With online technology gaining momentum and companies getting exposed to the risk of financial frauds, the internal auditors expressed need to bring new innovations in auditing technology that will arm the auditors at keeping fraudsters at bay.

At the fourth edition of annual conference of the Institute of Internal Auditors (IIA), organised by the Vadodara Audit Club (VAC) on Monday, internal auditors and security experts deliberated on security issues in financial auditing technology.

D Sivanandhan, retired IPS officer and former DGP of Maharashtra, explained in detail the future threat perceptions to technology that can make things complicated for a company.

“Often a simple device such as a cell phone can create havoc or lead the user to be a victim to internet threats,” he said in his address.

Presentations were made by KC Bhanoo, General Manager, SIDBI — Ahmedabad region — on the effect of finance on the working of an organisation and the role of a good auditor in controlling financial transactions. The month of May is marked as the Internal Audit Awareness month.

Weaved around the theme of “Towards a Sustainable Tomorrow”, the conference highlighted the importance of data and information flow for business decision-making.

Timely and accurate information will ensure that the management is able to decide in time if the direction of the earlier decision needs to be changed.

“If such tools are followed, the auditor will find it easier to add value to the organisation by diverting their efforts in places where the information shows exception reporting,” said Rajendra Shah, MD, Tally Power IT Solutions.

Taking into account the new Companies Act, the auditors discussed in detail the aspects of Corporate Social Responsibility, Corporate Governance and regulatory issues.

Rajesh Varma, Partner, KPMG explained how Corporate Governance helps an organisation to keep its objectives in focus, employees and staff under control and allow exception reporting to increase the productivity of the Board of Directors.

The event, which marked VAC’s fourth year in operation, was supported by SIDBI — Gujarat Zone with media partnership of the Hindu Business Line.