Nagpur Branch of WIRC of ICAI organized a half day seminar on Code of Ethics of ICAI and role of New Technology in Auditing at ICAI Bhavan, Dhantoli Nagpur in which CA. Mangesh Kinare & 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 which is in tune to the best standards followed by the professional accountants all over the world. He stressed that 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 further said that the members should undertake attest function with highest degree of caution. He added that members should have detailed 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 while undertaking attest functions. Recent decisions of the Ethical Standards on various instances which have to the notice of ICAI.
CA. Anil Bhandari while speaking on advancement of Technology and its effect on the auditing profession said that digital smartness has become an integral part of our profession. Professionals can enhance digital smartness by actually knowing, analyzing & interpreting the various digital products & systems & adding layers of value & innovations. Both, Human intelligence & digital smartness, working together in complementary fashion, will lead to optimization of level of Service he added. He further briefed the members about how the world is moving towards computerized 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 that in recent past the taxation & audit fields has moved from manual system to a digital base world. This technological change has opened new venues & avenues for performing our services. He further said with new avenues and new technologies pose a challenge amongst the members with several new risks. He said that risks lie in every profession however ensuring ethical and cautious practice would ensure that the CA members are saved from trouble later.
CA. Saket Bagdia, Treasurer coordinated the entire program & CA.Kirit Kalyani, Secretary proposed the vote of thanks. Prominently present on the occasion were CA. Suren Duragkar, CA. Jiten Saglani, CA. Sandeep Jotwani, CA. Swapnil Ghate, CA. Sanjay Agrawal, CA Anil Sawalkar, CA. Mahendra Jain and more than 50 members.