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Data Analytics for Auditing using ACL, 4th Edition
4th Edition (2017)
Arens, Elder, and Borsum
Computerized audit practice set, including and using an education version that is a fully operational version of ACL. It is the same as the commercially available ACL software except for a 6-month time limit.
The objective of these materials is to help students with an interest in auditing learn how to apply ACL audit software to solve audit problems. The materials are designed to first help students learn how to use ACL and then use the software on increasingly complex problems. Early chapters provide installation, familiarization and practice and are followed by four chapters of assignment and cases that require students to apply ACL. The first three of these later chapters are organized like most auditing texts: planning the audit, tests of controls and substantive tests of transactions, and tests of balances. The fourth is about forensic auditing.
Included in the Package:
- Fully operational version of ACL Version 12 for Windows (not compatible with Mac). Download access to the same software sold by ACL to users throughout the world, but with a 6-month time limit. Access also includes all data files needed to complete the assignments, including many customized data sets.
- The Instructions and Assignments book. Includes instructions and assistance to complete each assignment. All assignment pages are one-sided tear-outs to facilitate handing in and grading.
- The Reference Book which provides detailed instructions to perform filters, computed fields, and all ACL commands. Helps students complete assigned problems and cases efficiently, especially the more complex ones.
- An Instructor′s Guide and Solutions (available to instructors upon request only).
- Online auto-graded homework.
- This edition provides digital access for downloading both the ACL software and Armond Dalton′s 30+ datasets. Students no longer have to deal with CDs for loading the program and datasets.
Data Analytics for Auditing using ACL is suitable for either a first or advanced undergraduate or graduate auditing course.
ACL is suitable for financial auditing by CPA firms, internal auditors, or government auditors, or for operational auditing by internal or other auditors. Both types of uses are extensive in practice. These materials focus heavily on using ACL for financial auditing. The materials are intended to teach ACL, but also to teach and reinforce financial auditing concepts. One of the cases in Chapter 9 and a few other questions in the materials include operational auditing issues, but these materials are not suitable for use in an operational auditing course without significant supplements from other sources.
Students need to understand basic auditing concepts before starting Computerized Auditing Using ACL Data Analytics. These materials emphasize auditing applications and analysis starting in Chapter 2 and continuing throughout all chapters. It is most likely to be successful if the materials are assigned after students understand the following:
- Auditor responsibilities, including detection of errors and fraud.
- Objectives of the audit.
- Audit evidence, including analytical procedures.
- Internal control and control risk.
- Tests of controls and substantive tests of transactions, and tests of details of balances.
- Purposes and uses of audit programs.
It is appropriate to assign the materials any time after students have an understanding of basic financial auditing concepts included above.
The materials are intended to be self–explanatory with minimal involvement from the instructor who can choose to spend time in class discussing the results and/or provide feedback by grading the assignments.
Computerized Auditing Using ACL Data Analytics is most relevant and helpful when each student is required to do each part individually. Each student learns differently and at a different pace. It is essential that students learn how to use and apply ACL with minimal interference by other students who have varying skill levels, motivations, and group cooperation tendencies. The only assignments where group assignments are likely to be beneficial are the forensic auditing assignments in Chapter 11.
There are a variety of ways to assign the project, depending on whether you want students to do the project fairly quickly or spread it out over several weeks. Three different assignment schedules are included in the Instructor′s Guide and Solutions book as well as detailed discussion about each case to help you decide which assignments and cases to assign.
It is easy to grade assignments if students turn in the tear–out sheets for each chapter. The solutions in the Instructor′s Guide and Solutions book match the tear–out sheets, and also include suggested solutions. The only chapter for which there is nothing to grade is Chapter 1.
About ACL Software
ACL is the most widely used audit software in the world, used by thousands of internal and external auditors to perform a wide variety of data verification and analysis of data files and to create reports on the analysis.
- More than 250,000 professionals.
- Thousands of organizations.
- All of the Big 4 CPA firms.
- 98% of Fortune 100 companies; 89% of Fortune 500 companies.
- More than 1,000 governmental organizations.