ICAI develops software to allot CAs for bank audits

To ensure transparency in the allotment of chartered accountants (CAs) for bank audits, the Institute of Chartered Accountants of India (ICAI) has developed a software that randomly selects the auditors and allots them to banks.

Speaking on the sidelines of a two-day national conference for ICAI members in Mangaluru, on Friday, Ranjeet Kumar Agarwal, Chairman, Professional Development Committee, ICAI, said that the committee takes care of the audit of banks. ICAI, with the consent of the Reserve Bank of India, has developed a software this year that randomly allots auditors to banks without any manual intervention.

Later, during an informal chat with BusinessLine, Agarwal said that the software will have the entire trail of the auditing process in a bank. It will have details such as the number of people using the software, the person using it at any point in time, the number of times the software was run, and the number of auditors selected and allotted, among others.

Though it is not mandatory for banks to use this software, many public sector banks use it. #casansaar (Source The Hindu Business Line)