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Information technology (IT) plays a crucial role in chartered accountant profession today, according to experts.
Speaking at a technical session at the national conference on ‘Direct taxes’, organised by of Chartered Accountants of India (ICAI) here on Wednesday, Ameet Patel, Tax Partner at the Sudit K. Parekh & Co, said that CAs require IT, irrespective of whether they are in practice or in industry. IT increases effectiveness and economy at work, and also brings standardisation.
He said that IT can be deployed in the areas of operations, human resources, revenue management and networking.
Stating that ICAI has already started conducting webinars and webcasts for its members, he said these tools allow collaborators across the boundaries to meet online. This will help save time, energy and money.
Highlighting the role of networking sites in the CA profession, he said future generations will be networked. “You will be an alien, if you do not network,” he said.
Delivering the valedictory address on the occasion, K. Vishwanath, Chairman of the Southern India Regional Council of ICAI, said that web-based technology will drive business efficiency in terms of compliance in future. In such a situation, understanding of IT is important for CAs, he said.
Stressing the need to look at succession in CA firms, he said: “The biggest challenge now is succession.” He advised that more and more young CAs should take up practice.
Speaking on the occasion, Cotha Srinivas, member of the regional council, said that CAs should think of new avenues for exploring. In Karnataka, the Government is showing interest in conducting auditing of cooperatives through CAs. There are around 30,000 cooperatives in the state. This would be a good opportunity for CAs, he said.
Murali Mohan, Chairman of Mangalore branch of ICAI, was present on the occasion.
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