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What Auditors Can Learn From the Economic Crisis
Former U.S. Comptroller General Challenges Audit to Adopt Strategic,
Future-Oriented Course to Address Risk and Waste before They Occur
WHO: The Honorable David M. Walker
- President and CEO of Peter G. Peterson Foundation
- Chairman of the United Nations Independent Audit Advisory Committee
- Former Comptroller General of the United States and head of the Government Accountability Office (GAO)
WHAT: ACL Services, a leading provider of business assurance technology, hosts an interview with the Hon. David Walker to discuss lessons from the economic crisis, the future of auditing, and the “critically important” role of continuous auditing and monitoring technology.
WHY: The economic downturn and resulting challenges for the financial sector have exposed the weaknesses in corporate risk management and governance functions. The Stimulus Act and bailout grants provide short-term relief, but have created new risks of fraud, waste and mismanagement. Audit can serve a strategic role in providing adequate transparency and appropriate accountability in government and business.
HIGHLIGHTS: Stating that “After-the-fact audit activities, quite frankly, are too late,” Walker concludes that a key goal for an audit should be to ensure management puts the right systems and controls in place upfront in order to add value and mitigate risk moving forward. The auditor of the future must be results-oriented, future-focused, proactive and a model for transparency across the organization.
WHERE: To listen to the interview, visit: http://www.acl.com/walker/interview.aspx
CONTACT: Carri Toivanen, ACL Services, carri_toivanen[at]acl.com
About ACL Services Ltd.
ACL Services Ltd. is the leading global provider of business assurance technology for audit and compliance professionals. With a suite of best-of-breed solutions, supported by professional services expertise, ACL technology gives auditors confidence in the effectiveness of internal controls and the integrity of the transactions underlying business operations. Since 1987, ACL has enabled auditors to assure sustainable compliance, reduce risk, detect fraud, enhance profitability, and improve business performance.
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