyond the immediate need Work smarter, not harderIts not about analytic results,its about better auditing 11. ACL Services Ltd.Copyright 2012 ACL Services Ltd. 11 How many analytics resulted in an audit- committee level report? $ value of exceptions identified this week? How many SuperBowl What are the next 3rings in the teams history? analytics to be developed? What was the score of the What is the plan if yourlast game? ACL expert leaves? Who are the next threeteams on the calendar? Who is the 2nd stringquarterback? 12. ACL Services Ltd.Copyright 2012 ACL Services Ltd. 12Best Practice #4 World Class Audit Teams: Know their accomplishments and plans Have fans that rave about their success 13. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 13What is the World-Class Message Here?+ 14. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 14Best Practice #5 World Class Audit Teams: 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 notmean it will be easy next time Will make it happen no matter what it takes Including learning from those who have been there 15. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 15In Summary, World-Class Audit Shops 1. Have a shared goal that they work together to achieve 2. Develop plans for success, and track progress towardstheir goal 3. Think beyond the immediate need to work smarter, notharder 4. Create raving fans from key stakeholders 5. Anticipate obstacles and fight to overcome them 16. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 16Additional Resources:E-Book: Dont Navigate Risky WatersWithout Internal Audit Visit acl.com/risk 17. ACL Services Ltd. Copyright 2012 ACL Services Ltd. 17

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