Adopt technological Innovations to Implement right and ethical practices in the profession, Murmu tells ICAI
New Delhi, July 2, 2023
President Droupadi Murmu exhorted Chartered Accountants to adopt technological Innovations not only to keep pace with changing times but also in implementing the right and ethical practices in the profession.
Addressing the 5th Foundation Day celebrations of the Institute of Chartered Accountants of India (ICAI) here on Saturday, the President termed the Chartered Accountants community as a strong pillar of the business sector which gives strength to good governance. They have an important responsibility in reflecting the true health of the economy.
Speaking about the increasing number of women Chartered Accountants in recent times, she said it was a well-known fact that women were generally skilled finance managers or accountants. Household savings in India is a tradition and women have a habit of saving for tough times.
She said she was happy to note that ICAI has started a “Financial and Tax Literacy” campaign for women. “This campaign is very beneficial for rural areas, especially for tribal areas as poor and innocent people are often deceived with the lure of high interest in savings in those areas,” she said expressing confidence that this campaign would save those people from such frauds.
Pointing to the Vision 2030 Statement of ICAI, the President noted that this Statement resolves to strengthen the profession based on international standards, transparency and ethics. She was happy to note that ICAI has also taken several steps to encourage cutting-edge research and development which will enable Chartered Accountants to incorporate the fast-paced changes in their profession. She emphasised the technological changes which will revolutionise the future of accounting and auditing practices.
Manual assessment of data has become almost obsolete and with artificial intelligence, the structure of data mining, auditing and accounting by machines will change significantly.
The capability and membership of ICAI are appreciated around the world. Still, Indian firms have not reached the level of global MNCs. She noted the ongoing efforts in this direction and said these efforts will be further strengthened if accountancy firms pay attention to the regulations of different sectors and collaborate with law firms. This will not only increase the horizon of knowledge but will also give impetus to India's growing economy.
She urged ICAI to adopt the best accounting principles and practices of the world. India’s presidency of G-20 is a good opportunity to let the world community know about Indian accounting practices, she added.
Following the efforts of Chartered Accountant professionals with the government, the tax base was continuously expanding. More and more people are adopting the Tax Compliance Regime. This makes ICAI an effective partner in nation-building.
The government is implementing many welfare schemes for the poor, Scheduled Castes and Scheduled Tribes. In such contexts, it is the social responsibility of professionals like Chartered Accountants to motivate the taxpayers. She expressed confidence that they will discharge their responsibilities properly and the profession of Chartered Accountancy will be witnessed as a 'Pillar of Economic Governance'.