Data Analytics & Continuous Monitoring

Current Approach

Internal controls are key to achieving organizational objectives. They are also critical to eliminating mistakes and preventing fraud.

The Association of Certified Fraud Examiners (ACFE) 2016 Report to the Nations on Occupational Fraud and Abuse found:

  1. the most prominent organizational weakness that contributed to the frauds was a lack of internal controls, which was cited in 29.3% of cases,
  2. the second most common cause was an override of existing internal controls, which contributed to just over 20% of cases.

Consequently, strong internal controls should be a primary focus of every management team. The challenge is that this requires considerable effort:

  • identify & assess risks
  • prioritize which controls to test to assess their effectiveness
  • identify exceptions (test failures)
  • draw conclusions based on the investigation
  • identify controls that mitigate risks & assess their impact
  • conduct tests
  • investigate exceptions
  • develop & implement a plan to address specific exception & prevent future occurrences

This traditional approach to ensuring internal controls are effective is problematic:

Time intensive + Extreme testing delays = High Risk (read more...)

If you think you could be doing something better with this time, consider better solutions...

Better Solutions 

Evolve your internal controls system. Get better productivity and stronger controls with Data Analytics & Continuous Controls Monitoring (CCM) systems that:

  • perform automated testing on 100% of your transactions across numerous, disparate data sources,
  • ensure testing occurs on a schedule optimized to catch & mitigate the risk of mistakes & fraud,
  • notify appropriate individuals immediately (via email or SMS) when exceptions are identified,
  • provide remediation guidance to ensure the correct steps are followed,
  • automatically escalate exceptions that are taking too long to resolve,
  • centralize documentation of remediation actions taken & findings to satisfy auditors.
Attend an upcoming Continuous Testing & Monitoring webinar

Benefits

Stronger controls

Test 100% of transactions in near real time, perpetually. Neither vacations nor vacancies impact the testing frequency. This enhances visibility into internal control exceptions to ensure that each one is investigated and remediated. 

Lower costs

Reduce the cost of compliance with the move away from manual, periodic testing. Instead, allocate your staff to valuable analysis, remediation and preventative tasks.

Faster detection

More testing, done immediately decreases the risk of non-compliance. The ACFE's report found that frauds were detected 33.3%–50% more quickly if the organization used Continuous Testing & Monitoring systems.

Reduced losses

The ACFE compared organizations that had specific anti-fraud controls in place against organizations lacking those controls. They found that where controls were present, fraud losses were 14.3%–54% lower.

Standardized business processes

Implementing Continuous Testing & Monitoring properly necessitates formal documentation & standardization of business processes. This by-product of the Continuous Testing & Monitoring system provides several benefits. Standardized business processes are easier to teach when staff turnover occurs and easier to enforce. 

Take a Continuous Testing and Monitoring Test Drive Read some of client success stories

Our Services...

Implementation

Industry leading software and best practices only provide maximum benefit when implemented properly. Further, inexperience implementing these systems can lead to a lot of precious time being wasted and considerable frustration. Our team can help.

Integration

Large organizations use a myriad of systems; ERP, budget, payroll, capital asset databases, P-cards etc. Improving efficiency means integrating with these systems to save time, prevent fraud, reduce the risk of error and improve value for money in your operations.

Optimization

Perhaps you have been using the product for years. Are you using it to its full potential? Could an unused feature/approach result in saving hours every month? Our experience tells us most often the answer is "Yes".

Training

Whether you are a believer in traditional in-person training or embrace online opportunities, we have a training solution that will fit your preference and budget. Our authorized instructors will educate your finance/internal audit team in a traditional classroom setting or in the comfort of their office.

What our clients say

Our Tools...

CaseWare Idea

CaseWare Idea

Move from random sampling to automated data analytics - Collect, consolidate & analyze 100% of your data in real-time to strengthen internal controls.
CaseWare Monitor

CaseWare Monitor

Continuous monitoring, remediation, and insights to detect errors, reduce losses & improve internal controls.

Have Questions? See our FAQ.

FAQ

A Few Of Our Clients...