Digital Accounting PDF

Background Material
Two Days National Conference at Hyderabad

PROFESSION 2.0 TAKING FRESH GUARD BUILDING
DIGITAL COMPETENCY
(on July 05 and 06, 2019 at Hyderabad)
Background Material
1. Disclaimer

2. Messages

3. Content Sheet

4. Article on “Transformed by Technology – DAAB
Accounting and Assurance”
5. PRESENTATIONS

A) Blockchain in Accounting CA. Gaurav Sangtani

B) Disrupting Internal Audit using Technology – CA. Amit Bajoria
Modern Methods and techniques

C) Cyber Security Establishing a Risk Management CA. Rajiv Gupta

Framework

D) Digital Branding for the CA Firm within the CA. Anurag Singhal
ambit of ICAI regulations

6. DAAB – Are you marching ahead with the DAAB
Technology?

DISCLAIMER
1. The material contained herein is for private
circulation and reference purposes only.
2. The views expressed in the articles, write ups,

surveys etc., contained in the background material
are those of the concerned authors, individuals,
organisations, agencies etc., and should not be
construed as the views of the Institute of
Chartered Accountants of India or any of its
Boards or Committees.
3. The Institute of Chartered Accountants of India or

any of its Board or Committees does not
undertake the responsibility for the accuracy or
otherwise of any views expressed or facts
included in the background material.
4. The Institute of Chartered Accountants of India or

any of its Board or Committees also does not
accept any responsibility for the actions taken by
the reader on the basis of the material contained
in the Background Material.
5. The copyrights in respect of the material included

in the Background Material rests with the
respective authors, organisations etc.
National Conference on Digital Accounting – July 5-6, 2019 at
Hyderabad
Message from President, ICAI
Accountancy profession is in midst of the change. The digital economy is changing

the traditional ways of business, pushing for realigning the profession to leverage the
multipliers of digital technology - enhanced efficiency, scale and speed, effectiveness,
agility giving access to newer markets. Over the coming years, technological
developments such as Big Data, Cloud Computing, Blockchain, Internet of things,
Robotics, Artificial Intelligence, etc., is likely to have a significant impact on the
accountancy profession and trigger far-reaching changes. The Institute of Chartered
Accountants of India (ICAI), through Digital Accounting and Assurance Board
(DAAB), is proactively working on both the challenges and the potential
opportunities as the profession embraces the changes of digital era.
To enable greater diffusion of the knowledge among the members through a dynamic
platform, this National Conference on Digital Accounting “Profession 2.0 Taking
Fresh Guard Building Digital Competency” is being organized by DAAB which will
be hosted by Hyderabad Branch of SIRC of ICAI on July 5 and 6, 2019 at Hyderabad.
This is indeed a leading Conference for our members who are driving digital
innovation across organisations and are upskilling to challenge business models and
transform practice areas.
I compliment CA. Manu Agrawal, Chairman DAAB, CA. Dayaniwas Sharma, Vice-
Chairman DAAB and other members of the Board for this excellent initiative.
Further, with the knowledgeable and experienced faculty to deliberate upon these
topics, I am sure that the sessions will be a great learning and knowledge sharing
experience for each participant.
I wish the National Conference a resounding success.
CA. Prafulla P. Chhajed

President, ICAI
New Delhi 05th July, 2019
Hyderabad
Message from Vice President, ICAI
In dynamic and complex digital age, the challenges facing the accounting
profession are unique and unprecedented, and the profession is well
positioned to adapt to the global realities of digital era. Chartered
accountants are committed to life-long professional development –
learning, unlearning and relearning - to keep pace with exponential
changes and harnessing the power of information in a data driven world.
The Institute of Chartered Accountants of India is committed to make its

members relevant, responsive and innovative for providing value added
services in the digital age. It gives me immense pleasure to know that
Digital Accounting and Assurance Board of ICAI is organizing National
Conference on Digital Accounting “Profession 2.0 Taking Fresh Guard -
Building Digital Competency” which will be hosted by Hyderabad
Branch of SIRC of ICAI at Hyderabad on 5th & 6th July, 2019. This
Conference covers emerging technological areas such as, Artificial
Intelligence, Blockchain, Cyber Security, Cloud Computing, Digital
Forensics, Robotic Process Automation, etc. This is an innovative
platform aimed to build digital competence of our members so that they
are technology savvy and agile learners, and exploit new opportunities.
I compliment Digital Accounting and Assurance Board for organizing

this National Conference and hope that it will provide a forum for the
participants for expanding their knowledge base and sharpening their skill
sets thereby enabling them to provide value added services in digital era.
With this message, I would like to wish all the participants, thoughtful
and rewarding sessions in the National Conference.
CA. Atul Kumar Gupta

Vice President, ICAI
Hyderabad
Message from Chairman, DAAB
Accountancy profession sits at the intersection of digitization and global change, and
tremendous opportunities exist for the profession to lead the charge and add
significant value in a time of growing complexities. Digital Accounting and
Assurance Board of The Institute of Chartered Accountants of India is making wide
ranging efforts to ensure that expertise in new dimensions of technology becomes
essential part of professional skill set of our members by bringing out technical
publications and organizing workshops and training programs.
It is indeed very overwhelming for DAAB to organize this National Conference with
an overall objective to further enhance the capabilities of the members in the digital
era. I sincerely hope that the participants will enjoy the deliberations on various topics
of professional interest and get full benefit of the able wisdom of the learned faculties.
Indeed such a dynamic platform will generate key insights and strategies on the way
accountancy profession is evolving in digital era thereby fuelling a wide array of
technology discussions.
I would like to express my gratitude to CA. Prafulla Premsukh Chhajed, President,

ICAI and CA. Atul Kumar Gupta, Vice-President, ICAI for giving this opportunity to
Digital Accounting and Assurance Board for organizing this National Conference.
I wish to place on record my thanks to CA. Y V Bhanu Narayana Rao, Chairman and
CA. Pankaj Trivedi, Vice-Chairman, Hyderabad branch of SIRC of ICAI for sparing
their valuable time and making efforts for organizing the National Conference. I also
thank the Vice Chairman of the Board CA. Dayaniwas Sharma and other members of
the Board for their active support and co-operation in the activities of the Board.
I wish the National Conference a grand success.
CA. Manu Agrawal

Chairman, Digital Accounting and Assurance Board

Hyderabad
Message from Vice-Chairman, DAAB
Today’s times are both an exciting and uncertain time for the accountancy
profession, one that presents opportunities and challenges in equal measure.
Digital Accounting and Assurance Board of ICAI is navigating this rapidly
shifting landscape researching on how emerging technology solutions can be
used to improve efficiency and services within the profession.
This National Conference on Digital Accounting ““Profession 2.0 Taking Fresh

Guard - Building Digital Competency” is an opportune platform for accounting
professionals who are gearing up for driving digital innovation across
organisations and embrace emerging technologies in their professional work.
The Conference agenda features areas related to emerging technologies,
taking a deep dive into a broad range of topics focused on the most pressing
challenges and opportunities for accountancy profession today. The
conference will feature sessions with theme based on auditing in the future,
building a digital presence for professional service firms, and further
understanding of the influence of emerging technologies such as, blockchain,
artificial intelligence, robotic process automation, etc., on accountancy
profession.
This National Conference organised by the Board is, therefore, aimed at

not only towards disseminating the technical developments among the
members but also at providing practical guidance to them. I strongly
believe that the Conference covers all the areas that are contemporary and
relevant to the profession in the digital era.
I am confident that the deliberations would have practical orientation and the
Conference will be a fruitful, enlightening and educative experience for all the
participants.
CA. Dayaniwas Sharma

Vice-Chairman,
Digital Accounting and Assurance Board

Hyderabad
Message from Chairman, Hyderabad branch
On behalf of the Hyderabad Branch of the SIRC of ICAI, I extend a very warm
welcome to all the delegates of the National Conference on Digital Accounting
being organized by the Digital Accounting and Assurance Board and hosted
by Hyderabad Branch of SIRC of the ICAI on July 5 and 6, 2019 at
Hyderabad.
Emerging technologies reimagine and radically augment the investment

decisions and quality of organizational processes, which is undeniably also
the purpose of the accountancy profession. Effective implementation of new
technologies is the future of the accountancy profession, elevating it to a more
efficient and more insightful level. This Conference is aimed at helping the
members working in industry as well as in practice in achieving and sustaining
their competitive edge in the digital era.
I would like to express my gratitude to CA. Prafulla P. Chhajed, President,

ICAI, CA. Atul Kumar Gupta, Vice-President, ICAI and CA. Manu Agrawal,
Chairman, Digital Accounting and Assurance Board and CA. Dayaniwas
Sharma, Vice-Chairman, Digital Accounting and Assurance Board, not only for
organizing this Conference but also for giving the Hyderabad Branch of SIRC
of the Institute the privilege of hosting it. Their support and constant guidance
have greatly helped the entire organizing team, in putting this programme
together.
I wish the delegates a great learning experience in the programme.
CA. Y V Bhanu Narayana Rao

Chairman,
Hyderabad branch of SIRC of ICAI

Hyderabad
Message from Vice-Chairman, Hyderabad branch
Dear Member,
Many centuries ago, the Greek philosopher Heraclitus famously quoted that “Change
is the only constant in life” and all of us stand testimony to this eternal truth. The need
to plan for and be prepared for Change cannot be over-emphasized. For those who
“Adapt”, will Prosper and those who do not, will Perish. Interestingly, this aspect is
ingrained into our Title. As a CA, Change and Adapt should be our second nature. We
have done this before, and we shall continue to do it again.
Imagine the days when we were first introduced to Computers. For many of us, it
sounded like a great way to play games. It was perhaps a great tool for the students of
science, but what would a CA do with it? However, within a few days, we as a body
were quick enough to realize its vast potential to significantly enhance our ability to
serve the Industry and the profession. Some adapted quickly, and some with some
resistance, but there is no CA today who does not use Computers.
It is now time for us to take fresh guard. Technology has taken a vast leap. Just as
there were fears that computers can render us jobless when they were introduced,
there are widespread apprehensions that Artificial Intelligence will make many
professions redundant. These fears stem from a lack of awareness about the
revolutionary new developments in technology. Learning about them will help us
understand how we can adapt and use technology to bolster the contribution of our
profession to the Industry.
The National Conference organized by Digital Accounting and Assurance Board of

ICAI is a great opportunity for all of us to get started and be prepared for the new era.
I convey my sincere thanks to the leadership of ICAI for allotting this conference to
Hyderabad and urge all fellow members to participate in the 2-day seminar with an
open mind and a willingness to adapt and prosper, rather than resist at their own peril.
Wishing you all New Beginnings and Happy Learnings,
CA Pankaj Kumar Trivedi 05th July, 2019

Vice -Chairman,
Hyderabad Branch of SIRC of ICAI
TRANSFORMED BY TECHNOLOGY – ACCOUNTING AND ASSURANCE

The Institute of Chartered Accountants of India
“The World is entering the Fourth Industrial Revolution. Processing and

storage capacities are rising exponentially, and knowledge is becoming
accessible to more people than ever before in human history. The future holds
an even higher potential for human development as the full effects of new
technologies such as the Internet of Things, artificial intelligence, 3-D Printing,
energy storage, and quantum computing unfold. “
The Global Information Technology Report 2016
Innovating in the Digital Economy
World Economic Forum
The Global Information Technology Report 2016 issued by World Economic

Forum highlights that innovation is increasingly based on digital technologies
and business models, which can drive economic and social gains from
Information and Communication Technologies (ICTs) if channeled in a smart
way. It emphasizes that a sustainable digital economy will depend on quickly
evolving governance frameworks that allow societies to anticipate and shape
the impact of emerging technologies and react quickly to changing
circumstances.
Technology will bring in changes that are evolutionary and the accountancy
profession would see increase in demand of certain technical competencies
and sharp decline for certain other types. Accountancy profession is in midst
of the change, the digital economy, it is disrupting the traditional ways of
business, pushing for realigning the profession to leverage the multipliers of
digital technology - enhanced efficiency, scale and speed, effectiveness,
agility giving access to newer markets. Digital economy brings forth major
challenges of enhanced risk across the value chain for businesses, societies
and economies and risk of marginalization or reduced relevance for the
profession.
Accountancy profession has been using technology since decades to achieve
improvement in their processes and deliver enhanced value to organisations.
Emerging technologies reimagine and radically augment the investment
decisions and quality of organizational processes, which is undeniably also
the purpose of the accountancy profession. Effective implementation of new
technologies is the future of the accountancy profession, elevating it to a more
efficient and more insightful level. A recent Forbes Insights survey found 58
percent of auditors and businesses believe technology will have the single
biggest impact on the audit over the next three to five years. And by 2020,
smart machines will be a top-five investment priority. Further, 59 percent of
respondents to the Forbes survey agreed advanced technology will enable a
deeper, more sophisticated analysis of data as part of the audit.
The digital technologies changing the business landscape giving scope for
greater innovation and creativity to businesses are as under: 1
 Big Data and Analytics – The accountancy profession revolves around
data and with IT tools available it is well poised to organize, refine and
analyze the data in a better way. Going forward the traditional accounting
practices, book keeping will become redundant and the profession will be
1
Article Published in Background material of ICAI International Conference - 2017
increasingly pushed by clients to provide value added reports, exception
reports, predictive modeling, outlier analysis and developing new business
models to understand risks more comprehensively for being relevant,
competitive in the emerging business context. The profession would be
looked forward to provide more analytical reports to guide the
management, investors and other stakeholders. The profession must
invest in developing competencies in data and analytics to improve audit
process.
 Cyber-security, Risk Management and Forensic Audit - The importance of

data in terms of privacy, confidentiality, and misuse will create demand for
cyber security and Forensic Audit. Further, digital economy being openly
accessible will need robust risk management systems and practices to
protect to business entities and individuals.
 Newer Reporting Formats - Using technology newer sources of data would

enable the profession for value addition reporting like, Integrated Reporting
for greater Non-Financial disclosures.
 Technological Innovations and Advances - Cloud Computing and Social

Media increasing the outreach of organizations to newer markets and
networks as also promoting collaboration between accountant and client.
 Financial Technologies - Artificial Intelligence, Automation, Crypto-

currency, block chains and distributed ledgers will redefine the financial
services and associated areas of accounting, in terms of efficiency. The
profession must readily learn the technologies and be ready for the
emerging clients.
 E-Commerce/M-Commerce: The digital technology has led to business

model innovations where most of the businesses are going E-commerce or
M- Commerce way provides profession unique opportunity to support the
businesses in extending reach to new clients and markets through E-
Commerce/M-Commerce. E.g. the e-banking, m-banking will change the
financial services landscape the profession is poised to gain in many roles
one as strategic advisor to imbibe new business model, risk manager,
analytics providing value added services like cybersecurity, forensic audit
etc.
Block Chain
IBM Institute for Business Value in its Report “Fast Forward – Rethinking
Enterprises, Ecosystems and Economies with Blockchains” states as follows -
“Blockchains first gained attention as a platform for cryptocurrency.
Blockchain technology is nascent, but other pioneers are already
demonstrating its power to overcome friction.
While blockchains can be extremely powerful in their ability to overcome
friction and improve efficiency, trust and value, businesses must carefully
evaluate where blockchains can provide the greatest gains and where they do
not. They are not simply a modern database replacement; they bring the most
value as a shared system of record. Blockchain-based business networks also
require checks and controls across the system at the same speed to achieve
the full advantage of instantaneous sharing.”
Blockchain, a peer-to-peer network that sits on top of the internet, was

introduced in October 2008 as part of a proposal for bitcoin. Bitcoin is the first
application of blockchain technology, and it is a virtual currency system that
eschewed a central authority for issuing currency, transferring ownership, and
confirming transactions. The technology behind blockchain is an open,
distributed ledger that records transactions safely, permanently, and very
efficiently. In coming years it would transform economy by slashing cost of
transactions and also eliminating intermediaries.
Artificial Intelligence
Developments in the area of Artificial Intelligence are quite profound, and

research in areas such as medical imaging and diagnosis increasingly shows
machines producing far more accurate results than human do. Increasing
maturity of Artificial Intelligence related technologies like, deep learning
technology in the form of visual recognition, textual analysis, natural language
processing and audio processing, provides unlimited potential for the
application to assurance processes.
“Artificial Intelligence and the Future of Accountancy” issued by the Institute of

Chartered Accountants of England and Wales (ICAEW) highlights following
strengths of Machine Learning –
LARGE DATA COMPLEX AND CONSISTENCY

VOLUMES CHANGING
PATTERNNS
They can process huge They can pick up They can be far more
amounts of data ( weaker or more consistent decision-
structured and complex patterns in data makers. They do not
unstructured) – much than we can. Therefore, suffer from tiredness or
more than humans ever machines may be better boredom. They also do
could, for example, the in environments that we not exhibit human
results of every piece of find less predictable. biases and, therefore,
medical research Where feedback loops provide opportunities to
carried out on a topic, or can be built into the eliminate cognitive
every piece of financial models, they can also biases – such as
regulation. This be highly adaptive and availability or
provides a stronger and learn from errors or new conformation bias – as
more powerful basis for cases. well as socially based
learning. biases, such as racism.
Early research and implementation have shown certain areas where Artificial
Intelligence can help to transform accounting and assurance processes, and
increase their efficiency and effectiveness. Machine learning can be used to
code accounting entries and improve the accuracy of rules-based
approaches. For example, in a large global organization the revenue
recognition process is complex as there may be a large number of contractual
relationships. While the process in theory is the same, artificial Intelligence
would enable analyses of far greater percentage of transactions, and revenue
recognition can be done with greater global consistency. This would
significantly increase the ability to connect booked revenue with the
appropriate contractual terms, and inform the appropriateness of method of
booking revenue.
Predictive models can be used to forecast revenues and also improve fraud
detection by better prediction of fraudulent activities. Similarly, Artificial
Intelligence can examine 100 per cent of the population on a continuous
basis, rather than running a periodical test of details on a sample of the
transactions. Pattern recognition, visualization, benchmarks, etc., can be
incorporated on the top of analytical procedures to greatly increase audit
effectiveness. For internal control system design and implementation, AI-
based continuous control monitoring system can examine the compete
population of records to identify and report violations.
Artificial Intelligence undoubtedly presents a powerful tool, but the human

element cannot be eliminated completely. It is the auditors and the
accountants who have to make the critical decisions and offer key analysis
and insights to an organization.
In this scenario, ICAI has recently constituted “Digital Accounting and

Assurance Board” for fostering a cohesive global strategy on aspects related
to digital accounting and assurance, through sharing of knowledge and
practices amongst the members. DAAB will identify, deliberate and highlight
on issues in accounting (including valuation) and assurance (including internal
audit) issues in the digital world.
The Board is focusing on issues in accounting and assurance arising from the
high pace of digitization, including use of artificial intelligence in audit, big data
analytics in audit, relevance of sampling, valuation of data as an asset,
impairment testing of digital assets, insurance of data- valuation and premium
fixation, etc. The Board is taking up initiatives to develop knowledge base
through position papers and articles on issues related to impact of technology
on accounting and assurance. The Board is also organizing Roundtable and
developing Video(s) on digital accounting and assurance. The Board is also
conducting online survey with the objective of engaging with members, and
ascertaining their views on potential impact on accounting and assurance due
to the emerging and converging technologies such as, Artificial Intelligence,
Internet of Things, Machine Learning, Block Chain, etc.
PRESENTATIONS
Blockchain in
Accounting
Blockchain in
Accounting
CA. Gaurav Sangtani
National Conference on
The Institute of
Digital Accounting Chartered
Profession 2.0 – Taking Fresh Guard, Building Accountants of
Digital Competency India
Blockchain in
Accounting
4 Questions about Blockchain

•Why should I bother about Blockchain?
•What is actually Blockchain?
•How blockchain works?
•How will it impact Accounting?
Disclaimer – Respective logos and screenshots used are properties of respective owners, used here for only educational purposes GAURAVSANGTANI.com
Blockchain in
Accounting
GAURAVSANGTANI.com
Blockchain in
Why should I bother about Blockchain ? Accounting
Is Blockchain Isn’t Isn’t

actually change
bitcoin a
revolutionary down the
technology? bubble? future?
May May May

Be Be Be
GAURAVSANGTANI.com
Blockchain in
Stay Ahead
of Curve
GAURAVSANGTANI.com
Blockchain in
Blockchain
Source:
Gartner (2018)
GAURAVSANGTANI.com
Blockchain in
Accounting
GAURAVSANGTANI.com
Blockchain in
What is actually Blockchain? Accounting
Blockchain = Ledger
Difference in the way –

It’s Written It’s Stored
• Can be written by anyone • No Centralized Storage
• Secured by Cryptography • Distributed Ledger
• Immutable • Anyone can have full copy
• Temper-proof
GAURAVSANGTANI.com
Blockchain
Simplified
GAURAVSANGTANI.com
Blockchain
How Blockchain Works? Simplified
Hashing
[XA00PC3BA……]
256 bit
Hash Function
Input Output – Hash Value
Hashing
• SHA256 - Mathematical function which converts any length of digital input into
256-bit string (or say text), which is called Hash.
• Same input used with same hash function will always give same Hash value.
• Just looking at Hash value you cannot figure out what the input was.
• Irrespective of size of input, Hash value will always be of same size (256 bit in case of
SHA256)
• The number of possible outcomes of SHA256 is 2 is to power 256. Which may look
small but is huge, in number it is
GAURAVSANGTANI.com
Blockchain in
How Blockchain Works? Accounting
Encryption
Encryption - changing the text or input in unreadable format using a rule

(called key) in such a way that only person knowing the rule or key can
change it back and read it.
Rule
this is test message vjku ku vguv oguucig
Increase by two
Symmetric-key encryption
Communication
Public Key Private Key
of Key?
Asymmetric-key encryption
• Two Keys generated in pair

• Message encrypted using one key can
only be decrypted using other key and
vice versa
• One Public Key, Other Private Key GAURAVSANGTANI.com
Blockchain in
Digital Signature
Signature - A signature is verification by a person. Anyone can read your signature

and figure out it’s signed by you but cannot produce your signature.
Encrypted Hash Value

[XA00PC3BA……] [1100AVSWv45se…..]
Hash Value Digital Signature
Hash Function Encrypt using
Message Sender’s Private
Key
Add to
message
[XA00PC3BA……]
Send it to Hash Function
Receiver
[1100AVSWv45se…..]
Compare
[1100AVSWv45se…..]
Digitally Signed Decrypt using

[XA00PC3BA……]
Message Public Key GAURAVSANGTANI.com
Blockchain in
Blockchain Transactions
Blockchain is Data arranged in Blocks chained together chronologically
Blocks are group of verified Transactions
Transactions can be
Transactions of two types –
- Transfer Coin
Header transaction Id, time, size etc.
- Create Coin
Mr. A wants to Input Output
transfer coins - Reference to previous transaction - Ms. B’s address or identity,
to Ms. B through which Mr. A has received this is her Public Key
bitcoin which he wants to transfer. - Amount of bitcoin being
- Mr. A’s address or identity, this is transferred
his Public Key
- Amount of bitcoin received in
previous transaction
Digital Signature
Blockchain in
Transactions Execution
Header transaction Id, time, size etc.

Input Output
- Reference to previous transaction
through which Mr. A has received
- Ms. B’s address or
bitcoin which he wants to transfer. identity, this is her
- Mr. A’s address or identity, this is Public Key
his Public Key - Amount of
- Amount of bitcoin received in bitcoin being
previous transaction transferred
Digital Signature
- Verifying Identity
- Verifying Balance
GAURAVSANGTANI.com
How Blockchain Works?
Mining
How Blocks are added to Blockchain?
Block
Blockchain
- Transactions are added together in blocks

- Blocks are added to blockchain
- Not everyone can add blocks to blockchain
- Proof of Work – Cryptographic Puzzle
- Rewards for adding Block
- Consensus Mechanism
GAURAVSANGTANI.com
Blockchain in
Proof of Work
Hash Value
Hash Value
of Block
of Block
Nonce
Transactions
Block No.
Hash Value of
Previous Block
To Chain Blocks together in Hash Value of Nonce, Transactions
Sequence – Immutability and Block No. – Immutability
- Random Number
- To Satisfy pre-condition of Hash Value i.e.
Number of Zeros in Starting
- Difficulty to maintain time – proof of
work GAURAVSANGTANI.com
Blockchain
Simplified
GAURAVSANGTANI.com
Blockchain in
Accounting
History of Accounting
‐ Every transaction has two sides
‐ Simply a list of ‐ Independent review of
‐ Self Balance
Books and Reports
numbers ‐ Lesser risk of errors/ frauds
‐ Better trust for outside
‐ Can be added up ‐ Can handle larger transactions
stakeholders
‐ Better control by management on books
Single Entry Accounting Double Entry Accounting Independent Audit
‐ Not a complete picture of ‐ Still possibility of error & frauds ‐ Large volume of data
state of affairs for owners ‐ Dependency on Management for limits checking
‐ No Safety Nets
truthfulness of books ‐ Test procedures
‐ Prone to errors & frauds
‐ Problem of Agency
‐ Not fit for bigger businesses ‐ Limitations on outside stakeholders
1494
Luca Pacioli
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Blockchain in
Accounting
History of Accounting
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Blockchain in
Accounting
Document Triple Entry

Authentication Accounting
Integrity of Records
accounting supports Authentication
GAURAVSANGTANI.com
Blockchain in
Accounting
Blockchain in Accounting & Auditing
Document Authentication
Problem with Accounting Records –
How do we know the file we see is

the file originally available at the
time of booking entry ? i.e. how to
bring trust that
file/invoice/document is not
tempered after booking?
GAURAVSANGTANI.com
Blockchain in
Accounting
Hash String
written into Blockchain
Accounting
+ If Hash String
matches,
=
Original document
Invoice authenticity
proved
Auditing
Search for identical
Hash String
Audited
Invoice Hashing
Blockchain GAURAVSANGTANI.com
Blockchain in
Accounting
• Public vs Private
Blockchain
• Timestamped
• Written at Source
GAURAVSANGTANI.com
Blockchain in
Accounting
Triple Entry Accounting

Cash Account
Sales Account
<SomeAccount>
Dr.
Cr.
X
<somethings>
Triple
Entry
Accounting
≠ Concept that each transaction
impacts three sides in book
Double Entry Accounting +
One more Entry
GAURAVSANGTANI.com
Blockchain in
Accounting
All Accounting Entries Cryptographically By Third

Involving outside Parties Sealed Party
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Blockchain in
Accounting

Third Entry
Purchase Dr. Cash Dr.

Cash Cr. Sales Cr.
Mr. A buys goods from
Ms. B for $100
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Blockchain in
Accounting

Each Transaction between two
parties has third entry in a
blockchain
Public Blockchain
Independently verifiable by
Auditors GAURAVSANGTANI.com
Blockchain in
Accounting

Benefits of Triple Entry Accounting
Large Amount of Data can be verified faster
by Auditor, so Bigger/No Sampling
Factual Transactions cannot be falsified
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Blockchain in
Accounting

Challenges of Triple Entry Accounting
Transparency
Scalability
Effectiveness
Acceptability
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Blockchain in
Accounting
Transparency
GAURAVSANGTANI.com
Blockchain in
Accounting
Scalability
GAURAVSANGTANI.com
Blockchain in
Accounting
Acceptability
GAURAVSANGTANI.com
Blockchain in
Accounting
Effectiveness
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Blockchain in
Accounting

Track.Capital by GovernanceChain
• triple-entry accounting
network built on the
IBM blockchain
platform
• works with customer’s
existing accounting
solution
Blockchain in
Accounting

Blox
• Accounting of Digital
Assets
• ability to label and
classify transactions,
• simplifies the ability to
backtrack the movement
of transactions
Blockchain in
Accounting

Summitto
• TX++: triple entry accounting
system
• When a company sends an invoice, a
confidential fingerprint of this
transaction will be registered on a
permissioned blockchain
• validate the integrity and
authenticity of an invoice.
Blockchain in
Accounting

Request.Network
• allows anyone to create, store and
access invoices and receipts in a
universal, decentralized network.
• companies can plug into the same
network and communicate with
each other using the same single
source of truth
Disclaimer – Respective logos and screenshots used are properties of respective owners, used here for only educational purposes
Blockchain in
Accounting
Blockchain in
Accounting
Opportunities for Chartered

Accountants
• Global Accounting Blockchain

• Designing Private Blockchains
• Auditing Blockchain based
transactions
• Normal Audits GAURAVSANGTANI.com
Blockchain in
Accounting
Enable Change,
Be the Change
GAURAVSANGTANI.com
Blockchain in
Accounting
Gaurav Sangtani
FCA, B. Com.
President, Jigyasa Foundation

www.GauravSangtani.com
Contact@GauravSangtani.com
GAURAVSANGTANI.com
► Amit Bajoria is heading Corporate Internal Audit since October’16
(Reporting to Audit Committee Chairman) of Wipro Limited, a leading
global information technology, consulting and business process services
company with Revenues of $8 billion. Responsible for ensuring the
successful execution of a risk based internal audit strategy, for providing
assurance on SOX/IFC and compliance and for supporting the
organization in enhancing its controls landscape across all areas. Under
his leadership Wipro Internal Audit team received ISO 9000- 2015
standard and Innovation Award’2018 by IIA
► Amit has been associated with Wipro since Oct 2000. Prior roles held by
Amit in Wipro include:
• CFO Service Lines (2014-16) - Application, Infrastructure, Business

Process Services, Engineering and Analytics Services responsible for
Amit Bajoria supporting Business to drive growth and profitability.
Head of Internal Audit,
Wipro Limited • CFO – Global Delivery Operations (2010-2014), where he managed
various functions under Business Operations (Recruitment, Talent
Transformation, WMG etc.) to drive growth and operational
efficiency.
• Finance Manager Europe (London, United Kingdom) from April 2008

to April 2010, and was involved in Customer Contracts.
• Chief Financial Officer at NewLogic Technology Gmbh (Austria) - A

Wipro Company from March 2006 to March 2008.
• Head of Financial Planning and Analysis from April 2003 to March

2006.
► Education:
• Chartered Accountancy from Institute of Chartered Accountants of

India (1996 -1999)
National Conference on Digital Accounting
Digital Accounting & Assurance Board of ICAI
6th July 2019
Rajiv Gupta.
CA, CFE, CISA, DISA, CCSA
Global Audit & Risk Director
Diageo Plc
Skype: rajiv.gupta.tccc
E: Rajiv.Gupta@Diageo.com
What we will discuss?
 Why are we here?


 What is a cyber attack?
 How much your smartphone knows about you?
 Sim card swap
 Cosmos Bank loses Rs 94 Cr to cyber attack
 Phishing attack at Wipro in Apr 2019
 Amitabh Bachchan ‘s Twitter Account Hacked!
 E-wallet fraud
 The ONGC case
 Phishing in Jamtara
 Cyber risk brought by Millennials
 Take Away : Cyber & Data Security Measures

Why are we here?

 27,482 Cases of Cybercrimes Reported in 2017
 One Attack in India Every 10 Minutes
 These include:
 phishing,
 site intrusion,
 virus, and
 ransomware.
 In the past three years, Ransomware attacks have increased. In this, the
attacker threatens to publish the data of a person online until a certain amount
of ransom is paid. The attackers demand ransom in bitcoins (a digital currency),
a secure way for accepting this type of payment.
What is a cyber attack?

Cyber Attacks is:
- an attempt to destroy or infect computer

networks
- in order to extract or extort money or for

other malicious intentions such as procuring
necessary information.
How much your smartphone knows about you?

Sim Card Swap attack

 SIM swapping, also known as SIM
jacking, is a type of ATO (account take
over) attack during which a malicious
threat actor uses various techniques
(usually social engineering) to transfers
a victim's phone number to their own
SIM card.
 These fraudsters were getting the

details of people and were later blocking
their SIM Cards with the help of fake
documents post which they were
carrying out transactions through online
banking.
Cosmos Bank loses Rs 94 Cr to cyber
attack


Cosmos Bank is country's second oldest and second biggest cooperative bank in terms of financial
set-up (deposits and advances)
 This was a pilot project of the global hackers with the Cosmos Bank being a successful test run.
 Withdrawals happened on 11th and 13th Aug 2018.
 After the malware attack on the critical communication system between various payment gateways
was hacked, the hacker gangs were informed simultaneously in 28 countries and they immediately
started the withdrawals.
 The Core Banking System (CBS) receives debit card payment requests via its 'Switching System'.
But during the Malware attack, a proxy switch was created and all the fraudulent payment
approvals were passed through the proxy switching system.
Phishing attack at Wipro in Apr 2019

 There were reports about an attack on Wipro system
by major online news portals. Attack as per reported
was a phishing attack and was done by a group through
gift card fraud.
 Even though the attack was not a massive one, many

employees and client accounts were compromised.
 https://timesofindia.indiatimes.com/business/india-
business/wipro-hit-by-advanced-phishing-
attack/articleshow/68915021.cms
Amitabh Bachchan ‘s Twitter Account Hacked!
How to prevent Profile Hacking attack?
 Use strong password and change them frequently

 Social media is infested with third-party applications.
Make sure that you are using legitimate authorized
applications
 Install proper antivirus
 Enable two-factor authentication, where possible
E-wallet fraud

 Engineering students dupe bank of Rs 8.6 crore using e-wallet
 A group of five engineering students has robbed a bank of crores by using fake
mobile wallet transactions in four months.
 A private sector bank, which had opened its wallet transaction operations in
December 2016, did not realize that there was a basic flaw in their system.
 If a customer tried to pay from his own wallet to another wallet holder — and
the latter knowingly or unknowingly had his internet connection switched off —
the one who is transferring the amount did not end up losing any money. Instead,
it was the bank that ended up paying for him. The bank did not realize the fraud
till Rs 8.6 crore was siphoned off.
 A probe found that the accused had managed to open around 2000 accounts
across Kolkata and Murshidabad with the bank. Against these accounts, over
18,000 wallets were created.
This Unbelievably Simple Scam Cost The
ONGC ₹ 197 Crores!

 In Sep 2015, fraudsters duplicated the e-mail address of an ONGC
employee by just changing the order of ‘ongc’ to ‘ognc’ in the domain name.
 The fraudsters, posing as an ONGC representative, then told Saudi-based

oil company Aramco, to which they had delivered naptha worth Rs 197 crore
earlier, to transfer the money to their Bangkok-based bank account
instead of their State Bank of India (SBI) account thereby defrauding
them of the large sum.
 A senior police officer said that in the past one year, this trend of getting
access to corporate email addresses mainly from import-export circles has
grown with at least two cases being reported at the cyber police station
each month.
Phishing in Jamtara (250 km from Ranchi)

 The Airtel tower in Jamtara sees more than 3,000 outgoing calls a day, almost
all of them to other states. It should be 700-800 at a normal tower.
 UP STF analyzing over 2,000 phone numbers linked to call-center fraud and 90%
of them originate in Jamtara.
Mango orchard like this on the

outskirts of the village is the
headquarters of all the ‘bank
managers’
Classified - Internal use

Cyber risk brought by Millennials
 Millennials emerged as the password sharing

generation in India with 34 per cent of them
admitting to sharing passwords of various
accounts.
 Putting their cyber security at risk, 60 per

cent of these millennials are willing to give
into actions such as:
 Answering a survey question,
 Install a third-party app (43 per cent),
 Provide access to files while online (25
per cent) and
 Turn off their security software (24 per
cent) to gain access to free public Wi-Fi.
New targets of cyber criminals:
customers who complain online

 Very recently, there has been a rise in the scamming of consumers who file
complaints through online forums against companies or service providers for
faulty products and services.
 Cyber criminals, who read up on the online complaints, call up the complainants
pretending to be from the company, “pleading them to take the complaint off
and ask for a settlement amount.” Within a few hours however, instead of
receiving money to the ‘debit card account’, consumers find that more amount
has been debited from their account.
Take Away!

Take Away…

 With the programs such as Digital India in place, more Indians are surfing the
Internet and hence, it is crucial to put critical infrastructure in place to
predict and prevent cybercrimes.
 Don’t compromise on Cyber & Data Security Measures

Cyber & Data Security Measures

# 1: DON’T BE OVERCONFIDENT
 Understand that you’re an attractive target for cyber criminals if you

have money (doesn’t matter how much) OR data (usernames, passwords,
documents, emails, etc.). It’s not even personal, as cyber criminals automate
most of their attacks.
# 2: TRAIN YOUR EMPLOYEES/ INSIDER THREAT
 Humans are the weakest link in your security defense: with a single click in an
email they can open the door for hackers.
 The best way to improve your data security is to train your employees on best
security practices. Educate them so they can recognize and avoid cyber threats
like phishing and scams.
Cyber & Data Security Measures…contd.

# 3: CREATE SECURITY POLICIES & ENFORCE THEM
 Do your employees know what they are expected to do and not do to

protect your data?
 Do you have enforceable, written rules on how your organization’s
equipment and data can be used?
# 4: ASSESS YOUR NETWORK FOR VULNERABILITIES
 If you’ve never had your IT network assessed for weaknesses and

vulnerabilities – do it right away !
 You will probably discover holes in your security that you never even
expected.

# 5: BACK UP YOUR DATA
 Ransomware emerged as a huge threat in 2017, with many high-profile global

attacks in the news.
 Restoring from a data backup is the best – and sometimes the only way – of
recovering from a ransomware attack.
 If you already have a backup solution, check that it’s working and tested
periodically.
# 6: MONITOR YOUR NETWORK/ INCREASE VIGILANCE
 How do I even know if my network is under attack?

 If a security breach happened to me, would I even know about it?
 One of the answers is network security monitoring.

# 7: FOLLOW THE BASICS OF ONLINE SHOPPING
 Never do it from a device that isn’t yours or on a network you don’t own.
 Make sure you’re the only one spending your money by:
 Using safe network
 Employing strong passwords (password managers FTW!)
 Being careful about which websites you shop at
# 8: SHOULD YOU PLUG THAT IN?
 Careful on what you plug into your computer.

 Never use a USB whose source you don’t know! It can be infected with malware
that can even resist formatting.

# 9: RECEIVED A FRIEND REQUEST ON SOCIAL MEDIA? BE CAREFUL!
 Cyber criminals often create fake profiles to befriend you.

 The ultimate goal is to get you to leak confidential data to them (either about
you or the company you work for). Be careful of the friend requests you accept.
 Trust no Facebook friend (unless you know them in real life and you’re
absolutely, positively sure they can be trusted).
# 10: HOW TO PROTECT YOUR PASSWORD?
 Who’s looking over your shoulder? Did you know that bystanders or co-workers
can steal your passwords only by peeking at what you’re typing?
 Take a look around and make sure everything’s safe before typing a password.

# 11: DO USE HTTPS
 How can you tell if a website can securely handle your data?
 Check if it starts with https.
 The added “s” is key here. A website starting with https encrypts the data
you put in the website and the data you get from it, so that no one can
eavesdrop or tamper with the data flow.
 If a website doesn’t start with https, don’t give them confidential info
(card details, social security number, address, etc.).

# 12: BE CAREFUL OF ONLINE ADS
 Attackers can inject malicious code or malware-filled ads into legit online
advertising networks and websites.
 This tactic is called malvertising and it can get your computer infected
with all sorts of malware, Trojans, and so on.
 How it happens: you browse your favorite website and there are many ads
on it. But one is infected. The malicious code in the ad will search for
vulnerabilities in your system. If it finds one (and it’s not difficult to do
so), it’ll infect your computer with malware.
 What to do?
 Use an adblocker.
 Use a reliable antivirus.

Rajiv Gupta.
CA, CFE, CISA, DISA, CCSA
Global Audit & Risk Director
Diageo Plc
Skype: rajiv.gupta.tccc
E: Rajiv.Gupta@Diageo.com
Digital Branding for the CA Firm
within the ambit of ICAI regulations
- Anurag Singal |CA | MBA-IIM Ahmedabad
Contents – Digital Branding for the CA Firm
SECTION
Relevant ICAI Regulations | Global benchmarks
Digital Branding – Strategic Imperative for CA firms
Implementable Options
• Website | SEO | AI powered Chatbots
• Blog Posts - Social Media | Infographics | Email Newsletters
• Videos & Client Testimonials
• Webinars
• WhatsApp | Telegram | Google Group
• Google Business Listings
Summing Up
2
Regulations - ICAI
THE FIRST SCHEDULE : PART I of CA Act, 1949
Professional misconduct in relation to CAs in practice
A chartered accountant in practice shall be deemed to be

guilty of professional misconduct, if he
• solicits clients or professional work either directly or

indirectly by circular, advertisement, personal
communication or interview or by any other means:
Regulations - ICAEW
Code of Ethics B section : Committee of Advertising Practice (CAP)

250.2 : A professional accountant in public practice shall not
bring the profession into disrepute when marketing professional
services. The professional accountant in public practice shall be
honest and truthful and not:
• Make exaggerated claims for services offered, qualifications

possessed, or experience gained; or
• Make disparaging references or unsubstantiated comparisons
to the work of another.
Regulations - CPA
• Prior to 1978, CPAs prohibited from using any form of advertising.
• Landmark Supreme Court Case,

Bates v. State Bar of Arizona, (1977) :
Attorneys have the constitutional right to advertise under the First Amendment.
• AICPA lifted its ban on advertising. However, continued to restrict certain

forms of advertising such as self- laudatory or comparative claims, testimonials
or endorsements, and advertising not considered by the AICPA to be
professionally dignified or in good taste. These restraints probably served to
discourage many CPAs who might have considered advertising from doing so
• Commending 3rd Aug 1990, CPAs were allowed broader rights to advertise
under an agreement signed by the Federal Trade Commission (FTC) and the
American Institute of CPAs (AICPA)
• CPAs are now allowed to engage in any type of advertising, as long as it does
not violate the FTC Act's Section 5, which disallows false or deceptive
advertising.
SECTION
• Webinars
Summing Up
6
Competitive Landscape for Practising CAs
Today there are over manifold full service accounting firms. This means there
is absolutely NO competitive advantage in calling yourself a full service firm.
Source: ICAI Annual Report 2017-18

Porter’s Generic Strategies
Best option for accounting firms
Why focus ‘an inch wide, mile deep’?
• You get really really good at serving their needs

• The power of specialisation
• You get to intimately understand their situation and
needs
• You can go a ‘mile deep’ in the services you provide
• Wide range, and extensive depth to the services
• Become a Thought Leader and Authority in this market
• Comes full circle, reinforcing your marketing
Branding is the Need of the Hour
Digital Branding
The process of creating and promoting the online identity and

brand story of a firm or individual.
Typically involves using online channels such as websites, social

media, webinars, search engine optimization, online reviews, guest
blogging, earned media and digital advertising to build engagement
and drive greater exposure.
In the context of professional services, you can think of your brand

as the visibility of your reputation.
According to McKinsey, “professional services firms, more so than
other businesses, are innately social organizations.” Yet for the most
part they have been relatively slow to embrace social media.
Social Media is an amazing fit for professional services firms because

their unique structure allows them to sharing multifaceted content
with others.
The Content Pyramid
a) At the top is the firm, positioned to create and deliver
business-wide messages.
b) The next layer is sectors and practices, where relevant issues,
topics and insights can be shared and digital reputations
embedded within specific communities.
c) The base layer is the individual, the firms’ most powerful social
media ally. Individuals provide firms with a powerful dimension to
strengthen their reputation and open up further networks.
Decision makers and influencers are more likely to connect with individuals than
brands which leads to networking opportunities, personalized conversations, and
new business opportunities for the individual and the wider firm.
Each layer provides the firm with a different/new opportunity to create and relay
content
Probability % - Channel Type used by Buyers to research
a business challenge/evaluate service providers
Source: HingeMarketing
WHY DO ACCOUNTING FIRMS USE SOCIAL MEDIA?
Targeting prospective clients using social media?
SECTION
• Webinars
Summing Up
20
• Content is king on the internet, and key to the online marketing
efforts of any CA firm.
• Content marketing is a buzzword that most firms are aware of,
but aren’t great at implementing.
SECTION
• Webinars
Summing Up
22
Guidelines for Website-ICAI
• The Chartered Accountants and/or Chartered Accountants’

Firms would ensure that their Websites are run on a “pull”
model and not a “push” model of the technology to ensure
that any person who wishes to locate the Chartered
Accountants or Chartered Accountants’ firms would only have
access to the information and the information should be
provided only on the basis of specific “pull” request.
What makes a good website ?
• Professional Looks
• Is it easy to navigate the site?
• Answers questions:
a) What's your niche?
b) What information & tools you provide?
c) Client Testimonials
• Optimised for Search Engines /SEO
• Mobile Friendly
Conversational design is all about creating websites that are
tailored for each user and that anticipate their needs.
People want sites that are tailored to their specific needs and
make them feel like they’re important (which they are!)
If you can’t provide that experience, you can’t win them over 
Need for Segmentation
https://www.holdenmoss.com/medical
Guidelines for SEO -ICAI
ICAI Regulations allow listing on suitable search engine
However, the field of search should be restricted only to the field

of “Chartered Accountants” or “CA” or “Indian CA”, “Indian CPA”,
“Indian Chartered Accountant” or any permutation or
combination related thereto.
SEO is the practice of utilizing specific goal-oriented strategies to get
your site ranking higher in search engine results pages, or SERPs
It’s important to note that accounting clients also search for specific
topics online: accounting issues they’re dealing with, help with
interpreting new regulations or trying to solve business problems.
Firms that are using SEO to optimize their content whether it be

whitepapers or blog posts will be the ones clients get their answers
from.
Duplicate Content is a No No
- Google, like real people, likes original content.
What difference can Chatbots make?
Chatbots -> Extension of a firm’s customer service offering
a) Instill the brand’s personality
b) Provide helpful information.
Consider this , when used on a firm’s home page, chatbots can converse
with a first-time visitor and answer questions or point them in the
direction of the information they need.
• This ‘conversation’ is much more engaging and memorable for a

potential client rather than just trawling through a website—
• Signposting information in this way results in a better-quality user

experience
SECTION
• Webinars
Summing Up
38
Why Is Blogging for CA Firms Worthwhile?
Often I get told that CA Firms “get all their clients from referrals” and
therefore digital strategies are a colossal waste of time and effort.
Let's ask a simple question: what's the first thing someone's going to do if
they are referred to you or become interested in engaging you?
Answer: Google!
And when they find your site (which they will) are they going to find:
a) Vibrant active series of blog posts on topics that interest them; or
b) “latest updates” section with a 24 word #humblebrag article about
something that happened 19 months ago?
Please don't say (b)

Why Is Blogging for CA Firms Worthwhile?
Remember that “traffic to your site” is pointless if you don't have

a functional website strategy.
But with that in mind, blogging consistently will form a foundation

of useful information that people can find.
Done right, blogging does your lead generation for you and helps
bring qualified visitors to your site, some of whom may become
clients.
As you build up a body of fantastic blogs, you're going to generate

more and more traffic, which means more and more leads, which
means more and more business.
Blogging Is Certainly Worth It
Source: HubSpot
A blog is a long term investment
Your blog is an asset. Over time it does more and more work for you.
You must have an effective method of email communication to ensure repeat

visitors.
The Current Reality
Tons of firms are cranking out blog content and not seeing results.
Why? Most firms aren’t creating the right kind of content with the right mix.
They’re stuck creating boring monthly tax updates that don’t provide any
value.
Your prospects are looking for thoughtful, meaningful, and extremely insightful
content that answers their questions and solves their problems.
Your content needs to go beyond blog posts to include email campaigns,

videos, calculators, tax guides — even FAQs!
Create a cornerstone asset. A BIG piece of content that serves as your main
lead driver - purchase price allocation, maybe good will impairment which are
all part of business evaluations, or ways to determine my business value
a) 2,000+ words
b) Showcase the firm’s deep expertise within a topic.
Once you have published it on your website
1. Send an email to your email newsletter list with the article or a link
to it (only the people who care about this topic please)
2. Publish the blog again on LinkedIn Pulse
3. Made a video of the blog
4. Recorded the audio of the blog as a podcast
5. Published the blog on Medium
6. Post the blog on your social media handles
7. Have all of your relevant staff share the post on social media
Source: TheProfitableFirm.com
Infographics
Why Infographics?
• Infographics offer an easy way for readers to review — and
quickly grasp — visualized data.
• They are an engaging way to educate clients and prospects
and share your knowledge.
• Infographics are easy to share through email, on your website
or through social media.
Source: Visual.ly
Source: TOI
SECTION
• Webinars
Summing Up
50
• Q. Whether a Chartered Accountant in practice can give
public interviews and also whether he can furnish details
about himself or his firm in such interviews?
A. Chartered accountant in practice can give public interviews.
While doing so, due care should be taken to ensure that such
interviews or details about the members or their firms are not
given in a manner highlighting their professional attainments,
which may hit clauses (6) and (7) of the First Schedule of the
CA Act.
SECTION
• Webinars
Summing Up
53
SECTION
• Webinars
Summing Up
54
Webinars Help You Connect With Target Audience?
Whether you choose to offer webinars exclusively to existing clients, referral

sources, potential clients or all of the above, webinars will help you connect and
engage with your audience.
In this era of constant stimuli and distraction, making yourself or your firm visible
and memorable is key.
Webinars, remind existing clients and referral sources that you are still available
and staying current.
As for potential clients, you are communicating that you enjoy sharing your in-depth
knowledge and experience with others.
Webinars Help You Become the Authority?
Like blog posts, webinars are a platform to help you become the
authority on a topic or subject
Let’s say you practice GST and you give a monthly webinar about
recent updates. Potential clients who have been delaying action or
referral sources looking to outsource a complex case may be tuning
into your discussion. Your consistent education develops and further
establishes you as an authority on the subject matter, resulting in
more inquiries and business.
You should convert your webinar information into blog posts each
time you host a presentation and also post the video on YouTube
Free Webinar Service: AnyMeeting.com

If you want to get into their hearts and minds
WhatsApp Groups
Telegram Channels
Google Groups
Low Cost | Viral | Top of the Mind Recall

[]
57
SECTION
• Webinars
Summing Up
58
5 Reasons to Set Up a Google My Business Profile
#1: Show up prominently in search results across Google.
#2: Improve Search Engine Optimization for business web page.
#3: Make it easy for your customers to get in touch by prominently

displaying your contact info, and hours of operation on your “My
Business” profile widget.
#4: Build your reputation on the web with reviews submitted on

your business profile
#5: Get valuable insights on how people find your business and
interact with your content, through reports and dashboards.
Implementation Steps
• Claim your Google My Business Profile

• Add Photos & Videos to your GMB Lawyer profile
a) show your offices on the inside and outside
b) show your firms team, partners, and you
c) describe the areas of specialization that you practice
Acquire 5-Star Reviews for your Google My Business Listing
You can now add short 30 second videos to your listing.
You can also add posts to your listing, so the post will show up
under your listing on the google page.
Online Reviews Matter
• 90% of internet searchers read online reviews before visiting a business and
that those searchers trust online reviews as much as personal recommendations
• Positive comments from clients produce an ~ 20% increase in conversions
• Conversely, 22% of searchers won’t call your business (convert) after reading 1+
negative review
• 4 or more negative reviews can decrease your conversion rate up to 70%
SECTION
• Webinars
Summing Up
62
Summing Up
Digital Approach will involve series of bespoke filters
Budget Screen Target Clientele Type of Method

Screen Screen
• Existing Service
Providers
• Time • Website
• Potential • Webinar
Key • Money Revenue • Blog
Variables • Podcasts
• ‘Pain Points’ • Whatsapp
• Emails
• Willingness to
switch
Screening process to result in target focus strategies

[] 63
Summing Up
Strike Zone
Recommendations to entail holistic approach towards Branding –

Prioritization based on Resource Availability, Growth Strategy etc.
[] 64
ARE YOU MARCHING AHEAD WITH THE
TECHNOLOGY?
Transforming Profession with Tools and Training in

Digital Era
Digital Accounting and Assurance Board (DAAB) of The Institute of Chartered

Accountants of India (ICAI) is building digital competencies to ensure
Chartered Accountants meet challenges and leverage opportunities of digital
era. Initiatives to position the profession for opportunities in digital era are -
 Conducting Scalable, Employable and Updated Post Qualification
Course on Information System Audit (DISA)
 World Class Training to Members on Forensic Accounting and Fraud
Detection (FAFD)
 Imparting Hands on Training through Forensic Labs
 Evolving firms into thriving digital practice by providing leading
technology solutions
 Research on Emerging Technologies - Artificial Intelligence, Cloud
Computing and Robotics
 Executive Development Program on “Blockchain Technology – Driver
of Digital Era”
 Capacity building in digital ecosystem of stakeholders including banks,
PSUs
 Mentoring of Technology Driven Startups by Chartered Accountants
 Team of Innovators for helping members navigate digital path
 Digital Competency Maturity Model for upgrading firms in digital
landscape
 Research Paper on “Early Signals on Fraud in Banking Sector”
 Incubation Centre for Blockchain Technology
 Webinars on strategies and approach to adopt technology in assurance
services
 Research on embedding the understanding and use of technology in
accounting and assurance services

The Institute of Chartered Accountants of India
Visit us : www.icai.org
http://pqc.icai.org/
Mail to us at gdaab@icai.in; fafp@icai.in

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Two Days National Conference at Hyderabad

C) Cyber Security Establishing a Risk Management CA. Rajiv Gupta

2. The views expressed in the articles, write ups,

3. The Institute of Chartered Accountants of India or

4. The Institute of Chartered Accountants of India or

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Accountancy profession is in midst of the change. The digital economy is changing

I wish the National Conference a resounding success.

CA. Prafulla P. Chhajed

The Institute of Chartered Accountants of India is committed to make its

I compliment Digital Accounting and Assurance Board for organizing

CA. Atul Kumar Gupta

I would like to express my gratitude to CA. Prafulla Premsukh Chhajed, President,

I wish the National Conference a grand success.

CA. Manu Agrawal

New Delhi 05th July, 2019

This National Conference on Digital Accounting ““Profession 2.0 Taking Fresh

This National Conference organised by the Board is, therefore, aimed at

CA. Dayaniwas Sharma

New Delhi 05th July, 2019

Emerging technologies reimagine and radically augment the investment

I would like to express my gratitude to CA. Prafulla P. Chhajed, President,

I wish the delegates a great learning experience in the programme.

CA. Y V Bhanu Narayana Rao

New Delhi 05th July, 2019

The National Conference organized by Digital Accounting and Assurance Board of

Wishing you all New Beginnings and Happy Learnings,

CA Pankaj Kumar Trivedi 05th July, 2019

Digital Accounting and Assurance Board

“The World is entering the Fourth Industrial Revolution. Processing and

The Global Information Technology Report 2016 issued by World Economic

 Cyber-security, Risk Management and Forensic Audit - The importance of

 Newer Reporting Formats - Using technology newer sources of data would

 Technological Innovations and Advances - Cloud Computing and Social

 Financial Technologies - Artificial Intelligence, Automation, Crypto-

 E-Commerce/M-Commerce: The digital technology has led to business

Blockchain, a peer-to-peer network that sits on top of the internet, was

Developments in the area of Artificial Intelligence are quite profound, and

“Artificial Intelligence and the Future of Accountancy” issued by the Institute of

LARGE DATA COMPLEX AND CONSISTENCY

Artificial Intelligence undoubtedly presents a powerful tool, but the human

Digital Accounting and Assurance Board

In this scenario, ICAI has recently constituted “Digital Accounting and

4 Questions about Blockchain

Is Blockchain Isn’t Isn’t

May May May

Difference in the way –

Encryption - changing the text or input in unreadable format using a rule

• Two Keys generated in pair

Signature - A signature is verification by a person. Anyone can read your signature

Encrypted Hash Value

Digitally Signed Decrypt using

Blockchain is Data arranged in Blocks chained together chronologically

Blocks are group of verified Transactions

Header transaction Id, time, size etc.

How Blocks are added to Blockchain?

- Transactions are added together in blocks

Document Triple Entry

How do we know the file we see is

Triple Entry Accounting

Triple Entry Accounting

All Accounting Entries Cryptographically By Third