Auditing to be conducted digitally: ICAB

Chartered accountants of the country are preparing to conduct audits using integrated software.

The Institute of Chartered Accountants of Bangladesh (ICAB) has said the process of developing integrated audit software is ongoing for chartered accounting (CA) firms.

The institute said this at a virtual member conference titled "Application of Technology in Audit Practice" on Saturday night.

An ICAB committee has been implementing the software development project.

The institute said the use of this technology will bring in a great change to audit practices in the country.

This software will save both money and time, keeping the credibility and freedom of an audit untouched, it added.

ICAB President Mohammad Faruk said, "First of all, the quality of an audit will be ensured if it is done digitally using the software. Further, the transparency and trust of clients will be boosted." 

"This software will be given to CA firms so that they can bolster their capabilities. If we can implement it successfully, we will mark a milestone," he added. 

Mohammad Muslim Chowdhury, comptroller and auditor general of Bangladesh, said in his speech as the chief guest of the programme, "The work, which we have undertaken to conduct audits digitally, is meant for the current time. However, digital changes in the developed world are happening so fast that we have to move faster to keep up with their rapid pace."

"While we are going to do audits digitally, real-time financial reporting is being conducted in the world. We still lag far behind the developed world," he added.