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VISION FOR NEW INDIA & PROFESSION THE CHARTERED ACCOUNTANT
Profession in the new era of

Technology & Disruptions
As we move into this era of liberalization and globalization, all
aspiring CAs’ will play an essential role in driving the economy
forward. Also, with the government’s digitization efforts and focus on
preventing tax evasion, individuals and businesses must seek expert
guidance to avoid penalties and stay ahead of the game.
CA. Sandip Kumar Gupta

Chairman, Route Mobile Limited Exchange Management Act or used in every industry, including
government laws and regulations communications, sustainable
in each region where the energy, information technology,
H
company operates. International and automobiles. It is a highly
appy 75th ‘Chartered
business involves foreign complex and technology-
Accountants Day’ to
money inflows and outflows, intensive industry with large
all the members and
which require the expertise of a capital requirements, high risk,
students of ICAI. The day is
chartered accountant to oversee long gestation and payback
indeed special because it also
and ensure compliance with periods, and fast technological
marks the Institute’s Foundation
regulations. A knowledgeable advances necessitating
Day. Witnessing the community
accountant can resolve all considerable and ongoing
of accountants exchange their
inquiries regarding these matters. investment. It is always beneficial
knowledge and expertise about
to know about market conditions
the profession is truly inspiring. Industries such as automobiles,
and stay updated with the latest
BFSI, and others have made
The Institute of Chartered trends and developments.
remarkable progress by joining
Accountants of India (ICAI) has forces and acquiring one another. Many global businesses
had a significant impact on the This has led to rapid growth are drastically reorganizing
accounting industry in India over and positive developments in their assets, operations,
the years. It is noteworthy that these sectors. As CAs, the need and contractual ties with
ICAI is recognized as one of the here will be to evaluate and shareholders, creditors, and
top accounting organizations analyze startups, their business other financial stakeholders.
worldwide, boasting a growing models, revenue models, Corporate restructuring has
community of over 380,000 distribution models, and every enabled numerous firms to re-
Chartered Accountants. As the other aspect involving money. establish their competitive edge
accounting industry’s statutory Companies in all industries, and adapt to new possibilities
regulator in India, ICAI has shown including telecommunications, and unanticipated problems
the world that it can compete pharmaceuticals, automobiles, more swiftly and efficiently. The
with any other institution in terms BFSI, and others, have yearly financial statements of a
of talent, competence, and developed quickly due to their corporation require assessment
competitiveness. With the rapid merger and acquisition strategy. for accuracy and dependability
growth of the startup ecosystem, Owing to the competitive by a Chartered Accountant
the demand for CA/IT consultants environment, profitable (auditor). Our unique knowledge
has reached new heights as new expansion is one of the primary and comprehension surrounding
companies seek tax compliance aims of commercial organizations financial taxation, stock market,
and financial guidance. in today’s society. and corporate legal matters,
In large-scale nation-building, as well as FOREX, among
The semiconductor industry,
chartered accountants can make other areas, will provide varied
for example, in which the price
a significant contribution. Many perspectives when addressing
declines are as certain as death
issues occur as each business financial concerns.
and taxes, is particularly prone to
unit becomes worldwide, such discounting to maintain market Professionals should leverage
as complying with the Foreign share. Semiconductors are accounting software like
90 JULY 2023 www.icai.org

91
THE CHARTERED ACCOUNTANT

VISION FOR NEW INDIA & PROFESSION
SAP, Tally, or Busy in various mergers, and acquisitions across in restructuring their working
industries, considering factors the globe. Today, we are present capital, making sound investment
such as the size of the operation in more than 23 global locations. decisions, and buying or selling
and the number of transactions. assets.
Our approach towards identifying
The information obtained from
and mitigating financial risks is To all the aspiring CA’s,
these applications serves as
strengthened by the valuable remember, your role goes
a foundation for establishing
support we receive from our beyond simply auditing. As a
objectives and requirements
team of audit and tax practice qualified Chartered Accountant,
for the accounting department,
professionals. Through their you have the potential to be a
including report specifications,
expertise, we are able to ensure valuable resource for anything
information security, real-time
that our approach is robust and related to finances. I’m proud of
data, and overall management of
effective. We’ve seen significant ICAI’s efforts to align accounting,
departmental functions.
improvements in our business auditing, and ethical standards
Accurate and current information operations by implementing with international best practices.
is a crucial element of the an ERP consolidation strategy. As a student, you have the
responsibilities of an accounting This has allowed us to have opportunity to learn from these
position, providing management ongoing conversations with standards and contribute to their
with the ability to make informed stakeholders and experts, ongoing evolution.
decisions. This includes compare our performance with
When it comes to work,
leveraging assets, managing contemporaries, and identify
there are various criteria that
budgets, achieving financial areas for improvement. Being
employers look for, such as skills,
efficiency, and maximizing a responsible business in the
experience, and knowledge. One
investments, among other ecosystem made us one of the
of the ways to add value to your
operations. Professionals in first adopters and pioneers of the
profile is by gaining proficiency
chartered accountancy should BRSR framework.
in accounting or finance, for
aim to develop their skills
ICAI’s new initiatives that involve instance, by learning SAP, ERP,
in researching, compiling,
a wide array of programs, such MIS, Budgeting, Tally, or any
analyzing, and interpreting data
as mentoring, scale-up on the other relevant course available
from various sources. This will
MSME checklist, and facilitation in the market. Never assume
enable them to make ethical and
centers, will greatly impact the that you have accomplished
informed business decisions that
direction of laws and policies in everything. There is always
offer effective solutions.
the country. I’m excited to see room for improvement, and you
While building Route Mobile Ltd the positive impact on small can keep enhancing your skills
from a bootstrapped business to and medium enterprises. As by staying updated with the
a successful IPO, we have also Chartered Accountants, we latest technological changes.
expanded the business through are eager to support MSMEs Also, make the most of any
opportunities that come your
way, even if you have to put in
some extra effort to grab them.
Lastly, I’d like to commend
everyone associated with
the Institute of Chartered
Accountants of India
on 75 glorious years of
accomplishments. It is truly
inspiring and a credit to the effort
and commitment of everyone
involved. Wishing you many
more great feats and grand
success ahead.

Author may be reached at

eboard@icai.in
www.icai.org JULY 2023 91

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90

VISION FOR NEW INDIA & PROFESSION THE CHARTERED ACCOUNTANT

Profession in the new era of

CA. Sandip Kumar Gupta

90 JULY 2023 www.icai.org

THE CHARTERED ACCOUNTANT

Author may be reached at

www.icai.org JULY 2023 91

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