Speakers at a workshop on Sunday said the software based audit would play a vital role in establishing transparency, accountability and good governance.
They said proper audit of CA firms will enable the government to formulate an integrated policy that will help to ensure the development of the country.
The Institute of Chartered Accountants of Bangladesh (ICAB) organized the workshop on “Implementation and Dissemination of Audit Practice Software for CA Firms in Bangladesh” on Sunday.
Md. Sayeed Ahmed, FCA, Executive Director (Audit Practice Review) of the Financial Reporting Council (FRC), ICAB Chief Executive Officer and former Commerce Secretary, Shubhashish Bose addressed the workshop among others with Muhammad Farooq FCA, President- ICAB in the chair.
In his speech ICAB President said, at one time the big four CA firms used audit software. Currently using this software has become an urgent tool for every CA firm, he said and added that using this software will greatly increase the auditability and reliability of audit report. This will increase the stakeholders' confidence in the audit report also.
Md. Sayeed Ahmed, FCA said, the main function of the FRC is to review audit reports regularly. It will be easier and more accurate for the FRC to review the audit if all audit work is done in a certain manner.
It will be possible to accurately monitor the audit firms, he thinks. This will benefit the CA firm in return. The audit has to be completed in a specific process within a specific framework based on the International Standards on Auditing (ISA). Every CA farm needs to use this audit software, he added.
Maria Howladar FCA, Member Council and Chairman of the Project on “Development & Implementation of Audit Practice Software for CA Firms in Bangladesh” under the Committee for Project Development & Capacity Building of ICAB, introduced the Audit Software and its importance.
She said, this software will 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, which also reduces 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, this software would play a vital role in establishing transparency, accountability and good governance. Proper audit of CA firms will enable the government to formulate an integrated policy that will help to ensure the development of the country, he added.
“CAs need to play their due roles, he added. The use of this software by every CA firm will further accelerate the development progress of the country, the use of this software is conducive to keep pace with digitalization in global trade. Using this software will help ICAB members to improve their skills”, he further said.
ICAB Vice President Sabbir Ahmed in his concluding remarks said, monitoring can save you from embarrassment. Without the right knowledge in automation, the right results of any software cannot be obtained.
Ken Chan, Product Specialist of CaseWare Asia Pte Ltd. conducted the Live Demo Session on Audit Practice Software: CaseWare Working Paper. About 40 partners of different CA Firms participated in the workshop.
