On 9 July 2020, a team of three speakers from RSM Singapore shared with members of the Singapore Institute of Directors (“SID”) how analytics and technology (“A&T”) can help in fraud detection and assessment of internal control.
Dennis Lee, Partner, Business Consulting, began the session by highlighting the global shift towards the adoption of digital technologies and analytic procedures in everyday processes. A poll conducted during the webinar reflected that most participants are mindful of being irrelevant and uncompetitive if they do not adopt A&T for their organisations. He also concurred with the participants that in the digital era, audits are becoming integrated and should encompass both operational and information technology aspects.
Ow Ghim Siong, Manager, Analytics & Technology shared the benefits of performing 100% testing, as compared to a traditional sampling approach. He discussed how analytical techniques such as Benford’s law, linear regression, and other artificial intelligence-based approaches can help organisations identify outliers, for example, fraudulent transactions or network traffic. Business intelligence tools are also found to be useful in helping clients analyse their business and identify key business risk.
Mao Hwai May, Senior Manager, Business Consulting, highlighted the importance of internal controls for organisations in order to safeguard their interest and reduce risks. The concept of process mining was also introduced for compliance and process optimisation purposes. She shared valuable insights from her experience in auditing organisations and proposed ways organisations can get started in the adoption of A&T, such as changing organisation culture, developing employees to be future-ready, and leveraging government support in skills or infrastructure upgrading.
The session concluded with a Q&A segment where the RSM team fielded and answered questions from participants, primarily relating to practical concerns in the implementation of technology and analytical techniques for their organisations.
To find out more or how we can assist you, please consult our specialists:
Partner, Business Consulting
T: +65 6594 7627
Mao Hwai May
Senior Manager, Business Consulting
T: +65 6594 7709
Ow Ghim Siong
Manager, Analytics & Technology
T: +65 6594 7504