ICAI to explore use of blockchain technology in auditing

Chartered accountants’ apex body ICAI will explore the use of blockchain technology in auditing, its new president Debashis Mitra said.

Technology will be a major focus of the Institute of Chartered Accountants of India (ICAI) as it not only disrupts but will also creates opportunities, Mr. Mitra told PTI.

“Artificial Intelligence and blockchain technology will be the focus among the emerging technologies. We will explore how blockchain can be used in auditing,” he said.

Mr. Mitra said the ICAI’s decision to mandate a peer review mechanism for certain categories of firms rendering assurance services to specific classes of entities will go a long way in enhancing the audit quality.

The implementation will begin in a phased manner from April 1 with practice units that have undertaken a statutory audit of enterprises, having equity or debt securities listed in India.

Over the next three years, the rollout would steadily cover firms providing assurance services to unlisted companies.

Mr. Mitra said the institute’s recently-launched Audit Quality Maturity Model – Version 1.0 (AQMM v1.0) will help sole proprietors and audit firms to self-evaluate their current level of audit maturity, identify areas where competencies are lacking and develop a roadmap for achieving a higher level of maturity.

“ICAI is committed to being a partner in achieving the UN Sustainable Development Goals (SDGs) 2030 Agenda and strengthen the sustainability reporting ecosystem in the country,” he said.

Meanwhile, ICAI has decided to waive off 75% fees for the students of Jammu and Kashmir, Ladakh and the eight Northeastern States for all levels of CA course — Foundation, Intermediate and Final — till March 31, 2025.