paras institute of commerce- Best CA Classes in India (5)

The implementation of AI aims to enhance efficiency, and empower CAs with analytical capabilities- said President of ICAI

At a news conference in New Delhi, Ranjeet Kumar Agarwal, the newly elected President of the Institute of Chartered Accountants of India (ICAI), CA, discussed his vision. The “DRISHTI” initiative, which stands for “vision,” embodies his goals for the year and aims to propel the Institute toward ground-breaking developments in the areas of digitalization (D), research (R), integrity (I), skills (S), handholding (H), transparency (T), and independence (I). He thought that the CA profession, which was established on the tenets of independence, ethics, and integrity, would be the main driver behind India’s rise to prominence in the global economy by 2047.

A committee on “AI in ICAI” has been established by ICAI for the first time to investigate how AI might be used to advance the careers of members, staff, and students. The institute has also taken action on behalf of the students by giving them access to digitalized and recorded resources nationwide.

The Institute of Chartered Accountants of India (ICAI) has elected CA. Ranjeet Kumar Agarwal and CA. Charanjot Singh Nanda as its new president and vice president, respectively on February 12, 2024. ICAI is the world’s largest accounting body, with over 8.5 lakh students and over 4 lakh members. Through its 31 Representative Offices, 175 Branches, 50 Overseas Chapters, and 5 Regional Councils, the Institute is advancing its goal of inclusive expansion and elevating the status of the profession.

While interacting with the media CA. Ranjeet Kumar Agarwal, President, ICAI said, “Since its inception in 1949, the Institute has grown significantly, contributing towards nation’s economic growth. With ‘Drishti’ we begin a journey to make 2024-2049, the Golden Period of the Profession. The framework not only guides the Institute but also lays the foundation for recommending standards and guidelines for green finance and audits to the government, supporting environmentally friendly activities and legislative development. With a focus on digitalization and incorporating Artificial Intelligence for the growth of the profession, we aim to integrate digital advancements into the core functionalities of ICAI, aiming to prepare a generation of professionals who are not only technologically adept but also ethically grounded and socially responsible, “DRISHTI” promises a future where ICAI leads with innovation and integrity”.

Additionally, President ICAI emphasized that the organization has been at the forefront of developing Sustainability Reporting Standards and influencing the nation’s ESG reporting environment. ICAI will continue to develop standards and guidelines to promote and improve green finance this year.
ICAI has consistently offered feedback and suggestions to the government regarding Accounting, Bookkeeping, and Auditing services (CPC 862) in the ongoing trade in-services negotiations with its free trade partners, the UK, Canada, and Australia, with the aim of generating opportunities for accounting professionals overseas. In addition, ICAI intends to increase its worldwide footprint this year. This will give Indian chartered accountants a platform outside and help attract international investment to India.

Towards strengthing infrastructure development, Presidents shared that 11 centers of excellence across the country are in the pipeline. As a socially responsible institution, ICAI is going to adopt the ‘Each One Teach One’ initiative, wherein members will mentor students for their professional development.

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