Industry Collaboration: Our Journey Together · Industry Collaboration: Our Journey Together Daryl...

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Transcript of Industry Collaboration: Our Journey Together · Industry Collaboration: Our Journey Together Daryl...

Page 1: Industry Collaboration: Our Journey Together · Industry Collaboration: Our Journey Together Daryl Aw Lecturer, ... - Mapping - Referencing - Tickmarks - Creation of caseware work
Page 2: Industry Collaboration: Our Journey Together · Industry Collaboration: Our Journey Together Daryl Aw Lecturer, ... - Mapping - Referencing - Tickmarks - Creation of caseware work

Industry Collaboration: Our Journey TogetherDaryl Aw

Lecturer, Singapore Polytechnic School of Business, Diploma in Accountancy

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Meet the SP Accountancy team

Key members in our collaboration

• Yeo Li Juen

• Lee Lai Mun

• Ronnie Hoh

• Tang Kah Heong

• Daryl Aw

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Common challenges in the accountancy sector

• Voluminous work

• Manual and repetitive processes

• Hardcopy documentation

• Error prone

• Lack of time and motivation

• High manpower costs

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The bot: Threat or enabler?

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Is there any hope?

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Bank confirmation process

No of times process is repeated = 480 clients x 4 bank accounts = 1920 times

Time taken for a typical SMP = 480 clients* on average for a 30-staff SMP x 4 bank accounts x 8mins / 60 mins = 256 hours

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The dream

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How much does the robot cost?

*

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SP Caseware Working Papers and Robotic Process Automation project

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One united people

SP

ISCA

Software

Audit firm

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Project 1: Caseware Working Papers

Step 1

Students to convert the hardcopy files into caseware software

Step 2

Measure efficiency + Internship support

- Review - Presentation- Roll forward for new YE

- Import TB- Mapping- Referencing- Tickmarks- Creation of caseware work papers- ISCA standard forms - Compilation- Consolidation - AJE

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Project 2: Robotic Process Automation

Step 1

Understanding of the audit processes

Step 2

Identification of manual and repetitive processes

Step 3

Produce the RPA scripts

Step 4

Measure efficiency + Internship support

- Corporate secretarial work - Bank confirmations- AR confirmations- AP confirmations

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Benefits– Caseware Working Papers

Benefits to Audit firm

• Reduce teething issues

• Faster implementation

• Standardisation of conversion

• Opportunity cost for auditors to work on other engagements.

• Proof of concept

• Talent recruitment

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Productivity gains – RPA For each Audit

processManual

method by audit firm

Auditprocess

using RPA

Time saved per audit process

% increase in productivity

Estimated Savings ($) per audit firm= number of times to repeat x time saved per process x cost of A1 per minute x 480 clients* = number of times to repeat x time saved x $90.91

Bank confirmation

8 mins 3.5 mins 4.5 mins 56% For 4 bank accounts = 4 x 4.5min x $90.91= $1,636

AR / AP confirmation (sorting + confirmation)

20 mins + 7mins (for

subsequent confirmation)

2.4 min 17.6 mins 88% For 6 debtors and 6 creditors = [(20min +7min x5) - (2.4min x6)] x 2 x $90.91= $7,381

Corporate secretarial work

90 mins 13 mins 77 mins 86% Once per company = 1 x 77min x $90.91= $7,000

Total 118 mins 18.9 mins 99.1 mins $16,017

Cost of A1 per minute = $2000 average A1 pay / 22 days / 8hours a day / 60mins = $0.19 / minute

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Audit processes

StartManually do work.

Copy from something

Before RPA

After RPA

Paste into something

Repeat many times depending on the

situation

StartAuditor

presses ‘start’ button

Have a nice lunch

End

EndRobot does

everything for you

Daryl

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Is RPA easy?

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How to get started

1. Applied RPA course for Auditors • 3 days practical workshop

• Certification of RPA jointly awarded by ISCA and SP

• Learn RPA skills which can be applied across different processes

• RPA solutions to implement at your audit firm

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How to get started

2. Student projects with SP• Final year projects

• 1 class + lecturer

• Follow up with internship

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Other SP Accountancy Final Year Project capabilities

Accounting, auditing, taxation and analytics projects with SP students

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Can SP help the SMPs even more?

Accounting and finance

Marketing

HR

Logistics

Fintech

Regionalisation

Business analytics

Service excellence / Design thinking

Business productivity and supply chain management

Others:

• Short courses

• Specialist diplomas

• Staff consultancy projects

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Contact SP Business Innovation Centre or ISCA

[email protected]

https://bic.sp.edu.sg

sp-business-innovation-centre

Daryl Aw (SP)

6772 1843

[email protected]

Ariana Tan (ISCA)

6597 5509

[email protected]

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Conclusion

Together, we the accounting industry in Singapore can move towards

digitalisation and increased productivity as a sector.