OVER THE YEARS, the role of chartered accountants (CAs) in India has undergone a significant transformation, expanding beyond their traditional responsibilities. Previously regarded as bookkeepers, accountants, and auditors, CAs have evolved into conscious keepers of the nation, offering assurance and expertise in various domains. Today, CAs play advisory and consulting roles, demonstrating their ability to adapt to the changing business landscape and embrace technology as an enabler rather than as a disruptor.
Aniket S. Talati, President, Institute of Chartered Accountants of India (ICAI) points to the evolving artificial intelligence (AI) paradigm that is nudging the accounting profession to readapt itself and move towards specialisation and tasks involving more objectivity, cognitive ability, and behavioural skills to be relevant. “It is also important to understand embracing artificial intelligence as a partner and explore its potential to expand our ability, while in no sense is it a threat as the irreplaceability of auditors stems from their experiential knowledge, capacity to employ professional scepticism, and proficiency in making the most appropriate professional judgments during audits, qualities that no machine, process, or system can replicate in this era of commonly available AI tools. I would urge all of you to make technology your best friend for life and derive competitive advantage,” says Talati.
This story is from the 15 July 2023 edition of Businessworld India.
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This story is from the 15 July 2023 edition of Businessworld India.
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