ACCA - Grant Thornton presentation template

10.15 am Welcome Address
10.20 am Presentation: Key findings of the ACCA-GT Report: Future
of Audit
10.45 am Presentation: How Cognitive Computing is changing the
audit/ compliance landscape
11.00 am
Noon
Panel Discussion and Q&A
Lunch

Presentation:
Key Findings of the ACCA-GT Report: The Future of Audit
Jeff Vibert, Grant Thornton Singapore
Partner & Head of Assurance

© 2016 Grant Thornton International Ltd. All rights reserved.
The Future of Audit: what did Singapore say?
October 2016

What we did
• The Future of Audit was discussed at a series of
roundtables in China, the EU, Singapore, South
Africa, the UAE, the UK and Ukraine
• Locations were chosen to cover a range of
business environments with differing
characteristics
• The roundtables were jointly hosted by Grant
Thornton and ACCA

Why we did it
• Change in Environment
• Change in expectations
• Regulatory change being imposed on auditors
• Evidence that the future of audit was seen
differently in different parts of the world – but that
evidence was previously only anecdotal…

Global findings in summary:
• Countries without audit are keen to invest in it
• Countries who recently adopted audit want to
maximise the benefits before further change
• Countries with a strong audit tradition want it to do
more than offer just a binary opinion on historical
financial information
• Different users have different requirements
• Audits need to adapt to the digital age

Different users, different requirements according to
Singapore:
• Audit providers should listen carefully to users and understand who the
users are, what information they use, and what they use it for
• The next generation of investors may want different information
• Audit has a future, but [the audit profession] must be prepared to
change, at times significantly to meet user needs
• We want to hear about early warning signals
• This would require the auditor ‘to really understand the business [and]
to get buy-in from management, to make meaningful comments in the
audit report
• [Do] we need [to see more] corporate collapses to usher in change?
• Auditors need to ‘evolve or risk losing their importance’

If there was doubt on the continuing usefulness of a
traditional audit report, the common misgivings were:
• Who? The report is addressed only to
shareholders
• What? The report is issued months after the period
end and mostly covers only historical financial
information
• Why? The report is a standardised product with
limited reference to particular user needs

Audit in the digital age, according to Singapore:
• Auditors need to be smarter about the way that
they do audits and use technology
• Technology is a tool to facilitate – it doesn’t replace
auditors
• Real time information risks short-term decision
making and ignoring long-term value creation

The auditor of the future, according to Singapore:
• Audit is not a necessary inconvenience – it is vital
• Business is getting more complex – are auditors
trained to deal with it?
• Pay your auditors more, keep the good people,
and make the profession attractive
• Auditors need to provide insights to enhance the
value of audit, and the relevance and
attractiveness of the profession
• [We] need more specialists on audit teams

Regional Observations
• APAC/ASEAN regions are amongst of the world’s
most important economic areas
• Wide diversity of professional standards, regulation
and sophistication. From the Mekong Delta
countries through to fully developed countries
• Business/profession in developing countries
rapidly emerging but still behind the rest
• Businesses are investing across the region and
auditors must cooperate across borders

Regional Observations
• Differential standards/ capabilities make accounting/
auditing quality and consistency very challenging
• Regulators in developed markets make little allowance for
these practicalities
• All falls on the companies and auditors
• Great work being done in the developing countries but still
a long way to go at all levels
• Assistance from developed to developing needed – who
pays?

Summary:
• Same model of audit not applicable everywhere
• Evolution will happen at different speeds
• Innovations can only follow proper capacity
• Standard setters and regulators must play role
• Changes in regulation must be well articulated
• Need a balance between audit quality, consistency and
innovation
• Apply standards in new ways but always with improved
quality as an objective

The Future of Audit:
• What do you think of the findings?

Presentation:
How Cognitive Computing is changing Audit/ Compliance
landscapes
Scott Layton, IBM Asia Pacific
Director of Audit and Investigations

©2015 IBM Corporation18 2 November 2016
IBM Internal Audit
Predict
potential
threats and
opportunities
Spot and analyze
trends and
anomalies
Assemble and
interact with
relevant
information
Compare “what-if”
scenarios
Understand
customer
sentiment and
behavior
Plan, budget
and forecast
resources
Assess and
manage
risk
Measure
and
monitor
behavior
Turn insight
into action,
optimizing
results
Business
insight
Operational
efficiency
Manage
risk
Business
Analytics
Business Analytics
Business analytics is the practice of iterative, methodical
exploration of an organization's data with emphasis on
statistical analysis.

IBM Internal Audit
Cognitive computing introduces a new business paradigm
Cognitive: of, relating to, or involving conscious
mental activities (such as thinking,
understanding, learning, and remembering)
Learns and builds knowledge from various structured and unstructured sources of information
Understands natural language and interacts more naturally with humans
Captures the expertise of top performers and accelerates the development of expertise in others
Enhances the cognitive process of professionals to help improve decision making
Elevates the quality and consistency of decision making across an organization
Cognitive computing…

IBM Internal Audit
Cognitive
understand, reason,
learn
Predictive
predict, decide, act
Descriptive
discover, report, analyze
Cognitive computing extends traditional analytics by creating a
value continuum

IBM Internal Audit
A Smarter Risk approach: Open Pages
Bringing together an interconnected view of risk across all disciplines
Financial Controls
Management
OperationalRisk
PolicyandCompliance
Management
IT Risk & Security
OpenPages GRC Platform
Audit
Focus Areas
 Operational Risk Management
 Internal Audit Management
 Policy and Compliance Management
 Financial Controls Management
 Technology Risk Management
 Business Continuity Management
 Enterprise Risk Management
 Vendor Risk Management

OpenPages Internal Audit Management (IAM)
Providing independent assurance to the business
OpenPages Internal Audit Management
enables organizations to plan, execute, report
and review their audit universe
Key Features
 Integrated solution for audit management
 Define, plan, execute and report on audits
across the business
– Track and manage audits, audit phases, work
papers and allocations
 Automate operations through fully
configurable reporting and workflow
 Risk rank audit universe, configured
according to the audit methodology
Business Benefits
 Empowers internal audit departments to champion risk management, acting as a strategic
partner to management
 Delivers an integrated, closed loop approach to risk management, driving visibility and
confidence in organizational risk posture

Audit Dashboard

Resource Planning Report

IBM Watson
Watson Virtual Agent
Watson Financial Advisor
Cognitive Cooking w/ Chef Watson
Watson for Genomics Technology
Watson Healthcare
Watson Oncology
“The goal is to have computers start to interact in
natural human terms across a range of applications
and processes, understanding the questions that
humans ask and providing answers that humans
can understand and justify."

IBM Internal Audit
Cognitive Auditing as a Differentiator
Sample targeting based on risk using machine learning
Learning to identify and predict fraud
Understanding unstructured data, and recommending treatment
Automated Auditing and flagging
Differentiation through technology partnerships
Improves Cost and Value

Questions?

Panel Discussion:
The Future of Audit: Relevance Lost & Found
Chiew
Chun
Wee
ACCA
Singapore
Moderator
Pan
ellist
Pan
ellist
Panellist
Sue
Almond
Grant
Thornton
Panellist
Adrian
Chan
Lee & Lee
Singapore
Panellist
Jean
Philippe
Gauvrit
Nokia
Panellist Panellist
David
Smith
Aberdeen
Gajendran
Vyapuri
ISCA

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