About ICAI VERA
What is ICAI VERA?
ICAI VERA is the Institute of Chartered Accountants of India's own audit tool for its members. It is described as "Process-Driven, SA-Compliant, Built by CAs, for CAs" and gives firms a structured workflow based on the Standards on Auditing, from appointment to reporting.
The tool covers the appointment and engagement process under SA 210, a compliance applicability engine that flags CARO, CSR and IFC requirements, SA 315/320 materiality and risk assessment, an evidence vault for documentation under SA 230 and SA 500, and a report generator for audit reports under SA 700, 705 and 706, CARO 2020 and IFC. VERA tools connect to Tally, the GST portal, MCA data and income tax tools. ICAI states that final professional responsibility stays with the signing CA.
Who is ICAI VERA for?
- CA firms that are ICAI members, including small and medium firms moving to digital audits.
- Audits of private limited companies, partnership firms, LLPs, individuals and proprietorships, and other entities following Accounting Standards.
- Multi-branch firms and teams handling many engagements.
- Statutory audits, tax audits under Section 44AB, internal and IFC audits, and CARO, CSR and IFC evaluations.
ICAI lists trust and society audits, bank audits, NBFC engagements, forensic investigations, IT audits and XBRL/MCA filing as not covered.
What type of software is ICAI VERA?
ICAI VERA is listed under Audit Software.
What are ICAI VERA's core capabilities?
- Engagement dashboard: One view of all clients and engagements, with status tracking across in-progress, review and completed audits.
- Appointment and engagement letters: Eligibility certificate, acceptance/continuation checklist, previous-auditor communication, independence and confidentiality declarations, and SA 210 engagement letters.
- Planning: A compliance applicability engine for CARO, CSR and IFC, and an SA 315/320 materiality calculator and risk register with override justification.
- VERA tools: Direct Tally ODBC trial balance extraction, GSTR-1 download and reconciliation, MCA company data, a deferred tax calculator, and analytics including ratio analysis, Benford's law and trend analysis.
- Evidence vault: Documentation by audit area with review notes, tick marks, version control and an audit trail, ready for peer review.
- Audit report generator: Clean, modified and emphasis-of-matter reports under SA 700, 705 and 706, with CARO 2020 and IFC reports, exported to PDF and Word.
- Engagement Acceptance & Letters
- Materiality & Risk Assessment
- Digital Working Papers
- Review & Sign-off Workflow
- CARO 2020 Reporting
- File Assembly & Archival
Answers above are based on ICAI VERA's website, read on 23 Oct 2026.
Who makes ICAI VERA?
ICAI VERA is built and run by the Institute of Chartered Accountants of India (ICAI), the statutory body for Chartered Accountants in India, rather than a commercial software company. The website presents it with ICAI President CA. Prasanna Kumar D, Vice-President CA. Mangesh Pandurang Kinare and a group of practising Chartered Accountants.
What CAs are saying about ICAI VERA
ICAI VERA has no reviews on SoftwaresForCA yet.
Key features
- ✓Engagement Acceptance & LettersRun acceptance and independence checks and generate engagement letters (SA 210).
- ✓Materiality & Risk AssessmentSet materiality thresholds and assess risks of material misstatement (SA 320, SA 315).
- ◐Audit Programmes & SA Checklists — Acceptance and compliance applicability checklists; full audit programmes not described.Use pre-built audit programmes by entity type, mapped to the Standards on Auditing.
- ✓Digital Working PapersPrepare working papers linked to the trial balance with cross-referenced evidence.
- ◐Ledger Scrutiny & Analytics — Analytics tools including Benford's law and trend analysis.Scan full ledgers for unusual entries, duplicates and high-risk journals (SA 240).
- ✓Review & Sign-off WorkflowRoute work through preparer, reviewer and partner with review notes and sign-offs.
- ✓CARO 2020 ReportingWork through CARO 2020 clause by clause and draft the annexure to the audit report.
- ◐Audit Report & Representation Letters — Audit reports under SA 700, 705 and 706; representation letters not mentioned.Generate audit reports, management representation letters and management letters (SA 580, SA 700).
- ✓File Assembly & ArchivalLock the completed audit file and keep a trail of edits and approvals (SA 230, SQC 1).
- ✓Trial Balance ImportImport trial balances from Tally, other accounting software or Excel.
- ◐Ratio Analysis — Ratio analysis in the analytics tools; Schedule III ratio disclosures not mentioned.Calculate the ratios required under Schedule III with variance explanations.
- ◐Control Testing & IFC — IFC reporting included; control testing not described.Test design and operating effectiveness of controls, including internal financial controls.
- ◐Turnover Reconciliation — GSTR-1 download and reconciliation.Reconcile turnover and tax between books, GSTR-1 and GSTR-3B.
Show 37 more items (not supported or not yet verified)
- ?Sampling & VouchingSelect samples and attach vouching evidence to each tested transaction (SA 530).
- ?Client Document RequestsRequest, collect and track documents and confirmations from the client (SA 505).
- ?Ledger Grouping & MappingMap ledgers to financial statement line items and reuse the mapping across years.
- ?Schedule III Financial StatementsGenerate balance sheet and profit & loss in Schedule III format (Division I, II and III).
- ?Non-Corporate FormatsPrepare financial statements for LLPs, partnerships, trusts and proprietorships.
- ?Notes to AccountsGenerate notes, accounting policies and disclosure schedules.
- ?Cash Flow StatementPrepare cash flow statements under AS 3 or Ind AS 7.
- ?Adjustment EntriesPass audit and closing adjustments without changing the client's books.
- ?Prior-Year ComparativesCarry forward previous-year figures and regroup them for comparison.
- ?Consolidated Financial StatementsConsolidate subsidiaries, associates and joint ventures.
- ✕Export & XBRL — ICAI lists XBRL and MCA filing modules as not covered.Export statements to Excel or PDF and prepare XBRL files for MCA filing.
- ?Audit Universe & Annual PlanDefine auditable areas and plan internal audits for the year.
- ?Risk & Control MatrixDocument process risks, controls and control owners.
- ?Process Audit ChecklistsUse checklists for processes like procure-to-pay, order-to-cash and payroll.
- ?Observations & Risk RatingRecord findings with risk ratings, root causes and recommendations.
- ?Management Responses & Action TrackingCollect management responses and track action items to closure.
- ?Multi-Location & Branch AuditsRun audits across branches, plants or locations under one engagement.
- ?Internal Audit ReportsGenerate internal audit reports and summaries for the audit committee.
- ?Internal Audit DashboardView open observations, overdue actions and audit progress.
- ?Tax Audit Applicability CheckCheck whether a tax audit is required under Section 44AB.
- ?Form 3CD Clause-wise WorkingPrepare each Form 3CD clause with supporting workings.
- ?Auto-fill from BooksFill Form 3CD details directly from the trial balance and ledgers.
- ?Cash Transaction ChecksIdentify cash payments and receipts under Sections 40A(3), 269SS, 269ST and 269T.
- ?Section 43B DisallowancesIdentify unpaid statutory dues and delayed MSME payments under Section 43B.
- ?TDS Compliance CheckIdentify TDS defaults and related disallowances under Section 40(a)(ia).
- ?Income Tax DepreciationCalculate depreciation by asset block as per the Income-tax Act.
- ?Prior-Year ComparisonCompare Form 3CD details with the previous year's report.
- ?Form 3CA/3CB GenerationGenerate the tax audit report in Form 3CA or Form 3CB.
- ?Income Tax Portal UploadExport the Form 3CD JSON for upload on the income tax portal.
- ?GSTR-9 PreparationPrepare the GST annual return from books and filed returns.
- ?GSTR-9C Reconciliation StatementPrepare the reconciliation statement between books and GSTR-9.
- ?ITC ReconciliationReconcile input tax credit between books, GSTR-2B and GSTR-3B.
- ?Ineligible ITC & Reversal ChecksIdentify blocked credits and required reversals under Section 17(5) and Rules 37, 42 and 43.
- ?Reverse Charge VerificationVerify tax payable and paid under reverse charge.
- ?HSN Summary VerificationCheck HSN-wise summaries against books and filed returns.
- ?E-invoice & E-way Bill ReconciliationMatch e-invoices and e-way bills with sales records.
- ?Multi-GSTIN ConsolidationHandle multiple GSTINs of the same PAN in one engagement.
Pricing
Published 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
From the vendor's published pricing as of 26 Sept 2026. Confirm current prices with the vendor.