At a time when the government is tightening rules in the wake of corporate frauds, a Kolkata-based audit and tax consulting firm on Monday said it has created a proprietary solution that can be compared to services offered by MNC auditors. Chartered accountancy firm LB Jha & Co claimed that ‘LBJ Audit Ez’ is a ”breakthrough” for it as it can interpret a huge quantum of data necessary for scrutinising books of large corporations.
”With the government tightening rules around audits of corporations and growing demand for compliance, automation is inevitable. Manual handling of huge data is making auditors’ life difficult with a higher probability of errors,” LB Jha & Co senior partner and former CII chairman (east) Dipankar Chatterji said.
It is not just the companies that have been burdened with the requirements of compliances, auditors have also been subjected to several rules and regulations that were not there previously. “Such solution is used by MNC auditors for their clients. Now, with this proprietary LBJ Audit Ez , we hope to surpass the quality of MNC peers,” he said.
Chatterji claimed that such solutions available in the market are not customizable for the diverse sector audits. “Our captive software has been developed to enable the firm to efficiently and effectively navigate through the audit process. It allows the firm to plan audits, conduct fieldwork, and execute plans,” Chatterji said.
The solution will allow it to monitor the audit process on a real-time basis, he said. It is a cloud-based service and will help reduce costs for companies that avail of audit services from the chartered accountancy firm.
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