Group Project Powerpoint

Quantitative Analysis Software & Financial Information :

Quantitative Analysis Software & Financial Information Group 3: Vanessa Longo, Fediana Camilo, Jeremy Garcia, & Philip Simmons PAD713 – Spring 2011 – Professor Wandt

Information Technology:

In today’s digitalized world, sensitive financial data is stored on computer systems & networks. Because of this, businesses, organizations, & government agencies need to protect themselves against financial risk, fraud, abuse, waste, and corruption. There are several quantitative analysis software options available to protect valuable IT related data. Software that performs quantitative analysis of financial information is beneficial to: Small businesses, large businesses, government agencies, non-for-profits, those that are self-employed, and those with considerable personal assets. Information Technology

Software:

Various software programs are available to assist businesses or government agencies with their accounting and/or booking keeping endeavors. Examples include: ACL, IDEA, Picalo, & ActiveData Having this type of software in place can also be extremely valuable to investigators or digital forensic experts that are attempting to investigate criminal activity or testify in court. Software

Open Sourced Software:

Fairly recent phenomenon starting in the 1990’s Free of charge Source code is available for free Easily downloaded from the Internet Can be customized to fit the specific needs of any organization Can reduce licensing fees associated with proprietary software Open Sourced Software

Open Sourced Software:

Developed by volunteer software developers Reduces software development time Improves software quality Brings much needed software within the reach of individuals and small businesses Can reduce the costs associated with managing information technology Examples include Apache, Sendmail, Linux Server, MySQL, FireFox, and Open Office Open Sourced Software

Close Sourced Software:

Also known as proprietary software Copy-right based Specifies the scope of the user’s legal right to make use of the object code User is forbidden from modifying the object code in anyway It is distributed under a licensing agreement that outlines modification, copying, and republishing restrictions Close Sourced Software

Close Sourced Software:

Since this software cannot be modified it ensures the security and reliability of the software Close sourced software is not free of charge and fees can range from a few thousand dollars to a few hundred thousand dollars The cost for this software is a combination of: Base fee for software, integration and services, and annual licensing/support fees Close Sourced Software

Risk Management:

Adopting an open source or close sourced software system is left to the discretion of managers and senior executives. Well run organizations should have some type of software system in place to manage risk, prevent errors, and to help comply with accounting policies and regulations. Implementing quantitative risk analysis methodologies will help to minimize or prevent losses, interruptions, and/or shutdowns. Risk Management

Alternatives for ACL:

Alternatives for ACL Picalo IDEA

PICALO:

PICALO Data Analysis Application Detects fraud Detects corruption Used in data analysis Network logs Scientific data Data mining Free of cost

PICALO:

PICALO The Picalo community believes that data analysis is best done through scripting. Picalo is designed to help you learn basic scripting techniques. New software comes with limitations like bugs, no warranty, support, or guarantee.

IDEA Data Analysis Software:

IDEA Data Analysis Software IDEA is a powerful and user friendly tool designed to help accounting and financial professionals extend their auditing capabilities, detect fraud, and meet documentation standards. Designed by auditors Detects fraud, risk assessment, internal control testing, internal policy compliance, and regulations like the Patriot Act

IDEA Data Analysis Solution:

IDEA Data Analysis Solution Advantages IDEA offers are importing Analyze Sample Extract data from other sources Easy to use, no need for technical support Features similar to Microsoft Offers a wizard guide Benefits of a Data Analysis Tool are reduce training time, achieve improved results in a shorter period of time, speed implementation process, and reduce IT as a resource. Price = $2,295 for a single license that includes 1 year of free support & maintenance