Coimbatore: Artificial intelligence, machine learning, robotic process automation, blockchain, cloud computing, and advanced analytics are transforming the profession of chartered accountants (CAs). According to G Ramaswamy, former chairman of the Institute of Chartered Accountants of India (ICAI), these technological developments should be viewed as opportunities for CAs to transition into higher-value advisory and strategic roles.
Data Literacy and Technical Knowledge
Speaking as the chief guest at the ICAI convocation held at a private college in Coimbatore on Saturday, Ramaswamy emphasized that data literacy and the ability to interpret large datasets will become as crucial as technical accounting knowledge. He noted that around 1.6 lakh chartered accountants are currently in public practice.
Expanding Horizons Beyond Traditional Roles
Ramaswamy pointed out that the profession is expanding beyond traditional audit and taxation into areas such as mergers and acquisitions, international taxation, IPO advisory, cross-border transactions, and global reporting standards including International Financial Reporting Standards (IFRS). This expansion reflects the growing complexity and global nature of business.
ICAI’s Remarkable Growth
ICAI, established on July 1, 1949, has grown from 1,700 members and 259 students to nearly 4.1 lakh members and over 10 lakh students pursuing CA courses across India. It is now the second-largest accounting organization in the world, underscoring its rising footprint in India’s accounting and finance ecosystem.
Role in Supporting MSMEs
Ramaswamy highlighted that chartered accountants can play a key role in supporting micro, small, and medium enterprises (MSMEs) by helping them adopt formal accounting systems, access credit, comply with Goods and Services Tax (GST) regulations, and scale sustainably. This contribution is vital for the growth of the Indian economy.
Demand for CA Course and Practical Skills
Survajith S Krishnan, chairman of the Coimbatore ICAI branch, noted that demand for the CA course is rising. He stressed the importance of articleship in building practical skills and pointed to improved campus placement opportunities for newly qualified CAs.
Convocation Highlights
Around 110 newly qualified chartered accountants received degrees and certificates at the convocation. The event was part of ICAI’s nationwide convocations held for successful candidates this year. Across the country, approximately 10,930 students cleared the latest CA examinations.
