ICAI President Debashish Mitra said that technology will be a major focus of ICAI as it not only hinders but also creates opportunities.
ICAI President Debashish Mitra said that technology will be a major focus of ICAI as it not only hinders but also creates opportunities.
ICAI, the apex body of chartered accountants, will explore the use of blockchain technology in auditing, its new president Debashish Mitra said.
Technology will be a major focus of the Institute of Chartered Accountants of India (ICAI) as it not only disrupts but also creates opportunities, informed Mr. Mitra PTI,
“Artificial intelligence and blockchain technology will be the focus among emerging technologies. We will explore how blockchain can be used in auditing,” he added.
Mr Mitra said that ICAI’s decision to mandate a peer review mechanism for certain categories of firms providing assurance services to specific categories of entities will go a long way in enhancing audit quality.
The implementation will begin in a phased manner from April 1 with the exercise units that have conducted statutory audit of enterprises holding equity or debt securities listed in India.
Over the next three years, the rollout will continuously cover firms providing assurance services to unlisted companies.
Mr Mitra said that the Institute’s recently launched Audit Quality Maturity Model – Version 1.0 (AQMM v1.0) will help sole proprietors and audit firms to self-assess their current level of audit maturity, in respect of those sectors. Will identify where competencies are lacking and develop a roadmap. To attain a higher level of maturity.
“ICAI is committed to being a partner in achieving the United Nations Sustainable Development Goals (SDG) 2030 Agenda and strengthening the sustainability reporting ecosystem in the country,” he said.
Meanwhile, ICAI has decided to waive off 75% of fees for students from Jammu and Kashmir, Ladakh and eight northeastern states for all levels of CA course – Foundation, Intermediate and Final – till March 31, 2025.
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