Bengaluru, 10th August, 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.” The conference is scheduled for August 9th and 10th, 2024, in Bengaluru. The 2 days Conference will delve upon various technical sessions on matters related to GST, FEMA, Income Tax, Companies Act, Information Technology, Direct Taxes and more.

The conference was inaugurated today by CA. Ranjeet Kumar Agarwal, President of ICAI along with Sri Shelley Jindal, Principal Chief Commissioner of Income Tax, Karnataka & Goa, and Dr. Binod Kumar Das from DRDO as Guest of Honours.

On the sidelines of the conference, CA. Ranjeet Kumar Agarwal, President, ICAI, interacted with the media and shared various initiatives undertaken by ICAI.

In his address to the media, CA. Ranjeet Kumar Agarwal, President, ICAI said, “This year, for the first time, ICAI has established a committee as ‘AI in ICAI’ to harness the potential of technology for the professional growth of students, members, and employees. On July 1st, we introduced CA GPT for our members, offering access to 16 specialized GPTs, and subsequently launched a GPT for students to help them in exam preparation by delivering comprehensive study materials and relevant questions on a single platform.”

He further added, “To support members and hand hold them to learn AI, an exclusive Certificate Course on AI for Members was launched recently. The course aims to establish a foundational understanding of AI concepts, enhance proficiency in AI tools pertinent to both practitioners and industry professionals, and develop AI skills for effectively leveraging these technologies in professional practices. The first batch of the Certificate Course on AI for Chartered Accountants (AICA) – Level 1 will commence on August 21. To further empower and upskill members, a publication featuring 100 AI tools tailored for financial and accounting functions, specifically designed for Chartered Accountants”

He highlighted that, in order to keep up with the rapidly changing world, ICAI is focused on Continuing Professional learning of its members so that they stay up to date on trends and technology. For this ICAI organizes over 7,000 programs annually across the country, demonstrating its wide-reaching influence and strong commitment to professional growth.

Highlighting emerging opportunities for Chartered Accountants in the domain such as forensic accounting, Non-financial Reporting, Mediation, Dispute Resolution, Insolvency, Risk Management, forex and treasury management, valuation, international taxation etc, CA. Ranjeet Kumar Agarwal, President, ICAI stated that over 50% of the 4600 insolvency professionals being Chartered Accountants, this underscores commitment and enthusiasm for continuous learning. Additionally, he emphasized the crucial role Chartered Accountants have played in the successful implementation of GST law, providing essential expertise to help businesses navigate the transition and maintain compliance.

ICAI have collaborated with the Office of the Comptroller and Auditor General (C&AG) to collaborate on accounting and auditing issues and to strengthen the accountability mechanism for good governance in Local-self Government. Together with O/o C&AG, a Certificate Course for Accountants of Panchayats and Municipal Bodies has been launched to make available skilled & trained accountants at grassroot level to improve accounting of Local-self Government in India. These courses provide specialised training to 12th Pass Students and above and skilling them and opening employment opportunities in over 200,000 panchayats and municipal bodies.

In order to make Indian CA Firms bigger, Committee for Aggregation of CA Firms (CACAF) has been formed by ICAI to bring ease to the practicing firms in networking so as to tap the synergies of the combined strength and resources. Recognizing the importance of aggregation as a strategic move towards enhancing operational efficiency, global competitiveness and professional growth, the ICAI has recently revised the Guidelines for Merger and Demerger and has also approved the Guidelines for Aggregation of LLPs.