“AI can never replace CA”, India will need around 50 Lakh CAs by 2050, says ICAI President

In a media interview, Charanjot Singh Nanda, president of the Institute of Chartered Accountants of India (ICAI), stated that the nation will need around 50 Lakh Chartered Accountants by 2050 due to the economy’s explosive expansion. At the moment, India has about 4.85 lakh (485,000) chartered accountants (CAs).

CPE-ICAI hosted a two-day national conference in Vadodara with the theme “VEDA Excellence.” While AI is helping CAs, a unique AI course has been introduced for them, according to ICAI President Nanda, who spoke at the inaugural ceremony. In order to help CAs save time, ICAI has also created a unique AI platform. “AI will never be able to replace a CA,” he stated.

A specialized AI platform created by the ICAI for CAs lets them save 70–80% of their time on duties like replying to notices.

According to Nanda, exam results are improving and more students are presently pursuing CA degrees. The institute does not, however, lower its answer sheet evaluation standards in an effort to boost pass rates. The Supreme Court has also stated that other educational establishments should learn from ICAI’s test-administration procedures, which ensure the greatest standard of care.

He emphasized that although students who obtain a CA degree certainly have access to outstanding employment possibilities, those who fail the final examinations can still land well-paying positions thanks to their internship experience and the knowledge they acquired while studying for the CA.

Additionally, he declared that ICAI has a zero-corruption policy. Strict measures are taken if a CA is the subject of any complaints. Discipline might include anything from monetary fines to the CA’s practice license being suspended if the complaint is determined to be legitimate. A disciplinary commission has been established for this purpose, and in the past year alone, some 344 complaints have been received and are being looked at.

The Cost Accountants Management Association (CMA) recently called for the authorization of cost accountants to perform audits. Nanda said that they are against this demand. According to him, “auditing is a CA’s domain and should remain so.”