ICAI Asks CA Members To Sign Up For Free Digital Auditing Tools
The Institute of Chartered Accountants of India (ICAI) has asked CA members to register by June 30, 2021 for free digital audit tools.
The world of the Committee for Membership in Practice (CMP) is on the verge of a technological revolution and the scale, scope and complexity of the transformation will be unlike anything humanity has known before. In this context of technological transformation and digital disruption, the accounting profession must see it as an opportunity to add sustainable value. The effective implementation of new technologies is the future of the accounting profession, elevating it to a more efficient and insightful level. It is the concatenation of evolving technologies with professional skill and judgment, thus fruiting the real value of the accounting profession being unlocked in the digital age.
The Institute of Chartered Accountants of India (ICAI), as part of its vision of technological empowerment of its members, has issued a tender for the following digital audit tools and their development will start in time desired.
The ICAI has notified the automation of the input process and the ease of audit in the organization of its various audit activities, such as client engagement, analytical procedures, ensuring compliance with standards accounting, auditing standards, company laws, documentation of various audit processes, reports, etc.
The ICAI has developed audit documentation tools software that automates processes and facilitates the audit in organizing its various audit activities, such as client engagement, procedures analytical procedures, ensuring compliance with accounting standards, auditing standards, company laws, documentation of various audit processes, reports, etc.
ICAI also introduced the online digital library audit documentation tools software. Bring process automation and ease of audit in the organization of its various audit activities such as client engagement, analytical procedures, compliance with accounting standards, auditing standards, laws on companies, documentation of various audit processes, reports, etc. Provides statutory acts, notifications, press release and related judgments in one place. Topics identified from the content database include: direct taxes / international taxation, goods and services tax (GST), insolvency and bankruptcy law, transfer pricing and corporate law to be provided to ICAI members.
The Data Analysis Tool is a useful tool for analyzing entire populations of data, rather than just engaging in audit sampling. An auditor can use data analysis at every phase of an audit, from assessing risk to reaching an overall conclusion.
ICAI launched the Practice Management software tool to help members and firms serve their clients and manage their practice. It includes tasks and invoicing, capacity planning, documentation, centralized customer database, timesheets and other useful features.
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