Page 39 - DCICAI SOUVENIR 2018

functionalities and post-implementation and as companies expand their markets and
maintenance of ERP. products across borders, there is a greater
necessity to report financial information in a
• Artificial Intelligence (AI) - The capacity consistent way.
of machines or software to create and exhibit
intelligence - bring with it both promise and • Convergence to International Standards:
concern. AI could become an invaluable partner The new challenge is to ensure that audits of
in professions that demand considerable companies around the world are conducted
training, technical precision, and ethical using a common reporting language and that we
judgments—including accountancy. work to achieve convergence to international
standards. This will lead to increased
• Block Chain - A block chain is a continuously transparency, greater accountability and more
growing list of records, called blocks, which understanding by the public worldwide.
are linked and secured using cryptography. A
block chain is an open, distributed ledger that • Promoting strong Corporate
can record transactions between two parties Governance: Finally, we must ensure that the
efficiently and in a verifiable and permanent entire profession, including those in business
way. and industry, adhere to high professional
standards and promote strong corporate
• Fintech - Simply put, FinTech is the use governance. The profession must be supported
of technology to support or enable financial by management that is equally dedicated to
services. It has impacted a wide array of quality and transparency.
sectors, including lending, personal finance,
consumer banking and small business tools. Most popular destinations for Indian CA’s

Global Challenges Gulf Region

• Managing Change: The business Borders are no bar to knowledge professionals
environment has become increasingly complex and Chartered Accountants, especially the
and dynamic and that’s something that our young, are proving that right. Although their
profession has to adapt to in the way we serve outbound destinations include different parts
our clients and our own operating models. of the world, one of their most favourite
This dynamism is driven by trends that include destinations is the Gulf region, comprising of
globalization, demographic shifts, technological Bahrain, Kuwait, Oman, Qatar, Saudi Arabia
advances, and regulatory change. and United Arab Emirates. The resurgent Gulf
region offers excellent growth opportunities to
thousands of Indian Chartered Accountants
• Borderless World: As businesses who are extremely successful and they are
increasingly span national borders, accountants highly respected for their commitment and
have to deal with multiple accounting systems. hard-working attitude.
Accountants need to adapt to the changing Today, more than 5,000 CA’s work in the Gulf
environment as their work and that of auditors region and are offered attractive pay packages.
is changing enormously.
Australia
• Credibility in Financial Reporting :
Building credibility in Financial Reporting in Indian Chartered Accountants in Australia
both the developed and developing world has have been writing remarkable success stories
been a challenge especially in recent years over the years. Currently the Indian CA’s
in the light of various corporate scandals, the have excellent career opportunities in Sydney.
volatility in capital markets and increased Melbourne, Brisbane Perth, Adelaide and
public skepticism about the financial reporting Canberra.
process. Today, as national economies develop ICAI has signed Mutual Recognition
and become more involved in the world market Agreements - MRA’s with the Institute of

39 | DCICAI - 5th INTERNATIONAL CONFERENCE