The CA Institute proposes to develop an ‘audit tool’ for process automation and ease of carrying out audit for its firms.
It has now sought an Expression of Interest (EOI) from software vendors for development and maintenance of a web-based software for audit management.
Nearly 90,000 audit firms in the country can potentially benefit from any move to automate audit activities such as client engagement, analytical procedures, allocation of tasks and documentation of audit, sources said.
This ‘audit tool’ will not be mandatory and it will be up to the firm concerned to opt for it, they said. The CA Institute is only facilitating the process automation, it was pointed out.
The tool should cover Statutory Audit, Tax Audit, Internal Audit, Bank Audit and GST Audit, and should be compliant with the laws such as the Companies Act 2013, Income Tax Law 1961 and also with the Pronouncements of ICAI, the CA Institute has said.
The CA Institute has around 3.15 lakh members and around 90,000 firms specialising in traditional areas of audit, direct, indirect and international taxes, including GST, and in emergent areas such as insolvency, financial services, risk management and corporate re-structuring.