'Chartered Accountants Have Always Excelled as Trusted Advisors to Businesses'

Chartered accountants (CAs) are no longer just bookkeepers, but also conscience keepers of a company, ensuring adherence to sustainability and good governance. Institute of Chartered Accountants of India (ICAI) President Aniket S. Talati discusses the evolving role of CAs with Bhupendra Paintola of BW Businessworld

- Bhupendra Paintola

How has the role of chartered accountants (CA) changed in India, particularly in terms of competencies and competitiveness?

Over the years, the role of CAs in India has become multi-dimensional in terms of their bouquet of services. Previously, CAs were primarily seen as bookkeepers, accountants, and auditors. However, their role has evolved over the past 75 years to become conscience keepers of the nation. Auditing and accounting for instance, have extended beyond mere financial statements. Chartered accountants now provide assurance in numerous other areas, including income tax, internal audit, management audit, and other parts of a business, like non-financial reporting on sustainability.

As the industry and business landscape have evolved, so has the role of CAs. But one constant remains, CAs continue to be assurance providers, but are . Additionally, CAs are not limited to the role of auditors or assurance providers. Many of them now hold positions within organisations in areas such as accounting, finance, and even hold operational roles. It is not uncommon to find CAs serving as CEOs, CFOs, or other high-level executives.

What new skills or competencies are essential for chartered accountants to stay relevant in today’s dynamic business environment?

When aspiring to enter or upskill in the profession of chartered accountancy, it is crucial to look at the areas that are going to be of significance. Technology plays a vital role in this profession, and it is essential to constantly monitor its advancements and embrace it as an enabler rather than as a disruptor.

The ever-changing nature of technology necessitates keeping up with technological skills. The institute offers various skill enrichment programmes to ensure that both members and students have access to the latest technologies.