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Empowering Chartered Accountants: Navigating the Digital Era and Promoting Transparent Business Practices

During the 90th Year Valedictory Celebrations of The Society of Auditors in Chennai, Union Finance Minister Nirmala Sitharaman emphasized the importance of Chartered Accountants (CAs) upgrading their skills. She highlighted the increasing influence of technology-driven changes, stating that professionals must enhance their knowledge in deep tech and data mining. Sitharaman emphasized that these skills are crucial for understanding a company’s health.

It’s no longer a homely affair

It’s not just about bookkeeping anymore; it also involves exploring new areas like cross-border financial transactions. There have been notable instances in India, such as dealing with Jet Airways, where we had to address cross-border investment and payment issues. At that time, there were no specific laws governing these matters, so we had to introduce amendments.

India: Abundant of skilled professionals

This country boasts a strong cadre of skilled professionals who offer valuable suggestions. The government has been attentive to such advice and has acted upon it. Within just 10 years, the government has achieved what previous administrations couldn’t in 60 years in terms of Digital Public Infrastructure. The World Bank has acknowledged this achievement.

What did Nirmala Sitharaman say

Serving the country and its objectives must be integrated into your identity, business model, and professional ethos. In the next 25 years, we have a limited window of opportunity. “What we could not achieve in 1947, we must achieve now. Many of us need to play a crucial role,” she emphasized.

Best CA Practices and Transparency

In managing clients’ accounts, CAs should also advise against tax evasion and fund diversion, promoting transparent business practices. CAs bear a significant responsibility in the country’s development. “If you discover any evasion, simply alert the authorities. The system, utilizing Artificial Intelligence, will target the evaders,” she added.

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