DIGITAL ERA
AND
THE CHARTERED ACCOUNTANCY PROFESSION -
SURVEY REPORT 2017
DIGITAL ACCOUNTING AND ASSURANCE BOARD
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
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Digital Accounting and Assurance Board
The Institute of Chartered Accountants of India
www.icai.org
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TABLE OF CONTENTS
Introduction
4
Foreword
5
Purpose of the Survey 6
Key Findings of the Survey 7
Survey Participants Profile 9
Survey outcome
(i) Technology Trends 13
(ii) Accounting Issues Warranting Guidance 15
(iii) Impact on Audit Evidence 16
(iv) Incorporating Data Analytics Into Audit Process 18
(v) Propelling Innovation in Accounting and Assurance 20
(vi) Use of Data and Technology in Audit 22
(vii) Integration of Technology In Audit Process 25
(viii) Organizational Strategy To Address Issues 26
(ix) Impact on Audit Quality, Skill Sets of Auditors, Audit Firm 28
Structure
(x) Change in Demand of SMP Services in Future 30
Digital Accounting and Assurance Board of ICAI 32
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INTRODUCTION
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an
Act of Parliament, viz. , The Chartered Accountants Act, 1949 (Act No.XXXVIII of 1949) for
regulating the profession of Chartered Accountancy in the country. ICAI is the one amongst
accountancy bodies in the world, with a strong tradition of service to the Indian economy in
public interest.
Over a period of time, ICAI has achieved recognition as a premier accounting body not only in
the country but also globally, for maintaining highest standards in technical, ethical areas and
for sustaining stringent examination and education standards. Since 1949, the Chartered
Accountancy profession in India has grown leaps and bounds in terms of
Members and student base.
Regulate the profession of Accountancy
Education and Examination of Chartered Accountancy Course
Continuing Professional Education of Members
Conducting Post Qualification Courses
Formulation of Accounting Standards
Prescription of Standard Auditing Procedures
Laying down of Ethical Standards
Monitoring Quality through Peer Review
Ensuring Standards of performance of Members
Exercise Disciplinary Jurisdiction
Financial Reporting Review
Input on Policy matters to Government
DIGITAL ACCOUNTING AND ASSURANCE BOARD OF ICAI
ICAI has recently constituted "Digital Accounting and Assurance Board" (DAAB) for fostering
a cohesive global strategy on aspects related to digital accounting and assurance, through
sharing of knowledge and practices amongst the members. DAAB is endeavouring to identify,
deliberate and highlight on issues in accounting (including valuation) and assurance (including
internal audit) issues in the digital world.
The DAAB is focusing on issues in accounting and assurance arising from the high pace of
digitisation, including use of artificial intelligence in audit, big data analytics in audit, relevance
of sampling, valuation of data as an asset, impairment testing of digital assets, insurance of
data - valuation and premium fixation, etc. The Board is taking up initiatives to develop
knowledge base through position papers and articles on issues relating to impact of
technology on accounting and assurance.
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FOREWORD
DIGITAL ERA AND THE CHARTERED ACCOUNTANCY
PROFESSION SURVEY REPORT 2017
TECHNOLOGY has been a disruptive force in recent times; albeit the world disruption has
positive connotation in regard to the disruptions driven by technology. Such disruptions have
resulted in the professionals and users of technology realigning and recalibrating for future.
This is applicable not only to the newer dimensions of doing business but also to support
services providers to the businesses. Equally crucial has been the reflections of technology
on the working of the accountancy firms as Enterprise Resource Planning, Big data, Cloud
computing, Artificial intelligence, Internet of Things, Drones, Robots and the emerging
interface in the workings of a typical chartered accountancy firm which are equitably
perceptible.
Firms and professionals who embrace to newer technological challenges and the newer
dynamics fast will have a head start in this evolving era. Initial reaction may reflect
complexities and resultant impact arising out of such technical innovations. However, such
innovations bring with them a new twilight zone of opportunities which are waiting to be
explored.
The Institute of Chartered Accountants of India has been endeavouring to equip its members
and firms to such emerging dynamics through organizing Pan India programs and realizing the
potential ramification of technology to professional working of a typical chartered
accountant; the ICAI had put in place the Digital Accounting and Assurance Board as a non-
standing Committee for identifying, deliberating and putting forth such accounting (including
valuation) and assurance (including internal audit) in the digital world related issues for
further deliberations within the Standard setting boards within ICAI for taking up such matters
at global forums. "Digital Era and the Chartered Accountancy Profession Survey Report
2017" is a crucial step to take the pulse of the challenges profession faces in digital era, and
making the profession digital ready.
CA. Nilesh S. Vikamsey CA. Naveen N. D. Gupta
President, ICAI Vice President, ICAI
December, 2017
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PURPOSE OF THE SURVEY
THE WORK PROGRAMME of the ICAI revolves and includes equipping its members periodically
on all new developments concerning the profession. With regard to developments in area of
digitisation, it was considered important to engage with the members and draw their insights
from their real life work experience. Digital Accounting and Assurance Board had initiated a
Survey in November, 2017 and the instant work captures the responses of nearly 920
respondents sharing their views on the emerging profile of Chartered Accountant
professionals in a digitally driven era and the impact on Accounting and Assurance.
The outcome of any survey is based on the quality of response more than the number of
members participating. To adduce upfront co-relational analysis, the Board used the
purposive sampling as the mode of Survey analysis. The Survey involved inviting the
Chartered Accountant firms and their partners to self-assess themselves on their digital
competencies. While the questions were by and large structured with majority of questions
providing for four options and the firm/ partner were invited to commit to desired responses,
some of the questions also provided for open-ended responses to have their statements to
assess their capabilities on the digital front.
The objective of this survey was to stimulate discussion about a broad range of emerging and
converging technologies and their potential impact on accounting and assurance. Survey
questionnaire comprised ten questions covering in total 45 issues. Through this survey, an
attempt has been made to understand our members' views on technology, the potential it
has to improve the services provided by the chartered accountants. This would enable the
Board to develop an appropriate strategy on both competency development of members and
also to engage in appropriate research as well as publishing position papers on emerging
technologies and their impact on accounting and audit. The survey was conceptualized by the
Members and Staff of Digital Accounting and Assurance Board. We are thankful to CA. Subh
Ghosh, New Delhi and his team member Shri Rishabh Jain for extending support in analysis of
the responses.
The Board is ever thankful to the President, Vice President and Council Colleagues for their
thought leadership and continued support. The Board thanks the members for their time and
sharing their experience by participating in the survey.
CA. M.P. Vijay Kumar CA. Sanjay Vasudeva
Chairman, DAAB Vice Chairman, DAAB
December, 2017
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KEY FINDINGS OF THE SURVEY
DAAB Survey results indicate our members have a clear positive
outlook for the digital future and that technology plays an
increasingly important role in their professional work.
Chartered accountants understand that the digital future is coming fast and the
profession needs to get digital ready.
Majority of the respondents have responded that artificial intelligence, big data,
digital service delivery, cloud, internet of things will impact significantly the
accountancy profession in the next few years.
Innovation through artificial intelligence in accounting and assurance will be gradually
witnessed.
Almost half of the respondents have agreed that Internet of Things (IOT) will impact
audit evidence.
Majority of respondents agreed to importance of incorporation of data analytics into
audit process. More than 60% of the respondents agreed to connecting data analytics
to the existing suite of auditing standards, and also recognised use of data analytics
for improving audit sampling.
Majority of the respondents concurred that increase in volume of data and use of
technologies will impact
Nature and Extent of Audit Procedures
Nature and Sufficiency of Audit Evidence
Risk Assessment
Internal Control Over Financial Reporting
Fraud Detection
Insights for Audit Committees and Investors
Respondents in high proportion wanted integration of technology in audit process.
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47% of the respondents agreed that guidance on cryptocurrency is required; 54%
opined that guidance on valuation of data for business combination and subsequent
impairment testing was needed.
Audit firms are getting ready with plan/ strategy to address pertinent issues related
to digital accounting and assurance.
Respondents echoed that auditors required specialised technological skill set which
should be developed through an appropriate training.
Respondents envisaged that there will be huge impact of technology on business
models as well as composition and structure of audit teams.
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SURVEY PARTCIPANTS PROFILE
Digital Accounting and Assurance Online Survey 2017 received 920 responses from chartered
accountants. This report provides a brief summary of the overall results as well as a
breakdown by region and size of practice.
The largest groups of respondents by practice size were from accounting firms with 1-
10 partners (88.86%) followed by firms with 11-20 partners (4.68%).
Western Region of ICAI (33.18%) has the largest representation in the survey followed
by Southern Region (23.39%). Northern Region (18.49%) and Central Region (16.26%)
were also well represented. Eastern Region (8.69%) had a lower representation.
Male respondents (89.98%) were almost 9 times as compared to female respondents
(10.02%). Female representation was maximum in Western region.
Age group analysis of respondents showed that the majority of the respondents were
below 40 years of age.
Note that, for simplicity, the percentages in some tables and charts are rounded, and totals
may therefore not tally to 100.
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Respondents by Practice Size
Respondents by Region
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Respondents by Gender
Gender diversity by Region
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Gender diversity by Age Group
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ANALYSIS OF RESPONSES
Section I Technology Trends
Please grade following technology trends which will impact the profession significantly in
next 3-5 years as H ( High), M ( Medium) or L ( Low)
1. Artificial Intelligence
2. Big Data
3. Robotics
4. Digital Service Delivery
5. Cloud
6. Internet of Things
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Respondents rated the extent to which six emerging technologies, viz., Artificial
Intelligence, Big Data, Cloud, Digital Service Delivery, Internet of Things, and Robotics,
would impact their professional practice over the period of next five years.
It can be drawn from the survey that all the six technologies except robotics is
perceived to have a high impact on the accountancy profession.
This inhibits a positive response from the respondents, and the profession needs to
constantly innovate to embrace these technology tools as it is going to rapidly play an
important role over the next few years.
Powered by these innovative technology resources and tools, it is time to strategize
the profession.
THE LARGEST 10
PORTION OF
REPSONDENTS
56% to 71%
Stated that technologies such as AI, big data, cloud, Respondent's feels that upcoming
Digital service delivery, and IOT possesses high risk technological changes will have low
over the coming years impact on the profession except
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Section II Accounting Issues Warranting Guidance
Which according to you pose accounting issues warranting more guidance
(i) Cryptocurrency
(ii) Valuation of Data for Business Combination and Subsequent Impairment Testing
(iii) Any other area
(1 means most urgent, 2 is urgent and 3 is not a priority for now)
This question relates to the latest accounting issues faced by the profession which are warranting
more guidance. There is a mixed response from the respondents.
· Cryptocurrency 47 % of the respondents stated that there is an urgent need for guidance
on cryptocurrency, 31% stated that guidance on cryptocurrency is most urgent needed,
while 21 % stated that it not a priority for now.
· Valuation of Data for Business Combination and Subsequent Impairment Testing 54 %
of the respondents stated that there is an urgent need for guidance on Valuation of Data
for Business Combination and Subsequent Impairment Testing , 37 % stated that guidance
on this topic is most urgent needed, while 10 % stated that it not a priority for now.
· Some areas warranting guidance
Issues related to e-commerce business profile
Website domain valuation and accounting
Digital transaction wallets and coupons transactions accounting
Drone based inventory and asset verification
Capitalization and valuation of Big Data Model or AI Assets which are internally
generated
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Section III Impact on Audit Evidence
Internet Of Things (IOT) is set to revolutionise every sector/ industry. Please indicate impact
of IOT on audit evidence in the following areas as H ( High), M ( Medium) or L ( Low)
1) Fixed Asset Verification
2) Inventory Tracking
3) Provisioning for say Warranties based on quality of tickets for the equipments
4) Any other area
Almost 90% of the respondents have stated that Internet of Things (IOT) will have an impact on audit
evidence ranging from high- medium, while mere 10% respondents represents a low impact on the
audit evidence related to the following items :
Fixed Asset Verification 47% of the respondents stated that IOT will have a medium impact
on the audit evidence related to fixed asset verification. 44% considered to think otherwise
and were of the view that it will have a high impact, while only 9% stated it as a low risk.
Majorly respondents believed IOT to have high- medium impact on audit evidence in fixed
asset verification.
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Inventory Tracking Almost 75% of the respondents have stated that IOT will have a high
impact on audit evidence in inventory tracking, 24% have responded that it will have a
medium impact and 2% considered it as having a low impact.
Provisioning for say, Warranties based on Quality of Tickets for the Equipments 51% of the
respondents stated that IOT will have a medium impact on the audit evidence related to
provisioning for warranties. 40% considered to think otherwise and believed that it will have
a high impact, while only 9% stated it was a low risk. Majorly respondents believed IOT to have
high- medium impact on audit evidence in provisioning for warranties based on quality of
tickets for the equipments.
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Section IV Incorporating Data Analytics Into Audit Process
Are the below issues important for incorporating data analytics into the audit process.
Please indicate your response as H ( High), M ( Medium) or L ( Low) -
(i) Connecting Data Analytics to the existing suite of auditing standards
(ii) Recognising its use as a tool for improving audit sampling
(iii) Understanding nature of audit evidence derived from use of data analytics
software
(iv) Customisation of off-the-shelf- data analytics software
(v) Other please specify
More than half of the respondents reported that it is important for incorporating data analytics into
the audit process to address the following issues:
Connecting Data Analytics to the Existing Suite of Auditing Standards 62 % of the
respondents stated that it is highly important. 35% believed it to be of medium importance,
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while only 3 % believed that it is less important to address this issue presently. Overall
respondents echoed the need for connecting data analytics into the existing suite of Auditing
Standards.
Recognising its use as a tool for improving Audit Sampling 69 % of the respondents stated
that it is highly important. 29 % believed that it is of medium importance, while only 2 %
believed that it is less important to address this issue for incorporating data analytics into the
audit process.
Understanding Nature of Audit Evidence derived from use of Data Analytics Software- 68 % of
the respondents stated that it is highly important. 31 % believed it was of medium importance,
while only 1 % believed that it was less important to address this issue for incorporating data
analytics into the audit process.
Customisation of off-the-shelf Data Analytics Software 49 % of the respondents stated that
it is highly important. 45 % believed it carried medium importance, while only 6 % believed
that it was less important to address this issue for incorporating data analytics into the audit
process.
Following are some other issues stated by the respondents as important for incorporating data
analytics into the audit process
Development of suitable audit trails and tools considering new IT developments
Testing the accuracy of big data and compilation of data for statutory compliances
Measuring even the qualitative aspects like, monitoring internal controls
Authentication Mechanism for the data transfers prior to the analytics
Security of cloud data
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Section V Propelling Innovation in Accounting and Assurance
Do you think artificial intelligence/ machine learning will propel innovation in accounting
and assurance? Please indicate your response as H( High), M( Medium) or L( Low)
(1) Deliver Real time insights
(2) Continuous Control Monitoring Systems
(3) Enhance Decision Making
(4) Catapult Efficiency
(5) Other please specify
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More than half of the respondents reported that Artificial Intelligence (AI) as a technology will
play an important role in innovation by eliminating the manual process in accounting and
assurance sector. Perceived benefits are as follows-
· Deliver real time insights 60% of the respondents believed that through AI real time
reporting can be achieved as compared to traditional practices.
· Enhanced decision making More than 50% of the population has stated that AI will
have high impact in decision making while only 6% believed it to have a low impact.
· Continuous control monitoring system 66% respondents stated that AI will have a
high impact on continuous control monitoring system, while 32% stated that it will
have a medium impact.
· Catapult efficiency Respondents had a mixed view ranging as 46% as high impact
and 45% as medium in achieving efficiency through AI, while only 8% perceived that it
will have a low impact.
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Section VI Use of Data and Technology in Audit
Do you think that use of data and technology could affect following areas. Please indicate
your response as H ( High), M ( Medium) or L ( Low)
(1) Nature and Extent of Audit procedures
(2) Nature and Sufficiency of Evidence
(3) Risk Assessment
(4) Internal Control Over Financial Reporting
(5) Fraud Detection
(6) Insights for audit committees and investors
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More than half of the respondents stated that increase in volume of data and use of technologies will
have high affect/ impact on the following areas mentioned below:
· Nature and Extent of Audit Procedures- 73 % of the respondents stated that it will be highly
affected. 25% believed that it will have a medium impact, while only 2 % stated that data and
technologies will have a low affect on nature and extent of audit procedures.
· Nature and Sufficiency of Evidence 66 % of the respondents stated that it will be highly
affected. 30% believed that it will have a medium impact, while only 4 % stated that data and
technologies will have a low affect on nature and sufficiency of evidence.
· Risk Assessment 70 % of the respondents stated that it will be highly affected. 27 % were of
the opinion that it will have a medium impact, while only 3 % stated that data and technologies
will have a low affect on risk assessment.
· Internal Control Over Financial Reporting 65 % of the respondents stated that it will be highly
affected. 31% perceived that it will have a medium impact, while only 4 % stated that data
and technologies will have a low affect on ICFR.
· Fraud Detection 69 % of the respondents stated that it will be highly impacted. 25 % believed
that it will be having a medium impact, while only 5 % stated that data and technologies will
have a low affect on fraud detection.
· Insights for Audit Committees and Investors- 48% of the respondents stated that it will be
highly affected. Similarly, 45 % were of the view that it will have a medium impact, while only
6 % stated that data and technologies will have a low affect on insights for audit committees
and investors.
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Section VII Integration of Technology In Audit Process
Please rate as H (High), M (Medium) or L (Low) the following factors regarding decision on
integrating technology in audit process
(1) Software cost
(2) Technology capabilities of audit staff
(3) Training cost
(4) Making the audit process more efficient
(5) Audit committee/ Senior management support
More than half of the respondents reported that the following factors mentioned below required high
consideration regarding decision on integrating technology in audit process
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· Software cost - 59 % of the respondents stated that software cost has high relevance for
decision making on aspect of integrating technology in audit process. 37 % perceived as
having medium importance, while only 4% stated it is not of much importance right now.
· Technology capabilities of Audit staff 64 % of the respondents stated that high decision
making is required for upgrading technology capabilities of audit staff, for integrating
technology in audit process. However, 32 % perceived it as a factor of medium
importance, while only 4% stated that it is not of much importance.
Training cost 48 % of the respondents stated that training cost required high decision
making for integrating technology in audit process. 47 % perceived it as a factor of medium
importance, while only 5% stated that it was of not of much importance in the decision
making process.
Making the Audit Process more Efficient This factor carried importance for 62 % of the
respondents while making decision for integrating technology in audit process. Only 36 %
respondents perceived it as a factor of medium importance, while only a small 2%
considered it to be carrying a low importance.
Audit Committee/ Senior Management Almost equal number of respondents
considered buy-in of Audit Committee/ Senior Management carrying high (48 %) and
medium (47%) importance for integrating technology in audit process. Only 5% stated that
this aspect carried very low importance.
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Section VIII Organizational Strategy To Address Issues
Does your organization (audit department) have a plan or strategy to address the
following
(1) Need for automated support of data mining and analysis, continuous monitoring
and other technology based activities
(2) Defined technology skill sets, based on identifying gaps
(3) Ways to measure the effectiveness of technology investment, processes and
activities
This question relates to whether the respondent's organizations (audit department) have a plan or
strategy to address the issues mentioned below:
· Need for automated support of data mining and analysis, continuous monitoring and other
technology based activities carried importance for 61% of the respondents and they had a
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plan/ strategy to address. On the other hand 39% respondents currently had no plan/ strategy
for the same.
· Similarly, 62% of the respondents had a plan/ audit strategy in place for defined technology
skill sets, based on identifying gaps. However, 38% of the respondents denied for having a
plan/ audit strategy in place for this factor related to skill set.
· 61% of the respondents have stated that they already have a plan/ strategy and 39% stated
that they don't have a plan/ strategy already in place for ways to measure the effectiveness
of technology investment, processes and activities
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Section IX Impact on Audit quality, Skill Sets of Auditors,
Audit Firm Structure
Please share your views on following aspects -
(i) How audit tools may be leveraged to improve audit quality and protect investors?
(ii) How this trend will affect the skill sets required by auditors?
(iii) What impact will technology trends will have on the composition and structure of
audit teams and the business model of the firms?
(i) Leveraging Audit Tools to Improve Audit Quality and Protect Investors
Respondents agreed that audit tools and specifically CAAT are the need of the hour for
every accounting firm. Views on aspect of leveraging audit tools to improve audit quality
and protect investors are as follows
Use of audit tools can provide filtered information and better insights for effective
decision making, early fraud detection, lapses in disclosures, etc.
Increased coverage of data for analysis will lead to higher degree of assurance.
Comprehensive guidance is required to the audit team for executing audit by using
audit tools.
Artificial Intelligence should be integrated with decision making skills.
Standardisation of audit tools will enable greater acceptance and adoption.
Audit tools will help to focus on important and risk oriented areas, thereby saving time
and cost.
Audit tools should be leveraged based on specific industry requirements.
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(ii) Digital Trends Affecting Skill Sets Required By Auditors
Respondents echoed that auditors required specialised technological skill set which
should be developed through an appropriate training. Major views are as follows -
Auditors need to update their skills so that there is more focus on qualitative areas
like, analysis, problem solving, etc.
Auditors should develop their skills on latest technologies lie Big data, Artificial
Intelligence, Blockchain, etc.
Data mining skill set will be essential requirement for effective audit.
Enormous knowledge sharing is required among various accounting firms.
ICAI should include relevant topics in the syllabus to well equip future members of the
profession.
(iii) Impact of Technology Trends on Composition, Structure of Audit Teams
and Business Models of the Firms
Respondents agreed that there will be huge impact of technology on business models
as well as composition and structure of audit team. Some pointers were
Technology will replace the routine audit process, going forward the accounting
firm's structure will be leaner.
Technological changes will make existing accounting firms more productive and
efficient.
Future models of the firms should be developed and evolved based on the analytical
tools available in the market.
Audit firms will have to invest more in technology tools.
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Section X Change in Demand of SMP Services in Future
How do you expect demand for following services provided by SMPs to change in the
future?
(i) Client Accounting Services (Business Process Outsourcing/ Accounting/ Virtual
CFO)
(ii) Business Advisory (data analysis, etc.)
(iii) Audit and Assurance
(iv) Tax (including planning and advice)
(v) Other please specify
Small and Medium Practitioner's (SMPs) are critically important fraction of the accounting
profession. Demand for services provided by the SMPs will be surely impacted by digitization
in the near future. Responses on impact of following services rendered by the SMPs are as
follows -
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· Client Accounting Services (Business Process Outsourcing/ Accounting/ Virtual CFO)
- 86 % of the respondents have stated that there will be an increase in Client
Accounting Services (Business Process Outsourcing/ Accounting/ Virtual CFO) over the
coming years and 14% respondents were of the view that there will be a decrease in
demand of these services.
· Business Advisory (data analysis, etc.) - 92% of the respondents have stated that
there will be an increase in Business Advisory (data analysis, etc.) over the coming
years and 8% have stated that there will be a decrease in the mentioned service.
· Audit and Assurance - 75% of the respondents have stated that there will be an
increase in audit and assurance services provided by SMPs over the coming years and
25% have stated that there will be a decrease in the mentioned service.
· Tax (including planning and advice) - 77% of the respondents have stated that there
will be an increase in taxation services, including planning and advice, over the coming
years and 23 % have stated that there will be a decrease in the mentioned services.
.
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DIGITAL ACCOUNTING AND ASSURANCE BOARD OF ICAI
To unravel the impact of Digitization on Accounting and Assurance, the Council of ICAI has
constituted the Digital Accounting and Assurance Board (DAAB), as a non-standing Board of
the ICAI, for fostering a cohesive global strategy on aspects related to digital accounting and
assurance, through sharing of knowledge and practices amongst the members. DAAB is
endeavoured to identify, deliberate and highlight on issues in accounting (including
valuation) and assurance (including internal audit) issues in the digital world. Digital
Accounting and Assurance Board is focusing on issues in accounting and assurance arising
from the high pace of digitization, including use of artificial intelligence in audit, big data
analytics in audit, relevance of sampling, valuation of data as an asset, impairment, testing
of digital assets, insurance of data-valuation and premium fixation, etc.
The Board is taking up initiatives to develop knowledge base through position papers and
articles on issues related to impact of technology on accounting and assurance. DAAB
Knowledge Page https://www.icai.org/new_post.html?post_id=13422&c_id=432 may be
referred for position papers issued and for links to relevant article on digital accounting and
assurance. Technology Summits are being conducted with the theme of Empowering
Chartered Accountants in digital era. DAAB has also released knowledge management videos
available on ICAI Mobile App https://www.icai.org/mobile/ .
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DIGITAL ACCOUNTING AND ASSURANCE BOARD
TERMS OF REFERENCE
(Board for deliberating and initiating solutions for Accounting (including valuation) and
Assurance (including internal audit) issues in the Digital World)
Arising out of digital era and its consequences -
(a) to identify, deliberate and highlight issues in Accounting (including valuation) and
Assurance (including internal audit) in the Digital World, and security aspect of data and
technology;
(b) to act as a facilitator by engaging through relevant committees of ICAI; and wherever
necessary with standard setters, Government, Regulators, industry and other accounting
bodies in the world; and suggest to the relevant Committee(s) in Institute, the required
changes in Accounting Standards, Assurance Standards and Valuation Standards;
(c) to develop knowledge base through position papers, create on line platform, including
an annual conference/ round table preferably, on areas identified with a view to raise
awareness in all stakeholders, the issues and opportunities arising from these trends; and
(d) to enable setting up a Global Digital Accounting and Assurance Board, as India initiative
so that ICAI gets recognition as the global thought leader in Accounting and Assurance in
digital world.
Composition of Digital Accounting and Assurance Board 2017-18
Council Members
CA. Anil Satyanarayan Bhandari, Member Government Nominee
CA. Atul Kumar Gupta, Member Shri Vithayathil Kurian
CA. Debashis Mitra, Member
Co-opted Members
CA. Kemisha Soni, Member
CA. Adesh Kumar Gupta
CA. Manu Agarwal, Member
CA. B K Patel
CA. Nilesh S. Vikamsey, President, ICAI
(ex officio)
Special Invitees
CA. Naveen N.D. Gupta, Vice President,
Shri G Raghuraj, nominee IDRBT
ICAI, (ex officio)
CA. Hemant Joshi
CA. Prakash Sharma, Member
Prof. Naman Desai, nominee IIM-
CA. Sanjay Vasudeva, Vice-Chairman
Ahmedabad
CA. Shiwaji Bhikaji Zaware, Member
Ms. Narmadha R, nominee C&AG
CA. Shyam Lal Agarwal, Member
CA. Subh Ghosh
CA. M P Vijay Kumar, Chairman
Shri T Chakravarti, nominee SEBI
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Digital Accounting and Assurance Board
The Institute of Chartered Accountants of India
www.icai.org
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