05 Sep 2016
ISCA CEO, Mr Lee Fook Chiew, was quoted in The Business Times on the question of "How ready is your organisation for an electronic payments society? What challenges do businesses face in going cashless? " This is what he has to share:
With the proliferation of e-payments, companies will have to evaluate the adequacy of their IT and accounting systems to facilitate such payments. They need to ensure the security of voluminous online payments and authenticity of transactions to maintain consumer confidence. In response to this trend, the audit profession will have to innovate and learn new skills. Data analytics would be critical in helping auditors to examine the massive data, simultaneously improving audit efficiency and enhancing audit quality. In relation to e-payments, the audit should critically evaluate the robustness of IT-related controls. Auditors may need to engage the help of IT specialists in the process.
It was first published in "Views From the Top" in The Business Times on 5 September 2016.
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