Embracing Technology Has Become Paramount For Every CA: Vishesh Chandiok, GTBharat

How has the role of the CA profession changed in India? Specifically, in terms of evolving competitiveness and competence.
The profession is at par with the best in the world, and the fungibility of resources worldwide, amplified by the pandemic, has demonstrated that. With professional qualifications being recognised globally, CAs are in demand for a wide array of roles outside the traditional accountant/auditor roles. My recent appointment to the Institute of Chartered Accountants in England and Wales (ICAEW) is one such instance of Indian CAs breaking the glass ceiling. The massive talent pool that India has to offer, and the alignment of accounting and auditing standards with their respective international standards has contributed significantly to elevating the status of the Indian CA. 

What new skills or competencies are becoming essential for chartered accountants to stay relevant in today's dynamic business environment?
Embracing technology has become paramount for every CA, whether as an auditor or in the corporate world. While the traditional skillsets being taught are still relevant, CAs today need to combine those learnt in their curriculum with the latest technology (like data analytics, AI, ML, and others) to stand out. From the changes in accounting, auditing, and regulatory framework to dealing with the latest technological advancements, CAs have demonstrated a remarkable ability to upskill. 

How are chartered accountants embracing advisory and consulting roles beyond traditional accounting and audit functions?
Some emerging areas and specialisations like data analytics, risk management, sustainability accounting, and forensic accounting offer promising career opportunities. With the increasing proliferation of blockchain and cryptocurrency, there is a need for accountants who can work around the intricacies posed.

In what ways has the CA profession in India evolved to become a strategic advisor in areas such as governance and fraud prevention?
Rise in corporate fraud and financial misconduct cases has highlighted the need for proactive fraud prevention measures. CAs are now actively conducting forensic audits, detecting irregularities, and implementing control systems. Owing to both their understanding of finance and an awareness of the organisation’s ecosystem beyond finance, they are uniquely positioned to identify such susceptible areas. Digital transformation has become the need of the hour. GTBharat has been at the forefront of India’s most complex and largest fraud investigations. Our experts use technology-driven solutions, utilise advanced data analytics tools and techniques to identify patterns, anomalies, and potential red flags indicative of fraud. Further, in recent years, the Institute of Chartered Accountants of India (ICAI) has also introduced specialised training programs and certifications in areas such as forensic accounting and internal audit, equipping CAs with the knowledge and skills necessary to effectively combat fraud and promote a culture of integrity.

How has the role of auditors evolved in recent years in response to changing regulatory requirements and emerging market trends in India?
Auditors have seen a sea change over the last few years, particularly regarding the regulatory requirements. The last decade has witnessed the implementation of the Companies Act, 2013 with significant changes in the profession in terms of rotation requirements, liability reforms, and revamped independence requirements. These have changed the strategic direction and shape of the Indian audit market. I have always championed the cause of providing a vast playing field for firms of all sizes and skill sets. Rotation, in my view, has proved to be a great leveler in a way that it has brought in newer perspectives, a platform for firms to demonstrate their capabilities, and simultaneously given corporates choices beyond the obvious. The increased proactive interventions by the market and sector regulators have also increased the complexities that auditors must grapple with. The National Financial Reporting Authority (NFRA)'s actions have also kept auditors alert and mindful of the need for audit quality. 

What are the key challenges auditors face in adapting to the changing business landscape and increasing complexity of financial transactions?
Constant regulatory changes are one of the biggest challenges for the auditors. The coverage of CAs under the ambit of the Prevention of Money Laundering Act is one such latest change. It is not just the complexities of financial transactions that are a challenge, but stakeholders' expectations have also increased manifold. It has become critical for auditors to keep pace with the technological changes in the business landscape. Further, the auditor cannot be unaware of the workings of Robotics Process Automation (RPA) within the financial reporting systems of a company. Not only does one need to understand the RPA but also audit its efficacy in throwing out accurate results!

In light of recent corporate governance failures, what steps are being taken to improve the effectiveness of auditors in detecting and preventing financial fraud and irregularities?
I have often said we have an impressive set of regulations in India with the introduction of the Companies Act, of 2013 and the other reforms that followed. It is now a matter of implementing them in a practical way that results in balancing the implications across all the stakeholders. Auditors were always responsible for identifying and reporting material fraud – the form and extent of that has changed over the years. The regulator, NFRA, has made its expectations clear in a recent circular on fraud. The reporting requirements now are quite extensive and stringent. However, the focus now needs to shift to improving audit quality. This requires a collaborative approach between the regulator, standard setter, and auditors to ensure that the resources are well trained and can exercise professional skepticism, and that firms strive towards excelling in their quality control systems. 

What opportunities do you see for chartered accountants in the future, and how can they proactively prepare for these opportunities?
Today, a CA has a plethora of opportunities to explore, and there is no role or sector where a CA cannot contribute. The need, however, is for continuous learning and expanding beyond traditional areas. The CA qualification complements many avenues, ranging from advisory services, data analytics and technology, governance, and compliance, and even sustainability and ESG reporting. Being aware of the idiosyncrasies of the local market, implications of global events, expected future trends and innovations should be high on one's agenda. We at GTBharat foster and promote these opportunities through continuous learning and development, providing various internal and external training programs, workshops, and learning platforms to equip CAs with the necessary tools and expertise to thrive in the future. We actively engage in thought leadership initiatives and conduct research on emerging trends and issues. By sharing insights and expertise through reports, publications, and events, we help not only CAs, but also our employees to stay updated on industry developments. We have established a reputation for nurturing talent, promoting innovation, and providing growth opportunities for both existing CAs and budding ones.