Audit Command Language (ACL) is a specialized software designed for auditors and financial professionals. ACL allows for data extraction, data analysis, and fraud detection in a versatile and efficient manner.
A bank reconciliation statement reconciles the bank balance in an organization's books with the bank statement. Differences may arise from cheques drawn by the organization but not yet presented to the bank, bank charges deducted from the account not yet notified to the organization, and payments made to the bank but not yet recorded by the organization. Bank reconciliations are usually performed weekly or monthly and serve as a form of internal control.
Benford's Law describes the expected frequency pattern of the digits in real-life data sets, especially the prevalence of lower digits as the leading digit. This mathematical law is often used in forensic accounting and fraud investigations.
The Certified Fraud Examiner (CFE) designation is a globally recognized credential awarded to professionals specializing in fraud prevention, detection, and deterrence, conferred by the Association of Certified Fraud Examiners (ACFE).
Forensic accounting involves using accounting, auditing, and investigative skills to conduct an examination of a company's financial statements for use in legal proceedings or to uncover fraud.
An internal audit is a self-conducted examination of an organization's operations, intended to evaluate and improve the effectiveness of internal controls, risk management, and governance processes.
Transparency in financial reporting refers to the ease of understanding financial information through the full, clear, and timely disclosure of relevant details. It enables stakeholders to make informed decisions and detect fraudulent activities or manipulations.
A whistleblower is an employee who exposes wrongdoing, fraud, or malpractice within an organization, either internally or externally, often legally protected to prevent employer retaliation.
