Page 38 - BCICAI-Connect-Dec-2023

Article

Above and

Beyond Numbers

CA Mani Lakshmana Moorthy

The accounting profession’s history can be traced Historically, Chartered Accountant’s role has focused
thousands of years into civilisation and it has on ensuring the quality of financial reporting but
evolved over the years since Luca Pacioli first increasingly in the public interest the scope will widen
described the double entry system. Having been to ensure the quality of non-financial information,
born during the period of Baby Boomers and including sustainability-related information.
exposed to both the worlds of the traditional and Chartered Accountants are expected to be versatile
modern world of our profession, I am privileged professionals who can navigate the complexities of
to see both worlds. I am witnessing a tectonic modern business environments. To meet current
shift not only in the way businesses are being needs, skills, and competencies that the economies
conducted using technology but also in the role of and organisations demand now, and anticipate
Chartered Accountants. The global economic and emerging demands, we need to continually evolve
business landscape is changing at a speed and by upskilling and employing them in our profession.
with an intensity that seems unprecedented. It is In addition to the traditional roles of Accounting,
really challenging to adopt because, we’ve become Audit, and Assurance, Chartered Accountants
accustomed to the way things are. of today play many roles viz., Risk Management,
Compliance, Corporate Governance, Advisory,
Chartered Accountants play key roles within the
business ecosystem bringing integrity and trust to Forensic Accounting, Investments, and Information
their communities, businesses, and economies. Technology. Chartered Accountants are expected to
develop and maintain the professional competence
“To continue to add value and to remain necessary to provide high-quality services to clients,
relevant, we must be able to meet employers, and other stakeholders, irrespective of
current needs and anticipate emerging their role, and thereby strengthen public trust in the
accountancy profession.
demands of the businesses.”
If you put a query “Future Fit Chartered Accountant”
The fast-paced changes in digital technologies, the in ChatGPT, it lists technology proficiency, strategic
globalisation of business, and many factors make it advisory skills, business acumen, ethical and
particularly challenging. Of course, this in no way is compliance, communication and interpersonal
going to alter our belief system in accuracy, quality, skills, and continuous learning and adaptability as
integrity, ethics, acting in the public interest, and being some of the attributes and capabilities needed to
worthy of trust. However, it is important for us to look adapt to the changing landscape. However, in my
above and beyond numbers to remain relevant. opinion, in addition to the above, understanding
There is a need to collaborate and partner with the increased regulatory challenges, maintaining
people in other parts of the business and outside the highest standard of ethical principle, integrity,
the business. independence and commitment to act in the public

38 |