In today’s business environment, computers are continuing the revolution started in the 1950s.

It has become impossible for today’s enterprises of any size and in any market sector to exist without computers to assist with their fundamental business operations.

This is because auditing work is done using paper work but in recent years, IT has changed the way audit is performed in many organization.

There are two reasons why IT auditors should use General Audit Software (GAS) products, such as Audit Command Language (ACL).

Firstly, there is the focus on fraud in recent years, according to the Association of Certified Fraud Examiners (ACFE) and its 2009 “Report to the Nation” survey on fraud, more than 60 percent of all frauds are detected either by a tip or by accident. While internal audit has moved up on the list, there is clearly room for more proactive antifraud programs.

Secondly, is that the demands on IT and internal auditors are increasing and auditors will need to become more efficient to fulfill all of the responsibilities and tasks assigned to them.

This helps you to reduce the time you use to audit and also enable you to conduct your activities in a most efficient manner.

Using ACL empowers you as an auditor to possibly have a better sense of direction in your audit procedures.

You will be able to perform some audit procedures to gain an understanding of the data (e.g., using PROFILE, STATISTICS commands in ACL). During these procedures,
You will be able to spot an anomaly or red flag

The data in ACL are locked down as read-only.

There is no chance for the auditor to inadvertently change the data.

This inadvertent risk is much higher for IT auditors who choose to use a spreadsheet for analyzing and presenting transactions. While one can lock cells or sheets in Microsoft Excel, there is still the possibility of human error. It is almost non-existent in ACL.

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According to PsychologyToday.com, the primary reason people learn well via video is that the human brain processes video 60,000 times faster than it does with textbooks.

A few weeks after reading, people will likely remember only 10% of textual content (textbooks), 65% of visual content, and 95% of audio-visual content.

This means that video content connects with people on a deeper level and does so significantly faster than text alone. Hence, Video Lecture enhances self-learning and engage your attention.

According to shiftelearning.com, after three days, you can retain only 10-20 percent of written or spoken information but almost sixty-five percent of visual (video) information, and visuals (Video) have been found to improve learning by up to 400 percent.

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If you want to add more to your Financial Accounting Career, then you need an in-depth-knowledge of the IFRS.

The understanding of the IFRS is not only for those who plan to seat for the IFRS (ACCA Certificate or Diploma) exams, it is for anyone who knows that knowledge is power and plans to take advantage of that power.

IFRS is not only for people who work in multinational companies but for anyone who understands the essence of value even in the local business units.

The International Financial Reporting Standards are a set of standards primarily based on some fundamental principles of transparency, credibility, and consistency.

So that any organization or business unit that can implement these standards has successfully projected a credible outlook.

So if you have the knowledge of the IFRS, you will not only know how to implement it for the benefit of your company, but you will be able to tell which company is credible enough to invest in and which is not.

This knowledge can be another tool in your hands for you to begin to manage investment portfolios for clients- in other words, you have become an investment manager.

And if you want, you can begin to offer advice to clients on which company to invest in and which not- in other words, you have become a consultant.

And for your own financial growth, you can determine which business unit to invest in and which not.

PS: The world has gone beyond waiting for opportunities, nowadays, people create their own opportunities. You too can create your own opportunity by equipping yourself with the necessary knowledge

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