ISBN#
978–0–912503–29–5
Suggested Selling Price
to Students:
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Computerized Auditing Using ACL
2nd Edition (2008)
Arens and Elder
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 the file capacity of each company.
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 transactions and tests of balances. The fourth is about forensic auditing.
Included in the Package:
- Fully operational version of ACL Version 9 for Windows. (Not compatible with Mac.)
- The Instructions and Assignments book.
- The Reference Book which provides detailed instructions to perform filters, computed fields, and all ACL commands.
- An Instructor′s Guide and Solutions (available to instructors only).
- Tear out sheets are provided to make it easier for students to prepare solutions and for professors to grade them.
- A laminated Reference Guide which assists students in deciding the appropriate commands for assignments and helps them find the appropriate page(s) in the Reference Book. It has two sides, one alphabetical and the other by categories of commands.
Edition Changes:
- Randall Elder, added as a coauthor, has used ACL in his auditing classes for more than a decade and stays current with both auditing issues and ACL uses in practice.
- This edition uses version 9.0 of the ACL software.
- Four application chapters have been added later in the book that focus on areas where auditors most frequently use ACL.
- Eight new companies and more than twenty new data sets were added for faculty to select to use as assignments.
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Assignments include instructions, practice and reference material and problems.
Part I—Learning to Use ACL
- Chapter 1—Introduction and Software Installation
This chapter introduces ACL and provides an explanation and practice loading the software on student′s computer.
Estimated completion time: ½ hour.
- Chapter 2—Familiarization
Students learn to use the software, including how to access ACL tables and become familiar with ways to interpret and change the appearance of information in tables.
Estimated completion time: 1½ to 2½ hours.
- Chapters 3 through 5—Practice Using Filters, Computed Fields and Commands
Students learn the key elements of ACL through a series of practice exercises applying filters, computed fields and all commands to a variety of audit situations, including relating files, investigative commands and sampling commands.
Estimated completion time: 6–8 hours.
- Chapter 6—Creating a New ACL Project and Creating ACL Tables to Access Clint Data Files
This chapter teaches creating a new project for an audit and accessing client data files using ACL. ACL is capable of accessing a wide variety of data files. Excel, dbase-compatible, and one other less common file is included in the chapter.
Estimated completion time: 1–2 hours.
Part II—Learning to Apply ACL to Different Parts of the Audit
- Chapter 7—Using ACL for Audit Planning
Five assignments, each with a different project and data sets are available to select from to teach students how to use ACL to more effectively plan the audit. One assignment is in three parts and integrates planning with tests of controls, substantive tests of transactions and tests of details of balances.
Estimated completion time: 2 to 3 hours.
- Chapter 8—Using ACL to Perform Tests of Transactions
Four assignments, each with a different project and data sets are available to select from to teach students how to use ACL to do tests of controls and substantive tests of transactions. The assignments include tests of sales, cash receipts, acquisitions and payroll.
Estimated completion time: 3 to 4 hours.
- Chapter 9—Using ACL to Perform Tests of Balances
Four assignments, each with a different project and data sets are available to select from to teach students how to use ACL to more effectively perform tests of details of balances. The assignments include tests of inventory, accounts receivable and accounts payable.
Estimated completion time: 2 to 4 hours.
- Chapter 10—Using ACL for Forensic Auditing
Four assignments, each with a different project and data sets are available to select from to teach students how to detect fraud by using ACL. The assignments include tests for both misappropriation of assets and fraudulent financial reporting.
Estimated completion time: 3 to 5 hours.
- Chapter 11—Reports
This chapter deals with preparing customized reports including graphs. It includes four projects to help the students learn the material.
Estimated completion time: 1 hour.
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The Benefits of Computerized Auditing Using ACL:
For the Students:
- Students learn material they can use on the job.
- Provides students an advantage in job placement with auditing firms.
- Students begin using the computer and ACL software within ten minutes of starting the project.
- Each student receives his or her own materials including written materials, software and data sets.
- Software is completely menu driven.
- Instructions and assignments are easy to follow.
- Extensive guidance is provided in early assignments, with little or none after students learn the ACL commands.
- Reference Book provides guidance to help students solve problems.
- Students learn both ACL and auditing concepts and applications.
- Students enjoy the project and find it interesting and challenging.
- The cost is reasonable for a supplement that includes software.
For the Faculty:
- Minimum or no class time needed unless the instructor so desires.
- Tear out sheets make grading practical and easy.
- Students enjoy the project and learn both ACL and auditing concepts.
- Detailed instructions are provided for assigning and grading.
- Faculty have flexibility in selecting assignments. Depending on assignments,
total student time takes from 20 to 30 hours.
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Computerized 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. Case 3 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. 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.
- 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 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 10.
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
- Used by practitioners to solve audit problems.
- 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. Used by:
- More than 215,000 professionals.
- Thousands of organizations.
- Hundreds of CPA firms.
- Approximately 95% of Fortune 100 firms.
- Many government and not–for–profit organizations.
- The most widely used audit software in the world.
- Easy for students to learn when adequate instructions are provided.
- Students enjoy learning and applying the software when interesting and practical assignments are provided.
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