The Indian Accountancy Profession

The Indian Accountancy Profession

The Indian Accountancy Profession has always provided thought leadership to the generations and in a proactive and progressive manner recognised the technological evolution very early. More than five decades back the then ICAI President and past Governor of Madhya Pradesh CA. Rameshwar Thakur noted technological development and said, in the year 1967 - “A great change the Accounting profession in India has to reckon with is the advent of computer age at the international level. Some of the industrial units even in our country have started utilising the services of these devices. The electronic data processing system has almost revolutionised the traditional accounting and auditing functions. The change being swift, has caused a sense of alarm and it is realised that unless the present day and future Accountants get themselves equipped with the knowledge of working of the computers, they would be relegated to the background. As such we have to provide necessary facilities to our members to enable them to meet the new requirements.”

Today, the accounting profession is not relegated to the background, rather has acquired indomitable position. Built on the foundation of tenacity and hard-work, accountancy profession in India has always endeavoured to inspire faith and foster confidence among those within its tutelage by standing tall as a strong regulator and simultaneously a potent educator. Imbibing technology in the internal systems and hand-holding members to acquire new skills has always been a priority whether yesterday or today. The then ICAI President CA. Y.M. Kale said in the year 1996 – “Helping members maintain their professional competitiveness often involves improving their capacity to make effective use of modern technology. In promoting the technical advancement and relevance of accountancy as the language of business, familiarity with computers is now indispensable.”

The Institute, over the years, has garnered paramount respect for meeting business environment changes with decisive action and discerning reaction. Renowned for imbibing technology swiftly and smoothly, ICAI is perseveringly working today to upskill members in Big Data, Artificial Intelligence, Robotic Process Automation and other aspects of technology. By sowing the seeds for a more efficient and effective technology enabled profession, it strives to change the face of the world of accounting and auditing for the better. Even today, many of our members are adept in the most complex aspects of technology and make noteworthy contribution to the business and industry. The nuances of technology are complex and intriguing, and it needs a highly analytical and well trained mind to understand and work in such environment.

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