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ACL whitepaper maintains that audit analytics are a powerful weapon in the fight against fraud.
20 June 2011
ACL Services released a new whitepaper detailing how firms can apply audit analytics to detect fraud at the Association of Certified Fraud Examiners' (ACFE) 22nd Annual Fraud Conference and Exhibition. In conjunction with the conference, ACL’s director of technology application, Peter Millar, presented the paper at an educational session on how to address issues related to people, process and technology to optimise the benefits of analytics in fraud detection and prevention.
In its most recent global fraud survey, the ACFE reported that the typical organisation loses 5% of its annual revenue to fraud, which translates to nearly USD 2.9 trillion lost worldwide. The annual ACFE conference hosts the foremost experts in the anti-fraud field from around the world to learn the latest on fraud prevention and detection. Millar’s sold-out seminar, Great Expectations: How to Detect and Prevent Fraud Using Data Analysis, discussed how organisations can capitalise on the power of analytics to identify indicators of fraud and expose weaknesses within internal controls.
"Every company can use audit analytics as part of a proactive, efficient effort to minimise fraud losses," said Millar. "The goal is to provide fraud examiners with detailed information and real-world examples of how to use audit analytics as a weapon in their fight against fraud."
ACL Services' whitepaper uses the Audit Analytic Capability Model (AACM) framework to explain how firms of all shapes and sizes can realise the advantages of audit analytics for fraud prevention. A framework developed by ACL, the AACM helps firms better assess the various levels of analytic techniques and the associated benefits. As Peter Millar explained at his presentation, the whitepaper emphasises how organisations can increase efficiency by capitalising on the power of audit analytic technology to identify indicators of fraud in their transactional data.