The Institute of Chartered Accountants of Bangladesh (ICAB) launched an auditing software, CaseWare, on Sunday with a view to helping local auditing firms enhance their efficiency, reduce cost, save time and ensure transparency.
Telecommunications and ICT Minister Mustafa Jabbar inaugurated the audit practice software at a webinar organised by the ICAB.
ICAB President Mahmudul Hasan Khusru FCA delivered the welcome address while ICAB Vice President Maria Howlader, who is also the chairman of the project on 'Implementation and dissemination of Audit Practice Software for CA Firms in Bangladesh' gave a presentation on the software and its importance.
Speakers at the event said the chartered accountants would have to move along with technology and must know how to audit in today's digital environment.
They also said the chartered accountants 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.
Speaking at the event as the chief guest, Mustafa Jabbar laid emphasis on training to create potential human resources in this sector as well as to strengthen the 'Digital Bangladesh' activities.
Saying that the paper-based audit would not be accepted in this digital era, he insisted that this initiative would help face the challenges of the 4th industrial revolution.
ICAB President Mahmudul Hasan Khusru said chartered accounting professionals have globally embraced software for audit practice and that similar development is going to take place in Bangladesh as well.
All functions of the Institute, including monitoring audit reports and activities of quality assurance board, are under the process of automation, he added.
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 also save the time of audit, reducing the cost, she added.
Immediate Past President of ICAB Muhammad Farooq, and Vice President Md. Abdul Kader Joaddar FCA, among others, attended the programme. ICAB CEO Shubhashish FCA also spoke.
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 is saved onto local computer, files 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.
Through a zoom application, a live session on the audit practice software was conducted by Ken Chan, Product Specialist of CaseWare Asia Pte Ltd.
According to the paper presented in the programme, 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.
Initially, 56 auditing firms would adopt the software, while all of the firms would be using it gradually in future.
sajibur@gmail.com
