SMU-IIAS Internal Audit Case Challenge 2017
Written by : Daphne Ng Yun Ying, DAC/FT/3A/10, AY 17/18.
On 3 June 2017, our SP Accountancy students competed in the SMU-IIAS Internal Audit Case Challenge 2017 against other university and polytechnic teams. Our students emerged as 2nd runner up (behind SMU and SUSS). We were the only polytechnic that won an award during the competition.
L-R : Our winners Ng Xian Huang, Lee Chee Yong, Chen Daoyi, Daphne Ng Yun Ying
Jointly organised by SMU Accounting Society (ASoc) and the Institute of Internal Auditors Singapore (IIAS), the SMU-IIAS Internal Audit Case Challenge Competition aims to inspire Junior College (JC) as well as tertiary students to pursue internal audit as a career and to enhance the students’ awareness and understanding of internal audit practices to allow them to exercise and draw insights from knowledge applications in real-life internal audit issues and challenges.
This year, the “Internet of Things” themed case challenge competition comprised of two segments. During the MCQ round, we were required to answer 60 MCQ questions on internal audit, risk management and assurance concepts and principles in 45 minutes. We then had to undergo the second segment of the case challenge, where we were given an hour to analyse and craft out a 3-minute presentation on three case studies relating to the United Airlines Scuffle, Oscar Awards as well as the implementation of drones in the SMU compound.
My team proposed solutions such as the introduction of “SmartBands” and “Digitalised 2-in-1 Winner’s Card and Envelope” encoded with QR code which significantly mitigates the risk of human error at the Oscars. In addition, in view of the SMU computer systems which are prone to hacking risks and unauthorised access as well as the campus security threats, we suggested the implementation of “SMU 360 Interactive Drones” which are able to effectively safeguards the data and information at the centralised data storage centre from unauthorised personnel via the biometric facial recognition technology. When unauthorised personnel are detected by the drone sensors, an automated lock-down of the data centre and shutdown of the systems will then be activated, restricting access and abscondment. To enhance consumer experience, we incorporated music-playing and photo-taking features in our drones to enable real-time interaction.
It was certainly an intense yet fruitful day at SMU coupled with insightful talks and panel discussions on “Internet of Things” with several industry professionals such as Mr Ram Lakshminarayanan, KPMG Management Consulting Partner, Mr James Jameson, Director of IBM and Mr David Chew, SEA & SG Risk Consulting Executive Director. Therefore, I strongly recommend students to join this competition to gain deep insights into the up-and-coming disruptive technologies and how can we better prepare ourselves to embrace these technologies.
With many strong university and polytechnic teams competing in the tertiary category, we are deeply humbled and grateful to be able to clinch the second runner-up award. We are utterly thankful for the guidance by our supportive DAC lecturers and our team’s biggest takeaway from this competition would be to keep believing and give your best because nothing is impossible!
Case study round where our students analysed, evaluated and proposed the best solutions!
Our Year 2 students who were presenting their ideas and solutions to the judges.
SP Accountancy emerged as 2nd runner ups at the SMU-IIAS internal audit challenge.The happy team who walked away with their cash prizes!