Key highlights: • MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal 'Champions' to assist MSMEs of the country • Ministry implements AI & ML tools to get insights into MSME related issues and grievances for their quick and effective resolution; • AI & ML analytics can be seen at the “AI Corner” on the Ministry's champions portal. MSME has impl..
In a recent conversation, the Chief Accounting Officer of India’s largest private enterprise mentioned that a good financial consolidation software would be of great service to the accounting community. His statement implying indirectly that in his many years of managing accounting for an extraordinarily large and complex organization, he has still not come across a suitable enterprise platform for consolidation. It is but natural to assume that organizations would rid themselves of lon..
Introduction: From the last two years, you might have heard a lot about blockchain but the moment you browse for it over the internet, you get typical and more technical results which may not be simple to understand for someone from a non-technical background. In fact, blockchain is a purely technical concept thus getting technical theories on the internet about it is very common. Nowadays much noise is in the market for bitcoins that is why the blockchain concept is in trend. Yes!..
These days banking & financial systems are highly reliable on paper-based and traditional processes. Well carrying a pen to the bank has become as important as carrying an ID. The irony is that even though the banks are coming up with many digital options for its customers 80% of them still prefer the traditional processes I remember when I used to go for bank audits we used to verify bulks of files filled with the process forms and other authorization letters. The kind of delay in the ex..
In business, there is a policy of contingency that provides a ready cushion in case of unexpected events. However, a global pandemic is seldom on any one's contingency list. The world was thrown off balance due to Covid-19 and impacted many businesses severely due to the subsequent lockdown. Businesses that were once thriving were now scrambling to protect their employees, analyse the new risks to the market, and manage any further supply chain disruptions to curb the spread of the virus...
From the perspective of governance, risk, and compliance Clause 49 of Listing requirements states companies to lay down procedures to inform Board of Directors about the risk assessment, risk minimization procedures and it’s periodic review. On the same lines SEBI has directed all the concerned on the subject vide their Circular no. SEBI/HO/MIRSD/CIR/PB/2018/147 dated December 03, 2018 to build a powerful focus on Cyber Security and recovery process. The directions majorly require: D..
Every imagined an office of a practicing Chartered Accountant without paperwork, files, or books? Every wondered someone running a CA practice with just working on a laptop. Sounds weird right? However due to the current challenging situation the whole world is facing, as a CA who is working somewhere or a CA who is running his/her own firm, it is particularly important to analyze your firm’s digital quotient and make it tech-savvy. The world is changing and so are the busin..
Introduction I know you might be wondering, what is blockchain? & how it's gonna be the future of accounting? So, the concept of blockchain was described in the '90s when the internet was growing. And after reading about blockchain, I understood 5 things about blockchain Blockchain was under development early in the '90s It went hand in hand with or we can say parallel to the internet Blockchain sounds simple but its actually far much complex Also, it has the poten..
Neophobia is the fear of anything new, in its milder form it can manifest as the unwillingness to try new things or break from the routine. Technophobia is the fear of advanced technology or complex devices, especially computers. Automatonophobia is the fear of anything that falsely represents a sentient being, it may be wax figures, masks, dolls like Annabelle, humanoid robots or digital assistants like Alexa, Siri, etc. Collectively all these phobias..
What Is Forensic Audit? Forensic Audit is an examination of evidence regarding an assertion to define its correspondence to established criteria carried out in a manner suitable to the court. For example, a forensic audit of sales records to determine the quantum of rent owing under a lease agreement, which is the subject of litigation. What Is Forensic Accounting? Forensic accounting is defined as "the application of investigative and analytical skills for the purpose of resolving..
Windows 10 is becoming very popular nowadays and many of you might have bought a computer/laptop with the latest offering from Microsoft pre-installed. But, this guide provides you with some list of reasons why you might choose to use Linux instead of Windows 10. Windows 10 is slow on older hardware and size is also huge. If you are using Windows XP, Vista or an older Windows 7 PC then the chances are that the computer you are using would not powerful to support Windows 10. So, now you ..
The whole world is gasping to control the pandemic COVID-19 which is spreading across the countries. Organizations are largely affected in terms of loss of human resources. In this crunch time, we should realize now, how vital it is, the implementation of healthy BUSINESS CONTINUITY PLAN (BCP) and DISASTER RECOVERY PLAN(DRP). When I was doing my post qualification course in ISA (Information System Audit), I had a gloomy outlook that how this is going to help in our profession othe..