ICAI President Ranjeet Kumar Agarwal announced an international networking guideline will be introduced by the Institute of Chartered Accountants of India (ICAI) to aid domestic firms in expanding their global presence. To enable the Indian firms to compete on a global stage the same effort has arrived.
To align with the contemporary economic conditions and the requirements of a globalized business environment, Agarwal revealed that the ICAI shall review and relax its advertising norms. ICAI at present is advertising the regulations limit the font size of the advertisements to 14 points.
As per the reference for our Committee on Aggregation of CA Firms, this initiative to frame international networking guidelines is included. We regard it as important for Indian firms to attain global recognition.
The Committee provided with the task of the amalgamation of CA firms, is too concentrating on the amendment of advertising norms. Such revisions are anticipated to assist Indian firms in attaining a more substantial foothold internationally. The motive of the committee is to finalize its report by mid-June, with the Central Council established to examine it in early July.
Vision of the Prime Minister and ICAI’s Fast-Track Approach
Agarwal reflecting on Prime Minister Narendra Modi’s 2017 call to create Indian accounting firms that could join the ranks of the world’s Big 8, highlighted that the ICAI is proceeding to attain this goal. With around 96,000 CA firms in India, most of which are small proprietorships, significant progress is anticipated.
Initiatives of Artificial Intelligence (AI)
The institute with ICAIs new focus on AI is building a Gen AI tool to support its 4 lakh members and 9 lakh students. We have the motive to secure this GPT tool ready in the subsequent 3 months. It shall act as a digital assistant, increasing the efficiency of our members and students, Agarwal elaborated. 90 applications from IT vendors for this project have been received by ICAI.
ICAI is functioning for a complete transition to an e-office framework, targeting to become a paperless company by the end of June.
Read Also: ICAI New CA Logo with Guidelines for Members
‘Each One, Teach One’ Portal
Agarwal has announced the upcoming launch of a portal for the ‘Each One, Teach One’ program, where every ICAI member will mentor a student. The very initiative is created to facilitate personal and professional growth among desiring chartered accountants. The portal will monitor the social contributions of each member concerned in the program.
Seamless conduct of examinations
With zero issues the ongoing CA examinations, involving 4.36 lakh students from 293 centres all over the country are proceeding, Agarwal confirmed.
Such initiatives highlighted ICAIs devotion to promoting global competitiveness and deploying technology to assist its members and students. The forthcoming guidelines and the statutory amendments are set to place Indian CA firms to improve international integration and recognition.
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