The Financial Express

Chartered accountants emphasise automated auditing practice

| Updated: March 01, 2021 09:45:52

Chartered accountants emphasise automated auditing practice

Speakers at a workshop Wednesday said the country's accountants have to prepare themselves for fully automated auditing practice in near future.

They said chartered accountants professionals have globally embraced software for audit practice, the similar development is going to take place in Bangladesh too.

The speakers said the professionals also have to be ready for new challenges along with new technologies.

The Institute of Chartered Accountants of Bangladesh (ICAB) organised the workshop on "Implementation and Dissemination of Audit Practice Software for CA Firms in Bangladesh" at its auditorium in city.

Speaking at the workshop, Mahmudul Hasan Khusru President- ICAB said, 2021 is a year of automation for ICAB.

All functions of the Institute including monitoring audit reports, activities of quality assurance board, firm visit etc. are in under process of automation, he said.

Citing the benefits of Enterprise resource planning (ERP), he said, software makes things as it is demanded.

This makes us agile, he said and added that as the Chartered accountants are always agile to any changes in businesses, they must take the opportunity to adopt the IT based audit software.

We should not lag behind in audit practice, if we do not take the software we will definitely fade out, he further said.

He said ICAB will help CA firms in adopting the software.

Maria Howlader, Vice President- ICAB and Chairman of the Project on "Development and Implementation of Audit Practice Software for CA Firms in Bangladesh" presented Introduction of audit software and its importance while the theme of workshop was introduced by Shubhashish Bose, CEO-ICAB.

Through zoom application live demo session on audit practice software: CaseWare Working Paper was conducted by Ken Chan, Product Specialist of CaseWare Asia Pte Ltd.

Muhammad Farooq, Immediate Past President-ICAB, Council Member Md Moniruzzaman, fellow members, Sk. Md. Tarikul Islam, among other, spoke at the workshop.

Maria Howladar introduced the software and its importance.

She said this software would enhance capacity of ICAB members in performing audit based on international standards on Auditing (ISA).

This software based audit will definitely reduces the hassle of keeping records of audit documents and at the same reduces the time of conventional process of audit, reducing the cost, she added.

This application of software will be a one stop gateway where firm manager could check and review all data smoothly and efficiently, she further said.

ICAB Chief Executive Officer Shubhashish Bose said, audits are a necessary part of any business, especially those that operate to tight regulations and standards.

He said whether conducted in-house or by visiting auditors, audits take up considerable amounts of time and require a lot of paperwork, but Audit software can change everything.

Though ICAB members hold a widely respected professional accounting qualification which supports enterprise, corporate governance and sustainable growth in the business environment, but still it has been observed majority of our practicing members do not use platform for Audit Software in audit works, he added.

Md. Abdul Kader Joaddar FCA, Vice President- ICAB made closing remarks. About 70 partners of different CA Firms participated in the workshop.

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