Annual Conference 17th June 2017 ‘Digital Era’ – Clarity from Complexity
Vadodara Audit Club (VAC) had organised its 7th Annual Conference on 17th June 2017, with a theme ‘Digital Era’ – Clarity from Complexity.
The Conference got an overwhelming response with the beautiful ball room of Grand Mercure Vadodara Surya Palace, getting full to its capacity. We had more than 160 delegates, with a combination of professionals, chartered accountants, CEOs from industries, delegates coming from outside Vadodara included, Ahmedabad, Mumbai, etc.
The program was structured, so as to include relevant topics in fields where Digitalization has its impact. There was a congenial mix of speakers from different industries.
The program began with a welcome note by Ms Aparna Ashtaputre – chief coordinating officer, VAC. Then Mr Rohit Kothari, partner – Mukund & Rohit, and President VAC, introduced the theme of the day to the audience, explaining how imperative it is to bring updation in our knowledge, to keep abreast with the ever changing world of the ‘Digital Era’. He went on to emphasise the importance of taking ahead the activities of VAC in order to achieve the objectives of IIA and urged more and more youngsters to join the club to form a team and work towards spreading awareness of the Institute’s activities, and its professional courses, bringing in their new talents and knowledge.
The sessions started with the introduction of our chief guest Mr Manoj Sashidhar, an IAS officer and Commissioner of Police, Vadodara.
The inaugural address was given Mr Manoj Sashidhar. He gave an intriguing speech befitting his towering personality, making the audience aware of the technological advancement in the police department. He emphasised the use of Digitalization in the safety and security of public by utilising various digital tools in the police department.
Our Conference had four main technical sessions:
- Fraud Investigation and Forensic Accounting
- Data Analytics in Internal Audit
- Cyber Security
- Digitalization and GST – Approach
We had an interesting session: A Panel Discussion on “Is Internal Audit the New BlackBerry”? There was another variant in the event: ‘A Digital Quiz’
The first technical session: “Fraud Investigation and Forensic Accounting”
Mr Chetan Dalal, Founder, Chetan Dalal Investigation and Management Services, a very prominent expert in this field, delivered his fantastic speech on Fraud Investigation and Forensic Accounting. He enthralled the audience with his anecdotes while explaining the intricacies of the difficult subject. Some of the concepts on which the speaker threw light were:
- Economic Crimes
- White Collared Crime
- Methods of Fraud Detection
- Benford’s Law
- Good investigation traits
- Art of Steganography
The Second Session: “Data Analytics in Internal Audit”
Mr Anirban Dasgupta – Group Head, Assurance and Internal Audit, RPG Enterprises, Mumbai, with his tremendous experience in the vast field of Internal Audit, talked on the shift in the approach of Internal Audit: ‘Traditional’ versus the ‘Analytics driven’. Having explained the characteristics of Analytics, he went on to talk on Integration and Leveraging of Analytics. He also showed some working Models of Data Analytics. The talk was concluded by presenting some case studies by the speaker and Q/A rounds.
The Third Session: “Cyber Security”
Mr Shrikant Katti, General Manager, SBI, took the session on the exponentially increasing Cyber Risk. He had tremendous data to share. Being a banker, he could walk through the entire gamut the crimes in the cyber world. Deliberating his views on the types of crimes and risks, he showed the humongous statistics of the cyber-crimes going around the world every moment. He also explained the need to have a Cyber Security Governance.
Panel Discussion on “Is Internal Audit the New BlackBerry”
A brain storming discussion on the current changes that Internal Audit is undergoing, was done by some stalwarts in the field.
- Mr Sapan Gandhi – Partner, Sharp & Tannan
- Mr Anil Bhandari – Director ANB Consulting Co.
- Mr Purav Gala – Head of Internal Audit, Hyderabad Industries Ltd
- Mr Yogeesh Garudanagiri – Head, Management Assurance & Auditing
The main crux of the discussion revolved around, ‘how should Internal Audit cope up with the ever changing demands of businesses?’ Comparing Internal Audit with BlackBerry gets justified with the fact that Internal Audit will have to evolve and improvise, as done by BlackBerry, to suit the changing environment. It was also noted that Internal Audit now works both as a ‘cost centre’ and a ‘profit centre’. It has to go beyond an assurance service by having a better understanding of the businesses.
The Fourth Session: “Digitalization and GST” – Approach
Mr Dhruvank Parikh, Chartered Accountant, being an expert in Indirect Taxation, gave an extensive and a very informative speech on the most sought after topic on today – GST. His lecture included the topics like:
- Electronic Platform of GST
- Anti-Profiteering Provisions
- Mixed and Composite Supply Provisions
- GST on Interest and Penalties
- Reverse Charge Mechanism
- Counter party payments
- Compliance Ratings for every Assessee
Our most awaited feature was the ‘Quiz’, which was run through a Whastapp Group made for the participants, and executed by using a Google Form. Four winners were declared for, fastest correct answers, at the end of the day and were given prizes.
The day concluded by enriching remarks of Mr Pradeep Agarwal, practising Chartered Accountant and Treasurer – WRIC ICAI, in his Valedictory Address. He summed up the important ‘take aways’ of the sessions of the day.
Lastly, Mr Rohit Kothari thanked each one for his contribution in the successful conclusion of the Annual Conference, hoping to continue the activities of Vadodara Audit Club and making it more vibrant. He gave his special thanks to the event sponsors, SBI, Etrends, NKGSB Bank, Seal For Life India Pvt. Ltd. and KYB Conmat Pvt. Ltd. and hospitality partner – Grand Mercure Vadodara Surya Palace.