ICAI President Charanjot Singh Nanda at Vadodara said that AI is helpful for CAs and it will assist, but cannot replace Chartered Accountants.
A two-day national conference titled 'VEDA Excellence' was organised by CPE-ICAI where he said that artificial intelligence ia a tool which boosts efficiency, it will never replace the strategic judgment and ethical responsibilities of a Chartered Accountant
India currently has around 485,000 Chartered Accountants, but Mr. Nanda projects that the country will need nearly 50 lakh by 2050 to support its growing economy.
ICAI has launched a dedicated AI course plus an in‑house AI platform, which reportedly helps CAs to save 70-80% of their time on administrative tasks like responding to notices.
Charanjot Singh Nanda said, "A significantly higher number of students are now pursuing CA studies, and exam results are also improving. However, the institute does not relax its answer sheet evaluation criteria just to boost pass rates. ICAI ensures utmost diligence in conducting exams, and even the Supreme Court has stated that other academic institutions should learn from ICAI's examination procedures."
He also stated that ICAI enforces a zero‑tolerance policy on corruption. In the past year, 344 complaints were reviewed, with penalties including fines or practice‑license suspension as per its disciplinary commission.
Recently, CMAs (Cost Accountants Management Association) had demanded auditing rights for cost accountants, Nanda said they opposed it: "Auditing is a CA's domain and should remain so."
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