ICAI Plans to Establish 11 Centres of Excellence to Enhance Global Accounting Standards

The Institute of Chartered Accountants of India (ICAI) is planning to establish 11 Centres of Excellence (CoEs) over the next three years. These centres aim to enhance financial and tax literacy, according to ICAI President Ranjeet Kumar Agarwal. Efforts are also underway to position India as a global hub for accounting and auditing.

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Focus on Global Accounting Hub

Agarwal highlighted the institute's commitment to promoting the International Financial Services Centre (IFSC) concept. He stated that ICAI will host the World Forum of Accountants (WOFA) in January 2025. This event aligns with their goal of making India a leading centre for global accounting and auditing.

Currently, two CoEs are operational in Hyderabad and Jaipur, with another set to open in Kolkata by January 2025. The institute plans to establish eight more CoEs within the next three years. These centres will focus on specialised areas, including artificial intelligence (AI).

Embracing Artificial Intelligence

Agarwal emphasised the importance of AI in the accounting profession. "AI cannot replace CAs but a CA with AI knowledge may replace a CA without AI knowledge," he noted. One of the CoEs will specifically focus on AI as a specialised area, highlighting its growing significance in the field.

The Hyderabad CoE will host its first residential programme titled "Empowering Trusted Advisors: Unlocking the Potential of Family Enterprises" in January. This initiative reflects ICAI's dedication to enhancing professional skills and knowledge among its members.

ICAI boasts a membership exceeding 4 lakh individuals, underscoring its significant influence in the accounting sector. The institute's initiatives aim to strengthen India's position as a global leader in accounting and auditing services.