Published On : Fri, Nov 29th, 2013

Seminar on Data Analytics and Continuous Monitoring – Practical Case Studies held at ICAI

Nagpur News: Nagpur Branch of WIRC of ICAI organized Half Day Seminar on Data Analytics and Continuous Monitoring – Practical Case Studies at ICAI Bhavan Dhantoli, Nagpur.

In the inaugural session Chairman of Nagpur Branch CA. Swapnil Agrawal in his welcome address said that 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. Focus is now shifting from traditional practice to management consultancy and internal audits, which needs enhanced knowledge of data analysis and continuous monitoring, he further added. This seminar will update our members’ knowledge over the relative issues of internal control, data analysis and fraud detection processes. He informed the members over forth coming events of the branch like All Vidarbha Mega Seminar, MVAT Audit Seminar, etc.

L to R. CA. Kirti Agrawal- Secretary, Mr. Jairam Rajshekahr- Guest Speaker,  CA. Swapnil Agrawal- Chairman, CA. Ashwini Agrawal- Vice Chairman,  CA. Umang Agrawal, Managing Committee Member

L to R.
CA. Kirti Agrawal- Secretary, Mr. Jairam Rajshekahr- Guest Speaker,
CA. Swapnil Agrawal- Chairman, CA. Ashwini Agrawal- Vice Chairman,
CA. Umang Agrawal, Managing Committee Member

In the technical session Shri Jairam Rajshekar from Mumbai  explained overIdentifying Fraud and Irregularities, he said that Globally more pressure is being put on people using data analytics to include searching for and detecting fraud as part of their regular reviews. Today’s session will showcase special fraud investigation techniques like payment splitting using Benford’s Law, prohibited party / money laundering searches, unauthorized application system access, detecting close proximity insurance claims, and duplicate system journal entries testing to suspense accounts on weekends and holidays, etc. He explained about Effective Audit Planning using Statistical Techniques and said that Audits can be planned both effectively and efficiently to deliver maximum assurance and value-add if key risks within the incumbent process are tracked and monitored closely. The sessions also showcase using Correlation to identify mis-matches and trend variances in sales and purchases. Planning an optimum audit sample for substantive testing using Attribute Sampling and ABC – analysis are also key points to data analytics. He also highlighted on Internal Audit – Testing of Controls and Repetitive Analysis.Internal control systems are essential for the effective operation of any organization. He explained with examples the functioning of internal control like – Statutory Compliance tests will be presented from a Payroll function for tracking of non-deduction of TDS, etc, he further added. He addressed the queries of the members in most effective manner.

CA. Kirti Agrawal, Secretary of the Branch co-ordinate the proceeding and proposed formal vote of thanks.

Prominently present on the occasion were, CA. Ashwini Agrawal, CA. Suren Duragkar, CA. Umang Agrawal, CA. O S Bagdia and over 150 members.