The Faculty Development Cell (Academic Excellence) organized a session on “Business Intelligence & Financial Audit” on March 26, 2021 from 11.30 am to 1.30 pm via Google Meet Platform. The session was also streamed live on the College YouTube channel. Prof. Prita D. Mallya welcomed the speaker and gave the opening remarks. Dr. Lira Gama, Associate Professor and Head, Department of Economics introduced the Speaker CMA Dr. Kinnarry Thakkar, Professor and Head, Department of Commerce, University of Mumbai.
Dr. Lira Gama (Convener) and Mr. Sandesh Gaonkar (Coordinator) were the teachers in charge of the event.
The Speaker stated that Business intelligence comprises the strategies and technologies used by enterprises for the analysis of business information. Business intelligence technologies provide historical, current, and predictive views of business operations. Business intelligence greatly enhances how a company approaches its decision-making by using such data.
Prof. Thakkar said that Business Intelligence tools enable a dashboard with a record of all activities to facilitate manual auditing, performing a continuous automated oversight on all financial transactions to detect any key performance indicator showing irregularity or an exception case. Adoption of BI for the purpose of continuous audit allows for almost immediate identification of any non-complying activity or personnel. When a fraudulent activity is detected, the BI tool will only be able to mark it as a fraudulent activity for review by a professional. The BI tool will not have the ability to understand ground reality. BI tools can be used for the purpose of fraud detection in accounting and continuous auditing.
Prof. Thakkar further added that Business intelligence combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-driven decisions.
The session, attended by 120 participants, was very informative, insightful and thought-provoking, which opened up some recent developments in accounting and auditing for the benefit of teachers & students.
The session concluded at 1.20 p.m. Vice-Principal Dr. Rodney D’Silva proposed the Vote of Thanks.
