students) hyderabad branch of sicasa -...
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DECEMBER, 2017 SICASA Hyderabad
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n
Students)
Southern India Chartered Accountant Students Association (A legally formed Association for the benefit of CA students) TO THE STUDENTS BY THE STUDENTS FOR THE STUDENTS
REACH US: /hydsicasa.org /[email protected] /sicasahyd /SICASAhyd /sicasa_hyd
HYDERABAD BRANCH OF SICASA
(E- News letter)
DECEMBER, 2017 SICASA Hyderabad
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SICASA HYDERABAD 2017-18
Editorial Board
CA. PANKAJ TRIVEDI
CHAIRMAN, SICASA
SIDDHARTHA C
MANAGING COMMITTEE MEMBER
REVANTH CHOWDARY
MANAGING COMMITTEE MEMBER
ANUHYA MANDAVA
MANAGING COMMITTEE MEMBER
TAFAZZUL IBADULLAH
MANAGING COMMITTEE MEMBER
KALYAN ASTAKALA
MANAGING COMMITTEE MEMBER
SRI KRISHNA CHAITANYA
MANAGING COMMITTEE MEMBER
Office:
11-5-398/C, ICAI Bhawan,
Red Hills, Hyderabad
Telangana-500 004.
Phone: +91-40-23393182 & 23393200
Email Id: [email protected]
Website: http://hydsicasa.org/
INSIDE DECEMBER
03. Message – Chairman
04. Article
08. Announcements
09. Upcoming events
13. Glimpses
When things do not go your
way, remember that every
challenge, every adversity
contains within it the seeds
of opportunity and growth.
– Anonyms
CONTENTS
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Dear Members of SICASA Hyderabad
Greetings to all,
At the outset I along with my Team SICASA Hyderabad members are very happy to inform you that the sports
activities being conducted by SICASA Hyderabad have evoked tremendous response and the fighting spirit being
shown by participants should be seen to be believed. I would also like to take this opportunity to sincerely thank
the Volunteers who are helping TEAM SICASA HYDERABAD in conducting various events. I would urge the students
to participate in the sports events in large numbers and make it a grand success.
Fiesta… the annual cultural event is planned on 10th December at Maruti Gardens and it is the time to show the
world that CA students also excel in Extra Curricular activities. Registrations for the events are in progress and
plethora of cultural events, Indoor Games are planned for you. Needless to say the food stalls organised and
managed by our own CA students will be serving delicious food and a very nominal rates. I request all of you to
participate in the event.
I am also happy to share with you that Hyderabad branch of SICASA & Hyderabad Branch of SIRC of ICAI will be
jointly hosting CA student’s conference to be organised by Board of studies on 5th & 6th January at Shilpa Kala
Vedika, Madhapur. The conference is named “Tomorrow” as we will be planning to conduct number of special
sessions on what awaits a prospective Chartered Accountant in the years to come. I urge all of you to spread this
message amongst your friends and request them to register at the earliest as we would be stopping registrations
at 2000. I would also like to invite students who wish to be volunteer’s for the conference as we are looking for
about 60 Volunteers. I assure you that it will be a Life Time experience for all of you.
I take this opportunity to wish you all a Merry Christmas and a very Happy New Year.
With Best Wishes,
Team SICASA 2017-18
Chairman’s Communiqué
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CYBER FORENSIC
BACKGROUND: The term "Forensic" means suitable for courts of justice or for public discussion and debate. It is one of the latest
means to facilitate the prevention, detection, investigation and successful prosecution of economic crime.
In particular, the application of accounting methods to track and collect the forensic evidence, usually for investigation
and prosecution of criminal acts such as embezzlement or fraud.
Forensic Audit
A forensic audit is an examination and evaluation of a firm's or individual's financial information which acts as
evidence in court of law. A forensic audit can be conducted in order to prosecute a party for fraud, embezzlement or
other financial claims.
Forensic Accounting
The integration of accounting, auditing and investigative skills yields the specialty known as Forensic Accounting,
which encompasses both Litigation Support and Investigative Accounting.
Companies Act, 2013 has a significant impact on fighting and preventing frauds. U/S 245(1g) of new Companies Act,
2013, depositors and members of a company can claim damages from auditors, management and other consultants
for the wrongdoings by the company and its management. Many consultants and senior executives are expected to
become part of the certified community.
U/S 140 of Companies Act, 2013, the auditors and their firm would be jointly liable for any frauds in the books of
accounts and many auditors are likely to become forensic accountants in the days to come to avoid being caught on
the wrong foot.
U/S 177 of Companies Act, 2013, the audit committee will have the authority to investigate and the power to obtain
professional advice from external sources and have full access to information in the records of companies.
CYBER FORENSIC
One of the branches of forensic is cyber forensic.
Cyber forensic is the application of investigation and analysis techniques to
gather and preserve evidence from a particular computing device in a way
that is suitable for presentation in court of law. It is a branch of digital
forensic
ARTICLE
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Science pertaining to evidence found in computers and digital storage media. Cyber forensic is also known as
computer forensic.
The goal of cyber forensics is to examine digital media in a forensically sound manner with the aim of identifying,
preserving, recovering, analyzing and presenting facts and opinions about the digital information.
Although it is most often associated with the investigation of a wide variety of computer crime, computer forensics
may also be used in civil proceedings. The discipline involves similar techniques and principles to data recovery but
with additional guidelines and practices designed to create a legal audit
trail.
CYBER CRIME
Any illegal behavior committed by means of, or in relation to, a computer
or network, including such crimes as illegal possession and offering or
distributing information by means of computer system or network.
-any contract for the sale or conveyance of immovable property or any interest in such property;
-any such class of documents or transactions as may be notified by Central Government.
In India, there is a separate organisation where cyber forensic governs with the name Indian Forensic Organisation
(IFO). It is the only organisation dedicated in the fields of forensic science. It has a vision of changing the scenario of
forensics in India to one of the most advanced in the world. They intended to faster the process of civil/criminal justice
system for justice. The mission of IFO to strengthen the criminal justice system in India so the victim should not wait
for justice.
They are equipped with latest tools and technology to efficiently cope up with the current scenario of criminal
investigation system. One of the main pillars for advancement of forensic science is awareness among people and
society. They promote the use of forensic science in every possible way and in every related judicial matter, this will
improve the speed and quality of justice. IFO supports and encourages Research Scholars, scientists, experts from
various fields of financial statements.
Certified Cyber Forensic Profession
The Certified Cyber Forensic Profession (CCFP) indicates expertise in forensic techniques and procedures,
standards of practice and legal & ethical principles to assure accurate, complete and reliable digital evidence
admissible in the court of law. It also indicates the ability to apply forensics to other information security disciplines
such as e-discovery, malware analysis, or incident response.
CCFP addresses more experienced cyber forensic professionals who already have the proficiency and perspective
to efficiently apply their cyber forensics expertise to a variety of challenges. In fact, many new CCFP professionals
likely hold one or more other digital forensics certifications. The following are the varied applications of cyber
forensics:
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-Digital forensic examiners in law enforcement to support criminal investigations
-Cyber-crime and cyber security professionals working in public or private sectors
-Cyber forensic engineers and managers working in corporate information security
-Digital forensic and e-discovery consultants focused on litigation support
-Computer forensic consultants working for management or specially consulting firms.
The council of Institute of Chartered Accountants of India, recognising the need for forensic accounting and fraud
detection in the emerging economic scenario has decided to launch a certificate course on subject. Demand for
forensic accounting and fraud detection specialisation in increasing, considering the rising incidents of cyber-crimes
and fraud detection.
COMPUTER FORENSIC: A VALUABLE AUDIT TOOL.
Although computer forensics is a valuable tool for investigating cases involving
fraud, many auditors are still unaware of the proper ways to conduct a forensic
investigation and ways to ensure evidence is ready to be used in court.
Identify sources of documentary or other digital evidence.
Preserve the evidence.
Analyze the evidence.
Present the findings.
Computer forensics is done in a fashion that adheres to the standards of evidence that are admissible in a court of
law. Thus, computer forensics must be techno-legal in nature rather than purely technical or purely legal.
Electronic evidence considerations
Electronic evidence can be collected from a variety of sources. Within a company’s network, evidence will be found in
any form of technology that can be used to transmit or store data. Evidence should be collected through three parts
of an offender’s network: at the workstation of the offender, on the server accessed by the offender, and on the
network that connects the two. Investigators can therefore use three different sources to confirm of the data’s origin.
Data breaches, hacking attacks, viruses and insider threats are some of the security issues many companies face on
daily bases. Besides employing preventive measures, such as the use of firewall and intrusion detection devices to
prevent data breaches. Many organisations around the world have been using computer forensics to identify
instances of computer misuse and illegal intrusions. To do the forensic audit the auditor should go with the following
process.
Forensic investigate Analysing the results
Acquiring the evidence Reporting results
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Forensic Investigate: The goal is to identify exactly what happened on a digital system and who was responsible
through a structured, investigate approach. It covers all areas of computer misuse, including fraud, internet and e-
mail abuse, hacking as well as accidental detection or alteration of data.
Acquiring the evidence: The process of securing or acquiring evidence starts with previewing the contents of a
computer’s hard drive or other media. To acquire the electronic data including deleted information, the storage device
must be mirrored or duplicated exactly bit by bit.
Analyzing the results: Here the auditor acquires the evidence. As every case is different, auditor need to fully train
when conducting a data analysis, or they should recommended a trainer forensic examiner performs. The evaluation
if they lack the professional training to do so. To analyse he evidence auditors should use the working copy of
retrieved, deleted, electronic data only including files and folders.
Reporting results: The final phase of the forensic examination is creating the reports and reporting the evidence.
Final reports of the investigation should include a list of all the evidence gathered, a copy of printed documents listed
as appendix, and an executive summary. If need arises the auditor should provide interim reports. These are also act
as evidence in court of law.
CASE STUDY:
A new start-up SME (Small-Medium Enterprise) based in Luton with an E-government model has recently begun to
notice anomalies in its accounting and product records. It has undertaken an initial check of system log files, and
there are a number of suspicious entries and IP addresses with a large amount of data being sent outside the
company firewall. They have also recently received a number of customer complaints saying that there is often a
strange message displayed during order re-directed to a payment page that does not look legitimate.
The company makes use of a general purpose e-business package (OS Commerce) and has a small team of six IT
support professionals, but they do not feel that they have the expertise to carry out a full scale malware/forensic
investigation.
As there is increased competition in the hi-tech domain, the company is anxious to ensure that their systems are
not being compromised, and they have employed a digital forensic investigator to determine whether a malicious
activity has taken place and to ensure that there is no malware within their systems.
The team also wants to carry out a digital forensics investigation to see whether they can trace the cause of the
problems, and if necessary to prepare a case against the perpetrators.
The company uses Windows Sever NT for its servers. Patches are applied by the IT support team on a monthly
basis, but the team has noticed that a number of machines do not seem to have been patched.
THANK YOU
-Compiled by HARSHITHA
SRO0413770
Success is where PREPARATION and OPPORTUNITY meet
DECEMBER, 2017 SICASA Hyderabad
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Invitation for Articles from CA Students For publication in SICASA-Hyderabad E-News letter
Articles are invited topics of interest to the CA Profession and the
CA student community from students The Paper presentation
(Maximum of 2000 Words) should be received latest by 20th of the
preceding month for being published in the subsequent month.
*Students may note that the presentation is original in all respects
and does not infringe any copyright and has been published
elsewhere or has been sent for publication.
Discontinuation of Students Learning Management System (LMS)
The Board of Studies in its continuous endeavor to facilitate students in learning anytime and anywhere by leveraging technology, has been offering video lectures for all the three levels of CA Course since 2014. They were started as a supplement to the e-Lectures already being provided through Students Learning Management System (LMS) but later, they almost became a substitute as they were making use of newer and more innovative technologies. Initially, the video lectures aimed at explaining practical problems/ illustrations on a blackboard setup, for practical problem-solving subjects. In 2017, the initiative for recording video lectures for theoretical subjects was also started which raised video lectures as a sheer replacement for e-Lectures. The work on video lectures for new scheme has also started with lectures uploaded for around 40% of the topics . Considering the huge popularity and appeal of the video lectures, and the fact that e-Lectures have almost become redundant, it has been decided to discontinue the facility of Students LMS from December, 2017. Lately, the Board of Studies has launched e-Books for the new scheme of education and training, on Digital Learning Hub which contains the study material currently. In near future, it is proposed to enhance the e-Books with integrated video lectures, Multiple Choice Questions (MCQs) and other resources, which would surely be a great learning asset for the student fraternity . Students are advised to take advantage of video lectures and e-Books for their learning requirements in order to succeed in their forthcoming examination.
ANNOUNCEMENTS
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Upcoming Events
On 10th December, 2017 @ Maruthi Gardens, Lakdikapool, Hyd.
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GALLERY
Glimpse of WORLD ACCOUNTANCY EDUCATION DAY Celebrations
DECEMBER, 2017 SICASA Hyderabad
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BASKETBALL CHAMPIONS
SICASA SPORTS CARNIVAL – III
Badminton Champions (Women) Singles & Doubles
Badminton Champions (Men) Singles & Doubles
DECEMBER, 2017 SICASA Hyderabad
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SICASA SPORTS CARNIVAL – III Beach Sand Volleyball Champions
SICASA SPORTS CARNIVAL – III Football Champions
SICASA SPORTS CARNIVAL – III
Bowling Champions
SICASA SPORTS CARNIVAL – III
Table Tennis Champions
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Note:
The views expressed by contributors in this E-Newsletter do not necessarily reflect the opinion of SICASA Hyderabad.
Material in this publication may not be reproduced, whether in part or in whole, without the consent of SICASA-Hyd.
This E-Newsletter was Published by Hyderabad Branch of SICASA, ICAI Bhawan, 11-398/C, Red hills, Hyderabad-04,
Contact: 23393182, email: [email protected]; website: www.hydicai.org
TEAM
SICASA
2017-18
A Prospective
project of
SICASA - Hyderabad
Theme: Nurturing Values & Integrity -
Attaining Excellence in Professional Pursuits.
CA STUDENTS’ CONFERENCE at Hyderabad