NEWS

WIRES

OTHER

Latest Guidance from The IIA Outlines Technology's Role in Combating Fraud

According to PricewaterhouseCoopers' 2009 "Global Economic Crime Survey," 30 percent of global companies reported having experienced fraud in the past 12 months. Almost two-thirds of those firms believe fraud has increased due to reduced resources for evaluating internal controls.

"Technology has created new ways for fraudsters to operate, but fraud detection technology has also advanced dramatically over the past decade," says Peter Millar, director of technology applications at ACL Services. "Improved audit analytics and automated continuous monitoring of transactions are redefining best practices for fraud detection and ultimately, business assurance."

An online poll by Deloitte Financial Advisory Services revealed that over 27 percent of executives reported cuts in internal audit personnel last year. With fewer staff and resources, the need for automated audit processes and continuous controls monitoring technology is critical.

"This timely guidance provides an overview of techniques for effectively engaging with teams and management to assess the risks related to fraud," writes Scott Grossfeld, CFE, CPA, and CEO of the Association of Certified Fraud Examiners (ACFE) in the GTAG foreword. "I encourage [auditors] to use this authoritative guidance to strengthen [their] knowledge of the integration of technology and fraud, for it surely will contribute to the success of [an] organization's fraud detection efforts."

As a member of The IIA's Advanced Technology Committee, Peter Millar co-authored the new report with Ken Askelson, CIA, CPA.CITP, retired from JC Penney; Rich Lanza, CPA, CFE, PMP, president of Cash Recovery Partners, LLC; Marilyn Prosch, PhD W.P. Carey School of Business, associate professor, Department of Information Systems Management, Arizona State University; and Donald E Sparks, CIA, CISA, ARM, vice president, Audimation Services, Inc.

This GTAG includes a step-by-step process for auditing fraud prevention programs, in-depth explanation of the various types of data analysis for detecting fraud, and a template for assessing risks. The GTAG supplements The IIA's "Internal Auditing and Fraud Practice Guide" on how to comply with the International Standards for the Professional Practice of Internal Auditing.

Both guides are considered "strongly recommended" under The IIA's International Professional Practices Framework (IPPF) and are available for download at The IIA website. The GTAG is also available to ACFE members at http://www.acfe.com/iia-gtag.asp.

About ACL Services Ltd.

ACL Services Ltd. is the leading global provider of business assurance technology for audit and compliance professionals. Combining market-leading audit analytics software with centralized content management and exception reporting, ACL technology provides a complete end-to-end business assurance platform that is flexible and scalable to meet the needs of any organization.

Since 1987, ACL technology has helped organizations reduce risk, detect fraud, enhance profitability, and improve business performance. ACL delivers its solutions to 14,000 organizations in over 150 countries through a global network of ACL offices and channel partners. Our customers include 95 percent of Fortune 100 companies, 85 percent of the Fortune 500 and over two-thirds of the Global 500, as well as hundreds of national, state, and local governments, and the Big Four public accounting firms. www.acl.com

Copyright 2010 ACL Services Ltd. ACL and the ACL logo are trademarks or registered trademarks of ACL Services Ltd. All other trademarks are the property of their respective owners.

ACL Services Ltd.
Manager Corporate Marketing
Beth Hardy, +1-604-974-1425
beth_hardy@acl.com