Completing an Accounts Payable Audit With ACL
Providing practical data analytics training with ACL CPE = 2
This course is based on the well-known book, Payables Test Set for ACL, as written by the instructor. Accounts Payable is the #1 area that auditors test for value-and for good reason, it is a top area for errors and fraud with a very prized asset ... cash. This course presents a comprehensive list of objectives that every audit of the accounts payable function must meet, along with an alignment of scripts that assist in meeting the objectives.
The specific learning topics are:
- Being able to map audit objectives in accounts payable to the specific test scripts to perform the task (sampling of these scripts are provided with the course)
- See how a test set of scripts can be developed to uncover duplicate payments, untaken discounts, and other efficiency draws on the organization.....or fraud
- Learn the top questions to ask when extracting accounts payable data and which tables map best to the audit objectives
- Understand how ACL scripts can be written (beyond those provided in the course) to complete many common testing routines in accounts payable
A sampling of ACL scripts, from the Payables Test Set for ACL as written by the instructor.
List of audit objectives to ACL scripts to run to test the objectives:
- Mapping Accounts Payable Objectives to ACL Scripts - Provides an overview of the completing an accounts payable audit, first starting with the audit objectives, and then continuing with aligning audit questions to ACLTM scripts. Eight scripts are then highlighted and discussed which cut across all of the audit objectives. This originally aired on AuditSoftwareVIdeos.com on February 15, 2012 and is part of a full two-hour webinar.
- Getting The Right AP Data ONLY- Describes a list of data fields and tables required for 35 common data audit tests. Then a data request letter and accounts payable data validation procedures are explained.
- DEB_VEN - Debit Balance Vendors - Shows the execution of a completed script and then a dissection of the script with explanations along the way. The script will identify vendors that are in receivable positions with the company.
- SEG_DUTY - Segregation of Duties - Walks through joining the invoice to vendor table on vendor number to identify segregation of duty issues between vendor and invoice creation duties.
- CHK_XLST - Unrecorded Liabilities - Explains the use of the AGE function in an extract statement looking for invoices entered and paid after year end but with an invoice date prior to year end.
- CHK_DUPL - Duplicate Payments - While most duplicate payment reviews make use of the Duplicate command, this script explanation also explores removing invoices that are netted out by credit invoices, hence removing any potential duplicate.
- VEN_MULT - Approval Limit Test - This test looks for vendors with multiple invoices just under an approval limit. By showing how a set of dialog boxes ask for approval limits, and Extract and Summarize command is then used to highlight these potential invoice approval situations.
- AVG_PAY - Above Average Invoices - Explains how to create an average vendor amount by using the Summarize, Join and Calculated Field functionality in ACL for use in assessing invoices that exceed the average by a multiple as set by the user.
- EN_INTR - Early Payment Interest Lost - Calculates the interest lost for a company paying invoices 30, 45, and 60 days early.
- VEN_PAYR - Vendor to Employee Match - This test completes an effective vendor to employee matching on the address field. The video explains the use of the INCLUDE() function, SUB() function, matched Join and then a Many to Many Join command in ACL Software. The difference between the matched and many to many join
Delivery Method: Self-Study
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As an active member of the IIA, he has held many positions at the local and International level. He is a founding member of the Northern Virginia Chapter and served as Chapter President in 1989. He retired from his government audit director position in 2005. He is the founder and President of AuditNet®, the global resource for auditors, and has been identified as an Internet for Auditors pioneer. Jim's contributions to the profession were recognized by the IIA (2007 Bradford Cadmus award) and the Association of Local Government Auditors (Lifetime Achievement Award). In addition to the IIA, he is a member of the Association of Local Government Auditors and the Association of Certified Fraud Examiners.