President of ICAI CA Nihar Jambusaria said the CAs should equip themselves with technology to face future challenges.
He was speaking during a seminar on the issues in GST, faceless assessments and issues related to conversion of partnership which was organised by WIRC, ICAI and hosted by Nagpur Branch.
Speaking further he said,, “Auditing & Assurance Standards should be embraced and learned by all CA professionals.” He also emphasised on the initiatives taken by ICAI for equipping professionals with latest technology inculcating Artificial Intelligence, Data Analysis, Block chain etc. Expectations of Stakeholders have changed beyond True and Fair view and Chartered Accountants being the watchdog should be equipped with latest technologies to perform the functions effectively.
ICAI has developed Audit tools to be used by Chartered Accountants for various Audits at Banks, Corporate and non corporate audits. President also informed that ICAI is the only Institute in the World who has developed Standards on Forensic Audits which is being used by Government Departments as well while doing the Forensic Audits. CA Nihar Jambusaria also expressed the view that expectation from Auditor has increased manifolds and they should detect every fraud and give 100% assurance which is very difficult but ICAI is in continuous communication with RBI and other Government Authorities. Auditing and assurance standards developed by ICAI are sufficient to detect fraud as well as ensure effective reporting. With this new scheme of faceless assessments and appeals different skill set is required for professionals.
Guest of Honour on the occasion CA Manish Gadia, Chairman, WIRC updated about various initiatives of WIRC for the benefit of members.“A task well begun is half done” remarked past president of ICAI CA Jaydeep Shah while praising the vision and efficacy of initiatives at ICAI, New Delhi led by Nihar Jambusaria. CA Saket Bagdia, Chairman of Nagpur Branch welcomed president ICAI, CA Nihar Jambusaria on his maiden visit to Nagpur city after assuming charge in February 21. Chairman also welcomed first lady of ICAI Smt. Jagruti Jambusaria on the occasion. President CA Nihar Jambusaria was also felicitated on this occasion by CPE Chapters of Wardha, Yavatmal and Chandrapur as well as CA Chapter of Nagpur led by CS Khusboo Pasari & CS Rashmi Mitkary. Prominently present on the occasion were past chairman CA Satish Sarda, Sandeep Jotwani, CA Kunal Ekbote, CA B M Agrawal, Past Chairman, WIRC, CA Amrita Bagdia and a large number of Chartered Accountants.