Future of Internal Auditing
- Control Monitoring and Using IDEA for Data Analysis. Held on 4th August,2010 at The Orchid Hotel, Nr. Domestic Airport, Mumbai.
About the Programme
“Automated control monitoring can enhance the effectiveness, efficiency and timeliness of monitoring specific controls” – 2009 COSO Guidance on Monitoring Internal Control Systems.
Today the availability of abundant data not just in the form of ERP’s, SCM, CRM, POS systems, and the like but also from different equipments like connectivity tools, IT infrastructure, Access Control logs, etc provides the auditors and MIS staff the opportunity to mine the information output for new ideas. With user friendly tools being available today, the auditors and MIS staff can apply their art to extract nuggets of crucial information under these mountains of Data and make use of this opportunity. Companies need to explore the possibility of building a culture and the processes and technology to deal with large amounts of Data.
This programme is being presented with an objective of sharing recent developments in Continuous Control Monitoring and Case studies on application of IDEA Data Analysis Software for achieving a range of objectives. It will emphasize on best practices to lower your cost of analysis, add more quality to your work and take on new roles.
Session Details
Key Note Address and Inauguration by Mr. T. K. Ananth Kumar – Director (Finance) – Oil India Limited Continuous Assurance and Continuous Control Monitoring
Paper Presentation by Deepjee Singhal, Chartered Accountant and Manish Pipalia, Chartered Accountant
Internal control systems are essential for the effective operation of any organization. However, over time, without monitoring, control systems deteriorate. Through the implementation of appropriate monitoring processes, organizations 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.
Overview of IDEA Data Analysis Software Version 8.4 with Case StudiesCase Studies Presentation by Jairam Rajshekhar.
- Recognizing skewed patterns arising out of circumvention of threshold ordering limits leading to improved fraud detection through the application of Benford’s Law.
- Drawing an optimum sample base randomly for ledger scrutiny based on the materiality of transaction amounts in different segments or strata using Stratified Random Sampling.
- Measuring the linear relationship between two variables like seasonal sales for a given branch of a FMCG compared to company wide sales using Correlation tools.
- Automating repetitive tasks and building macros for inventory control checks without any programming experience making the process more efficient.
- Auto escalation of real-time exceptions arising out of reviews to Process Owners through mail exchange giving early warning signals to officials who need to take action.
- Identify fictitious vendors or employees in Master batch files.
- Performing Google like search capabilities on Bank Customer Master data to filter accounts opened with prohibited party names thus improving KYC processes.
- Making a complex multi-line Fixed Assets ledger in a PDF form conformable to Asset Scrutiny for tests of valuation and existence.
A Good Practice Sharing ProgrammeHeld on 8th June, 2010 at Fort Jadhavgadh, Pune
External and Internal Dimensions of Corporate Governance
Presented by Dr. N. Balasubramanian
Programme Summary
The programme presented with an objective of sharing good business practices and emphasized on the governance and board related nuances with the bias being towards best practices rather than on legal or regulatory requirements alone. The sessions were structured to encourage interactive intra-group learning.
Session Details
Session OneSome External Dimensions of Effective Corporate Governance
The external interface of corporations usually cover the board related issues, capital market dimensions, external stakeholders relationships, social and environmental issues, regulatory compliance, business, government and competitive dimensions, and so on. In this session, we will focus on two dimensions of external governance, how to get the best from the corporate boards, and how to devise, manage and execute an effective communications policy.
Session TwoSome Internal Dimensions of Effective Corporate Governance
Internal dimensions would cover issues relating to organizational structure and human resources management, internal control and risk management mechanisms, strategic planning and performance monitoring processes, executive compensation, ethics and values, appropriate and credible accounting and reporting mechanisms and processes, internal audits and assurance, management information systems, internal communications, and a culture of compliant and transparent business practices and decision making processes. This session would focus on two dimensions of internal governance, Strategic Planning, and Internal Control Processes.
Future of Internal Auditing
- Control Monitoring and Using IDEA for Data Analysis. Held on 4th August,2010 at The Orchid Hotel, Nr. Domestic Airport, Mumbai.
About the Programme
“Automated control monitoring can enhance the effectiveness, efficiency and timeliness of monitoring specific controls” – 2009 COSO Guidance on Monitoring Internal Control Systems.
Today the availability of abundant data not just in the form of ERP’s, SCM, CRM, POS systems, and the like but also from different equipments like connectivity tools, IT infrastructure, Access Control logs, etc provides the auditors and MIS staff the opportunity to mine the information output for new ideas. With user friendly tools being available today, the auditors and MIS staff can apply their art to extract nuggets of crucial information under these mountains of Data and make use of this opportunity. Companies need to explore the possibility of building a culture and the processes and technology to deal with large amounts of Data.
This programme is being presented with an objective of sharing recent developments in Continuous Control Monitoring and Case studies on application of IDEA Data Analysis Software for achieving a range of objectives. It will emphasize on best practices to lower your cost of analysis, add more quality to your work and take on new roles.
Session Details
Key Note Address and Inauguration by Mr. T. K. Ananth Kumar – Director (Finance) – Oil India Limited Continuous Assurance and Continuous Control Monitoring
Paper Presentation by Deepjee Singhal, Chartered Accountant and Manish Pipalia, Chartered Accountant
Internal control systems are essential for the effective operation of any organization. However, over time, without monitoring, control systems deteriorate. Through the implementation of appropriate monitoring processes, organizations 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.
Overview of IDEA Data Analysis Software Version 8.4 with Case StudiesCase Studies Presentation by Jairam Rajshekhar.
- Recognizing skewed patterns arising out of circumvention of threshold ordering limits leading to improved fraud detection through the application of Benford’s Law.
- Drawing an optimum sample base randomly for ledger scrutiny based on the materiality of transaction amounts in different segments or strata using Stratified Random Sampling.
- Measuring the linear relationship between two variables like seasonal sales for a given branch of a FMCG compared to company wide sales using Correlation tools.
- Automating repetitive tasks and building macros for inventory control checks without any programming experience making the process more efficient.
- Auto escalation of real-time exceptions arising out of reviews to Process Owners through mail exchange giving early warning signals to officials who need to take action.
- Identify fictitious vendors or employees in Master batch files.
- Performing Google like search capabilities on Bank Customer Master data to filter accounts opened with prohibited party names thus improving KYC processes.
- Making a complex multi-line Fixed Assets ledger in a PDF form conformable to Asset Scrutiny for tests of valuation and existence.
A Good Practice Sharing ProgrammeHeld on 8th June, 2010 at Fort Jadhavgadh, Pune
External and Internal Dimensions of Corporate Governance
Presented by Dr. N. Balasubramanian
Programme Summary
The programme presented with an objective of sharing good business practices and emphasized on the governance and board related nuances with the bias being towards best practices rather than on legal or regulatory requirements alone. The sessions were structured to encourage interactive intra-group learning.
Session Details
Session OneSome External Dimensions of Effective Corporate Governance
The external interface of corporations usually cover the board related issues, capital market dimensions, external stakeholders relationships, social and environmental issues, regulatory compliance, business, government and competitive dimensions, and so on. In this session, we will focus on two dimensions of external governance, how to get the best from the corporate boards, and how to devise, manage and execute an effective communications policy.
Session TwoSome Internal Dimensions of Effective Corporate Governance
Internal dimensions would cover issues relating to organizational structure and human resources management, internal control and risk management mechanisms, strategic planning and performance monitoring processes, executive compensation, ethics and values, appropriate and credible accounting and reporting mechanisms and processes, internal audits and assurance, management information systems, internal communications, and a culture of compliant and transparent business practices and decision making processes. This session would focus on two dimensions of internal governance, Strategic Planning, and Internal Control Processes.
