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Automated CA firms a must for accurate auditing

Published : 24 Feb 2021 09:53 PM | Updated : 25 Feb 2021 01:00 AM

Country's charted accountant (CA) firms need to be digitized to streamline the auditing system that will ultimately help reduce the time of conventional process of audit and cost minimizing the hassle of keeping records of audit documents, said speakers at a programme on Wednesday.  

They said all CA firms must be competent to use audit software which will be a one-stop gateway where firm manager could check and review all data smoothly and efficiently.

The speakers said while speaking at the opening session of a workshop on “Implementation and Dissemination of Audit Practice Software for CA Firms in Bangladesh” organized by the Institute of Chartered Accountants of Bangladesh (ICAB) at its Karwan Bazar office auditorium. 

ICAB President Mahmudul Hasan Khusru 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 are in the process of automation, he added. 

Citing the benefits of Enterprise Resource Planning (ERP), the ICAB president said software makes things available as it is demanded. He said 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 said.

ICAB vice-president Maria Howlader made a presentation on audit software and its importance while the theme of the 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.

Immediate Past ICAB President Muhammad Farooq, council member Md Moniruzzaman, fellow members   Skeikh Md Tarikul Islam, Ali Amjad Choudhury,  Al Amin Redwanur Rahman,  Md Abdul Wahab Akanda, were panel speakers at the workshop.

Maria Howladar said, Audit Practice Software would enhance capacity of ICAB members in performing audit based on International Standards on Auditing (ISA). This software-based audit will definitely reduce the hassle of keeping records of audit documents, she said, adding that the application of the software will be a one- stop gateway where firm manager could check and review all data smoothly and efficiently.

ICAB Chief Executive Officer Shubhashish Bose said, audit is a necessary part of any business, especially that operate to tight regulations and standards. 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, he added. 

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