Blog:Summary Of Data Analytics class
Internal auditors with data analytics experience are becoming the rock stars of the profession. Not only are they in high demand among leading companies.
We learnt about ACL Analytics which is a data extraction and analysis software used for fraud detection & prevention, and risk management. By sampling large data sets, ACL data analysis software is used to find irregularities or patterns in transactions that could indicate control weaknesses or fraud. While doing ACL labs I learnt how to navigate through the application and earned basic analysis skills.
I learnt and performed Benford analysis where I analyzed the probability that the first digit of a number 1 is about 30% while the probability the first digit is 9 in each of the four places in any number. Benford’s law tests only the frequencies of the digits and it successfully created a table that counts transaction amounts that start with digits 1 through 9. Developed a fraud policy for the company was a great opportunity.
Study about fraud different fraud defense methods, Importance of fraud prevention, create a culture of honest, Hire right to reduce risks, assess and mitigate fraud, detect fraud early, approaches to fraud investigation, Options for legal actions in US. Recognizing the Symptoms of Fraud. Investigating Theft. How do perpetrators convert and spend stolen funds.Government records can assist in the following the financial tracks of the suspected perpetrators.