The judges were delighted with Fawwad’s inventive idea that will change the way we audit and improve the global business world. Currently studying at Deakin University we look forward to travelling to Geelong to present Fawwad with the prize money of AUD$2,000, as it is truly and thoroughly deserved. With Fawwad’s idea ticking all the boxes for the judging criteria in innovation, commercial feasibility, use of technology and improvement.
Fawwad Bin Naseer showed a strong understanding of auditing, with a focus on how his innovation would improve pre-engagement and risk assessment procedures. He applied sophisticated Enterprise Resource Planning (ERP) solutions and data analytics which have previously been developed for other aspects of auditing to these earlier stages, revealing his consideration of the importance of commercial feasibility. Fawwad is currently undertaking a Bachelor of Commerce at Deakin University, and has evidently applied these learnings in hand with his further knowledge and research to develop this idea.
We received a number of great ideas and our phenomenal runners-up were Ben O’Neill and Josephine Fung. Our judges were more than impressed with the initiative taken in creating two really wonderful designs.
Ben O’Neill, currently studying a Master of Commerce at the University of Auckland, produced a creative and in-depth analysis of the improvements that blockchain and smart contracts could potentially offer the auditing process. He showed an impressive understanding of these emerging technologies, and thoroughly discussed their use in improving the efficiency and reliability of data verification. Ben presented extensive knowledge of both the technical aspects of his idea, and its conceptual application to auditing, resulting in a detailed and remarkable application.
The application of Artificial Intelligence (AI) in eliminating and automating non-value adding activities were drawn out by entrant Josephine Fung. Studying a Bachelor of Commerce with majors in Accounting and Finance at the University of Western Australia, Josephine presented comprehensive research into auditing procedures, and the emergence of AI in the technological environment. She effectively integrated the abilities AI has to offer in an innovative software application to improve the auditing process.
Thank you to all applicants
We would like to thank all those who entered our competition. We truly appreciate the time and energy that you've put in, and we really enjoyed reviewing your creative big ideas. We hope we've inspired you as much as you've inspired us. Keep up the great work as these qualities are sure to drive you further in your career.
Also, keep an eye out for future competitions where you can exhibit your talents once again!
We are honoured and extremely lucky to have such talented judges committed to this competition. The judging discussions were in depth and involved and their combined auditing experience was needed to work through to the winning idea:
Matthew Green FCA - Partner at HanrickCurren - Matthew has over 15 years' experience and is a registered company auditor and business valuation specialist.
Carolyn Ralph FCA - Audit Partner at KPMG - Carolyn specialises in managing risk and quality of the audit practice, possessing over 20 years' experience across several countries and industries.
Slav Tabachnik - Audit & Assurance Partner at Deloitte - Slav was a founding member of the Deloitte Data Program and has over 13 years' consulting experience.
Steve Hayes CA- Audit & International Contact Partner at RSM New Zealand - Steve has worked within auditing, commercial sector finance and chartered accountancy and has been with RSM since 2002.
Cameron Town CA - Audit Partner at Silks Audit Chartered Accountants - Cameron has been with Silks since 1999, progressing his way from auditing junior to partner and becoming a CA in 2006.