With technologies such as blockchain set to play a key role in audit process in the future, the Institute of Chartered Accountants of India (ICAI) plans to re-skill its members in emerging technologies.

Speaking at the inauguration of the two-day conference for its members in Mangaluru on Friday, Ranjeet Kumar Agarwal, Chairman of the Professional Development Committee of ICAI, said around 1.2 lakh practising members of ICAI will be re-skilled in the areas of blockchain, data analytics and artificial intelligence (AI).

The blockchain concept will change the entire audit process. Third party verification will not be required when the data is converted to blockchain. In such a situation, certification will not be required from the auditor.

“So we are re-skilling around 1.20 lakh practising members of ICAI in the areas of blockchain, data analytics and AI,” he said, adding that ICAI is in the process of tying up with Nasscom for the same.

ICAI has already introduced data analytics as a subject for CA students, he said.

Madhukar Hiregange, Chairman of the Indirect Taxes Committee of ICAI, said ICAI has trained 1.75 lakh CAs in GST, and conducted certification courses for around 20,000 CAs.

Terming GST as a self-policing law, he said assessees will themselves have to comply, subject to checks and balances. The country has 1.15 crore assessees today as compared to 75 lakh prior to the pre-GST days.

Speaking on the occasion, Kishore Saletore, Executive Director and Chief Financial Officer of of Bharat Forge, said that CA professionals can add value in the areas such as NCLT (National Company Law Tribunal). YV Balachandra, General Manager of Karnataka Bank Ltd, spoke on the occasion.

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