Industry Collaboration: Our Journey TogetherDaryl Aw
Lecturer, Singapore Polytechnic School of Business, Diploma in Accountancy
Meet the SP Accountancy team
Key members in our collaboration
• Yeo Li Juen
• Lee Lai Mun
• Ronnie Hoh
• Tang Kah Heong
• Daryl Aw
Common challenges in the accountancy sector
• Voluminous work
• Manual and repetitive processes
• Hardcopy documentation
• Error prone
• Lack of time and motivation
• High manpower costs
The bot: Threat or enabler?
Is there any hope?
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
The dream
How much does the robot cost?
*
SP Caseware Working Papers and Robotic Process Automation project
One united people
SP
ISCA
Software
Audit firm
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
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
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
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
Is RPA easy?
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
How to get started
2. Student projects with SP• Final year projects
• 1 class + lecturer
• Follow up with internship
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
Contact SP Business Innovation Centre or ISCA
https://bic.sp.edu.sg
sp-business-innovation-centre
Daryl Aw (SP)
6772 1843
Ariana Tan (ISCA)
6597 5509
Conclusion
Together, we the accounting industry in Singapore can move towards
digitalisation and increased productivity as a sector.