In the opening phase, 56 auditing firms will adopt the software, while all of the firms will adopt it gradually in future
Speakers at a program have stressed the need for chartered accountants to move along with technologies to know how to audit in today’s digital environment.
They also said the charted accountants need to be properly equipped with different software applications and technologies as digital adoption would improve the quality of audit and ensure greater transparency, shorter audit cycle times, reduced errors and damages.
They made the call while addressing the virtual inauguration programme of Audit Practice Software in Bangladesh under a project “Implementation and Dissemination of Audit Practice Software for CA Firms in Bangladesh” on Sunday, said a press release.
The event was organised by the Institute of Chartered Accountants of Bangladesh (ICAB), with Posts and Telecommunication Minister Mustafa Jabbar as chief guest.
ICAB President Mahmudul Hasan Khusru delivered the welcome address and Maria Howlader, Vice President- ICAB and Chairman of the project presented introduction of audit software and its importance. ICAB CEO Shubhashish FCA also addressed the event.
The CaseWare Working Papers and Audit International Cloud software supports a range of different audits from small simple audits to listed company audits and all types of audit scenarios, added the release.
According to the paper presented in the program, the software would ultimately help the country’s economy grow by boosting the local and foreign investors’ confidence, facilitating regulatory role and enhancing the country’s auditing standard.
Through zoom application, a live session on audit practice software: CaseWare Working Paper was conducted by Ken Chan, Product Specialist of CaseWare Asia Pte Ltd.
“As the files and software is saved in local computer files and can be accessed anywhere, with or without internet connection. Audit work can be synchronized back to the server via an internet connection either live or later at any time,” it added.
In the opening phase, 56 auditing firms would adopt the software, while all of the firms would be using it gradually in future. ICAB would encourage all the firms to use software-based auditing.
Speaking on the occasion, ICAB President Mahmudul Hasan Khusru said chartered accounting professionals have globally embraced software for audit practice and the similar development is going to take place in Bangladesh too.
“There is no doubt that Digitalizing Audit Practice will ensure the quality of an audit as well as boost up the transparency and trust of clients,” he said adding that 2021 is a year of automation for ICAB.
He said all functions of the institute including monitoring audit reports, activities of quality assurance board, firm visit, among others, are in under process of automation.
Maria Howlader said that this software would enhance the capacity of ICAB members in performing audit based on international standards on Auditing (ISA).
“This software based audit will definitely reduce the hassles of keeping records of audit documents and at the same time, will reduce the time of conventional process of audit as well as the cost,” she said.
Muhammad Farooq, immediate past president of ICAB, Vice President Md Abdul Kader Joaddar, among others, attended the inaugural program.