Question
In: Accounting
What is Forensic Auditing? Show how you would utilize ACL in a forensic audit.
- What is Forensic Auditing? Show how you would utilize ACL in a forensic audit.
Solutions
Expert Solution
Forensic Audit :-
A forensic audit is an examination and evaluation of a firm’s or individual’s financial information for use as evidence
in the court of law. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or
other financial claims. In order to understand the legal consequences that a person attracts on being caught in
a forensic audit, it is necessary to know about the various statutes that talk about the implementation of forensic
audits in India. Therefore, this lesson aims at providing the basic understanding as to the laws, regulations and
statues, nationally as well as internationally, dealing will corporate laws and empowering forensic auditors in
performing their duties in its true letter and spirit.
Utilisation of Audit Command Language (ACL) in forensic Audit :-
ACL as a tool to read and analyse type of files scattered across numerous database on different platforms. ACL provides immediate visibility into transactional data critical to your organization enabling you to: analyse entire data populations for complete assurance; identify trends, pinpoint exceptions and highlight potential areas of concern; locate errors and potential fraud; identify control issues and ensure compliance with organizational and regulatory standards; age and analyse financial or any other time sensitive transactions; and cleanse and normalize data to ensure consistency and accurate result . In generic term ACL is a Generalized Audit Software (GAS).
ACL maintains data integrity by read only access to all data that they accessed, that is why the source data is never changed, altered or deleted. Mason (2007) explains that rule 901 of the US Federal Rules of Evidence requires that evidence submitted in the court have to be authentic. Further Mason (2007) states that data integrity is one factor out of six that proving the authenticity of evidence.
ACL features built in analysis command so there is no programming language needed. In addition for automate analytical procedures, ACL provides script for auditors who want more customized programmable commands.
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