ICAI VERA vs Riko AI
Two Audit Software tools compared for Indian CA firms on features, pricing and community ratings.
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| Feature | ICAI VERA | Riko AI |
|---|---|---|
| Basics | ||
| Pricing | Homepage shows a "Start Free Trial" call-to-action; full pricing/eligibility model (e.g. free for all ICAI members vs a paid tier) not confirmed in this pass | Free trial |
| Pricing model | Free trial | Free trial |
| Deployment | cloud | cloud, mobile |
| Founded | 2024 | — |
| Headquarters | New Delhi (ICAI head office) | Mumbai |
| Features · Audit Software | ||
| Engagement Acceptance & Letters | Supported | Not yet verified |
| Materiality & Risk Assessment | Supported | Not yet verified |
| Audit Programmes & SA Checklists | Partly supportedAcceptance and compliance applicability checklists; full audit programmes not described. | Not yet verified |
| Digital Working Papers | Supported | Partly supportedBuilds workpapers as XLSX, DOCX and PDF files with figures traced to Tally. |
| Sampling & Vouching | Not yet verified | Not yet verified |
| Ledger Scrutiny & Analytics | Partly supportedAnalytics tools including Benford's law and trend analysis. | Partly supportedLedger drill-downs and variance flags from Tally data. |
| Client Document Requests | Not yet verified | Not yet verified |
| Review & Sign-off Workflow | Supported | Partly supportedNothing is posted to the books without a person approving it. |
| CARO 2020 Reporting | Supported | Not yet verified |
| Audit Report & Representation Letters | Partly supportedAudit reports under SA 700, 705 and 706; representation letters not mentioned. | Not yet verified |
| File Assembly & Archival | Supported | Partly supportedEvery proposed and approved change logged with names and timestamps. |
| Trial Balance Import | Supported | Partly supportedSyncs Tally data every few minutes; trial balance import not named. |
| Ledger Grouping & Mapping | Not yet verified | Not yet verified |
| Schedule III Financial Statements | Not yet verified | Not yet verified |
| Non-Corporate Formats | Not yet verified | Not yet verified |
| Notes to Accounts | Not yet verified | Not yet verified |
| Cash Flow Statement | Not yet verified | Partly supportedCash flow in the monthly MIS pack. |
| Adjustment Entries | Not yet verified | Not yet verified |
| Prior-Year Comparatives | Not yet verified | Not yet verified |
| Ratio Analysis | Partly supportedRatio analysis in the analytics tools; Schedule III ratio disclosures not mentioned. | Not yet verified |
| Consolidated Financial Statements | Not yet verified | Not yet verified |
| Export & XBRL | Not supportedICAI lists XBRL and MCA filing modules as not covered. | Partly supportedXLSX, DOCX and PDF output; XBRL not mentioned. |
| Audit Universe & Annual Plan | Not yet verified | Not yet verified |
| Risk & Control Matrix | Not yet verified | Not yet verified |
| Process Audit Checklists | Not yet verified | Not yet verified |
| Control Testing & IFC | Partly supportedIFC reporting included; control testing not described. | Not yet verified |
| Observations & Risk Rating | Not yet verified | Not yet verified |
| Management Responses & Action Tracking | Not yet verified | Not yet verified |
| Multi-Location & Branch Audits | Not yet verified | Not yet verified |
| Internal Audit Reports | Not yet verified | Not yet verified |
| Internal Audit Dashboard | Not yet verified | Not yet verified |
| Tax Audit Applicability Check | Not yet verified | Not yet verified |
| Form 3CD Clause-wise Working | Not yet verified | Not yet verified |
| Auto-fill from Books | Not yet verified | Not yet verified |
| Cash Transaction Checks | Not yet verified | Not yet verified |
| Section 43B Disallowances | Not yet verified | Not yet verified |
| TDS Compliance Check | Not yet verified | Not yet verified |
| Income Tax Depreciation | Not yet verified | Not yet verified |
| Prior-Year Comparison | Not yet verified | Not yet verified |
| Form 3CA/3CB Generation | Not yet verified | Not yet verified |
| Income Tax Portal Upload | Not yet verified | Not yet verified |
| GSTR-9 Preparation | Not yet verified | Not yet verified |
| GSTR-9C Reconciliation Statement | Not yet verified | Not yet verified |
| Turnover Reconciliation | Partly supportedGSTR-1 download and reconciliation. | Not yet verified |
| ITC Reconciliation | Not yet verified | Supported |
| Ineligible ITC & Reversal Checks | Not yet verified | Not yet verified |
| Reverse Charge Verification | Not yet verified | Not yet verified |
| HSN Summary Verification | Not yet verified | Not yet verified |
| E-invoice & E-way Bill Reconciliation | Not yet verified | Not yet verified |
| Multi-GSTIN Consolidation | Not yet verified | Not yet verified |
| Ecosystem & support | ||
| Integrations | — | — |
| Support channels | — | — |
| Community | ||
| Rating | Not yet rated | Not yet rated |
| Reviews | 0 | 0 |
| Recommend | 0 | 0 |
ICAI VERA
Best for: ICAI members wanting the Institute's own official, standards-mapped audit workflow tool at no separate commercial cost
Riko AI
Best for: AI assistant on top of Tally that answers finance questions, builds reports and workpapers, and runs reconciliations and audit workflows