Page 5 - Chartered Accountants

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.

Union Home Minister Amit Shah extends greetings on Doctors Day, CA Day

Union Home Minister Amit Shah Saturday extended his greetings to doctors on the occasion of Doctors Day, saying their unwavering commitment to serving humanity has made a whole lot of difference in the world. He also extended his gratitude to the chartered accountants on the occasion of CA Day "for keeping the wheels of our economy running through all weather". "On Doctors Day my heartiest greetings to the doctors, who guard our health and wellbeing. "Their unwavering commitment to serving humanity has made a whole lot of difference in our world and will continue to do so. Salute to the noble healers and lifesavers," Shah tweeted. July 1 is observed as National Doctors Day to commemorate Bidhan Chandra Roy, a renowned doctor who served as West Bengal's chief minister too from 1948 to 1962, and whose birth and death anniversary fall on this day. In another tweet, Shah said, "On CA Day, I extend my heartfelt greetings to all the brilliant chartered accountants who have with their ..

Street Signs: Beefing up colocation facility, auditors on the run & more

NSE to expand colocation facility offerings, the allotments for these racks are to be done over the next six months by the first-in, first-out method

Changes in anti-money laundering law can impact foreign investment: CAs

Chartered accountants are seeking clarifications on the finance ministry's recent notification on extending the ambit of anti-money laundering law as it can adversely impact ease of doing business and facilitation of foreign investments. According to industry sources, chartered accountants (CAs) and company secretaries often act as formation agents for foreign companies setting up businesses in India and often provide their own address for communication in the initial phase. They also act as resident directors of the foreign company trying to establish presence in the country and also operate bank accounts on behalf of their clients. Industry sources said there is no way that an accountant can know whether the money that an investor is bringing into India is bonafide or laundered money and verify its source. In view of the pending review by the global watchdog on terror financing and money laundering scheduled later this year, the finance ministry has in recent months tightened and

CA, company secys fret over increased compliance burden under new PMLA

Transactions carried out by practising CAs, CSes, and CMAs on behalf of their clients under the scope of PMLA

Extending liability

New PMLA rules will help curb black money

CAs, CSes concerned about new tweaks in anti-money laundering law

A major concern for the professionals is that if their clients are up to some mischief behind their backs, they would also be charged under the PMLA

ICAI working on new guidelines for disciplinary mechanism for CAs

The ICAI president said the institute had given its views on the foreign trade agreements with the UK and Canada, supporting foreign audit firms to operate in India on a reciprocity basis

Internet search for CA, Income Tax consultants increasing: Report

Queries up 47% in Q1 of FY23 as people seek expert advice in filing returns, managing invesments

A true account: How law firms are taking the lead in consultancy business

Be it advising the government or tackling bankruptcy cases, they are handling roles traditionally handled by CAs

CAs, advocates mustn't be arrested sans proof of role in business fraud: HC

Ruling was delivered in a case in which a CA and an advocate were arrested for rendering service to exporters who were alleged to have fraudulently claimed a refund of IGST

Life Mission case: After 9-hour grilling session, ED makes headway

After a nine-hour grilling of Venugopal Iyer, a CA, a close aide of Sivasankar, the ED has reportedly made headway with the CA stating he had just followed the former top bureaucrat's instructions.