New Delhi: Artificial intelligence will present a serving to hand and liberate a number of time for chartered accountants to give attention to analytical work, ICAI President Ranjeet Kumar Agarwal mentioned on Wednesday and highlighted that there’s a large demand for chartered accountants.
The Institute of Chartered Accountants of India (ICAI) expects there might be a necessity for round 30 lakh chartered accountants within the subsequent 20 to 25 years and final 12 months, round 22,000 college students cleared the chartered accountants examination.
At a briefing within the nationwide capital, Agarwal, who took cost because the president on February 12, mentioned a committee might be popping out with a roadmap within the subsequent two months on the usage of Artificial Intelligence (AI) on the Institute of Chartered Accountants of India (ICAI). (Also Read: Govt Plans For Simplification, Digitalisation Of KYC Process)
He emphasised that Artificial Intelligence (AI) is a software and is saving a number of time. “This will give you (chartered accountants) more time for application of mind, analytics… I believe AI is going to be a helping hand for the profession of chartered accountants so that they can focus more on other analytical areas”.
Adding additional, ICAI President mentioned that “AI taking away the compliance part from the chartered accountants and giving them more scope to work on bigger areas… AI cannot overtake human intelligence,”
In the audit career, as an illustration, to verify a 700-page annual report of a listed firm, one could make a PDF and put it in Chat GPT. Now, one would not must learn the 700 pages as an auditor. “You have to ask the questions like what is the profitability, what is the adverse comment… Whatever you ask, Chat GPT will answer,” Agarwal mentioned.
Amid cases of chartered accountants coming underneath the regulatory scanner, Agarwal mentioned the institute has self-developed “so many checks and balances”. The goal is to have “lesser anomalies”, he mentioned, including that efforts are made to constantly improve the abilities of the chartered accountants. For non-compliances, ICAI can be taking motion in opposition to members, he added. (Also Read: Salaries In India To Increase By 9.5% In 2024; Infra, Manufacturing Sectors Lead)
The institute can even present solutions to the federal government on growing the tax-to-GDP ratio in addition to on inexperienced finance. The tax-to-GDP ratio, which is lower than 3 per cent now, ought to enhance for the nation to turn into a developed economic system by 2047. In the developed international locations, the ratio is round 22 per cent, he famous.
Besides, a committee will determine irrelevant legal guidelines and make solutions on this regard to the federal government.
Source: zeenews.india.com
