Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

'New-age chartered accountants must acquire digital skills'

Newly-appointed ICAI president explains why mid-level CA practitioners will be a priority for the institute in 2019-20

The role of a chartered accountant is evolving continuously to accept newer responsibilities in a dynamic global environment. The future of CA profession depends on being flexible and open to innovation, says Prafulla P Chhajed, newly-appointed president of The Institute of Chartered Accountants of (ICAI).

"The world is focussed on automation and therefore professional accountants need to combine digital skills with emotional intelligence. Accordingly, our efforts, initiatives and activities during 2019-20 would focus on imparting futuristic global knowledge in research and learning. ICAI will support, fund and take up research on issues that have local and global impact," says Chhajed. He cites the gap between expected and acquired professional skills as one of the major challenge for students aspiring for a successful career in the industry. "Sector-specific specialisation, ability to adapt to accounting and taxation reforms and digitalisation are other challenges that need immediate attention with respect to CA job industry in India," he adds.

Technology is transformational and it is impacting the practice of accounting and assurance, proving to be a game changer for the profession. "Knowledge of existing and emerging digital technologies such as artificial intelligence, blockchain, robotics, automation, big data is extremely essential for the new-age accountants. Leveraging professional opportunities in digital era will require more focus on analytical and advisory role by using technology as a tool," says Chhajed.

CA professionals need to understand the industry trends and take proper steps for better compliance and decision-making. "The expectations from CAs are continuously increasing to match the economic and technological changes. CAs are expected to go beyond their conventional role and deliver as a complete business solution provider and hence, students need to continuously upgrade their skillsets," he adds. In order to be adaptable to the global market , expertise in a second language is becoming a must as it is one of the major requirements of the global employers. ICAI had initiated beginners' level course in Spanish, German and French for CA students and aims to develop the advanced level soon.

Share This!

No comments:

Post a comment