The Institute of Chartered Accountants is conducting a national conference on digital transformation. In the industry 5.0 era, learning technology prepares finance professionals for the future. The digital conference is on the 7th and 8th of July, 2023. The place of the program is Hyderabad. The program throws light on fin-tech professionals. The blog walks us through the impact of AI, cloud, blockchain, data analytics, cyber security and more. The conference is for two days. The digital landscape is the most wanted field for information governance, security, and control and audit professionals.
The digital accounting and assurance board of ICAI is for understanding the digital space. CA Charanjot Singh Nanda, chairman, of DAAB, and CA Dayaniwas Sharma, vice chairman of DAAB provide their insights in this program. The cutting edges technologies such as block chain, AI, cloud, cyber security, data analytics, XBRL, and digital assurance are subjects of crucial importance. These subjects are discussed at this conference. The blog presents the topics, speakers and relative view of the changing business trends. SIRC has 45 branches and three lakh students. The conference is organised in association with EME Solutions, Case Ware, IDEA and Tally. The location of the conference is Novotel & HICC complex, near the hi-tech city main road, Kondapur, Telangana.
Topics and speakers:
The inaugural session starts with the following topics: Artificial intelligence for professional accountants: expanding possibilities and embracing challenges, visualizing cloud-powered professional services, anytime, anywhere – Data access and audit, ERP evolution and opportunities: unlocking growth as professional consultants, empowering SMEs and SMPs through automation challenges, strategies and opportunities, cybersecurity audit: exploring new opportunities, and data-driven readiness for a digital future: empowering professional accountants. The second-day topics are as follows: ICAI’s practice management software: a step towards the digital office, artificial intelligence and chatGPT, automation and RPA for accountants, XBRL: shaping the future of global reporting, the impact of digital disruption in the industry: mastering 5.0, use of augmented reality: managing audit and compliance remotely, and digital skills for accountants. ICAI members can register with the website link. The cost of this program is 4,000 plus GST. ICAI student’s fee is 3,000. The non-member’s fee is 5,000 plus GST. Chartered accountants, regulatory officers, forensic accountants, CFOs/CTOs, bank officials, financial executives, information technology experts, lawyers, students and academicians are invited to this conference. It is the time to adapt and learn from other chartered accountants.
The speakers of the program are as follows: Mr Vivek Subramanian from Google, Mr Sunil PP from AWS, Mr Rajeev Singh from SAP, and Mr Rohit Kumar from IBM, CA. Anil Bhandari from ANB and Arcon, Dr Prashant Pansare from Rubiscape Labs, CA. Umesh Sharma from ICAI, CA. Manu Agrawal from ICAI, Mr Kannan Hariharan, Mr Kannan Hariharan from automation anywhere, Ms Revathy Ramanan from XBRL, Mr Neeraj Athalye from SUSE, Mr Rupesh Lunkad from Teamviewer, and Mr Viveck Verma from upsurge global. The ICAI Hyderabad offers a special accommodation of 1000 per day. The accommodation includes breakfast and dinner.
Impact of technology:
Cloud, cyber security, data science, blockchain, RPA, Augmented reality for compliances, and regulatory roadmap are creating a path for finance professionals. Indian professionals understand the global economic development and regulatory system with GloPAC. It is the window to exchange ideas for the development of the professionals. The connection between the leaders helps in understanding the dynamic job. The digital reengineering and transformation committee and digital accounting and assurance board of ICAI take care of the digital landscape. The terms of reference of DAAB say that it understands the digital era, and highlights issues with accounting and assurance, security challenges for data management, and consequences of the digital era. The digital re-engineering committee refer to the work as framing IT governance, improving value to the stakeholders, integrating business process, transforming strategy, business process re-engineering technology, contributing to dashboarding and data analytics, monitoring standard operating procedure for ICAI learning hub, optimising resource usage and initiate paperless work.
The following points explain the benefits of different technologies for chartered accountants:
- Cloud technology helps with accessing data and creating reports and documents in less time.
- Cyber security ensures the safety of financial information, protects the future of the business and trusts clients.
- Data analytics provides insight into financial data. The auditors work on the data patterns and understand the financial status better. The sample-based auditing is the traditional one. Data-based auditing is the latest one.
- Block chain reduces administration costs and helps the accounting process.
- RPA technology saves time and customer experience.
- Augmented reality presents financial data in a visual form. It ensures better decision-making and investment analysis.
- A regulatory roadmap provides the infrastructure for starting a CA firm.
Chartered accountants use technology that is suitable for their service and domain. Digital transformation takes Indian companies to international standards. Learning technological advancement improves the application knowledge of chartered accountants.