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Your Trusted Partner for Audit Analytics
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
Copyright © 2012 ACL Services Ltd. 3 ACL Services Ltd.
Steve Biskie Director, Customer Solutions
Copyright © 2012 ACL Services Ltd. 4 ACL Services Ltd.
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
Copyright © 2012 ACL Services Ltd. 5 ACL Services Ltd.
vs.
Copyright © 2012 ACL Services Ltd. 6 ACL Services Ltd.
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
Copyright © 2012 ACL Services Ltd. 7 ACL Services Ltd.
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4
Target
Actual vs.
Copyright © 2012 ACL Services Ltd. 8 ACL Services Ltd.
Best Practice #2
World Class Audit Teams:
– 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
Copyright © 2012 ACL Services Ltd. 9 ACL Services Ltd.
“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?
Copyright © 2012 ACL Services Ltd. 10 ACL Services Ltd.
Best Practice #3
World Class Audit Teams:
– Think beyond the immediate need
– Work smarter, not harder
It’s not about analytic results,
it’s about better auditing
Copyright © 2012 ACL Services Ltd. 11 ACL Services Ltd.
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?
Copyright © 2012 ACL Services Ltd. 12 ACL Services Ltd.
Best Practice #4
World Class Audit Teams:
– Know their accomplishments and plans
– Have fans that rave about their success
Copyright © 2012 ACL Services Ltd. 13 ACL Services Ltd.
What is the World-Class
Message Here?
+
Copyright © 2012 ACL Services Ltd. 14 ACL Services Ltd.
Best 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 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
Copyright © 2012 ACL Services Ltd. 15 ACL Services Ltd.
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
Copyright © 2012 ACL Services Ltd. 16 ACL Services Ltd.
Additional Resources:
E-Book: Don’t Navigate Risky Waters
Without Internal Audit
– Visit acl.com/risk
Copyright © 2012 ACL Services Ltd. 17 ACL Services Ltd.