Chartered accountants should see AI, machine learning and other tech developments as an opportunity: G Ramaswamy

Coimbatore: AI, machine learning, robotic process automation, blockchain, cloud computing and advanced analytics are reshaping the profession of chartered accountants; and technological developments should be seen as an opportunity by CAs to move into higher-value advisory and strategic roles, said G Ramaswamy former chairman of Institute of Chartered Accountants of India (ICAI), on Saturday. Data literacy and the ability to interpret large datasets would become as important as technical accounting knowledge, Ramaswamy said while speaking as the chief guest at the ICAI convocation at a private college here.

Ramaswamy said around 1.6 lakh chartered accountants are currently in public practice. “The profession is expanding beyond traditional audit and taxation into mergers and acquisitions, international taxation, IPO advisory, cross-border transactions and global reporting standards, including International Financial Reporting Standards (IFRS)”, he said.

Ramaswamy said ICAI’s growth underscored its rising footprint in India’s accounting and finance ecosystem. Formed on July 1, 1949, ICAI has expanded from 1,700 members and 259 students to nearly 4.1 lakh members and over 10 lakh students pursuing CA courses across the country, becoming the world’s second-largest accounting organisation.

He said chartered accountants could play a key role in supporting MSMEs by helping them adopt formal accounting systems, access credit, comply with GST and scale sustainably.

Survajith S Krishnan, chairman of the Coimbatore ICAI branch, said demand for the CA course is rising and highlighted the importance of articleship in building practical skills. He pointed to improved campus placement opportunities for newly qualified CAs.

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. Around 10,930 students cleared the latest CA examinations across the country.