ACL Project for Eagle view Company Harvard Case Solution & Analysis

ACL Project for Eagle view Company Case Solution

Part 1

Importance of Data’s Original Form

            It is necessary to see the data in its original form before importing it into ACL as when the analyst looks it in its true condition, then he will be able to know that how the data will appear. Furthermore, the analyst can rectify the data from errors and formatting inconsistencies. Finally, the auditor or analyst would come to know how the data is formatted when performing sorting or matching tasks.

Potential Obstacles of Data before Importing

            As far as the potential obstacles of the data are concerned, it can be estimated that the main and significant obstacles include errors, formatting and matching differences. However, another obstacle may be the data manipulation as, the data can also be manipulated but before the audit this cannot be rectified.

Potential Strategies to Enhance ACL’s usefulness

            There are numerous strategies which can enhance the usefulness of ACL. However, there are several extensions available in the markets which have already installed codes, keywords searches and they are able to perform thousands of audit tasks on the go. Nonetheless,if the user is not interested to install those extensions, there are several other techniques which can bolster the usage of ACL. These strategies include understanding the format of data, making the data error free and using interval or time series data to prevent errors and to easily perform the required task.

Basic Tasks which can be performed by ACL

            There are various tasks which ACL can easily perform on finger tips and on the go. However, these tasks include checking for recording errors, detecting frauds, checking misappropriations and identification of manipulations as, ACL checks for the consistency of data and provides better information that either the data is correct or falsified.

Benefits of Basic ACL’s Task to Auditors

            From the above basic tasks which can be performed by ACL, the auditor can take a lot of benefits from these basic commands as, the auditor can easily identify whether the data is correct or is it manipulated, duplicated or falsified. Furthermore, this will give an insight to the auditor that whether the company is on track or are there some personnel which are making frauds.

Importance of Documentation when Using Computer Assisted Audit Techniques (CAATs)

            Data reliability and validity is the backbone when using the CAATs since, in this technique the auditor only puts the data into the required function to get the desired results, and if the data is not valid or inappropriate due to documentation errors, then the whole audit technique or process may be ruined and the auditor will have to test the same thing again. However, there are numerous advantages which the auditor will have while using the CAATs. These benefits include Test Program Controls, Test on large volume of data with ease, test the source of the location of data, cost effectiveness and lastly, the auditor can make comparisons among different sources of data.

Handling Duplicate Invoices at MGP

            ACL is very attractive and efficient software to identify the outliers and repeated values in the data. However, in our case we have to analyze the duplicate invoices and test that whether they exists or not. In order to check this there is gap command which exists in ACL, which rectifies and identifies gaps in values. Moreover, this command is useful for removing duplicate values however,for instance there is also a Test for Duplicates command which purely identifies and removes duplicate. Lastly, both of the commands will be useful in removing duplicates..................

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