Will AI Replace Chartered Accountants? | Panel Discussion by AI in ICAI #aiinicai

Summary

The 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

00:00

🤔 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.

05:01

📚 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.

10:02

🚀 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.

15:02

🧐 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.

20:03

👨‍👧‍👦 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.

25:04

🛠️ 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.

Keywords

💡Artificial Intelligence (AI)

Artificial Intelligence refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. In the context of the video, AI is discussed as a tool that could potentially transform the role of Chartered Accountants but will not replace them. It is seen as something that can handle routine tasks, allowing professionals to focus on more complex and judgment-intensive work.

💡Chartered Accountants

Chartered Accountants are highly trained professionals in the field of accounting, finance, and business. They are qualified to work in various roles such as auditing, financial analysis, taxation, and advisory services. The video emphasizes that Chartered Accountants are not going to be replaced by AI but will need to adapt and integrate AI into their practice to stay relevant.

💡Data Analysis

Data analysis involves examining, cleaning, transforming, and modeling raw data to extract useful information, suggest conclusions, and support decision-making. In the video, it is mentioned that while AI can perform data analysis, it lacks the professional judgment and skepticism required in certain accounting tasks, highlighting the continued importance of Chartered Accountants.

💡Professional Judgment

Professional judgment is the expertise and experience professionals like Chartered Accountants use to make informed decisions in uncertain situations. The video script discusses that AI cannot replicate this nuanced human ability, which is critical in fields like auditing, ensuring that Chartered Accountants retain a significant role in the profession.

💡Machine Learning

Machine learning is a subset of AI that involves the use of data and algorithms to parse data, learn from that data, and make informed decisions based on what it has learned. The video mentions that AI tools like Excel's Flash Fill have been used for years, indicating the gradual integration of AI through machine learning in accounting practices.

💡

💡Advisory Services

Advisory services refer to the guidance and recommendations provided by professionals to help businesses navigate complex financial and operational decisions. The video suggests that AI might pose a risk to certain aspects of advisory services as it becomes more capable, but the need for human expertise and assurance remains critical.

💡Assurance

Assurance in accounting involves the independent evaluation of a company's statements and processes to provide confidence in their accuracy and compliance with regulations. The panelists in the video agree that AI cannot provide the necessary assurance due to its reliance on historical data and lack of adaptability to real-time, unique situations.

💡Compliance

Compliance refers to the act of conforming to laws, regulations, standards, or requirements. In the context of the video, AI is seen as a tool that can help Chartered Accountants manage various compliances more efficiently, but the ultimate responsibility and decision-making authority lie with the human professionals.

💡Real-time Decision Making

Real-time decision making is the process of making choices quickly in response to immediate information or situations. The video emphasizes that AI is based on historical data and cannot adapt to real-time, dynamic scenarios, which is where the expertise of Chartered Accountants becomes indispensable.

💡Age and Adaptability

The video discusses the impact of age on the adaptability to new technologies like AI. It suggests that younger Chartered Accountants who have grown up with technology are more likely to integrate AI into their work, while older professionals may face challenges but are encouraged to learn and adapt to remain relevant.

💡Judgment and Responsibility

The video script highlights that while AI can provide options and data-driven insights, the final judgment and responsibility for decisions always rest with human professionals. This underscores the irreplaceable role of Chartered Accountants in providing assurance and taking responsibility for their professional judgments.

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