The Commerce Department of the College organized a guest lecture on the topic Audit under Computerized Information System (CIS) environment on 20th March 2019. The lecture began at 1.00 pm in Room no. 214. Asst. Prof. Marjina Shaikh welcomed and introduced the resource person, Mr. Prasheel SG Kamat, Ex-Manager at Accosphere Advisors Private Ltd, Goa.
The objective of the guest lecture was to develop a broad understanding of the audit procedures and to provide insights into how audit is conducted under computerized information system environment.
Mr. Prasheel started the session by connecting with students through basic questions related to auditing like what is auditing, who is an auditor, what is audit trail etc. He also compared the manual audit with CIS audit with the help of certain examples like online shopping and the students were asked to track the audit trail. He then discussed the various merits and demerits related to both the types of audit. The speaker addressed the students on various topics such as special aspects of CIS Audit Environment, need for review of internal control specially procedure controls and facility controls. He also discussed about the use of Computer-assisted audit techniques (CAATs) for internal audit and management audit purpose and the use of test data and test packs in auditing.
The use of CIS in various organizations has caused drastic impact on audit approaches, techniques; risk involved in internal control methods. He also briefed them about the importance of having proper internal controls in place.
He also emphasized on the two approaches to audit i.e. Auditing through the Computer and Auditing around the computer and asked the students to list down the pros and cons of each approach. The resource person also motivated the students to work under Chartered Accountants during the vacations and told them to encourage their juniors as well.
The Resource person also discussed about the recent audit scandals like Satyam Computers Scam and so on. Later the students raised questions like how implementation of GST has impacted the auditors and whether a separate auditor is appointed for GST audit and so on; all the questions were answered by the speaker.
The session ended at 2:15pm and was attended by Ms. Anjali Sajilal, Ms. Pooja Shanbhag, Ms. Marjina Shaikh and 75 Third Year B.com Financial Accounting students. The guest lecture was very informative and the students were active throughout the lecture. Ms. Mruga Naik a student from TY B.Com B proposed the Vote of thanks.
