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Chartered accountants' institute ICAI will be setting up an advanced forensic auditing lab in Hyderabad to help small and medium practitioners, its President Prasanna Kumar D has said. The Institute of Chartered Accountants of India (ICAI) has more than five lakh members, including small and medium practitioners. In a recent interview to PTI, Kumar said that forensic audit is a new area, and small and medium chartered accountant firms are not able to participate in large auditing works as they do not have the forensic audit capabilities. Against this backdrop, the institute will be setting up an advanced forensic lab, which will be a "pay and use model". It will offer assignment-specific tools. "We are establishing an advance forensic auditing lab at the Centre of Excellence (CoE) in Hyderabad. In next 2-3 months, we will launch it," Kumar said. Meanwhile, there are larger government efforts to have homegrown big accounting firms that can help create more opportunities in the ...
Chartered accountants' apex body ICAI will embed artificial intelligence, data analytics, and other subjects in its curriculum as it works to keep pace with the evolving technological and professional changes. Lakhs of students are pursuing chartered accountant programme at the Institute of Chartered Accountants of India (ICAI), which has more than five lakh members. ICAI President Prasanna Kumar D in an interview to PTI said as technology is taking the front seat now, artificial intelligence (AI) and data analytics need to be embedded into the subjects. The institute has recently formed the Committee for Review of Education and Training (CRET), which is expected to finalise its recommendations, including updates for the curriculum, in the coming months. "We have formed the CRET. It is working to review the entire curriculum like what syllabus and subject need to be changed and training (articleship)," Kumar said. Currently, various subjects, including AI, data analytics, ESG, and
The Institute of Chartered Accountants of India (ICAI) will come out with the information systems audit standards later this month. The Information Systems Audit Standards (ISAS) seek to strengthen the audit process within the country's digital ecosystem. The institute will be coming out with 11 ISAS. ICAI President Prasanna Kumar D on Wednesday said it would be the first time that a professional institute would be coming out with such standards, and added that its central council approved the standards earlier this month. According to the institute, ISAS would establish a direct linkage between system controls and financial reporting integrity. "In an environment where financial statements are ERP (Enterprise Resource Planning)-generated, system-processed, algorithm-driven, and cloud-hosted, strong information systems controls are essential. "By strengthening assurance over automated entries, revenue systems, core platforms, and technology-based processes, ISAS enhances the ...
Pushing ahead with efforts to create homegrown big audit firms, ICAI plans to amend its Code of Ethics to provide more leeway for chartered accountants in terms of issuing advertisements and maintaining their own websites, among other activities. The Institute of Chartered Accountants of India (ICAI) will release the exposure draft on the many changes proposed to the Code of Ethics, its President Charanjot Singh Nanda said at a briefing here on Friday. The government has been pushing for building indigenous professional service giants, and free trade agreements with various countries also present expansion opportunities for Indian entities. Currently, the Code does not permit networks to have their own websites. In the proposed revisions to the Code, network firms will be allowed to have their own websites, a move that will also help these entities to promote their services. Also, changes are planned that will help allow advertising by the chartered accountant firms. To fully ...