Announcement – Seeking Preliminary Expression of Interest for Audit Tool

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Announcement - Seeking Preliminary Expression of Interest for Audit Tool 1
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NON-ACADEMIC ICAI UPDATE (NOT RELEVANT FOR EXAMS BUT FOR GENERAL AWARENESS)

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Please find text of the Announcement – Seeking Preliminary Expression of Interest for Audit Tool notification below –

Announcement – Seeking Preliminary Expression of Interest for Audit Tool

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Committee for Members in Practice The Institute of Chartered Accountants of India

10th  March , 2021

ANNOUNCEMENT

Seeking Preliminary Expression of Interest for Audit Tool

As you are aware, The Institute of Chartered Accountants of India (ICAI) is a statutory body established in 1949 by an Act of Parliament viz., The Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountants in the Country. The ICAI is also an affiliate-member in various International Bodies representing the Global Accountancy Profession. The Institute is in constant pro-active interaction with various Ministries and Regulatory Bodies such as C&AG, SEBI, Reserve Bank of India, Ministry of Finance and Ministry of Corporate Affairs, etc. on matters relating to the Government’s Fiscal, Economic, Corporate and other allied policies.

The ICAI has around 3.15 lakh members and around 90,000 firms specialising in traditional areas of audit, direct, indirect & international taxes including GST and in emergent areas like insolvency, financial services, risk management and corporate re-structuring etc. Many of our members are serving the industry occupying senior positions such as C&MDs in Banks/Financial Institutions, CEOs and CFOs in leading and reputed public/private sector companies.

The Committee for Members in Practice (CMP) of the Institute of Chartered Accountants of India is a non-standing Committee formed under regulatory provisions of Chartered Accountants Act, 1949. This Committee was established for facilitating consolidation and capacity building of CA firms in order to address various problems faced by CA firms and to conceptualize and implement various means for strengthening their capacity as well as providing comprehensive guidelines for consolidation of CA firms. It aims to encourage and enhance close links between the Institute and the Chartered Accountants, so as to provide them, a base of reference in terms of knowledge, expertise, skills and assistance in their professional growth.

One of the major activities of CMP is to develop/ arrange software relevant for the Members of the Institute of Chartered Accountants of India (ICAI). In this regard, CMP wishes to develop an Audit Tool so as to bring process automation and ease of doing audit in organizing its various audit activities like client

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The Institute of Chartered Accountants of India

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engagement, analytical procedures, allocation of tasks, documentation of various audit processes, reporting etc. For this, it is looking for a service provider for development and maintenance of Audit Tool – web-based software for audit management and thus seeks expression of interest for the development of Audit Tool from the various software vendors who are interested to provide the software relevant to the Practitioners & CA Firms of ICAI

. The Audit Tool should have the following:

  • Statutory Audit
  • Tax Audit
  • Internal Audit
  • Bank Audit
  • GST Audit

If the said tool has capability of data analytics, it will be an added advantage. The Tool should also be compliant with the laws like the Companies Act 2013, Income Tax Law 1961 and also with the Pronouncements of ICAI.

The service providers having the requisite experience and expertise in developing and maintaining the Audit Tool software need to apply. The detailed RFP including Technical and Financial requirements will be uploaded shortly. In the meanwhile, we will request the service providers to send their expression of interest with budgetary quote at [email protected]

CA (Dr) Sanjeev Kumar Singhal,
Chairman, CMP
CA. Prasanna Kumar D
Vice Chairman, CMP

Official Link of Announcement – Seeking Preliminary Expression of Interest for Audit Tool notification can be accessed from below –

https://resource.cdn.icai.org/63465cmp-audittool.pdf

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Team CA Study

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