Institute of Internal Auditors, India, Bombay Chapter & Sama Audit Systems and Softwares Pvt. Ltd.

jointly present a Conference on

“Data Analytics and Continuous Auditing”

21st March 2012 at Hotel Orchid, Mumbai

“A structured and effective approach to Data Analysis & Continuous Auditing using CAATs and its implications for Assurance, Monitoring and Risk Assessment”

COURSE HIGHLIGHTS

Experience sharing by Leading Continuous Auditing Practitioners

Industry-wise Case-study based presentation

Expert Panel Discussion

Presentation of cutting-edge International CAAT Tool (IDEA Data Analysis Software).

 Today the availability of abundant data from Legacy systems, ERP’s and bespoke applications provides the Auditors, MIS staff and Business Process Owners the opportunity to mine and thereby create valuable information from raw data. Companies need to build a culture with related process and technology of making the best of Data Analytics.

Evolution of Continuous Auditing has been remarkable. The advent of new enabling technologies and the surge in corporate scandals has combined to increase the supply, the demand, and the development of enabling technologies for a new system of continuous assurance and measurement. Continuous auditing is a methodology for the analytic monitoring of corporate business processes. Continuous analytic monitoring based assurance will change the objectives, timing, processes, tools and outcomes of the assurance process.

WHO SHOULD ATTEND?
·         Chief Audit Executives
·         Internal and External Auditors
·         Information Technology Audit Specialists
·         Operations Managers who need to know about building audit programs that address business risks.
·         Fraud Investigators

Objectives

Gain value from this unequalled interactive event by securing expert advice on-

·         Providing a thorough understanding of the principles of Data Analysis, Continuous Auditing, Continuous Assurance and Continuous Monitoring.
·         Tracing the effect of Continuous Auditing to the new continuous assurance-enabled audit environment.
·         Identifying Tools for Analytical Monitoring in Continuous Assurance.
·         Planning a successful Continuous Auditing strategy with IDEA.
·         Determining areas for the application of Continuous Auditing with IDEA.
·         Highlighting the key benefits and difficulties in implementing Continuous Auditing.

“Continuous Auditing helps auditors identify and assess risks, as well as establish intelligent and dynamic thresholds that respond to changes in the organisation”

9.00 am to 9.30 am - Participant Registration

9.30 am to 10.00 am - Key Note Address and Inauguration

CA Mr. Satish Shenoy –President – IIA India, Bombay and  Joint General Manager, Corporate Audit Services, Larsen and Toubro Limited


CA Mr. Rajkumar Adukia – Central Council Member, Institute of Chartered Accountants of India (ICAI), Chairman, Internal Audit Standards Board of ICAI

10-00 am to 11.00 am - Continuous Auditing and Continuous Control Monitoring

Academic Paper Presentation by CA Mr. Deepjee Singhal

Internal control systems are essential for the effective operation of any organisation. However, over time, without monitoring, control systems deteriorate. Through the implementation of appropriate monitoring processes, organisations can identify and remedy internal control deficiencies on a timely basis and produce more reliable information for decision making and financial reporting. Further the needs to the CEO and CFO to monitor adequacy of Internal Controls is also met on an ongoing basis.

 

11.00 am to 11.15 am – Tea Break and Networking
“CAATs- IDEA Data Analysis Software transforms  business intelligence from being a 'Decision Support System' to a 'Decision Making System'.

“CAATs – IDEA Data Analysis Software creates  such business benefits by delivering enhanced usability, speaking and thinking MIS, anticipating the evolving needs of decision makers and ensuring a faster adoption rate.”
11.15 am to 1.00 pm – Use of CAATs - IDEA Data Analysis Software for Data Analytics
Case Study Presentation by Mr. Jairam Rajshekhar, Head – Client Relations, Sama Audit Systems and Softwares Pvt. Ltd.

Control Testing – Mismatch in order to cash values in sales cycle. Compliance Testing – Inventory valuation checks in accordance with ‘AS-2’ Forecasting – Direct expenses budgeting using Trend Analysis. Integrity Checks –Identifying blank PAN and address fields in a Bank Master. Variance Analysis – Inter-quarter to annual trial balance comparison. Value For Money – Procurement rate variance analysis Continuous Auditing – Pre-audit of duplicate vendor bill booking and payment.

 

1.00pm to 2.00 pm – Lunch and Networking
“CAATs – IDEA Data Analysis Software serves as a compelling tool for detection of fraud, wastage, abuse and mismanagement” 2-00 pm to 3-30 pm – Use of CAATs - IDEA Data Analysis Software for detecting Red Flags

Case Study Presentation by Mr. Jairam Rajshekhar, Head – Client Relations, Sama Audit Systems and Softwares Pvt. Ltd.
·         Payment splitting using Benford’s Law.
·         Employees masquerading as Vendors.
·         Prohibited party Money Laundering search.
·         Unauthorized application system access.
·         Detecting close proximity insurance claims.
·         Tracking round sum system journal entries booked on Sundays.

 

3.30 pm to 3.45 pm – Tea and Networking
“While implementing a Continuous Auditing framework within an organisation, the Chief Audit Executive should not only consider the regulatory requirements, but also the degree to which management is addressing the risk exposures and potential impacts.”

“By implementing CAATs- IDEA Data Analysis Software, you avoid the latency, cost and project management challenges associated with traditional Business Intelligence Tool deployment and enjoy unparalleled Speed to Benefits.”

“The use of effective internal controls systems, when implemented properly and monitored continuously, is good business”

“CAATs-IDEA Data Analysis Software makes business intelligence pervasive across the business by impacting the top-line and bottom-line performance of the business.”
3-45 pm to 4-45 pm – Panel Discussion – Use of CAATs – Fad or Value Proposition

CA Mr. Himanshu Vasa, Head Internal Audit, Kotak Mahindra Bank
CA Mr. Nipul Chandivala, CFO, Dachser India Pvt. Ltd.
CA Mr. Shashank Karnad, Partner, KPMG India
Panel Moderator – CA Mr. Deepjee Singhal

4.45 pm to 5.30 pm – CAATs components to IDEA Data Analysis Software
Presentation by Mr. Jairam Rajshekhar, Head – Client Relations, Sama Audit Systems and Softwares Pvt. Ltd.

Use of Smart Analyzer – Pre-defined Financial Audit Routines in IDEA Data Analysis Software
50+ standard routines that can be used on every audit engagement to improve audit quality and consistency in general ledger, accounts receivable, inventory, fixed assets and accounts payable processes.

Use of Smart Exporter – ERP-SAP Direct Connect through IDEA Data Analysis Software

Whilst attempting to analyze SAP data outside the SAP environment, users face a number of unique challenges including large volumes of data, complicated structures, complex workflows and company-specific modifications. Data extraction processes are extremely time consuming, and often require the assistance of IT professionals. Learn to access SAP data securely and seamlessly with minimum technical expertise.

Use of Caseware Monitor – Enterprise Controls Control Monitoring Framework
Learn a sophisticated risk and controls monitoring solution that allows business, risk and control professionals as well as auditors too quickly and confidently monitor any automated system with a facility for alerting the relevant users through a variety of contact options, such as email, dashboard and text messaging.

Ways to Register

Mail : The Institute of Internal Auditors, India-Bombay Chapter
209 Sagar Avenue, Above ICICI Bank Branch, S V Road, Andheri (W), Mumbai -58
Tel     Ms.Sweta Achrekar +91-22-67103351
Email :info@iiabombay.org