Adoption of auditing software will help the local auditing firms enhance their efficiency, reduce cost, save time and ensure transparency, an office-bearer of the country's professional accountancy body has said.
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, said Maria Howlader, vice president of the Institute of Chartered Accountants of Bangladesh (ICAB).
"As the globe is going digital, there is no alternative for the Chartered Accountants to adopt software-based auditing practices," she said. Considering the necessity, the ICAB was all set to embrace the technologies, she added.
She was talking to The Financial Express during an exclusive interview on Saturday at the ICAB office in the city's Karwan Bazar
area on the eve of formal inauguration of the auditing software for its member audit firms.
The ICAB leaders declared 2021 as the year of automation, she said, underscoring the need for digitalisation.
As a part of the automation process, the journey to adopt the auditing software began last year, when the immediate-past President of ICAB Muhammad Farooq took the initiative.
The ICAB procured the software from a renowned Canadian technology firm and distributing it among the firms at a subsidised rate, said Ms Howlader who is leading a project in this regard.
The ICAB will start providing the auditing firms with training on the software starting from tomorrow (Monday).
"As the software is a sophisticated one, initially the vendors will provide training on its optimum use and help us create a pool of trainers for the professionals," said Ms Maria who is the first woman vice president of the autonomous body.
In the opening phase, 56 auditing firms would adopt the software, while all of the firms would be using it gradually in future, she said.
ICAB would encourage all the firms to use software-based auditing, she said, adding: "Even auditor's clients are also exploring digitalization, so wherever you go, you must opt for digitalisation which got a huge momentum in the wake of pandemic".
To comply with the International Auditing Standard (IAS), it would be a must to use such software, she said.
"Auditors play a vital role in the capital market, where investors' trust level on the auditors will increase, reduce financing cost, and contribute to efficient allocation of capital to fuel economic growth," she said.
Regarding security of the digital tool, she said there would be adequate firewall and data protection measures by the software developing firms.
The software would be both cloud-based and desktop-based as per the necessity of the client, while regulators will get access to the data, she said.
She added there was also a plan to integrate the ICAB's online Document Verification System (DVS) with the software so that there would be no scope for manipulating the financial statements.
The ICAB is inaugurating the auditing software today (Sunday) through a virtual ceremony styled as 'Digitalizing Audit Practice in Bangladesh'.
ICAB Council in a meeting in December last year approved the Project of Implementation of Audit Practice Software for CA Firms in Bangladesh and inked a deal with a globally renowned audit software provider.
Earlier, it also organised workshops and other events to create awareness about auditing software and limitations of paper-based auditing.
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