Will AI Replace Chartered Accountants? | Panel Discussion by AI in ICAI
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Watch the panel Discussion on hosted by the Institute of Chartered Accountants of India (ICAI) on the intriguing intersection of Artificial Intelligence (AI) and the accounting profession. This session will explore the transformative effects of AI, as top experts and seasoned chartered accountants discuss the critical question: "Will AI replace chartered accountants?" Engage with us to gain insights, debate potential impacts, and explore future trends that are reshaping the landscape of accounting.
Panelists Include:
- CA. Manu Agrawal
- CA. Dhananjay Gokhale
- CA. Rishir Soni
- CA. Dayaniwas Sharma, Chairman of the AI Committee in ICAI
- CA. Umesh Sharma, Vice Chairman of the AI Committee in ICAI
- CA. Anand Jangid
- CA. Murtaza Q Ghadiali
Discussion Highlights:
1. Expert Analysis: Join AI specialists and veteran chartered accountants as they discuss the capabilities and limitations of AI in accounting. This comprehensive analysis will provide a balanced view of emerging trends and theoretical implications.
2. Technological Impact: Discover how AI technologies are currently being utilized in accounting and anticipate future developments. This conversation will delve into automation, predictive analytics, and AI’s potential to revolutionize traditional accounting practices.
3. Future Skills: Learn about the essential skills that accountants need to thrive in an AI-enhanced job market. Our experts will highlight the importance of digital literacy, data analytics, and strategic decision-making in educational curriculums and professional development.
4. Adaptation Strategies: Understand how the accounting profession can adapt to AI advancements without significant job displacement. The focus will be on practical strategies for integrating AI tools, reskilling initiatives, and ethical considerations.
5. Interactive Q&A: The panel will address live audience questions, providing further insights into AI's role in accounting and addressing concerns from both current professionals and students.
Who Should Watch:
- Current and aspiring chartered accountants curious about the impact of AI on their careers.
- Students and educators from accounting and finance disciplines, interested in the convergence of technology and traditional practices.
- Industry professionals seeking to understand AI implications in business and accounting.
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Contact Us:
- Twitter: / aiinicai
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This session is designed to be an essential resource for anyone looking to understand the role of AI in modernizing and advancing the accounting sector.
The future of chartered accountants (CAs) in the age of artificial intelligence (AI) is a subject of much debate. While AI is transforming the accounting profession by automating routine tasks and enhancing analytical capabilities, it is unlikely to fully replace CAs. AI lacks the critical thinking, decision-making skills, and the human touch required for complex financial analysis and personalized service⁴.
CAs can leverage AI to become more efficient, focusing on strategic advice, interpreting financial data, and building relationships with clients³. The synergy between AI and human expertise may redefine the role of CAs, leading to a collaborative future where AI supports rather than replaces human professionals⁵.
In essence, AI is set to augment the accounting profession, not render it obsolete. It promises to take over the grind of data processing, allowing CAs to concentrate on higher-level functions that require human judgment and emotional intelligence². As such, the role of CAs will evolve, but their expertise will remain indispensable in the foreseeable future.
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#AIinICAI #ICAI #AIinAccounting #CharteredAccountants #FutureOfWork #PanelDiscussion
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This is one of the great initiative by ICAI. Fantastic panel discussion on the evolving role of AI in the realm of Chartered Accountants! The insights into how artificial intelligence is set to transform accounting practices were enlightening. It’s clear that AI's potential to streamline processes and enhance data analytics is immense, yet the unique judgment and expertise of Chartered Accountants remain crucial. Excited to see how AI continues to redefine efficiency and strategic decision-making in accounting! #AIandAccounting #FutureOfAccounting
a big thanks to icai for this initiative
Fantastic Dayaniwas Sharma Ji......in todays session, your summing up was fantastic....it will be a Gospel message for the future of the discussions on this subject that can be referred again and again
Once again chairman sir proves why he's a chairman... Very nice explanation by him ❤
Fantastic panel discussion on the future role of AI in the Chartered Accountancy profession. It's enlightening to see how AI is poised to transform certain tasks but, as highlighted by the experts, it enhances rather than replaces the critical thinking and strategic insights provided by Chartered Accountants. Great job by AI in ICAI for organizing this enlightening discussion. Really appreciated the diverse viewpoints on integrating AI with Chartered Accountancy to drive the profession forward!
Chairman Sir, puffff... what explanation. Its was really good Sir. Thanks for your valuable inputs... This perspective is what is needed with respect to AI.
Big shoutout to CA. Dayaniwas Sharma and CA. Umesh Sharma for their impressive work with AI at ICAI! The committee's efforts on the Hackathon have been truly amazing, and the panel discussion added so much value. The digital paper on ChatGPT and Copilot was excellent and really showcases the committee's hard work and dedication. Kudos to the entire team! A special thanks to President CA Ranjeet Agarwal for his visionary leadership in forming this proactive committee. Looking forward to more innovative projects from this team!
Professional Intelligence of Chartered Accountants with Artificial Intelligence of Machines. Future of INDIA's growth with AI in ICAI #aiinicai
Yes, great
The anchor or host is excellent person who is giving information in simple manner for layman, pannel members are really experts they have given correct option instead of threatening or confusioning, conclusion we are human with emotion which cannot be replaced by logical and rational thinking, because execution of idea is done by spirit not by facts
Amazing insigs on the topic to learn…
Special Appreciation to the host Sir on summarising the entire context after each persons turn
Thank you all for sharing your knowledge. I really appreciate it! It's easy to understand, especially for students like me.😊
Thankyou all.
The panel discussion titled "Will AI Replace Chartered Accountants?" hosted by the AI in ICAI committee offered diverse viewpoints on the integration of AI within the accounting profession. Panelists included notable figures.
Key Points Discussed:
1. AI's Role and Limits:
- AI is seen as a significant tool that will transform some aspects of accounting but not replace Chartered Accountants. It can handle routine tasks like data entry and basic inquiries but lacks the capability to replace the professional judgment and personalized advice provided by human accountants.
2. Professional Judgment and AI:
- The panelists emphasized that while AI can process data and suggest outcomes, the crucial decisions and professional judgments are best handled by trained Chartered Accountants. For instance, responding to complex regulatory notices or making high-stakes financial decisions still requires human expertise.
3. Integration and Adaptation:
- There is a consensus that AI will become an indispensable tool in the accounting toolkit, enhancing the accountant's ability to perform more efficiently. Accountants will need to adapt to AI technologies to stay relevant in their field.
4. Future of the Profession:
- The discussion highlighted that AI would likely lead to a shift in the roles and tasks of Chartered Accountants rather than a replacement. This evolution will push professionals to focus on higher-level advisory and decision-making roles, leveraging AI for data-driven insights.
5. Educational and Training Implications:
- The need for ongoing education and training in AI was acknowledged as essential for the current and future generations of accountants. Embracing AI will not only maintain but enhance their competencies in a tech-driven world.
In conclusion, the panelists from the AI in ICAI committee are optimistic about AI's role in augmenting the capabilities of Chartered Accountants, viewing it as a transformative tool rather than a threat to the profession.
I was searching for this type of summary of this video. Thanks for commenting
An AI wrote this comment analysing the entire video.
Do you think that it would take much time for it to quote the hundreds of books on Law and Auditing, and to give an expert advice more than a human could do?
Seems like many careers are at stake.
I think this summary is genrated using AI 😂
You created this using ChatGPT?
Thanks a lot
These conversations are similar to the time Personal computers were rolled out. People were delusional and people are delusional.
Profession changes as per professionals and professional changes as per demand.
I would like to agree with Dayaniwas Sir, that fear is always the Driving force. Thank you for this insightful session.
sir chatgpt is 0.00001% of ai. you have to work on improving our course curriculum & should make it more practical rather than rattafication and i hope icai will work on this. (Yadu Nath - Future CA)
You be light that only mark my words. It's 70 percent. Because it is not available for chat gpt 3.5 u r using for free,chat gpt 4,5,6 are ready u can't even what is happening.
CA will become outdated in the next 3 - 4 years lol. By the time you pass CA and become a member , AI would have picked up all our fields that require knowledge work. And then the CAs already in the market, along with the other CMAs, ACCAs, CFAs,MBAs will be preferred over freshers with no experience of using AI. And this is just the positive side.
The negative side is that what guarantee that you pass CA?
Pannel was given informative information.... Superb thanks for conducting these kind of interviews
Amazing persons ❤️
One of the greatest initiative by the ICAI ❤
admin has very good listening and understanding skills
Thanks for this panel discussion on AI and CA.
Fear will create fire, CA profession has immense fire to carve out solutions and embrace technology to serve the business and society efficiently.
Very true n very correct information without any misleads n confusions
Well said, and one most important thing left to discuss in this panel, what ever ability does ai can posses but it cannot be a signing authority
Thank masterpiece that I watching right now!!🙏💝🇮🇳
bapre masterpiece
Very knowlegdeable pannel and informative discussion
lund informative, inko khud kaam aata nahi aur dusro ko gyan pelta hai, dhiraj khandenwal 1 crore penalty by NFRA
Useful for only Fastest fast work but with out read proof
It will be nice to make a playlist on ai related topic in TH-cam
th-cam.com/play/PLP0oTm4FOBFKvNBSFYYNPeXpCun70Nj0L.html&si=-bpW3vADKCifcSwP
In a nutshell, AI won't replace chartered accountants. BUT it will reduce the number of CA professionals required by the societies. So job opportunities will be there, but LOT LESS down the line.
Appreciate you're perception but it won't !
These disscussion is similar to the time personal computers were realised. Did it reduce accounting work, yes but did it reduce opportunities, not likely.
Routine tasks will be easier for CA in future due to AI and machine learning
The government ought to incorporate AI into all facets of finance. in order to reduce reliance on CA by citizens. I predict that this profession will become less in demand in the next five years due to automation.
My single opinion is make CA versatile like other mba make it easier to go to other field like management consulting and investment banking rather than just doing tax and audit modern CA need to be focus on finance field like niche field and stock because pay scale in such field are not less than a software engineer
So make it easier for us to move to other consulting and investment banking field
AI will emerge itself to cater CAs role, it will get eqipped itself over time as it incorporates reading, understanding and processing to deliver output reports & upload's.
Excellent discussion
Arey yaar audit procedures, kon krega? AI.
Inventory testing? Counting who will? Confirmations kon dekhega?
Arey bahot kuch hi yrr.
Ham use krenge obviously, replace nhi hone waale.
Answer is YES
In future lets say 10 years ai will develop so much that someone may create a specific ai which can do everything which a ca does so it will be economic for clients to do their task with ai.
The same goes for every tech related business buddy thats why we as a ca aspirant should not only read books but also upskill ourself with latest tech advancement...
I think AI will increase productivity, perfection, never kill any job.Task may be different.Goal post may be changed.
Thank you for your views❤
There will be lots of stuff that already has taken away by AI embedded websites, If only the information is public and accessible free , Then visiting to CA would be less by public
Yes
But Every Information Won't be Public bruh !
Which are the Roles or Recruiter hiring CAs for AI & ML , Blockchain roles ?
ML
It can replace CA provided laws are crystal clear,simple with less if and but. Artificial intelligence may not work if laws are subjective. Finally AI is also using someone's capabilities of understanding laws.
When Computers arrived on the scene....people were saying computers will now replace Chartered Accountants/Cost Accountants....😄😊😄
This is not going to happen in 10k years that AI will replace CA...
Oppp answer by chairman🔥
We can't depend for judgment n assurance because that's only collective data
Next future generations
i need just one answer "will CA lose its reputation in upcoming future because of AI"
No
Yes
No
No Because AI cannot build a trust like a CA. If a person needs advice the he will take advice from a CA and not AI and if I ask some financial question from Chat Gpt then Chat Gpt is only going to answer that but if same question is asked from a CA he gives solution and also gives more advices. CA is the person who gives guidance to your business if you are doing right or wrong.
Ai itself will not replace CA but those CAs who are more attuned towards ai will replace the CAs who are not.
It can be replaced by ai .
We can make a programme that can examine all the account related works or completed by the accountant .
Then our ai will examine the accounts under the laws of India ,then we programme ai and give it access to audit and will add new law under the constitution,right to audit for softwares which are registered under the government of india .
It's simple anything can happen .
It is definitely not simple 😂
Now who will audit those softwares ? Nvm how will your software will find out fake sales when everything matchs 😂
Why dont you make a software that converts normal english to computer code.
Yes 100%. This will be the reality in future.
Hey... what is the conclusion in this video?........i hasn't seen it yet.. coz it's long🙋♀️
(IIT+CA)brain=Ca firm works online software and apps new startup business. Automatic filling of GST, TDS/TCS, Income Tax from books data. Like Compu office automatic takes access and income tax login.
Is investment banking will be replaced by Artificial Intelligence (AI) ?????
No 60 prrcent
😮
AI is not only threat to CA it similarly apply to doctors and engineer and mba professional also.
AI cannot replace CA, especially audit roles
Advance ai app will make better audit than human
Employment level also decrease for upcoming AI feature so whose CA aspirants also demotivate this thing's
Charted accountant bahut lootate hain itr bharte me fee bhi lete hain fir refund ka commission bhi magte hai...isaliye Maine to TH-cam samajh liya itr bharna .
Sirs, I am CA Rampada Jena, your conversation is very insightful and interesting.
I think CA will remain as CA, so long money remains the central point of human needs for survival and existence.
Human beings will find one God over another (changing path and temples, God photos pooja offers etc), for their survival and blessings. Human keeps on experimenting with new tools like manual to computer software MS excel to AI etc. But to remain competitive one CA or non CA, must have to be adapted to new technologies and tools like pythone, and industrial widely used software like SAP, ORACLE, TALLY, Financial Modelling software, Power BI ....
In conclusion, ICAI must change the study materials (futuristic say look ahead 10 to 50 years vision of Business leaders) and provide in hand articleship training of software and AI tools as part of CA examination and qualification.
Thank you
To make AI CA creator should be qualified CA first
Ok. They wont replace for the next two years.. after that you cant be sure
Will CA lose it's reputation and worth after introducing IIA (Indian institute of accounting)…?
AI going to rule this world 👌
Its good to see that Mukesh Ambani is controlling the pannel 🙃
Cleint will consult both ChatGPT and CA also, to cross check 😂
Now a days sustaining in practice is difficult for new firms.
I think all judges must be replaced with AI! How nice it will be. Both party will write their grievances side by side and in no moment AI will give judgement. No argument no date after date😂😂😂
Have these guys seen Chatgpt- 4o ?
sighn of ca is assurance and trust
Not as of now
Charter accounting services means voucher redistribution
Repeated Works will be done by AI only.
Sir
I am a Chartered accountant.
Can't promise on that A.I
Will AI replace company secretary job
CA students itself an AI .
AI can replace surgeons why not CA ?
Conclusion is ca will not going to replace
ICAI will ensure that AI will not replace accountants
Don't apply AI for Future but Apply it to Past ...
It has to
AI creates unemployment.
Really insightful panel discussion! It was interesting to hear different perspectives on how AI might impact the future of chartered accountancy. I appreciate the balanced views presented, emphasizing both the opportunities and challenges AI brings. It seems clear that while AI can automate routine tasks, the critical thinking and strategic insight of human accountants remain irreplaceable. Looking forward to seeing how the integration of AI unfolds in the accounting profession! 👍📊 #AIinAccounting
Sir
Very little will stay. All will be books.
ALL WILL BE REPLACED 😂😂
Eventually Ai will replace everyone. Maybe not in next 5 years but surely within next 50 years.
Dear all, you all are wrong doctor and Ca are totally different.
Spom website they cannot run properly and warming seats and giving lectures on AI.😅
Definitely A.I will replace C.As.
It's already revolutionising the medical and engineering field.
Commerce is nothing in comparison to medical and it. So 100% it will replace
Dear Sir'S
In future AI help do work simply but Auditor Rouls That Systems not analised because its artificial intelligence😮
Human give without key not Ai or another Machine's
Ai its extra power💪 to Accountant
Thanks for All
Ai will reply to notice.dont compare CA and doctors
AI cannot replace .ca because where logical thinking needs changes case to case .AI cannot perform well.
I will create don't worry. You will soon Loos your CA name . Wait wait
When AI will load entire CA or any professional knowledge books inside it, it can give real guidance to anybody one day. So be careful CAs, there were even so many CA firms in the world also shutter down many businesses.
Already giving chat gpt 4,5,6 not avaliable for free. Free chat gpt is 3.5 version
It's like calcultar can replace math teacher 😂😂😂no way😂
Acar went in to a pool following blindly google tracker recently.
Sir ICAI should absorb ICMAI and end this Cma scam.
CA is more in scam
AI only assist CA
Chatgpt se puch lo😂
AI do not have any common sense AI do not know what is good or bad cannot take timely decisions
CA has no future in the next span of 4 years. 90% job is repetitive.
😂😂
if i was the PM of india then i would focus on building AI for Auditing and better to replace CA which will save huge cost for government in both direct and indirect expenses.
Then what to do with save money using it in the election or giving 10000 free money to every citizen
Also corruption free like Adani ca have done
This is so stupid! AI is already trained on the accounting standards as well as company law, so it can easily and accurately help you answer the notice then your business has got unless you're planning to make any manipulations and save your company from getting punished for the reason for which you have got the notice.
Also, for the sake of medicines soon there will be machines that will perform a automated body scan including x-ray, sonography,etc as well as take various blood samples for running further tests which will automatically detect the faults in human body with the help of AI and thereafter will also prescribe accurate medicines and treatment ( if something like operation it will done by doctors obviously) with the help of medical knowledge it will trained upon as same as doctors.
So your example is completely is baseless!
CAs are not so intelligent I guess. AI will definitely replace them.