Chartered accountants' apex body ICAI will embed artificial intelligence, data analytics, and other subjects in its curriculum as it works to keep pace with the evolving technological and professional changes.
Lakhs of students are pursuing chartered accountant programme at the Institute of Chartered Accountants of India (ICAI), which has more than five lakh members.
ICAI President Prasanna Kumar D in an interview to PTI said as technology is taking the front seat now, artificial intelligence (AI) and data analytics need to be embedded into the subjects.
The institute has recently formed the Committee for Review of Education and Training (CRET), which is expected to finalise its recommendations, including updates for the curriculum, in the coming months.
"We have formed the CRET. It is working to review the entire curriculum, like what syllabus and subject need to be changed and training (articleship)," Kumar said.
Currently, various subjects, including AI, data analytics, ESG, and sustainability, are not part of the CA curriculum.
"For an engineer, AI is a separate subject but for us, AI is not a subject but without AI, no chartered accountant can survive. Be it in employment or in practice, AI is a must," Kumar, who took over as President in February, said.
In recent years, the accountancy profession has witnessed a major transformation with the increasing focus on non-financial reporting, ESG disclosures, AI, data analytics, and forensic auditing.
The CRET will work on integrating emerging technological and professional aspects into the CA curriculum.
In 2023, the institute launched the New Scheme of Education and Training.
The newly constituted CRET will look into four aspects -- CA curriculum, practical training, soft skills & communication and assessment (examinations).
Kumar said by December, CRET will complete its work, and recommendations will be put up for public exposure.
Updates in the CA curriculum are expected to be implemented from 2028.
