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Time of India
3 days ago
- Business
- Time of India
AI is empowering chartered accountants, says ICAI president
Pune: The increasing use of artificial intelligence (AI) is revolutionising the accounting profession, making chartered accountants (CAs) more technologically adept and future-ready, said CA Charanjot Singh Nanda. He is the president of the Institute of Chartered Accountants of India (ICAI) and was speaking at the inaugural session of the AI Innovation Summit 2025 in Pune. The two-day national summit, themed "Transforming Accounting, Audit, Tax and Governance," was organised by ICAI at Baner and drew participation from more than 1,000 CA members, students and dignitaries. "AI is the future. Indian Chartered Accountants must not only understand this technology but also learn to harness its full potential. ICAI has launched structured certificate training programmes and is incorporating AI into the CA curriculum from 2027. Over 500 AI training sessions were held so far, training 25,000 CAs across the country," Nanda said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Prasanna Kumar D, vice-president of ICAI, said AI has become inseparable from the accounting profession. "There is no alternative to adapting to AI. Lakhs of CAs and students are already utilising these tools. We must dismiss fears about job loss—AI will create over 1.25 crore jobs in the future. For those who adapt and upskill, this is a wealth of opportunity," he said.
Zawya
07-07-2025
- Business
- Zawya
KPMG in Qatar welcomes ICAI Leadership
Doha, Qatar – KPMG in Qatar had the privilege of welcoming the leadership of the Institute of Chartered Accountants of India (ICAI) earlier today at its Doha office. The delegation included the President of ICAI, CA. Charanjot Singh Nanda, along with the Vice President, CA. Prasanna Kumar, the Chairman of the Corporate Laws & Corporate Governance Committee, Mr Babu Abraham who are visiting Qatar to participate in the Chartered Accountants Day celebrations, held this evening at Le Royal Méridien. As part of their visit, the ICAI leadership engaged with Indian Chartered Accountants and articled trainees at KPMG, recognizing the significant role they play in shaping Qatar's professional landscape. KPMG in Qatar is proud to be one of the largest employers of Indian Chartered Accountants in the country, with 21 qualified CAs and 5 articled trainees contributing across different service lines. The visit offered a rare and meaningful opportunity for KPMG staff to meet the leaders of the world's largest accounting body, which represents nearly 500,000 members and over 1 million students globally. In an inspiring address, ICAI President CA. Nanda invited each team member to introduce themselves before delivering a passionate speech on the vital role Chartered Accountants play in driving India's progress and supporting financial and reporting standards globally. He described Indian CAs as the "financial soldiers of the Republic of India" and reflected on ICAI's recent success in hosting the World Congress of Accountants, a landmark event held on a global scale. 'This visit was a moment of pride for all of us at KPMG,' said Gopal Balasubramaniam, Partner and Head of Audit at KPMG in Qatar. 'It reflects our shared commitment to excellence, ethics, and cross-border collaboration. We deeply value our strong ties with ICAI and the outstanding contributions of our Indian Chartered Accountants.' About KPMG in Qatar KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
Economic Times
27-06-2025
- Business
- Economic Times
New tax audit limit rule for CAs to apply from April 2026: ICAI president
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Services 1. ICAI bullish on GCC opportunities for chartered accountants The Institute of Chartered Accountants of India (ICAI) will enforce from April 2026 its new guidelines on allowing a partner of an accounting firm to take up a maximum of 60 tax audits in a year, its president Charanjot Singh Nanda said on per extant guidelines, while a single chartered accountant operating on their own can undertake up to 60 tax audits in a fiscal year, a partnership firm, as a whole, is allowed to conduct audits up to the combined limit of all its often results in senior partners at these firms using the quota of their junior colleagues after exhausting their own new guidelines would discourage a concentration of audit assignments with only a few senior partners at accounting firms and curb any anti-competitive conduct, Nanda had indicated to ET earlier this ICAI, Nanda said on Friday, expects the number of global capability centres (GCCs) in the country to nearly triple in the next two years to exceed 5,000, riding a was speaking at a GCC summit being hosted by the institute on June 27-28 in the national capital. This summit will also be organised in Ahmedabad, Mumbai and Hyderabad between August 2025 and February chartered accountants will gain from the boom in GCCs, thanks to various services that they offer, Nanda said."India is an attractive destination for GCCs," he said. Currently, about 80,000 chartered accountants (CAs) are employed at the GCCs in the institute has extended the deadline for stakeholders' comment on its draft overseas networking guidelines for domestic chartered accountant firms to July 16 from June has reported this month that the draft guidelines will enable domestic CA firms to tie up with their global peers and set up units in the idea is to facilitate the creation of large home-grown audit firms akin to the 'Big Four' by enabling domestic firms to grow big and also acquire expertise through global framework, once notified, would also require local firms that are already affiliated with global accounting entities to register with the ICAI, which is empowered to issue such there is no formal framework governing such global tie-ups. Those with foreign tie-ups were earlier required to submit certain details with the ICAI by submitting a form, which was discontinued four years ago, as a formal framework on this was sought to be present, the Big Four—EY, Deloitte, KPMG, PwC—along with Grant Thornton and BDO dominate the Indian audit ecosystem, with their affiliates having handled assignments of 326 of the 486 Nifty-500 companies as of March 2025, according to a report.
Time of India
27-06-2025
- Business
- Time of India
New tax audit limit rule for CAs to apply from April 2026: ICAI president
The Institute of Chartered Accountants of India (ICAI) will enforce from April 2026 its new guidelines on allowing a partner of an accounting firm to take up a maximum of 60 tax audits in a year, its president Charanjot Singh Nanda said on Friday. As per extant guidelines, while a single chartered accountant operating on their own can undertake up to 60 tax audits in a fiscal year, a partnership firm, as a whole, is allowed to conduct audits up to the combined limit of all its partners. This often results in senior partners at these firms using the quota of their junior colleagues after exhausting their own limit. The new guidelines would discourage a concentration of audit assignments with only a few senior partners at accounting firms and curb any anti-competitive conduct, Nanda had indicated to ET earlier this month. The ICAI, Nanda said on Friday, expects the number of global capability centres (GCCs) in the country to nearly triple in the next two years to exceed 5,000, riding a boom. He was speaking at a GCC summit being hosted by the institute on June 27-28 in the national capital. This summit will also be organised in Ahmedabad, Mumbai and Hyderabad between August 2025 and February 2026. India chartered accountants will gain from the boom in GCCs, thanks to various services that they offer, Nanda said. "India is an attractive destination for GCCs," he said. Currently, about 80,000 chartered accountants (CAs) are employed at the GCCs in the country. Creating domestic 'Big Four' The institute has extended the deadline for stakeholders' comment on its draft overseas networking guidelines for domestic chartered accountant firms to July 16 from June 27. ET has reported this month that the draft guidelines will enable domestic CA firms to tie up with their global peers and set up units in the country. The idea is to facilitate the creation of large home-grown audit firms akin to the 'Big Four' by enabling domestic firms to grow big and also acquire expertise through global tie-ups. This framework, once notified, would also require local firms that are already affiliated with global accounting entities to register with the ICAI, which is empowered to issue such guidelines. Currently, there is no formal framework governing such global tie-ups. Those with foreign tie-ups were earlier required to submit certain details with the ICAI by submitting a form, which was discontinued four years ago, as a formal framework on this was sought to be introduced. At present, the Big Four—EY, Deloitte, KPMG, PwC—along with Grant Thornton and BDO dominate the Indian audit ecosystem, with their affiliates having handled assignments of 326 of the 486 Nifty-500 companies as of March 2025, according to a report.
Time of India
27-06-2025
- Business
- Time of India
ICAI to limit individual tax audits by chartered accountants to 60 annually from 2026-27
Chartered accountants will be individually allowed to carry out only up to 60 tax audits in a financial year, with the ICAI taking a decision to implement the limit from April 1, 2026. The Institute of Chartered Accountants of India (ICAI), which also regulates the chartered accountants, has more than four lakh members. ICAI President Charanjot Singh Nanda on Friday said the limit of 60 tax audits is already in place but a chartered accountant is also permitted to carry out the audits for partners also. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dukung Orang Terkasih Menghadapi Limfoma: Mulai Di Sini Limfoma Klik Di Sini Undo For example, if there are four partners in an audit firm, each partner can also do the audit for another partner. While the audit firm can carry out up to 240 audits, a partner can do more than 60 audits individually now. The decision has been taken to limit the tax audits to 60 for an individual partner, he said. "It is going to be in force from the next financial year starting from April 1, 2026," Nanda said at a briefing in the national capital. Live Events The limit of 60 will be the aggregate limit in respect of all tax audits signed by a member (chartered accountant), both in his individual capacity and as a partner of a firm(s). Further, a partner of a firm cannot sign any tax audit report on behalf of any other partner. There will also be certain relaxations to the limit. To a query from PTI on whether the limit is also aimed at curbing malpratices, Nanda replied in the affirmative. "With the UDIN we have control over each and everything. We are totally working towards (curbing) malpractices," he said. Amid instances of misdoings and complaints of signatures of chartered accountants being forged, ICAI has put in place the Unique Document Identification Number (UDIN) system. UDIN is a unique number generated for every document certified or attested by a practising chartered accountant. Meanwhile, the deadline for submitting comments on the draft overseas networking guidelines for domestic chartered accountant firms has been extended till July 16. Earlier this month, ICAI issued the draft overseas networking guidelines and the move is part of continuing efforts to expand the reach of chartered accountant firms and create large domestic entities that will be capable of competing globally. "These guidelines are meant to promote networking amongst one or more chartered accountant firm (s) registered with ICAI with networks or entities established and registered outside India in their respective jurisdiction," ICAI had said.
