In today’s world and current scenario, where every corner of the world is switching towards digitalisation, why CA. profession will remain behind we are the doctors of Indian Economy who take care of every financial and business consultancy needs of the citizens.
The ICAI has setup a board named DAAB (Digital Accounting and Assurance Board) to take care and focus on the issues in accounting and assurance arising from the high pace of digitalisation. The board is emphasizing on use of artificial intelligence in audit as committing fraud is easy in digital era which is difficult to detect and expose through normal auditing procedures, thereby using of CAAT software is one of the best example of audit software.
Chartered Accountants understand and are well aware of the fact that digital future is coming fast and profession needs to get digitally ready, ICAI being regulatory authority for CA.’s and a premier accounting body not only in India but also globally has come up with maintaining highest standards in technical, ethical areas and highlights on issue in accounting and assurance issues in the digital world.
ICAI has conducted several programs for making its member digitally skilled to fulfil the demands and expectations of society that CA.’s are able to match the economic and technological changes. CA’s are expected to go beyond their conventional roles of manual auditing.
One of the best uses of digitalization in CA. profession is introduction of UDIN to stop frauds in the name of CA. done by any other person, only UDIN containing document will considered as a valid signed document by a CA. It is the responsibility of a CA. to generate UDIN and communicate the same on document signed by him.
At last would like to conclude that CA.’s are never outdated, they are adaptive in nature and go through tough training in the form of articleship which makes them a tough people who can handle everything including work pressure and technological changes.
With warm regards, Happy CA. day to all the doctors of Indian economy
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