“NETWORKING GUIDELINES WILL HELP CA FIRMS GAIN SCALE”

Charanjot Singh Nanda, President, The Institute of Chartered Accountants of India, on investigations into Gensol, IndusInd Bank and current priorities

- BY SURABHI

There seems to be a shortage of CAs, and this is seen to become graver as the economy grows. What is the ICAI doing to tackle this?

The shortage of CAs has been an ongoing issue. Demand has increased over the years due to various reasons, including economic expansion, the growth of start-ups, and complex regulatory and compliance requirements. CAs are complete business solution providers and take care of the growing number of regulatory and compliance requirements. There are several new avenues as well, such as forensic accounting, valuations, sustainability reporting, entrepreneurship, and risk management apart from the conventional domains of financial reporting, finance and accounting. These roles require a distinct specialised area of consulting which is done by CAs. ICAI is equipping its members with every specialised skill that is required. We are also updating our CA curriculum as per industry needs. Earlier, we used to update the curriculum every 10 years, now we do it after five years. Maybe in a year or two, we will do it on an immediate basis.

How are you proceeding on the government's plan to have a global, big Indian CA firm?