Page 5 - Chartered Accountants

Artificial intelligence to save more time for chartered accountants: ICAI

Artificial intelligence will provide a helping hand and free up a lot of time for chartered accountants to focus on analytical work, ICAI President Ranjeet Kumar Agarwal said on Wednesday and highlighted that there is a huge demand for chartered accountants. The Institute of Chartered Accountants of India (ICAI) expects there will be a need for around 30 lakh chartered accountants in the next 20 to 25 years and last year, around 22,000 students cleared the chartered accountants examination. At a briefing in the national capital, Agarwal, who took charge as the president on February 12, said a committee will be coming out with a roadmap in the next two months on the use of Artificial Intelligence (AI) at the Institute of Chartered Accountants of India (ICAI). He emphasised that Artificial Intelligence (AI) is a tool and is saving a lot of time. "This will give you (chartered accountants) more time for application of mind, analytics... I believe AI is going to be a helping hand for t

SBI seeking lower CRR on green deposits, says chairman Dinesh Khara

Begins assessment of borrowers on ESG norms

ICAI CA Foundation exam 2023: Over 40k students qualify foundation exam

ICAI released the results of CA Foundation exam December 2023 on Wednesday. 41,132 candidates managed to clear the exam. Here's how you can check the result

ICAI elects Ranjeet Kumar Agarwal as Prez, Charanjot Singh Nanda as VP

The chartered accountants' apex body ICAI on Monday said Ranjeet Kumar Agarwal and Charanjot Singh Nanda have been elected as President and Vice President of the institute, respectively. Both have been elected by the institute's central council for the 2024-25 term, according to a release. The Institute of Chartered Accountants of India (ICAI) has around 4 lakh members and more than 8.5 lakh students. Agarwal is the 72nd President of ICAI and served as Vice President in 2023-24. Among other responsibilities, Nanda has served as the chairman of various ICAI committees, including those on internal audit standards board, and on financial markets & investors protection.

NFRA imposes Rs 20 lakh penalty on CA for professional misconduct

In another matter, NFRA imposed a penalty of Rs three lakhs on another CA and debarred him for three years for professional misconduct in the audit of SRS Infrastructure

ICAI CA Result November 2023: CA Inter, Final result announced today

ICAI has released the CA Inter and Final results today. Candidates can check their results on the official website, i.e., icai.org or icai.nic.in

NFRA has retrospective jurisdiction over offences by delinquent CAs: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has upheld the penalty imposed by the National Financial Reporting Authority (NFRA) on auditors of Dewan Housing Finance Corporation Ltd (DHFL) observing that it has retrospective jurisdiction in the case of misconduct. Dismissing a bunch of appeals by DHFL's auditors, NCLAT in its 156-page long order said NFRA has a "clear and required retrospective jurisdiction" over the alleged offences by delinquent Chartered Accountants for a period even prior to its formation. Earlier in April 2023, NFRA had passed an order imposing a fine of Rs one lakh each on 18 DHFL auditors, barring 14, for six months to a year, citing misconduct in branch audits. Four of them - Harish T K, Ayna Tamtam, M Baskaran and Sam Varghese - who were debarred for one year had challenged the order by filing an appeal before NCLAT. The preliminary ground of the appellants was that NFRA does not have any retrospective jurisdiction since the watchdog was constituted

Delhi HC seeks govt's stand on plea against inclusion of CAs under PMLA

The Delhi High Court on Monday sought the Centre's stand on a petition challenging the inclusion of chartered accountants, company secretaries and cost accountants within the ambit of reporting entities under the anti-money laundering law. A bench headed by Chief Justice Satish Chandra Sharma granted time to the Additional Solicitor General Chetan Sharma to seek instructions on the petition by Rajat Mohan, a practising chartered accountant (CA). The court, while listing the case for further hearing on October 4, noted that at this stage, the petitioner was not extending his challenge to the legality of certain provisions under the Prevention of Money Laundering Act with respect to the consequent liabilities imposed upon the professionals. Observing that CAs were the experts in the field of accounting and the enhanced due diligence was with respect to specified transactions only, the bench -- also comprising Justice Sanjeev Narula-- asked the petitioner to state the problem with the

HC to hear plea against of CAs inclusion in money laundering law on Monday

The Delhi High Court on Monday will hear a petition challenging the inclusion of chartered accountants, company secretaries and cost accountants within the ambit of reporting entities under the anti-money laundering law and fastening of criminal liability on them in case of non-compliance of the legal provisions. The petition by Rajat Mohan, a practising chartered accountant (CA), is listed for hearing before a bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula. The plea said by including CAs and other professionals within the definition of reporting entities under the Prevention of Money Laundering Act (PMLA), onerous obligations have been put on them with consequences of noncompliance leading to criminal prosecution, and it virtually makes such professionals engage in policing their own clients with whom they interact in fiduciary capacity. The Petitioner by way of the present writ petition is challenging the validity of Gazette Notification No. S.O.2036(E) ..

Familiarise with newer global areas: FM Nirmala Sitharaman to CAs

On the use of technology and generative artificial intelligence, Sitharaman said: "The traditional image of accounting as a manual and tedious process is rapidly evolving; and for your good"

AI to help chartered accountants deliver high quality audits: ICAI prez

Artificial Intelligence will help chartered accountants deliver high quality audits as well as increase the number of transactions being looked at, ICAI President Aniket Sunil Talati has said and highlighted that efforts are on to provide the best skill sets to its members. The Institute of Chartered Accountants of India (ICAI) has more than 3.80 lakh members and over 8 lakh students. Artificial Intelligence (AI) and Machine Learning (ML) are being used in various sectors. In a recent interaction with PTI, Talati said he sees AI as a big change that is coming into the audit profession. "If there is a good AI system, then there is so much one can look at in terms of transactions. AI will report back to you in terms of any deviations, red flags... and will play a huge role in assisting chartered accountants to deliver high quality audit. "We are working with our members to train and upskill them to have the best skill sets to understand AI," he said. Over the years, the accounting

AI to help chartered accountants deliver high quality audits: ICAI Prez

Artificial Intelligence will help chartered accountants deliver high quality audits as well as increase the number of transactions being looked at, ICAI President Aniket Sunil Talati has said and highlighted that efforts are on to provide the best skill sets to its members. The Institute of Chartered Accountants of India (ICAI) has more than 3.80 lakh members and over 8 lakh students. Artificial Intelligence (AI) and Machine Learning (ML) are being used in various sectors. In a recent interaction with PTI, Talati said he sees AI as a big change that is coming into the audit profession. "If there is a good AI system, then there is so much one can look at in terms of transactions. AI will report back to you in terms of any deviations, red flags... and will play a huge role in assisting chartered accountants to deliver high quality audit. "We are working with our members to train and upskill them to have the best skill sets to understand AI," he said. Over the years, the accounting

AI can aid CAs, can't replace human mind: ICAI's Aniket Sunil Talati

AI is going to impact everything that we do, not just auditing and accounting

Indian CAs mull India-Singapore platform for insolvency resolution

Indian Chartered Accountants have initiated a strategy to build best practices based on global standards for managing insolvencies, bankruptcies and dispute resolution following their interactions with Singapore-based professionals with an international network. During a two-day convention held here last week, chartered accountants, financial experts, and legal and corporate affairs professionals from India and Singapore exchanged ideas on managing issues related to dispute resolutions, global debt, insolvency and funding. "Our interactions during the event, attended by over 300 professionals, have set a pace for studies and collaborations through sharing of knowledge with Singapore-based professionals who are already managing business-related disputes and insolvency issues of multinational corporations across the globe," Gyan Chandra Misra, an insolvency professional and a member of the Institute of Chartered Accountants of India (ICAI), told PTI over the weekend. "We are going bac

ICAI to release CA Foundation exam result June 2023, here's how to check

ICAI is set to release CA Foundation June 2023 exam results today, August 7 at 9 pm. Students can check their results on the official website, i,e., https://www.icai.org/

CAs from India, Singapore discuss way forward for dispute resolutions

Chartered accountants, financial experts, legal and corporate affairs professionals from India and Singapore on Friday exchanged ideas on managing issues related to dispute resolutions, global debt, insolvency and funding at a meeting here. RESOLVE-2023 is the inaugural international convention by the Institute of Chartered Accountants of India's (ICAI) held in Singapore in its 75 years of existence. "The convention shows professionals from India are interested in establishing a network with their Singapore counterparts in the corporate world," said Vikram Nair, a Singaporean Member of Parliament and legal expert who was the guest of honour at the event. Noting the interaction of 120 Singapore professionals at the convention with their counterparts from India, Nair said that such knowledge sharing can create more opportunities for experts from the two countries as well as others. Overall, more than 300 delegates on Friday started discussions that would also look for opportunities f

ICAI CA Foundation Result 2023: June exam results soon on icai.org

The institute informs its students in advance about the result date and time using various social media platforms, as well as its website

Professionals registered on MCA21 portal to have single ID, says govt

The government has started the process for deactivating multiple login IDs that are in the name of a single company secretary, chartered accountant or cost accountant on the MCA21 portal, which is the platform for submitting statutory filings under the companies and LLP laws. In this regard, the corporate affairs ministry has issued a circular and professionals, who are having multiple IDs, need to get approval from their respective apex institutes for deactivating the IDs so that there is only one ID for one user, according to officials. Professionals refer to company secretaries, chartered accountants and cost accountants. The move comes as Version 3 (V3) of the portal is being operationalised. Under V3, a professional can have only one login ID whereas in V2, multiple IDs were allowed. For instance, a company secretary having multiple log IDs on the MCA21 portal need to get approval from the Institute of Company Secretaries of India (ICSI) for deactivating the multiple IDs. In

ICAI CA result 2023: Everything you need to know about May session result

The Institute of Chartered Accountants of India (ICAI) provides access to the Final and Intermediate Merit List for the year 2023 on its official website at www.icai.nic.in

President Murmu hopes 50% of practising CAs will be women by 2047

President Droupadi Murmu on Saturday expressed hope that 50 per cent of the practising chartered accountants in the country will be women by 2047. Efforts should be made to ensure that the chartered accountancy profession becomes a "pillar of economic governance", the President said. She was speaking at a function to mark the 75th Chartered Accountants' Day organised by the ICAI in the national capital. The Institute of Chartered Accountants of India (ICAI) has nearly 4 lakh members and more than 8 lakh students. A new CA (Chartered Accountant) scheme was launched at the event.