Country's professional accountancy body on Sunday launched auditing software to help the local auditing firms enhance their efficiency, reduce cost, save time and ensure transparency.
Telecom and ICT Minister Mustafa Jabbar inaugurated the audit practice software titled "Implementation and Dissemination of Audit Practice Software for CA Firms in Bangladesh" at a webinar, organised by the Institute of Chartered Accountants of Bangladesh (ICAB).
ICAB President Mahmudul Hasan Khusru, FCA, delivered an address of welcome while Maria Howlader, Vice President- ICAB and Chairman of the Project on " Implementation and dissemination of Audit Practice Software for CA Firms in Bangladesh." presented Introduction of audit software and its importance.
Chartered Accountants will have to move along with technologies, and must know how to audit in today’s digital environment, speakers said at the function.
They need to be properly equipped with different software applications and technologies. Having the right level of expertise of new technology allows Chartered Accountants to provide the highest quality of audit, they added.
Speaking at the event as the chief guest, Mr Mustafa Jabbar laid emphasis on training to build up potential human resources in this sector as well as to strengthen the digital Bangladesh activities.
Terming that the paper-based audit would not be accepted in this digital era, he also insisted that this initiative would help take part actively in the fourth industrial revolution.
Praising the outstanding and planned initiative of ICAB for digitisation, the minister also pledged sorts of assistance.
Mr Khusru said chartered accounting professionals have globally embraced software for audit practice, the similar development is going to take place in Bangladesh too.
All functions of the Institute including monitoring audit reports, activities of quality assurance board, firm visit etc. are under process of automation, he added.
Ms Maria Howlader said this software would enhance the capacity of ICAB members in performing audits based on international standards on Auditing (ISA).
This software-based audit will definitely reduce the hassle of keeping records of audit documents and at the same reduce the time of conventional process of audit, reducing the cost, she added.
Muhammad Farooq, Immediate Past President-ICAB, Vice President Md Abdul Kader Joaddar, FCA, among others, attended the inaugural programme. ICAB CEO Shubhashish, FCA, spoke on the theme.
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.
As the files and software saved onto local computer files can be accessed anywhere, with or without internet connection. Audit work can be synchronised back to the server via an internet connection either live or later at any time.
Through a zoom application live session on audit practice software: CaseWare Working Paper was conducted by Ken Chan, Product Specialist of CaseWare Asia Pte Ltd.