Bengaluru – August 9, 2024 – The Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India (ICAI) today inaugurated its 56th Regional Conference, themed “Jignasa – Quest for Knowledge,” in Bengaluru. The conference, held over August 9th and 10th, 2024, features a series of technical sessions covering critical areas such as GST, FEMA, Income Tax, Companies Act, Information Technology, Direct Taxes, and more.
The inauguration ceremony was led by CA. Ranjeet Kumar Agarwal, President of ICAI, alongside Sri Shelley Jindal, Principal Chief Commissioner of Income Tax for Karnataka & Goa, and Dr. Binod Kumar Das from DRDO, who were Guest of Honours.
During the conference, CA. Ranjeet Kumar Agarwal addressed the media, outlining several significant initiatives by ICAI. He highlighted the establishment of a new committee, ‘AI in ICAI,’ designed to leverage technology for the professional development of students, members, and employees. On July 1st, ICAI introduced CA GPT, providing members with access to 16 specialized GPTs. Additionally, a dedicated GPT for students has been launched to assist with exam preparation, offering comprehensive study materials and relevant questions on a unified platform.
CA. Agarwal further announced the launch of an exclusive Certificate Course on AI for Members, aimed at building foundational AI knowledge, enhancing proficiency in AI tools for practitioners and industry professionals, and equipping members to utilize these technologies effectively. The first batch of the Certificate Course on AI for Chartered Accountants (AICA) – Level 1, begins on August 21. ICAI has also introduced a publication featuring 100 AI tools tailored for financial and accounting functions.
Emphasizing the need for ongoing professional development, CA. Agarwal noted that ICAI organizes over 7,000 programs annually across India to keep members abreast of the latest trends and technologies. He highlighted emerging opportunities for Chartered Accountants in areas such as forensic accounting, non-financial reporting, mediation, dispute resolution, insolvency, risk management, forex and treasury management, valuation, and international taxation. Over 50% of the 4,600 insolvency professionals are Chartered Accountants, demonstrating the profession’s commitment to continuous learning and expertise in GST law implementation.
ICAI has also partnered with the Office of the Comptroller and Auditor General (C&AG) to address accounting and auditing issues and enhance accountability mechanisms in local self-governments. A Certificate Course for Accountants of Panchayats and Municipal Bodies has been launched to improve accounting practices at the grassroots level, providing training to 12th pass students and opening employment opportunities in over 200,000 local bodies.
To further support the growth of Indian CA firms, ICAI has formed the Committee for Aggregation of CA Firms (CACAF), aimed at facilitating networking and leveraging combined resources. The ICAI has revised the Guidelines for Merger and Demerger and approved Guidelines for Aggregation of LLPs to enhance operational efficiency, global competitiveness, and professional growth.
