My manager has assigned me to work with a financial services company in Cambodia. I conducted a kick-off meeting with the respective person in charge to understand their business activities. It's worth mentioning that this company offers loan repayment services and allows clients to pay bills such as electricity and water bills through their application. Due to the complexity of their business nature, their systems are also complicated compared to other companies I've encountered before. I learned that they use a system called "Optimal 9", a core banking system built by JITS in 2008 with a modern architecture base, advanced technology, and compliance with both international and local regulatory standards. The Optimal 9 application aims to manage the operations and functions of banks with features such as centralized and online processing, flexibility, high parameterization and automation, security, a user-friendly interface, and the ability to process deposits and withdrawals in various locations and connect with external systems and service channels.
After receiving the ITGC documents from the client, I proceeded with the audit working paper. However, the auditor informed me that she would rely on our side for the revenue and account payable cycle as the data is too large for her to audit using CAATs. I then consulted my manager on what steps to take as the CAATs test I need to perform for this company is different from what I have done for other companies in the past.
Main things that have learnt:
To learn how to conduct ITGC audits on companies that involving in the complex financial nature of business.
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