Now software with allot bank audits to Chartered Accountants

Published: 04th May 2011
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In an interesting development two Chartered Accountants from Mumbai have come up with a new software that will automatically assign CAs and CA firms to do auditing work in Urban Co-Operative banks controlled by the state. Additionally this software intends to create reports of bank audits and maintains a record of the Chartered Account firms work there.

What it essentially does is maintains data about all Cooperative banks in Maharashtra and all the CAs who are authorized to the auditing. It takes into account banks history and CAs experience in allotting CAs to banks to perform audits with zero human involvement. This software will support the official website and the state government is positive that removing human intervention will cut out frauds like audit report manipulation and hedging of funds that is rampant in some particular areas.

According to commissioner of the Maharashtra state co-op department - Rajagopal Devara "This software will automatically compile the data and will select CA firms using parameters like quality of audit reports, size of banks to be audited and performance of the firms. Large firms having capability to audit large transactions will be appointed to big cooperative banks. The banks will receive the allotment letter online, and will then to approve it. The firm will have to publish its audit schedule on the website and submit the audit report by June 30."

Its hard to believe but looks like there are 117 million rupees stacked away in these mini banks only in the state of Maharashtra. Hence we can understand why it is so important for the state government to audit the operations of these banks. Right now about 517 such banks are operational in the sate. Let's see how it will help our Chartered Accountant Recruitment process. Atleast we hope the small business men will get the real benefits of the system as their hard earned money will be safer now.

Chartered Accountants handle your Finances and accounting at the top level. They are responsible for providing trustworthy information about company’s sales, taxes, corporate finance, auditing, business recovery and insolvency, forensic accounting or accounting systems and other similar processes. We are also dependent upon them for the intelligence to support investment decisions, expansions and professional advice.

Typical work activity of a Chartered Accountant.

• liaising with clients (individuals or businesses) and providing financial information and advice;

• company's work and systems review;

• risk analysis

• Regular tests to validate authenticity of financial information and systems;

• Tax planning and payment

• Analysis and advice on acquisitions and mergers

• Book Keeping or Maintaining Records

• Answer clients queries on complex payments and tax deductions

• Fraud protection and preparation for the same

• Guiding and managing assistant Accountants and Auditors

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