The development of an audit tool has been proposed by the CA Institute for process automation and ease of carrying out the audit for its firms. It has now sought an Expression of Interest (EOI) from software vendors for the development and maintenance of web-based software for audit management.

According to the sources, Approximately 90,000 audit firms in the country can potentially benefit from some move to automate audit activities like analytical procedures, allocation of tasks, client engagement, and documentation of the audit. The CA Institute stated that this audit tool will not be compulsory and it will be up to the firm concerned to opt for it. It was mentioned that the CA Institute is only aiding process automation. The CA Institute has mentioned that the tool should cover Statutory Audit, Tax Audit, Internal Audit, Bank Audit, and GST Audit, and should be compliant with the laws such as the Companies Act 2013, Income Tax Law 1961, and the pronouncements of the ICAI.

The CA Institute consists of about 90,000 firms and approximately 3.15 lakh members specializing in the areas of audit, direct; indirect, and international taxes, including GST, in emanating areas such as insolvency, corporate restructuring, risk management, and financial services.