ASBM Hosts 14th National Finance Symposium on Tackling Financial Shenanigans
02, Nov 2024 – Bhubaneswar, India – The School of Accountancy, ASBM University organised the 14th National Finance Symposium on 2nd November 2024 on a pertinent theme, ‘Financial Shenanigans: Issues & Challenges’. The event was graced by stalwarts like Shri Trilochan Panda, MD, GRIDCO Ltd., Bhubaneswar as the Chief Guest, Shri Bibhuti Bhusan Nayak, President, ICMAI, New Delhi as the Guest of Honour, and Shri Shiba Prasad Padhi, Practising CMA, SAPSJ, Bhubaneswar as the Keynote Speaker.
For the inaugural session the coordinator of the event Dr. J Sai Mohini introduced the eminent guests on the dais. The welcome address given by Prof. Dr. Ranjan Kumar Bal, Vice-Chancellor, of ASBM University included high praise for the dignitaries.
In his address, the Keynote Speaker Shri Shiba Prasad Padhi provided a succinct explanation of the symposium’s theme. Providing a profound understanding of the legal side of the financial world he defined the term “Financial Shenanigans” in the Indian and global context as any deliberate often convoluted dishonest activity resulting in the misrepresentation of the financial performance or position of a company or entity. To showcase the vicious cycle of accounting fraud he brought forth many case studies like Satyam Computer Services, ABG Shipyard Ltd and more. Discussing how fraud leads to business disruption he mentioned means of managing it through Internal Control Systems, effective CG and use of technology like PM, NLP, RTA, and Fraud Management Systems
The Guest of Honour Shri Bibhuti Bhusan Nayak addressing the students as the future of the nation, asked them to develop a keen understanding of the subject under scrutiny – Financial Shenanigans, as tackling it is the need of the hour. In the interactive portion of his session, he utilized a pen as an example to teach the students how financial shenanigans start at the very juncture of the price-fixing of services and manufactured goods. He highlighted taxation as an area of rampant fraud and financial roguery around the globe mainly due to the complexity of the process. Continuing with the line of thought of Shri Shiba Prasad Padhi, he assured the audience of the robustness of Indian regulatory bodies and their effectiveness which has vastly reduced financial shenanigans and fraud, keeping concerned organizations in check.
The Chief Guest Shri Trilochan Panda in his address educated the students about the causes of financial shenanigans and pertaining to it, the role of law and regulatory bodies by sharing insights from his remarkable career and personal experiences. He pointed out that in the line of business, the aspect of valuation is a cesspool of financial fraud and shenanigans. He discussed how the abuse of legal loopholes and unethical practices are promoted. He commented on the volatility of the market due to the liquidity of cash and how investments are driven more by hearsay and FOMO, fear of missing out, rather than informed choices. Exalting the work done by Indian regulatory bodies, he revealed how the consequences of financial malpractices have changed various protocols across various organisations of concern reducing the chances of fraud but also making it difficult in some cases for the masses to maneuver.
Prof. (Dr.) Biswajeet Pattanayak, Honourable Founder and President of the University addressed the gathering and expressed his appreciation for dignitaries. Discussing the various types of business organisations, through his observations he raised a very burning question – why do organisations sink but not their promoters. He pointed out that the signs of fraud are deliberately ignored even by the people involved in its periphery out of self-interest and that accountability or the lack of it may suggest an answer to the previously mentioned question. Quoting Murphy and Albert Bandura he provided an excellent elucidation on the connection between a person’s personality and the probability of them committing fraud, mentioning how individuals high in Machiavellianism are more likely to commit fraud. He also mentioned the key factors through the fraud triangle consisting of opportunity, incentive/pressure, and attitude/rationalisation. In his concluding note, he advised the students, alluding to the fact that morality is non-negotiable and the perception of an act lies in its intent.
Prof. (Dr.) Biswajeet Pattanayak felicitated and presented the memento to Shri Trilochan Panda the Chief Guest, Shri Bibhuti Bhusan Nayak the Guest of Honour, and Shri Shiba Prasad Padhithe the Keynote Speaker.
The Vote of Thanks was given by Prof. Prarthana Mishra.
The afternoon plenary session was moderated by Shri Niranjan Sahoo, Former CGM (Finance), OPTCL. ShriNiranjan Barik, Regional Head, Uniora Bank of India, Bhubaneswar; Shri Bijay Kumar Mallick, Dy. General Manager, Bank of India, Bhubaneswar; Shri Manoranjan Das, Sr. Divisional Manager, LIC of India, Bhubaneswar; and Shri Satya Sundar Mahasuar, AGM (Finance), NALCO, Bhubaneswar were part of the enlightening panel discussion.
The Vice-President of the University Prof. Dr. Kalyan Shankar Ray felicitated and presented the memento to the eminent guests.
The program was coordinated by Dr. J Sai Mohini and Prof. Prarthana Mishra. This program was attended by the Vice-President of the University Prof. Dr. Kalyan Shankar Ray, Vice-Chancellor Prof. Dr. Ranjan Kumar Bal, Pro-Vice-Chancellor Prof. Dr. Phalgu Niranjana, Principal Director Prof. Dr. Smaraki Pattanayak, all the Deans, Professors, faculties and students of the University.
The symposium successfully ended on an insightful note.