‘Technological upgradation creating new professional opportunities for all’

Source: The Hitavada      Date: 04 Sep 2018 10:02:47



Business Bureau

Nagpur Branch of WIRC of ICAI organised a half-day seminar on ‘Code of Ethics of ICAI and role of New Technology in Auditing’ at ICAI Bhavan, Dhantoli. CA Mangesh Kinare and CA Anil Bhandari, Central Council Members of ICAI, New Delhi spoke on the importance of having through knowledge of ‘Code of Ethics’ while being prepared for the challenges the auditing profession would see due to advent of technology in the field of accountancy and auditing.

CA Kinare updated the members about the Code of Ethics which have been developed by The Institute of Chartered Accountants of India (ICAI) which is in tune to the best standards followed by the professional accountants all over the world. He said, “Currently chartered accountancy profession is changing at a much faster pace than in 1990’s for which the members should know their rights and duties while undertaking professional assignment.”

He said, members should undertake attest function with highest degree of caution. Members should have detail understanding about the Code of Ethics whether they are in practice or in industry. Kinare advised the audience to ensure that KYC (Know Your Clients) norms are strictly followed while undertaking attest functions.

CA Anil Bhandari while speaking on advancement of technology and its effect on the auditing profession said, digital smartness has become an integral part of profession. Professionals can enhance digital smartness by actually knowing, analyzing and interpreting the various digital products and systems and adding layers of value and innovations. Both, human intelligence and digital smartness, working together in complementary fashion, will lead to optimisation of level of service, he added.

He briefed the members about how the world is moving towards computerised auditing procedures. He shared his experiences while interacting with heads of various accountancy bodies all over the world in their efforts to ensure technology adapted in accountancy and auditing benefits the professionals as well as the stakeholders.
He also briefed the members about new emerging areas for chartered accountants with the help of new technology in the profession.

Earlier, the Chairman of the branch CA Umang V Agrawal in his welcome address said, in recent past the taxation and audit fields have moved from manual system to a digital base world. “This technological change has opened new venues and avenues for performing our services.”
He said, with new avenues and new technologies pose a challenge amongst the members with several new risks. “Risks lie in every profession however ensuring ethical and cautious practice will ensure that CA members are saved from trouble later,” he said.

CA Saket Bagdia, Treasurer coordinated the entire programme and CA.Kirit Kalyani, Secretary proposed the vote of thanks. Prominently present were CA Suren Duragkar, CA Jiten Saglani, CA Sandeep Jotwani, CA Swapnil Ghate, CA Sanjay Agrawal, CA Anil Sawalkar, CA Mahendra Jain and 50 members of the ICAI, Nagpur branch. The programme was highly appreciated by all participants.