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THEME THE CHARTERED ACCOUNTANT

Artificial Intelligence – A Game-

Changer for Chartered Accountants

Usha Ganapathy A. Sekar Dr. Ranjith Krishnan

Subramanian Corporate Law Expert Academician
Academician

As newer technologies like Artificial Intelligence (AI) enter the business space, Chartered
Accountants must gear up to meet the challenges and seize the opportunities that present
themselves. As businesses gear up to unleash the prowess of AI in their environment,
a Chartered Accountant (CA) must understand the nature of AI and the concerns that it
may bring in. He must also envision the myriad ways in which AI could be implemented
in the accounting department of an entity – right from reconciliations through reporting
to streamlining disclosures and even beyond, to the realm of decision-support and risk
management systems in the entity. As an Auditor, a CA must look at ways to leverage
AI to increase the level of assurance – by deploying AI at various stages of the audit of
the process while reserving the responsibility of forming an opinion to himself. With the
able guidance of the ICAI, the CAs will well be able to tide over this wave of change and
emerge stronger.

Introduction performance of the business. of core banking solution

The world is ever-changing and
more so, the world of technology.
In the realm of accounting and
auditing, we can say that the
first wave of transformation
happened with the introduction
of computers with software that
required some level of coding
knowledge. The next wave came
with the introduction of simple
accounting software that does
not require coding knowledge but
is largely decentralized requiring
periodical manual consolidation
for making sense of the
Different applications were used
for different functions; these were
operating in silos and sometimes
enabled data export or import
for use in other software. Then
with the advent of internet
and advanced networking
capabilities giving rise to the
possibility of centralization
of data and applications, a
radical transformation, rather
re-engineering, happened with
the introduction of enterprise
resource planning (ERP) software
and in the case of banking
businesses, implementation
(CBS). Now another wave of
transformation is happening with
the advent of technologies like
big data, artificial intelligence (AI),
smart contracts, radio frequency
An important factor
to consider before
deploying an AI tool
especially in decision-
making settings is
understanding and
trust.

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THE CHARTERED ACCOUNTANT
identification (RFID), Internet of
Things (IoT), cloud computing,
robotic process automation (RPA)
and blockchain technology. Such
technology comes with its own
possibilities and challenges,
which were hitherto unforeseen
by the lawmakers. The regulators
themselves are experimenting
with such technology and some
have already introduced them at
least in the back end.
Now as the world treads
an untrodden path, the
professionals– especially
the accounting and auditing
professionals are expected to
be the guiding force. This article
is an attempt to discuss the
basic elements of AI and the
various implications of AI and
related technology in the areas of
accounting and auditing.
Decoding Artificial
Intelligence
i. Necessity is the Mother of
Invention - Going beyond
Automation
As Billy Ocean, a famous English
Singer sung in 1985 “When the
going gets tough, the tough
get going”, tough times call for
tough decisions. During the
pandemic, many businesses
realized the need for infusing
technology in their businesses
in a bid to optimise utilisation
of resources both in terms of
money and manhours. One such
technology which has been
growing in leaps and bounds
and found increasing adoption
since the pandemic is Artificial
Intelligence (AI). Most of us are
already acquainted with some
general applications of AI like
natural speech recognition,
advanced web search,
1 https://www.sebi.gov.in/reports-and-statistics/publications/aug-2021/annual-report-2020-21_51610.html
2 https://en.wikipedia.org/wiki/Explainable_artificial_intelligence
3 https://en.wikipedia.org/wiki/Right_to_explanation
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generative tools, self-driven cars
and creative tools.
Towards Better Governance
and Ease of Doing Business
Regulators too have been
zealous in adopting AI tools
to achieve better governance
and regulation of entities.
For example, the Ministry of
Corporate Affairs has deployed
AI in the V3 version of its MCA21
portal. As the quality of data
that is collected also improves
on the one hand through
deployment of technology like
XBRL, deploying AI capabilities
enables regulators to spot
red flags earlier. This could
also double up as an exercise
towards ease of doing business
the data could be pre-filled or
cross-verified from earlier filings.
SEBI also envisages to use it for
applications like surveillance.1
In the future, regulators may
establish a common database or
at least inter-connectivity among
the databases in such a way
that cross-verification of data
filed with different regulators is
possible and any discrepancy
could be further investigated.
ii. Matters of Concern in
Usage of AI
Though use of AI results in a
great deal of automation, AI
cannot be regarded as mere
automation. Automation runs
on a fixed algorithm wherein the
program logic is pre-defined,
and when compared with AI, we
can say it is almost hard-coded.
However, AI, although based on
algorithms and human inputs, is
designed to continuously learn
and improvise. It aims to mimic
human thought processes and
cognitive abilities. Implementation
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of technology, especially a
technology that can think for itself
or at least learn to think for itself,
has its own benefits, but there are
some matters of concern:
iii. Enforcing the
Stakeholders’ Right to
Explanation
An important factor to consider
before deploying an AI tool
especially in decision-making
settings is understanding and
trust. Explainable AI (XAI) is an
attempt at enhancing the trust
factor by helping us understand
how a decision has been arrived
at – a white-box approach
instead of a black-box approach.2
This approach to AI would
be better for accounting and
decision-making systems as the
public as well as the regulators
have the right to understand.
In this context, the right to
explanation has been recognised
by the European Union in the
General Data Protection Right
in the recital clause.3 Other
jurisdictions like France and
the US have also alluded to
and recognised this right in
some circumstances. However,
whether enforcing this right
through legislation is beneficial or
possible is debated, as simpler
AI systems could be amenable to
this requirement, whereas AI tools
that operate on much-higher
level and layered-algorithms may
not be able to be subject to this
just as the reason why a human
being takes a particular decision
may not always be easily
explained. Further, requiring
explainability may stifle the
very evolution of AI technology.
However, in a larger context and
in public interest, the right to
explanation is an important one.
An examination and review of
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THEME THE CHARTERED ACCOUNTANT

the rightness of the decisions of the Information Technology adopting AI relevant to the
made by the AI systems by an Act, 2000, which deals with business context.
information systems auditor compensation for failure to
instead of seeking an explanation protect data, “Information Applications of AI in
is also proposed as an Technology (Reasonable security Accounting
alternative. Under the Consumer practices and procedures
and sensitive personal data Having discussed some basic
Protection Act, 2019, Consumer
or information) Rules, 2011” aspects of AI, now let us look at
Protection (E-Commerce)
have been issued. These Rules some specific use cases of AI in
Rules, 2020 have been issued
provide for procedures to handle accounting and compliance for
to address the issues arising
sensitive personal data or businesses:
in e-commerce.4 These Rules
require an explanation of the information.5 Under the proposed
i. Reconciliation Process
main parameters based on which Digital Personal Data Protection
Bill, 2022, unauthorised use of A significant use case of AI in
rating of sellers is made, in plain
data may constitute a “personal accounting is reconciliation – be
language. If a platform uses AI
data breach”.6 Under the it bank reconciliation or inter-
to rank goods or sellers, the
proposed Digital India Act, 2023, company reconciliation for group
requirements under these Rules
measures to regulate as well as entities or for creditors and debtors
must be factored in. It must also
to foster innovation in AI and balance confirmation processes.
be understood that explainability
other emerging technologies are If done manually as it is done at
is crucial for the developers and
being proposed.7 NASSCOM has present in many businesses, it is
businesses to ensure that the AI
also come up with Guidelines on time consuming and laborious
system is working as expected, as one witnesses the problems
not just in terms of the decision Generative AI.8 On 14th June,
2023, the European Parliament of duplicate entries, mismatched
taken but in terms of the way in entries, partially-entered invoices,
which the decision is arrived at, approved its position on the
world’s first AI Act under which tax aspects, accounting errors
which is necessary to build the and other inconsistencies. This
required level of trust to deploy it AI systems are classified based
on the risks they pose: from can be overcome with machine
for the intended purposes. learning (ML) technology that
unacceptable risk, high risk,
generative AI and limited risk, uses predefined matching rules
iv. Ethical Concerns and and which learns based on the
Regulatory Measures based on which obligations for
providers will be imposed under results of the datasets. This will
One of the ethical concerns in the rules.9 It, inter alia, seeks enable more reliable and timely
the use of AI is regarding data to ban using of AI for purposes disclosures of related party
protection and privacy. With like biometric surveillance and transactions.11 Such features are
the deployment of AI and Big recognition of emotions, and now available in ERP software as
Data analytics, an entity may requires generative AI to disclose well as in the form of applications
unintentionally or intentionally that the content is AI-generated.10 that can be deployed on existing
process sensitive data in an software or popular cloud-based
unauthorised way and that may While all these concerns still applications.
intrude on privacy interests. The remain and are addressed
lawmakers and regulators, the to some extent with evolving ii. Managing Related Party
world over, are still grappling with laws, businesses have already Transactions
the implications of AI and the started exploring the possibilities Another potential application
security and privacy concerns. that could open a floodgate could be in the very process of
At present, under section 43A of opportunities for them by identifying and understanding
4 https://consumeraffairs.nic.in/sites/default/files/E%20commerce%20rules.pdf
5 https://www.meity.gov.in/writereaddata/files/GSR313E_10511%281%29_0.pdf
6 https://www.meity.gov.in/writereaddata/files/The%20Digital%20Personal%20Data%20Potection%20Bill%2C%202022_0.pdf
7 https://www.meity.gov.in/writereaddata/files/DIA_Presentation%2009.03.2023%20Final.pdf
8 https://nasscom.in/ai/responsibleai/images/GenAI-Guidelines-June2023.pdf
9 https://www.europarl.europa.eu/news/en/headlines/society/20230601STO93804/eu-ai-act-first-regulation-on-artificial-intelligence
10 https://www.europarl.europa.eu/news/en/press-room/20230609IPR96212/meps-ready-to-negotiate-first-ever-rules-for-safe-and-transparent-ai
11 https://www.groupsoftus.com/insights/using-machine-learning-ml-in-sap-for-reconciliation/

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Managing
Reconciliations Related Party
Transactions
complex group structures of
large conglomerates. Larger
businesses usually arrange
their ownership and control
structure, business models and
transactions in the form of a
complex web of group entities
spread across geographies,
often in layers of entities, and
sometimes, wherever permitted,
with cross-holdings or cross-
control, formal and informal. The
group structures may or may not
fall strictly under the definition
of related party as per the
applicable laws.
Hence, the regulators world
over are requiring increasingly
comprehensive compliance and
disclosure in respect of related
party transactions, as they are a
significant indicator of the level
of good corporate governance.
In India, for instance, for listed
companies, the definition of
‘related party’ and ‘related
party transactions’ has been
widened to a great extent under
the SEBI (Listing Obligations
and Disclosure Requirements)
Regulations, 2015, so much
so that even transactions with
third parties “the effect of which
is to benefit a related party”,
or transactions of the listed
company or its subsidiaries on
the one hand with the related
parties of either on the other
hand are covered12.
12 https://www.sebi.gov.in/legal/regulations/feb-2023/securities-and-exchange-board-of-india-listing-obligations-and-disclosure-requirements-
regulations-2015-last-amended-on-february-07-2023-_69224.html
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AI in Accounting
Better
screening of
Inventory
vendor and
Management
customer
profiles
This necessitates technological
intervention both by the
conglomerates for making
continued sense of the strategy as
well as for better risk monitoring
by the various stakeholder groups
of these entities, especially the
lenders. For the businesses,
AI tools could help in better
compliance and in making
complete and timely disclosures
of related party transactions under
the applicable laws.
As far as stakeholders like the
lenders are concerned, they
need to be able to have the
big picture of the entire group
to follow the money trail and
understand whether the funds
have been deployed for the
stated purposes or whether they
are being siphoned off to benefit
certain members of the promoter
group. Here AI could help
banks and financial institutions
in understanding the overall
control structure, business model
and the consolidated financial
strength of the borrowers with
complex group structures. This
will be a crucial information while
evaluating funding proposals and
arrangements – both initial and
ongoing.
iii. Screening Profiles to
Manage Risks
AI tools can potentially be used
for fraud risk mitigation, inter
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Timely Management
Reporting Accounting
alia, by screening vendor and
customer profiles from various
sources and assess counter-
party default risks. This could
also ease complexities involved
in some disclosure requirements
under the Schedule III to the
Companies Act, 2013 like tracing
of transactions with defunct
companies or disqualification
status of directors at least to the
extent of disqualification arising
out of a defaulting company
under sub-section (2) of section
164 of the Companies Act, 2013
by comparing them with the
database of Ministry of Corporate
Affairs.
For financial sector entities, the
efforts towards understanding the
group structures and activities
through AI as described in the
previous para could double up
towards strengthening fraud risk
management and anti-money
laundering measures. It could
AI tools can
potentially be used
for fraud risk mitigation,
inter alia, by screening
vendor and customer
profiles from various
sources and assess
counter-party
default risks.
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help in setting up better Early
Warning Signals as required
under the Reserve Bank of
India’s (RBI) Master Direction on
Frauds, and in better reporting of
transactions required under the
provisions of the Prevention of
Money Laundering Act, 2002.
iv. Inventory Management
When it comes to inventory
management, a combination of
AI together with RFID could help
track, manage and account for
inventory on an almost real-time
basis, thereby enhancing the
reliability of accounting records.
Use of RFID combined with
smart contracts and AI can help
establish a seamless trust-based
supply chain management
system. This will again go
towards better accounting and
reporting.
v. Timely Reporting
AI can also optimize Record-
to-Report (R2R) process
leading to more reliable and
timely preparation of financial
statements. Often delay in
obtaining data at the grassroot
level leads to delay in reporting.
This can be overcome by
introducing technologies like
RFID, big data and AI, to
automate and expedite recording
of transactions at the point of
origin of the transactions.
vi. Management Accounting
AI has applications not only
in financial accounting but
also in cost and management
accounting. When it comes to
better internal reporting systems
and decision-making systems,
AI, IoT, RFID and Big Data
analytics could play a great
role in culling out hidden cost
behaviours, demand patterns
and in making more realistic
forecasts. The possibility of
using the entire population for
36 AUGUST 2023
the analyses instead of only a
sample is also available when AI
is coupled with Big Data. Entities
have been able to gather data
from various sources but if they
are unable to make sense of the
data or they are unable to focus
on the information needs, they
end up in a state of being Data-
Rich-Information-Poor (DRIP).
Introduction of AI here will help
an entity to make sense from the
raw data and focus on obtaining
relevant information, which can
become actionable inputs to
the management. Right from
automating repetitive decision-
making to risk mitigation, AI can
be used. However, it should be
remembered that periodic human
intervention is necessary to
evaluate and judge the reliability
of such AI-based decision-
making systems.
Role of AI in Audit Process
As eloquently described in
“SA 200: Overall Objectives of
the Independent Auditor and
the Conduct of an Audit in
Accordance with Standards on
Auditing”, the overall objective of
THE CHARTERED ACCOUNTANT
an audit of financial statements
is to give an opinion on whether
the reporting requirements as per
the applicable financial reporting
framework have been met. Under
the provisions of the Companies
Act, 2013, the duty of the auditor
here is to express an opinion on
whether the financial statements
present a true and fair view of
the affairs of the company. The
auditor while arriving at this
opinion by obtaining reasonable
assurance on whether the
financial statements are free
from material misstatements,
whether due to fraud or error,
is required to evaluate whether
the audit evidence obtained is
sufficient and appropriate. In
this process of collecting and
evaluating sufficient appropriate
audit evidence, an auditor must
be mindful of the impact of AI.
Let us look at the impact of AI on
auditing from two angles:
1. Understanding an
environment that uses AI
and automation
2. AI as a tool in the audit
process
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THE CHARTERED ACCOUNTANT
AI can help analyse
the financial
information of the clients
and assess the areas
where the potential risk
of material misstatements
is the highest.
i. Understanding an
environment that uses AI
An audit of an entity involves
performing risk assessment
procedures to have a clear
understanding of the entity and
its environment, including the
adequacy and effectiveness
of the entity’s internal controls
in place. “SA 315 – Identifying
and Assessing the Risk of
Material Misstatement through
Understanding the Entity and its
Environment” provides guidance in
this regard. Further, a “Report on
the Internal Financial Controls over
Financial Reporting” is mandated
under sub-section (3) of section
143 of the Companies Act, 2013
for prescribed classes of entities.
In case of an entity using an ERP
software embedded with AI/ML
capabilities, it is likely that the
internal control processes could
involve AI components. Here it
becomes imperative to understand
how AI is used to enforce controls,
preferably in a white-box manner,
or at least an evaluation of the
logic with test cases. The auditor
should not only check the initial
set of predefined rules, but also
the logic with which the AI tool
learns. Hence, the auditor must
be careful here if any attempts at
overriding the internal controls had
been made and understand the
response of the system to such
attempts. The auditor must also
be very much aware of who has
the super-user or administrator
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rights in respect of such internal
controls, just as he needs to be
aware of it for the purpose of
checking any tampering of edit
log too. AI deployment in Internal
Controls could be in the form of
input controls, enhanced user-
based access controls, processing
controls and logic, and output
controls. The consistency of the
logic throughout the reporting
period shall also be checked. It
may also be relevant to insist on
an audit of the AI tools and the
environment from an Information
Systems Auditor.
After performing a test of
controls to evaluate whether
internal controls are operating
effectively to prevent or detect
material misstatements, an
auditor may plan his substantive
procedures – a test of details
and substantive analytical
procedures.
For example, in the R2R process
– the auditor must understand
how AI processes information
as part of the test of controls,
and thereafter select a suitable
sample and test aspects like
whether the correct General
Ledger (GL) Account is selected,
whether taxation aspects like TDS
and GST have been correctly
captured, whether grouping of GL
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Accounts is appropriately made,
and whether the schedules and
disclosures generated by the AI
are comprehensive and reliable.
While assessing the controls
in the inventory management
environment that uses RFID and
AI, the auditor may check how the
data from RFID scanners interacts
with the AI logic and how it is
implemented in the ERP system.
The entire audit team needs to
have hands-on knowledge of AI
tools which are deployed in the
client entities and evaluating those
in the process of audit execution.
ii. AI as a tool in the audit
process
a. AI in Statutory Audit
engagements
An auditor can himself / herself
use AI tools in the audit process.
While an audit is neither an
investigation nor is it an exercise
towards giving an absolute
assurance, deployment of AI in
auditing could help provide an
even higher level of assurance
than may otherwise be possible.
At the elementary level,
generative AI can help arrive at
some useful basic checklists
which can be improved to
greater detailing based on the
requirements of the assurance
levels required.
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AI can help analyse the financial
information of the clients
and assess the areas where
the potential risk of material
misstatements is the highest.
While the auditor may himself be
subject to at least some degree
of familiarity bias, the AI tool, is
more likely to be free from such
bias. The auditor may then apply
more substantive procedures in
the areas so identified.
AI may also help in determining
materiality and in the
assessment of whether an
identified misstatement is
material in the context of the
entity. The auditor can then
come with an optimized audit
strategy and plan and perform
the audit in a better way. AI may
also help with sampling of test
cases for audit by choosing a
sample free from bias thereby
reducing sampling risk.
AI may also help with analysing
whether the evidence might be
sufficient for assessing the risk
of material misstatements at
the assertion level by helping
establish a correlation between
the evidence and the assertion.
It can also help assess whether
an audit observation based on a
sample will be true for the entire
set of data.
When it comes to substantive
analytical procedures, AI tools
combined with big data can
help identify hidden patterns of
behaviour of various variables
and unearth and establish
relationships among financial
and non-financial information
in a more comprehensive
manner. Use of AI in analytical
procedures might help identify
red flags much earlier than
they would otherwise be and
help establish an early warning
system for the use of the
auditor.
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AI can also help the auditor and
his team perform an engagement
quality control review as required
under “SQC 1 – Quality Control
for Firms that Perform Audits
and Reviews of Historical
Financial Information, and Other
Assurance and Related Services
Engagements”, by assessing the
appropriateness of the opinion
arrived at based on the audit
evidence collected.
Specifically, the auditor will be in
a better position to give his / her
opinion on the various matters
covered under the Companies
Auditors’ Report Order, 2020,
especially in respect of related
party transactions, material
uncertainty in respect of meeting
the liabilities, and also with respect
to whether the terms of the loans
and guarantees provided by the
company are prejudicial to the
interests of the company.
b. AI as a tool in other audit
engagements
AI could help not only in statutory
audit engagements but also has
applications in internal audit, tax
audit, forensic audit, etc.
In tax audits, when it comes
to verifying the matters of
disallowances, depreciation,
TDS, TCS, reconciliation,
deductions, and more
importantly, in determining
the arm’s length nature of
THE CHARTERED ACCOUNTANT
transactions in the Report on
Transfer Pricing as required
under section 92E of the Income
Tax Act, 1961, use of AI as a tool
comes in handy.
With big data, AI analytics can
greatly help the internal auditor
in measuring the effectiveness
of the internal controls in a
comprehensive manner, although
adequacy may be something that
will be best left to the judgment
of the internal auditor based on
the results of the analysis thrown
by the AI. Areas of internal control
weaknesses can be identified in a
much better manner.
As far as forensic audit and
investigations are concerned,
samples could be chosen on a
more scientific basis with the
help of AI. Better samples would
lead to better information for
arriving at conclusions. In case
of audit of specific transactions,
AI tools can help arrive at the
degree of correlation between
the factors involved.
c. Challenges in implementing
AI and results of AI in
auditing
The biggest challenge in
implementing AI is understanding
how the AI tool arrives at the
output, so to say, how it “thinks”.
Although some experts are of the
view that using anthropomorphic
words like “think” further
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THE CHARTERED ACCOUNTANT
The CAs are
increasingly being
looked upon to drive the
process of professionalism
within their domain,
which ultimately leads
the way towards ease of
doing business.
reduces our understanding of
the processing behind AI, it is
necessary to understand how
the output is arrived at. Here is
where XAI as discussed earlier
becomes important. No matter
what human-like terms we use,
AI is still not human. It does
not experience emotions and
thoughts like we do. It does not
have a gut feeling. Hence, while
AI can supplement and support
an auditor, it can never substitute
or supplant the auditor in the
human process of forming an
opinion which will always remain
the dominion of the auditor.
The next challenge could be
empowering the employees of
the enterprises and the audit
team with knowledge and
understanding of the potential
uses and challenges involved in
AI. This requires an open mind
to be able to appreciate the
concept of AI.
The other operational challenge
will be how to integrate AI tools
and capabilities with existing
software and hardware. These
are usually mitigated by using
cloud-based AI compatible with
existing applications.
Concluding Thoughts –
Converting Challenges into
Opportunities
In order to face the new world
order that may be established
or that already may have been
established with AI, accounting
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and auditing professionals need
to re-orient themselves away
from routine areas of work that
may be replaced with AI tools
and equip themselves with the
knowledge and skill required to
work with AI and even to work on
AI to stay relevant in the vastly
dynamic professional world. In this
process, they may need to unlearn
things to transcend the clutches
of routine work and learn new
things to achieve mastery over AI
tools. Then instead of looking at
AI as a threat to their existence,
the Chartered Accountants (CAs)
may even take up opportunities in
implementing AI for their clients or
auditing the AI environment or the
AI controls, or even in designing
AI tools that can lead to better
reporting and governance.
As a fallout of AI implementation,
several changes need to be
made to various statutes in
respect of various sectors of the
economy, some of which are
already in the pipeline as detailed
in one of the earlier paragraphs
on regulatory measures.
Following this, the regulators
like the RBI and SEBI also
need to come out with detailed
guidelines on AI-related impact
on their respective sectors.
The Institute of Chartered
Accountants of India (ICAI) may
like to come up with Guidance
Notes and/or suitable updates
to the Accounting and Auditing
Standards, in order to guide the
Members through the phase of
transition to AI environment. To
further pave the way for easing
the future generation of CAs into
this dynamic new business and
professional world running and
operating in the AI environment,
the ICAI may consider to
upgrade the curriculum itself by
including therein the subjects
relating to accounting and
auditing in an environment
enriched with AI.
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THEME
The CAs are increasingly being
looked upon to drive the process
of professionalism within their
domain, which ultimately leads
the way towards ease of doing
business. In this context, the
judicious use of AI comes in
handy and CAs have a major
role here. CAs must realise
that the scope of application of
their skills and experience goes
beyond the traditional lines of
audit, accounting and taxation,
and it very well extends to
strategic areas like implementing
AI-driven business process re-
engineering and supporting the
top management of businesses in
this transition. While section 144 of
the Companies Act, 2013 prevents
an auditor from rendering these
services to the entities where they
perform statutory audit, nothing
prevents a CA from taking up
those assignments in respect
of other unrelated entities. A CA
should boldly step into the realm
of technology.
Every change is borne of a storm.
It requires the eyes of someone
who can soar high above the
storm clouds to make sense of
the change. A CA, like the Eagle
that represents him/her, has the
foresight and the capability to
soar above the clouds and guide
the businesses that are caught
in this storm of technological
upheaval. However, to fully
realise the potential, a lot more
needs to be done by the CAs in
terms of learning, re-learning and
developing new skills as well as
quickly unlearning the irrelevant
skill components. The ICAI along
with the regulators will need to
enable this transition by providing
the right framework.

Authors may be reached at
cs.ushaganapathy@gmail.com,
a.sekar.cs@gmail.com,
ranjithk.iyer@gmail.com and
eboard@icai.in
AUGUST 2023 39