What has machine and deep learning got to do with the future of Internal Auditors and System Audit? What are the parameters along which the evolving frontier of internal auditing will be built? These were some of the questions addressed at the 27th Annual Conference hosted by The Institute of Internal Auditors India in its Calcutta chapter, at the ITC Royal Bengal.
The future of auditing premeditates the human auditor’s interaction with the application of deep learning. With the emphasis on technology as conducive to the advancement of account-keeping and financial monitoring, the event provided a dynamic platform for fintech services to assert their ongoing ventures spearheading innovations.
We, at Surf Accounts were fortunate enough to be present along with financial consulting giant, Deloitte, to showcase our product to 50+ delegates from some of the biggest public corporations in India including DVC and Coal India Limited.
Surf Accounts’ target audience includes accounting firms, standalone accountants, SMEs and product/service companies of any magnitude – all of which requires compliant driven technologies. Our software offers a first step towards placing a lockdown on accounting frauds; a procedure we demonstrated, thus gaining the acknowledgement of the senior manager of internal audit at mjunction, a leading eMarketplace for steel.
Surf Accounts is a multi-user oriented cloud-based accounting software. This means that the supervision of financial records can rest on a single operator with an eye on multiple users involved in updating monetary data. Surf Accounts India disallows the manipulation of data by locking in every record that has ever been registered in the system. Even if a transactional data is deleted, amended or created, the system remembers it and shows the history in its Audit Trail Report. This is an ideal software that accountants can use to identify modifications (if any) done on
The system is also equipped to show Deleted Contacts if the contacts database is tampered with. Other details include
Thus, big companies can use our online accounting software to maintain the integrity of financial and accounting information daily using this in-built fraud-detection system.
We received and were able to answer some queries regarding how a user who is dubious about giving access to multiple users with separate log in credentials can benefit from this system. Surf Accounts offers data back up in the form of the import of customer/supplier invoices, receipts of customers and non-customers, credit notes, stock adjustments, payments of suppliers/non-suppliers, contacts, products and all the items crucial to bookkeeping in CSV files. By running an Audit Trail Report in association with the already existing files, one can reconcile between authentic and modified records. However, the biggest drawback of this process is that the key user would not be able to identify the person involved in data manipulation if multiple users use the same log in credentials, thereby making the procedure rather murky. Therefore, we ideally suggest our customers to set up individual log ins for each user.
The fear of data compromise with the use of a multi-access/multi-user systems is quite understandable. Thus, questions such as which accounting software is best or which accounting software to use form the common rhetoric among accountants and businesses. To answer their question Surf Accounts India ensures data security not only through a fraud detection mechanism, but also by hosting customer data in one of the best security environments offered by Microsoft Azure.
We are grateful to all the key executives in the field of auditing who viewed our product with keenness. We always look forward to assisting enquiries through onsite training sessions as well as office visits. We welcome queries and work on them with thorough care as we believe in the maxim, “necessity is the mother of invention.”