Experts on Thursday said that most audits in the country were still done using paper documents and manual processes, and highlighted that the focus remained on traditional testing methods rather than modern and risk-based approaches.
In a webinar titled 鈥楨mbracing Technology in Audit Practice in Bangladesh: Challenges and Opportunities鈥� organised by the Institute of Chartered Accountants of Bangladesh, they said that there was no adequate infrastructure facility for audit firms to embrace new technology for auditing yet.
Maria Howlader, vice-president of ICAB, highlighted several key challenges, including issues with document control, higher costs and concerns about security.
She also said that the current reporting methods and lack of timely data hindered the shift to technology-driven auditing practices.
These challenges are making it difficult for audit firms to modernise and adopt more efficient, risk-based approaches, she said.
Maria said, 鈥業CAB has started a journey to implement audit software for all CA firms in Bangladesh.鈥�
ICAB president Forkan Uddin said that modern technologies were reshaping the outline of auditing.
鈥楿sing technologies may raise concerns about data security and privacy, also about the auditors鈥� independence. Auditors must maintain professional scepticism,鈥� he said, adding that the future of audit lies in a collaborative approach of technology and hands on tasks.
Institute of Chartered Accountants in England & Wales president Malcolm Bacchus was present as the chief guest in the webinar.
He said, without embracing these technologies, audit firms would not be able to accomplish their works properly in these times.
鈥楬ow audit will also be expanding, it will go beyond our thinking. We need data auditors, and it specialists for the audit to be done correctly,鈥� he added.
