Institute of Chartered Accountants of India (ICAI) president Ranjeet Kumar Agarwal has stated that while AI may lead to job losses across various sectors, the roles of CAs will remain secure, reported indica.
Agarwal made these comments during his recent visit to Milpitas, California, where he was part of a delegation from Gujarat’s Gift City and inaugurated the ICAI Florida chapter.
He highlighted that sustainability reporting is emerging as a focus area globally, prompting CAs to expand their expertise into non-financial domains.
He noted that AI will replace repetitive tasks and compliance-related roles, suggesting that CAs who are skilled in AI will have a competitive edge over those who are not.
Agarwal was quoted as saying by the publication: “Artificial intelligence is a new electricity for everybody and a game changer.
“Because of this artificial intelligence, so many regulatory compliances will be redundant, and many standards will change. New outlooks on the horizon will emerge in the years to come. We all have to be prepared.”
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By GlobalDataIn India, chartered accountants are engaging with AI technologies.
The ICAI has developed its own CAGPT, which allows students and members to access information about the institute and its activities.
Additionally, the Indian Government is promoting the Gujarat International Finance Tec-City as a hub for financial services.
The ICAI is also collaborating with the American Institute of Certified Public Accountants (AICPA) in the US to establish a memorandum of understanding on reciprocity.
The discussions are at an advanced stage for a mutual recognition agreement, which would enable US CPAs to join ICAI by passing an examination and receiving certain exemptions.
Conversely, Indian chartered accountants would have the opportunity to become CPAs in the US under similar conditions.
Agarwal pointed out that the qualification of Indian chartered accountants is considered equivalent to a postgraduate degree in India.
The ICAI is currently in advanced discussions with AICPA to have this qualification recognised as a four-year degree.
In addition, to combat irregularities in financial documentation, ICAI has introduced the unique document identification number.
This initiative aims to prevent non-CAs from misrepresenting themselves as CAs, which can mislead regulators and stakeholders.
It is now mandatory for every CA to generate a unique number on the ICAI website and include it with their signature.
