ICAI directs CA Members to Register to get Digital Audit Tools Free of Cost

ICAI - CA Members- Register - Digital Audit Tools Free of Cost - taxscan

The Institute of Chartered Accountants of India (ICAI)  has directed CA Members to Register by June 30, 2021, to get Digital Audit Tools Free of Cost.

The Committee for Members in Practice (CMP) world stands at the brink of a technological revolution and the scale, scope, and complexity of the transformation will be unlike anything humankind has experienced before. Against this backdrop of technological transformation and digital disruption, the accountancy profession should perceive it as an opportunity to add sustainable value. Effective implementation of new technologies is the future of the accountancy profession, elevating it to a more efficient and more insightful level. It is the concatenation of evolving technologies with professional skills and judgement thereby fructifying real value of the accountancy profession being unlocked in the digital era.

The Institute of Chartered Accountants of India (ICAI), towards its vision of technological empowerment of its members, has issued an RFP for the following Digital Audit Tools and development of the same will start in due course.

The ICAI notified the bring process automation and ease of doing audit in organizing its various audit activities like, client engagement, analytical procedures, Ensuring compliances with Accounting Standards, Auditing Standards, Corporate Laws, documentation of various audit processes, reporting, etc.

The ICAI has developed Audit Documentation Tools Software which brings process automation and ease of doing audit in organizing its various audit activities like, client engagement, analytical procedures, Ensuring compliances with Accounting Standards, Auditing Standards, Corporate Laws, documentation of various audit processes, reporting, etc.

The ICAI has also brought in Online Digital Library Audit Documentation Tools Software. Bring process automation and ease of doing audit in organizing its various audit activities like, client engagement, analytical procedures, Ensuring compliances with Accounting Standards, Auditing Standards, Corporate Laws, documentation of various audit processes, reporting, etc. Provides statutory acts, notification, press release & judgements related to it at one place. The identified topics of the content database include – Direct Taxes/International Taxation, Goods & Service Tax (GST), Insolvency & Bankruptcy law, Transfer Pricing and Corporate Laws to be provided to Members of ICAI.

The Data Analytics Tool is an useful tool for analysing entire populations of data, rather than just engaging in audit sampling. An auditor can use data analytics in every phase of an audit, from risk assessments through forming an overall conclusion.

The ICAI has launched the Practice Management Software tool to help members and firms to serve their clients and manage their practice. It includes Jobs & Billing, Capacity Planning, Documentation, Centralised Client Database, Time Sheets and other useful features.

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