ICAI Announces New Centre of Excellence in Andhra Pradesh
The Institute of Chartered Accountants of India (ICAI) is set to establish a dedicated centre of excellence in Andhra Pradesh, as revealed by its newly elected national president, Prasanna Kumar D. This initiative aims to enhance professional development for chartered accountants across the region.
Focus on Advanced Training and Research
In a recent interaction, Prasanna Kumar D, the 74th president of ICAI, outlined the primary objectives of the centre. The main goal is to undertake research and conduct advanced training programmes for both students and members of the institute. Kumar emphasized that the training will not be limited to young professionals but will also include senior practitioners.
Continuous professional education is essential for chartered accountants, who often remain active in their careers for many years. With frequent changes in laws, regulations, and technology, regular upskilling is necessary to ensure members stay updated and competent.
Role of Chartered Accountants in Economic Reforms
Kumar highlighted the significant role chartered accountants have played in implementing major economic and fiscal reforms in India. From the Companies Act and Income Tax Act to the Goods and Services Tax (GST) regime, the profession has been instrumental in ensuring compliance and proper execution.
The steady increase in GST and direct tax collections, despite policy relaxations, reflects improved compliance, in which chartered accountants have contributed substantially. Their role extends beyond compliance to supporting resource mobilisation and overall economic growth.
Alignment with Government Initiatives
The profession is closely aligned with several key initiatives of the Government of India. Following announcements in the Union budget 2026–27 on corporate facilitation reforms, such as the Corporate Mitra scheme, a dedicated committee has been formed to support implementation in consultation with the ministry of corporate affairs once the framework is finalised.
Embracing Technology and Artificial Intelligence
Kumar also addressed the growing importance of technology, particularly artificial intelligence (AI), in the accounting profession. A separate committee has been established to focus on AI integration, and structured training programmes have been introduced.
- More than 50,000 chartered accountants have completed Level 1 certification in AI within a year.
- A Level 2 course has recently been launched, with around 2,000 members already completing it.
While AI is a powerful tool, Kumar noted that it cannot replace chartered accountants. Professional judgement, scepticism, and ethical oversight remain essential. However, those who effectively use AI will have a clear advantage in the future.
Leadership and Experience
Prasanna Kumar D brings over four decades of professional experience to his role as president. Over the years, he has served the institute in several leadership positions, chaired key committees, and represented ICAI on various government and regulatory bodies, underscoring his expertise in driving such initiatives forward.
