Question

As cheif executive auditor, you head the internal audit group of a pharma company in Central Connecticut region. You would like to purchase a CAAT tool to assist your group in conducting internal audit functions. You are asked to prepare a report on the following tools:

• ACL
• IDEA
• MS Visio
• Oversight
• Tableau

In your report identify key features and how an auditor would incorporate the tool into the audit, and recommend one or two if the tools to purchase.

Answer 1

1. ACL delivers technology solutions that are transforming audit and risk management. Through a combination of software and expert content, ACL enables powerful internal controls that identify and mitigate risk, protect profits, and accelerate performance.

2. IDEA allows you to quickly import an infinite amount of records from practically any source, including spreadsheet and database software, mid-range accounting programs, ERP systems, legacy mainframes, telecom switches, travel and expenses applications, flat and printed files such as PDFs, plain text (.txt), and print-report (.prn) files.When your data comes from different sources and in a variety of formats, data analysis can sometimes be a challenge. The ability to import multiple data sets and view them as though they were one lets you to see the big picture. You are able to identify relationships, patterns and anomalies as well as conduct a comprehensive analysis of transactional data with the help of IDEA.

3. Microsoft Visio is a diagramming tool that allows you to create diagrams (ranging from simple to complex), which aid in data visualization and process modelling. Visio also helps to create detailed org charts, floor plans, pivot diagrams, etc.Microsoft Visio is an enterprise class software that is used by professionals to create diagrams of varying complexities – from networking diagrams to floor plans, and even org charts and timelines. Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. ConceptDraw PRO diagramming and vector drawing software extended with Audit Flowcharts solution from the Finance and Accounting area perfectly suits for the Internal Audit Process. Drawing charts, diagrams, and network layouts has long been the monopoly of Microsoft Visio.

4. Oversight's solution searches for duplicate payments at the voucher level and generates a report of errors, leaks, and possible fraud within the system and provides continuous downloads of new transactions, enabling near real-time monitoring.Oversight Systems' software detects payments to suspicious vendors and alerts the proper authorities when insufficient people are involved in complicated business processes. Oversight Systems Insights On Demand, is a cloud-based system that allows clients to uncover possible misuse, fraud, and compliance violations within travel and expense, purchase card, and accounts payable programs.

5. Tableau is built on the work of scientific research to make analysis faster, easier, and more intuitive. Analyzing data in a quick, iterative way that provides immediate feedback makes tableau engaging, fun, and easy to learn. Tableau CRM (formerly Einstein Analytics) empowers your Salesforce CRM users with actionable insights and AI-driven analytics right in their workflow. Tableau software is used to translate queries into visualization. It is also used for managing metadata. Tableau software imports data of all sizes and ranges. For a non-technical user, Tableau is a life saver as it offers the facility to create 'no-code' data queries.

As Tableau is most user friendly, it is a good option to buy.