The apex body for Chartered Accountants, ICAI announced that it will now use blockchain technology for auditing. ICAI president Debashis Mitra said, “Artificial intelligence and blockchain technology will be the focus among the emerging technologies. We will explore how blockchain can be used in auditing,” he said. Mitra stated that technology will now become a major focus in ICAI as it is not only disruptive but also creates more opportunities.
ICAI has decided to mandate a peer review mechanism for certain categories of firms that offer assurance services to specific classes of entities will enhance audit quality to a great extent. Starting from April 1, ICAI is planning to implement the system in a phased manner. Practice units will conduct an audit of companies with equity or debt securities listed in India. The rollout will be gradually completed within the next three years.
Blockchain technology is an accounting system that maintains a ledger of financial data. Due to the trustworthiness of blockchain technology, it has the potential to become a gamechanger for auditing in the future.
ICAI has recently launched an Audit Quality Maturity Model Version 1.0 (AQMM v1.0) to help auditors and firms assess their audit maturity, look at areas that could be improved and create a plan to achieve a higher level.
“ICAI is committed to being a partner in achieving the UN Sustainable Development Goals (SDGs) 2030 Agenda and strengthening the sustainability reporting ecosystem in the country,” Mitra said.
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