ICAB launches auditing software today

The Institute of Chartered Accountants of Bangladesh is going to inaugurate an auditing software for its member audit firms, with the view that it will allow local auditing businesses reduce their costs, improve efficiency and ensure transparency and conservation of time.

Training on the software for auditing firms who are members of the Institute of Chartered Accountants of Bangladesh (ICAB) will begin on Monday.

Leaders of the professional accountancy body earlier declared the year 2021 as the year of automation, and the decision of adopting an auditing software was made in 2020 as a part of the automation and digitalisation process.

Muhammad Farooq, the former president of the ICAB, started the process of adopting the software, emphasising the necessity of digitalisation in this sector.

According to ICAB Vice President Maria Howlader, who is spearheading a project in this area, the autonomous body purchased the software from a well-known Canadian technology company and distributed it at a reduced cost to its member companies.

The software manufacturers will primarily provide training on its optimum use as it is a sophisticated one, thus helping the institute create trainers to help the audit professionals, she said in a recent interview.

Fifty-six firms would be using the software in the beginning, Maria said, adding that the remaining ones will gradually adopt it.