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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

Using Technology for In-house Audit Processes

SI Team
Tuesday, August 3, 2010
SI Team
After the expose of the Rs.10,000 crore accounting scam at Satyam Computer Services, the role of internal audit processes in India holds great significance. The firm’s internal audit team head V S Prabhakar Gupta, who is now out on bail, was booked by the CBI for being a party to the biggest scam in India’s corporate history. After that, the credibility of internal audit of companies is at stake. According to the global consultant PricewaterhouseCoopers, effective use of technology for in-house audit processes could prevent accounting fraud in a company.

A new PwC report, ‘2010 Internal Audit State of the Productivity of the Profession Survey’ reveals that about 48 percent of the Indian companies lack skill and knowledge of data tools used in internal audit software, while 18 percent have no access to these tools. Contrary to this, a number of internal auditors in India are not convinced that technology has a measurable benefit, with 38 percent of the respondents to PwC’s survey being unable to calculate the benefit. “With a predicted increase in scope and responsibility and heightened focus on risks, it is essential that internal audit functions prioritize focus, employ smarter resourcing and skill models, and use technology as an enabler,” says Satyavati Berera, PwC India Executive Director.

PwC suggested that companies can initiate a pilot project for a technology-enabled audit methodology or audit lifecycle so that an assessment can be made about the opportunity for technology to enhance and streamline that process.
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