Will AI Replace Chartered Accountants? | Panel Discussion by AI in ICAI #aiinicai
Summary
TLDRThe panel discussion, organized by the AI in ICI committee, explores the impact of AI on the future of Chartered Accountants. Panelists including Dana, Sharmai, and Risher Soni agree that while AI will not replace Chartered Accountants, it will serve as a powerful tool that can enhance their capabilities. They emphasize the importance of embracing AI to stay relevant, as it can improve efficiency in routine tasks but cannot replicate the professional judgment and expertise required in complex situations. The discussion highlights the need for continuous adaptation and learning, as AI's role in the profession evolves. The consensus is that Chartered Accountants must integrate AI into their practice to remain competitive, but the core essence of the profession—assurance, advisory, and judgment—will remain human-driven.
Takeaways
- 🤖 AI is not expected to replace Chartered Accountants but rather to assist them in their tasks, making their work more efficient.
- 🧠 The use of AI will require Chartered Accountants to adapt and integrate these tools into their workflow, enhancing their professional capabilities.
- 📚 Chartered Accountants with domain expertise will be able to apply AI effectively, leveraging their knowledge to make better decisions.
- 👵👴 Age is not a barrier to learning AI; it's the willingness to adapt and learn that matters, regardless of age.
- 📉 There is a potential shift in the number of skilled staff required as AI takes over routine tasks, which may reduce the demand for certain types of manual work.
- 🧐 Professional judgment and skepticism, which are core to auditing, require human expertise and cannot be fully automated by AI.
- 🚀 Chartered Accountants who embrace AI will likely outperform those who do not, as AI can be a powerful tool for analysis and decision-making.
- ⏳ AI's reliance on historical data means it may not be able to handle unique, real-time situations that require human judgment and experience.
- 🌐 The role of Chartered Accountants is evolving, and they must continuously update their skills to include AI and technology to stay relevant.
- 📈 AI can help Chartered Accountants manage compliance and automate tasks, allowing them to focus on more complex and strategic issues.
- ✈️ The analogy of the reduction in the number of pilots on a plane signifies that while the core roles remain, the way work is done will change with AI integration.
Q & A
What is the main topic of the panel discussion?
-The main topic of the panel discussion is whether AI will replace Chartered Accountants.
What does the panelist Dana G from Nagpur believe about the impact of AI on Chartered Accountants?
-Dana G believes that AI will not replace Chartered Accountants but will make up some functional portions of their work, such as simple filing, and make Chartered Accountants more alert.
How does MG, another panelist, view the role of AI in the future of Chartered Accountants?
-MG believes that AI will not replace Chartered Accountants but those who use AI will replace those who ignore it. It emphasizes the need for Chartered Accountants to embrace and use AI in their practice.
What does the panelist Anan think about the impact of AI on the profession?
-Anan thinks that AI will have a huge impact on Chartered Accountants, but they still have time to reinvent themselves. He refers to past experiences where the profession adapted to changes like the MCA 21.
What is Risher Soni's opinion on AI replacing Chartered Accountants?
-Risher Soni believes that AI will assist Chartered Accountants by creating a 'version 2.0' of them, but AI will not replace them due to the need for professional judgment and skepticism in fields like auditing.
What does the Vice Chairman of the committee think about AI's potential to replace certain functions of Chartered Accountants?
-The Vice Chairman believes that AI may replace some functions of Chartered Accountants, like advisory, to an extent, but not in assurance where human judgment is critical. He also mentions the importance of adapting to AI regardless of age.
What does the Chairman of the committee think about the role of AI in the future work of Chartered Accountants?
-The Chairman believes that AI relies on historical data and cannot replace the real-time judgment and human touch that Chartered Accountants provide. He sees AI as a tool that will help Chartered Accountants perform more refined tasks.
What is the general consensus among the panelists about the future of Chartered Accountants in the face of AI?
-The general consensus is that Chartered Accountants will not be replaced by AI. Instead, AI will serve as a tool that Chartered Accountants need to learn and master to enhance their practice and service to clients.
How does the panel see the role of AI in improving the efficiency of Chartered Accountants' work?
-The panel sees AI as a tool that can automate routine tasks, manage different notices and compliances, and speed up the process of drafting replies and appeals, thus making Chartered Accountants' work more efficient.
What is the importance of professional judgment in the context of AI and Chartered Accountants?
-Professional judgment is crucial as it involves human expertise and skepticism that AI cannot replicate. This judgment is particularly important in areas like auditing and assurance, where human oversight is irreplaceable.
How does the panel suggest Chartered Accountants should adapt to the rise of AI?
-The panel suggests that Chartered Accountants should embrace AI, integrate it into their workflow, and use it as a tool to enhance their practice. They should also focus on refining their skills to work with AI and perform tasks that require human judgment and expertise.
What is the potential impact of AI on the number of skilled staff required in accounting roles?
-The panelists suggest that the requirement for skilled staff may reduce as AI can take over routine tasks. However, the role of Chartered Accountants in managing and overseeing AI-driven processes will become more critical.
Outlines
🤔 The Role of AI in Chartered Accountancy
The panel discussion opens with an exploration of whether AI will replace Chartered Accountants. The AI in ICI committee, a highly regarded group, has gathered experts to debate this issue. The panelists include Dana GoI, Risher Soni, and others. The discussion is initiated by inviting a younger perspective, with the belief that AI is more aligned with the youth. The conversation uses an analogy of AI prescribing medicine versus seeking a doctor's advice to highlight that while AI can provide suggestions, the human element of consulting a professional remains paramount. This perspective suggests that AI might take over some routine tasks, but Chartered Accountants will still be sought for their expertise, particularly in complex matters.
📚 Embracing AI in Accountancy Practice
The second paragraph emphasizes the importance of AI and the belief that it will not replace Chartered Accountants, but rather enhance their capabilities. The panelists argue that those accountants who embrace AI will be the ones to succeed in the future. The analogy of doctors and patients questioning medical advice is used to illustrate the need for professionals to stay ahead of their clients' knowledge. The panelists also discuss the evolution of AI, referencing its use in tools like Excel and the increasing sophistication of machine learning. They conclude that AI will streamline tasks, making Chartered Accountants more efficient, but the profession itself will not become obsolete.
🚀 AI as an Extension of Chartered Accountants
The third paragraph builds on the idea that AI will assist Chartered Accountants rather than replace them. The panelists discuss the concept of AI as a 'mind extension' or 'version 2.0' for accountants, emphasizing the need for professional judgment and skepticism in areas that AI cannot replicate. They argue that AI can handle routine tasks, but the nuanced expertise of Chartered Accountants will still be necessary. The integration of AI into the workflow is highlighted as a key step in adopting this technology effectively.
🧐 Analyzing the Impact of AI on Different Accountancy Functions
The fourth paragraph delves into the specific functions performed by Chartered Accountants and how AI might impact each one. The panelists discuss the potential for AI to take over certain tasks, like advisory services, while emphasizing the irreplaceable role of human assurance in other areas. They also consider the generational aspect, noting that younger Chartered Accountants are more likely to adopt AI, potentially outpacing their older counterparts who may struggle to adapt.
👨👧👦 The Human Element in Accountancy
The fifth paragraph focuses on the irreplaceable human element in the profession. The panelists argue that AI, which relies on historical data, cannot replicate the real-time judgment and experience that Chartered Accountants bring to their work. They discuss the importance of human touch and confidence in professional interactions, suggesting that AI can support but not replace the role of Chartered Accountants. The panelists also use personal anecdotes to illustrate the value of human input and the potential for AI to enhance, rather than replace, the work of professionals.
🛠️ The Future of Chartered Accountants in the Age of AI
The sixth paragraph concludes the discussion by reiterating the belief that Chartered Accountants will continue to play a vital role, even as AI becomes more integrated into their work. The panelists suggest that AI tools are based on historical data and may not adapt to new or changing conditions as effectively as human professionals. They emphasize the need for Chartered Accountants to learn and master AI tools to become 'super chartered accountants,' capable of performing tasks more efficiently and accurately. The panelists express optimism about the future, viewing AI as an opportunity for growth and advancement in the profession.
Mindmap
Keywords
💡Artificial Intelligence (AI)
💡Chartered Accountants
💡Data Analysis
💡Professional Judgment
💡Machine Learning
💡
💡Advisory Services
💡Assurance
💡Compliance
💡Real-time Decision Making
💡Age and Adaptability
💡Judgment and Responsibility
Highlights
The panel discussion revolves around the question of whether AI will replace Chartered Accountants.
Danay G from Nagpur suggests that while AI might handle simple tasks, complex situations like notices will still require a Chartered Accountant's expertise.
Risher Soni emphasizes that AI will assist Chartered Accountants but cannot replace the professional judgment and skepticism inherent in the profession.
The panel agrees that AI will not replace Chartered Accountants but will become an essential tool for them.
The importance of embracing AI for Chartered Accountants to remain relevant in the future is highlighted.
The analogy of a 747 jet's crew reduction is used to illustrate the potential impact of AI on the profession.
The need for Chartered Accountants to adapt and reinvent themselves in the face of AI is emphasized.
The role of AI in automating routine tasks and its potential to make Chartered Accountants more efficient is discussed.
The panelists agree that AI will not diminish the need for Chartered Accountants but will change the nature of their work.
The necessity for Chartered Accountants to understand and integrate AI into their workflow for effective practice is underlined.
The discussion suggests that AI will enable Chartered Accountants to focus on more refined and complex tasks.
The importance of the human touch and professional confidence in Chartered Accountants' work is highlighted as irreplaceable by AI.
The panelists agree that Chartered Accountants will continue to be relevant as long as there is a need for financial management and oversight.
The potential for AI to multiply the efforts of Chartered Accountants and improve the quality of their work is recognized.
The discussion concludes that Chartered Accountants must learn and master AI to evolve into 'super' Chartered Accountants.
The committee's role in guiding Chartered Accountants to adapt to AI and its potential is acknowledged.
The panel encourages a forward-looking approach, embracing AI as a tool for Chartered Accountants to enhance their practice.
Transcripts
a very good afternoon to all today I
welcome you all to this uh panel
discussion on a very interesting topic
uh will AI replace Chartered Accountants
this panel discussion is being organized
by the newly formed AI in ICI committee
which is uh one of the most uh sought
after committee or one of the most Talk
of the council I would say and uh we
have uh with us on the panel
danay GOI from nagpur we have risher
Soni from indor and of course the
chairman of the committee um Dana
sharmai G from Hyderabad and we have the
vice chairman of the committee um Sharma
G we have Anan and we have well moraza G
I will not pronounce the full name I may
make a mistake and uh I'm not using
artificial intelligence to help me out
so friends we have a very interesting
topic uh there's a big debate going on
everybody saying that uh AI is uh Making
Waves and will replace uh Chartered
Accountants or the need for Chartered
Accountants will diminish well we have
this eminent panel and uh to start the
discussion I think we should take
somebody who's young because AI is
something which is more favoring the
young people because they're more
conversent with it so I invite straight
away danan G to share his views on this
topic thank you sir so uh let me put my
perspective with an example okay so
let's assume that AI has means grown a
lot and today uh we get a fever okay and
we start writing symptoms in let's say
Chad GB copilot any AI okay definitely
it will prescribe some
medicine now my question is are we going
to take that medicine or are we going to
doctor so naturally for me my answer is
so I will go to doctor it's a
psychological reason so let me apply put
the same example now in perspective of
our client so if any of our client gets
noticed is he going to come to chartered
accountant or is will he ask chat jpt or
AI that how to reply to this notice and
so I think yes ai ai will not replace
ched accountant okay maybe simple filing
like in this case
they may do by theirself or maybe let's
say they don't know that how much 234
interest I need to pay yes they would
ask aif but if any notice and this
people get they are definitely going to
come to Charter accountant So my answer
is not fully only some functional
portion of that would be replaced so
chared accountant is not replaced but
maybe instead of that client who is to
come ask five times and let's say in
four times he never used to give us our
fees so that one time would get rid so
this is my perspective okay so Dan what
you're trying to say is that well if you
ask Chad GPT or AI tool ke what are the
medicines uh so you will not actually
take the medicine but you will go to the
doctor compare the medicines and then
take it you will use Chad GPT or this AI
but to a limited extent to a limited
when the notice comes you will search on
uh the AI tool but go to your Charter
accountant and ensure that he does a
good job yeah because that is a natural
because you have the answer also so you
will ensure that he does a good job so
AI will not replace but will make
Chartered Accountants more alert as
today if you go to any doctor uh the
first thing he says ke put your Google
Knowledge away and then come to me
because otherwise the do the patients
today question the doctors a
and to the that they get fed up and say
okay ask Google and get your treatment
by Google so similarly chared accountant
profession is there to stay this AI
would be only a tool to help it okay
well thank you and uh now m g um I would
like your views on this okay yeah so AI
is very important and uh I believe uh AI
is not going to replace chattered
accountants but uh chattered accountants
using AI will replace chattered
accountants ignoring AI so as ched
accountants we have to use and embrace
AI in whatever practice we are doing or
in Industry whatever work we are doing
to get our work done smartly so we being
a domain expertise having the knowledge
we'll be able to apply it properly and
use it properly so just how danan gave
an example about doctors so as a lay man
whatever uh information is being given
we may not understand and that's why we
don't trust whatever chat GP whatever is
being AI is telling us about the
medicines so similarly other Layman
won't be able to understand what AI is
giving in our profession we being expert
domain in having expert knowledge in our
domain we'll be able to use AI
effectively and already see AI has is a
buzz word now but it is nothing new it
has been using it has been being used
since long so just for an example in
Excel flash field is there since so many
years it is just machine learning
whatever pattern is being done is being
followed now more and more things are
coming up being analyze discover and uh
about the notice is also being uh like
whether AI will generate a notice reply
so Layman if he goes by that there will
be blenders and I have also used means
we use AI to make our work so draft
draft reply comes or even the draft
appeal comes in front of us but we as
expert domain like knowledge and knowing
the subject properly we know that how
much is to be applied and how much is to
be ignored so it but it definitely makes
our work being done faster litigation so
many notices are there AI is helping us
to manage different notices different
compliances and uh uh automating the
things from getting the from the net and
all so things are being faster so be be
a smart CA using AI That's what means
basically what you mean to say is that
AI will not replace Chartered
Accountants but a chared accountant
using AI will replace a chartered
accountant not using AI so what you mean
to say is that it is it will become
essential like passing your ca exam that
you become a chartered accountant only
if you pass CA exam otherwise you remain
anac accountant similarly if you want to
become a skilled or a successful
chartered accountant you have to use AI
it's going to be an enabler rather than
something which will disrupt the whole
profession okay so with this I move on
to by yeah so uh I would like to you
know uh before I put my thought process
there are two artifacts I thought I will
like to quote here uh one of the
artifact is a very interesting book by
Richard sukin which came something
around 2017 18 it was like on how
technology is going to transform uh the
experts it was actually all about
lawyers doctors accountants in US
context now that book is like I read
this book in 2018 and 2021 when Chad GPD
came for me it was like a Deja like you
oh I read it in the book and this is
just coming up in front of us what we
are going to see is uh I would say I
would take a little bit of stand if you
read the book also and they clearly says
that technology the way we are seeing it
up it is going to actually transform a
lot of things what we are actually
having it right now and the second
artifact which I always try to quote is
a a very interesting publication by
World economic Forum called future of
job report the 2020 report is there and
2024 report is there and a lot of people
have read the big report and the media
make a big Hue and cite of that because
in that report they said that accountant
and Auditors are the two roles which are
going to go away or they say decreasing
demand worldwide but no one has read the
full report because if you read the
whole report it is a very interesting
analogy they put it up they said if you
think 1980 85 a standard configuration
of a a 747 jet used to be five Pilots
one Navigator two engineers and three
you know two other Pilots will be there
today the standard configuration is how
many Pilots we see as two pilots what
has happened to the other three pilotes
which means there are five people that
work has been done by now two so I would
say it is actually going to impact
chartered accountant a lot for sure it
is going to do that and we have to
reinvent us if we say that it is not
going to impact us we will be living in
a our own imaginary dream it is going to
impact us a lot of things what we see
today as Services because I did my
articleship at the time when manual
books of account was there and trial
balance tally audit was over but today
it is all different so my thought
process is yes it's going to have a huge
impact but for us we still have time to
reinvent us to make sure and we have
done multiple time as chter content when
the MCA 21 came or anything we have
already we have learned from history so
that is something which we can work it
out that's my submission thank you Anan
by again I think echoing the same sort
of views that though it is uh it will
not replace Chartered Accountants
because those that jet has to be flown
by at least two pilots but the number of
people would get reded and uh so putting
it in a slightly different way probably
the requirement of Staff or skilled
staff would reduce and the chartered
accountant himself would be able to
manage a lot of a lot of work more work
in comparison to what he's already doing
and um well uh that old story which you
used to read I also recollect uh seeing
that um I used to regularly see that
serial which was Star Wars and um
everything which at that point of time
seem to be a dream has come to accept
one thing that is transmission of a
human being from one place to the other
so I'm still waiting whether in my
lifetime I can see that because
everything else at that time I used to
think he used to press a button and talk
yes that was a time where mobile phones
were not even thought of and it became a
reality and those small devices then uh
treating people with just by pressing a
button all those things have become
possible so the translation part sir you
know they to translate like
Intergalactic languages they translate
and I just saw that Galaxy AI you can
actually on a call you can actually
speak and it will translate for Chinese
and other things so so well so you are
also of the opinion that well this
profession is not in danger chared
accountants are there to stay okay now
moving forward we have risher son from
indor
I want your views richer yes sir so I'll
put forward two opinions well not two
opinions but two points first one uh is
that rather than replacing a chartered
accountant it's going to assist a
chartered accountant it's just like
creating another mind for you a version
2.0 if you will and the second thing is
uh why would it not replace I'll just
put forward an example of one of our
core subjects auditing there's a thing
called professional judgment and
skepticism no matter how much data
analysis you do on Ai No matter how much
data sets you give to it there would be
certain points which will require a
professional expertise some professional
skepticism and professional judgment
over there so that's why AI cannot uh
replace chartered accountant definitely
it's going to make our work easier in
terms of the daily routine tasks such as
automated data entry or things like that
but to adopt that particular AI it's not
just uh simply to just uh download that
particular AI or use web plugins and
things like that we need to integrate it
in our workflow so that it becomes a
part of our practice okay yeah so well
uh the feel which I'm getting before
going to the vice chairman and chairman
of the committee is that well all the
panelists are of the opinion that it's
not going to replace Chartered
Accountants but it's going to become a
Big Tool and the more you use it the
better you will be able to perform your
tasks and better serve the profession
well um
risher spoke about how um it would
become your second version or your
second ofar so it will actually multiply
your efforts so now moving on to the
vice chairman of the committee I would
like your views omes by probably you
have something uh else in store for us
or maybe you also agree to the panelists
over to you yeah uh after listening to
all the panelist uh my view is that uh
the topic is whether AI will replace
Chartered Accountants
now if we analyze it what are the
functions a chartered accountant
performs Assurance auditing consy
advisory few are in and many are in job
many are in practice so if we see there
are six to seven functions that a CA is
performing so one will have to analyze
in which functions the AI is going to
effect first so having a knowledge that
in my function what is the effect of of
AI and accordingly whether he will
replace whether he will assist or
whether the AI will co-pilot everybody
will have to analyze so it cannot be a
general statement as such yes in
advisory slowly slowly the AI it started
in 2007 then 2014 then 2017 they make a
urea movement and 2023 they brought out
chat GPT open so they got 17 years and
the speed and the way the technology is
used so slowly slowly that kid AI will
also understand what people are asking
and he will try himself to make better
so an advisory there is a risk in
consultancy to certain extent in future
there is a risk but in assurance they
cannot replace us because it's a
assurance and AI cannot give Assurance
where the government ments will want and
yes what the management wants the people
in job will have to see it and then they
will have to convince their management
management will not take decisions on
AI functional decision day-to-day
decision they may take but having a
project having to expand so the need of
a CA will be always there but it is very
much sure that we have to Analyze This
question from age wise also the average
age of a CA right now 40 plus 60 plus
and 25 plus so 25 plus CA will take AI
in their hands and they will replace 60
plus CA if they don't change themsel and
the age of 40 the member who are in 40
they are in dilemma they have seen non
age and now the rest of the life they
have to deal with AI so it's a challenge
for the middle age they have to study it
so AI should not replace them but assist
them well uh I think two very good
points which you brought up by one which
you said that first of all analyze the
role of a chartered accountant and
basically some roles or some functions
you said which probably can be automated
or are low hanging fruits or you would
say are can easily be done by a machine
would probably go away from the fold of
Chartered Accountants and would be done
by AI but the complex ones where you
have to give Assurance or where there
are certain statutory requirements or
you have to take the
responsibility there the chartered
accountant cannot be replaced because
probably you cannot hang a machine but
you can hang a person
so you need somebody to take that
responsibility and the second point
which again you bought up was the age
which I would slightly defer it's not
age it's basically the need or the urge
to study which I think a 60 year old
person can also do but basically you are
correct that since the 22 yearold would
be born and bought up on AI so he will
have those skins inbuilt so um different
perspective and I think something to
ponder upon and well now for the final
panelist we have the chairman of uh the
committee over to you the aniversary Sha
G thank you very much I think it's a uh
very interesting discussion which we I
could hear and it's very easy for me to
consolidate and give my opinion though
it is going to be independent of their
own but one thing which I think uh we
need to really be very clear is
AI is all historical
data let us understand one thing which I
want our viewers also to understand is
this is all historical data which is
actually been pulled out from various
platforms what it means it means it is
actually giving me a data which is from
a
predefined
Universe versus when you talk about
replacing a chared accountant every
situation circumstances in which a
chartered accountant works is always
going to be on a realtime
basis that means example let us take
Rashid being one of the youngest person
of the D Dan being one of the youngest
person their exposure for income tax
case or a GST case or any future
business plan which is Project
reports their exposure to that is very
limited because they have not seen a
practical
implementation they'll geared up they'll
be geared up to a level where by
processing through an AR artificial
intelligence platform they'll get 10
such options which will be there in this
particular case under this particular
section there are 10 such orders which
have come in GST there are 10 such
orders which have come in Project report
the 10 such reports have actually been
formed MH but all those 10 are going to
be independent to a situation at that
point in time so if I'm going to adopt
any one of them without analyzing what
is my current which is which I real
living in a real world
my judgment can go wrong so the
judgmental aspect is always going to be
remained with a person it is a
individual whether it is a chared
accountant or it is an individual how do
I give an example manai in this
particular cases I just telling you my
daughter M and me my daughter used to
sit with me and get the essay writing
done now what she does is she runs
through a chat jpt gets a essay first
time I
it is very good second time third time I
asked her did you make it through GPT
she said yes then why are you coming to
me then she said I want your input what
has been your experience to put into my
discussion so that it will become real
so she's also able to understand that it
is an artificial information which is
come from some Source but when you want
to touch put a human touch
that human touch in the court of law in
the it tribunal before the income tax
Authority GST Authority before a
management before a person is always
going to play an important role because
that human touch is actually going to
radiate in form of confidence the
confidence of a professional versus a
document which is generated by a system
I'll read and I always will think that
there will be another alter alternative
versus when a chartered accountant sits
and gives a you know thought he'll
always say that I'm able to see
confidence on his face yes I would like
to go for it it might be wrong right
doesn't matter but somewhere this kind
of Feelgood factor is going to be there
so what is the outcome of this we talked
about five pilot to two pilot right now
five pilot to two pilot is five
Chartered Accountants in an organization
to two chared accountants in an
organization yes now what is that a
promoter of a business a owner of a
business always wanted to see his M to
come in a right
form let us agree to one fact business
is known to a businessman more than a
chartered accountant as simple as that
because he's an entrepreneur he is a
businessman now the way an Mis report is
to be designed is clear in his mind
right right now what was happening is he
was dependent on a person
to make that report there used to be an
error then again he used to wait he used
to travel come back so the duration of
preparing and complete Mis was taking a
fair bit lot amount of time now the same
promoter Now by spending couple of trial
and error runs on a GPT platform he
actually going to throw questions
information will come out he'll use
co-pilot he'll use different kind of
tools
which primarily will actually give him a
option to multiply multiple times to see
where I am actually able to put a right
perspective and by the time he lands
into his City or his office he'll come
out with an Mis report which he'll say
this is the outcome which I
want now what was happening is there
were couple of people who are processing
that entire thing and then giving it to
him so now these three people three
pilots who are actually doing this job
is now going to be replaced with two
people who understand AI platform well
and also the system platform well right
because when I need to pull out the data
from the system I need a person who has
a vision or a thought to apply his mind
which API or which integration can
actually take me through there and give
me a quicker information now what will
happen this information is come out now
these three people are not going to
waste get wasted chared accountant will
never get wasted I am telling you one
statement I'll make concluding remark
and I'll close these three chared
accountants will be effectively utilized
to go back and check whether the data
which is coming from the system is it
right or wrong right so technically I am
going to be using Chartered Accountants
for doing more and more refined things
manai it is very
simple chartered accountant was relevant
yesterday he'll be relevant today he'll
be relevant tomorrow he'll be relevant
till the time on this planet Earth money
and money is worth he's going to be
there and more importantly if money is
going to get exhausted chartered
accountant will find his way out to live
life in a very effective manner because
we are people who are contributing to
the society to the nation to the world
to to ourself to a larger set of people
so friends one thing which I would like
to tell is a buzz which is been created
a fear is always good on a border if a
soldier doesn't have a fear he'll not
fire bullets if a uh
doctor is not having fear when he's
operating that something will go wrong
he'll never become a perfect doctor
similarly when you talk about any such
person in the process fear will always
create a newer opportunity and reason to
live more effectively so AI is actually
going to give us that life Way Forward
where we are going to redefine things
and ensure that we move in a right
direction manai the challenges are
always to be admired adored then only
the future is successful that's the only
statement so thereby thank thank you and
uh for your views I would just like to
state that one of the main points which
you made was that uh this artificial
intelligence these tools rely on
historical data and history may not
repeat itself number one or the pling
conditions may change or the ground for
example there's a small tweak in the ACT
which probably the uh historical data
would not be able to tackle so a
chartered accountant is needed and
you also said that well Chartered
Accountants I also firmly believe that
they have been there they have been
leaders they are leaders and they will
be leaders so that's one thing which I
think all of us agree to now friends one
thing which I could gather from this
panel discussion is that Chartered
Accountants are there to stay will not
be replaced by AI but yes all the
panelists somewhere feel that this is
something which is new not exactly a
threat but a tool which everybody has to
learn has to master and change himself
from a chartered accountant to a supered
accountant I would say because he will
be able to do multitasking he would be
able to do tasks in a lesser time in a
more professional manner and with much
more accuracy so I think that uh this uh
committee is also in the correct hands
the chairman and vice chairman are
leading it and have views that and they
are of the firm belief The Institute is
of the firm belief that this profession
is there to stay and taking a
forward-looking step is creating this
committee and ensuring that all the
members get well versed and learn this
tool learn the tricks of the trade and
become super charted accountants thank
you thank you thanks to all thek
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