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Impact of Technology on Practice
CA. Anurag Sharma
Being an old course CA student, ISCA (Information System Control and Audit), Paper Number 6 used to give me nightmares. Often during my CA Journey, I used to think that why is this subject actually required?
Its when I started the Practice that I realized its worthiness. The first question that a vendor asked me when I decided to buy a laptop was “What configuration do you require?” I was actually not sure what I required. Then I went online and studied about Computer Hardware and realized the value of memory and storage. After that, it was about operating systems and software that I required.
Then there was the networking part after installing accounting software in my system. The use of LAN wire and interconnecting the data in the systems came.
We are living in the age of technology. There is data everywhere. Without adequate IT knowledge, we can’t survive.
Being a CA you can’t be limited only to Finance now. Gone are the days when CAs used to audit physical books of accounts. Now everything is on the computer in digital form. You have to keep yourself updated with the recent technological amendments. We use software for Income tax, GST, financial statements.
A recent glitch in the Income Tax portal has given sleepless nights to consultants and taxpayers. This is the kind of dependence we have on technology.
The concepts of Data warehouse, Data Mining, Cloud Computing have become new normal with the increasing use of technology.
Our institute has also realized the worth of technology. So courses like DISA and FAFD are part of our post-qualification curriculum. Often banks require DISA qualified CAs for their empanelment.
So many scams are happening nowadays, which makes the application of sound internal technological controls compulsory in an organization be it small or large. As a Chartered Accountant, we have to make sure that strong internal controls relating to technology are properly implemented and tested. Our reports are often based on data in the digital form held by clients. So we have to make sure that data is secure from any intrusion or unauthorized access.
They say “Change is the law of life”. The world has changed very swiftly with the advent of technology. So to cope with the required changes we have to upgrade and update ourselves too. Technology is not to be fear but to be loved and understood.
Optotax is a Technology Platform Trusted by 50,000+ Tax Professionals across the Country for their 1 Million+ Clients.
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Our mission is to Empower Tax Professionals and Simplify their practice.
To achieve our mission, we provide a single platform where the Tax Professionals can manage their compliance work in a simplified manner and also gets the opportunity to learn and upgrade knowledge with the help of knowledge-sharing webinars conducted by the best faculties across the country, Taxation related updates, Newsletters, Blogs, Articles, etc.