President of India Graces 75th Foundation Day Celebrations of ICAI

Adopt Technological Innovations not only to Keep Pace with the Changing Times But Also to Implement Right And Ethical Practices in the Profession: President Murmu to ICAI.

President of India, Droupadi Murmu graced the 75th Foundation Day celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi on July 1, 2023.

The Chartered Accountant community is one such strong pillar of the business sector which gives strength to good governance, said the President. She said that they have an important responsibility of reflecting the true health of the economy. 

Pointing to the Vision 2030 Statement of ICAI, the President noted that this Statement resolves to strengthen the profession based on international standards, transparency and ethics. ICAI has also taken several steps to encourage cutting-edge research and development which will enable Chartered Accountants to incorporate the fast-paced changes in their profession. 

She emphasized the technological changes which will revolutionize the future of accounting and auditing practices. She said that manual assessment of data has become almost obsolete and with artificial intelligence, the structure of data mining, auditing and accounting by machines will change significantly. 

Speaking about the increasing number of women Chartered Accountants in recent times, the President said that it is a well-known fact that women are generally skilled finance managers or accountants. Household saving in India is a tradition and women have a habit of saving for tough times. 

She was happy to note that ICAI has started a “Financial and Tax Literacy” campaign for women. She said that this campaign is very beneficial for rural areas, especially for tribal areas as poor and innocent people are often deceived with the lure of high interest on savings in those areas. She expressed confidence that this campaign would save those people from such frauds. 

The President said that due to the efforts of Chartered Accountant professionals with the government, the tax base is continuously expanding in the country. More and more people are adopting the Tax Compliance Regime. This makes ICAI an effective partner in nation-building.

The President said that the government is implementing many welfare schemes for the poor, Scheduled Castes and Scheduled Tribes. In such contexts, it is the social responsibility of professionals like Chartered Accountants to motivate the taxpayers. She expressed confidence that they will discharge their responsibilities properly and that the profession of Chartered Accountancy will be witnessed as a 'Pillar of Economic Governance'.

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