ICAI Introduces AI-Based CA Curriculum Plan and New International Programme for Students Abroad

The Institute of Chartered Accountants of India (ICAI) has decided to add new topics to the Chartered Accountancy (CA) syllabus to cover new topics like AI, data analysis, sustainability, ESG, and forensic auditing.

The initiative will ensure that future chartered accountants are well versed with the latest technology before entering into this field as accounting and finance sectors have been adopting more and more advanced technologies over time. Speaking on the occasion, the President of ICAI, Prasanna D Kumar, stated that ICAI has already started various technology training programs for students and members.

The organization is now thinking of making changes to the formal CA education program.

ICAI Committee to Review CA Education and Training Framework

ICAI has created the Committee for Review of Education and Training (CRET), which will conduct the review of the current education and training model in place for CAs.

Some of the areas that will be reviewed include:

• Syllabus and course structure of CAs
• Training requirements
• Communication training
• Methods of examinations
• Industrial needs

Recommendations will be provided to revise the education and training model in accordance with changing needs of the accounting profession.

The process will conclude by December, after which point the recommendations will be made public for consideration.

AI and Technology Skills in CA Curriculum

The New Scheme of Education and Training has been developed by ICAI in the year 2023. At present, there are some topics like AI, data analytics, ESG, sustainability and forensic auditing that do not stand out as separate courses in the CA syllabus.

Nevertheless, ICAI has provided special training courses in these topics in order to make the students and professionals acquire technology-based skills.

This includes the program named 'Artificial Intelligence Understanding for Rising Achievers' (AURA) program which is being offered for CA students.

At present, ICAI is working on the preparation of AURA 2.0 which would be a high-level program for those students who have taken the course of AURA 1.0. This course would be related to the practical application of AI in the following fields:

• Finance
• Auditing
• Taxation
• Data analytics

ICAI AI Training Programmes for Chartered Accountants

Apart from students, ICAI has also introduced AI training programmes for its members.

The AI Certificate Course for Chartered Accountants (AICA) was launched to provide professionals with knowledge of artificial intelligence and its applications.

ICAI has conducted more than 850 batches of Level 1 training, covering over 45,000 members. Level 2 training has also been conducted for more than 1,500 members through multiple batches.

ICAI is also upgrading its Digital Information Systems Assurance (DISA) 3.0 programme to DISA 4.0. The updated programme is expected to focus on advanced digital skills.

The Digital Accounting and Assurance Board (DAAB) is also introducing programmes related to:

• Digital forensics
• Data protection
• Cybersecurity audit

ICAI Expands Professional Training for Government Agencies

Professional training programs of ICAI are not only limited to students and members but are now being offered by ICAI for a wider audience.

Courses are provided in various fields like forensics investigation, detection of financial frauds, data protection and cyber security.

Furthermore, specialized training is provided by ICAI for government organizations like SEBI, NIA, CBI etc. in connection with financial frauds and forensics investigation.

The intention is to familiarize professionals with the use of technology in accounting, auditing and financial decision making.

ICAI Plans International CA Curriculum for Overseas Students

Along with updating the domestic CA curriculum, ICAI is also working on an international version of the CA programme to increase the global reach of the Indian CA qualification.

The proposed international curriculum will follow a structure similar to the Indian CA course. However, some changes will be made in subjects related to:

• Taxation
• Legal regulations
• Country-specific requirements

ICAI is working with international accounting bodies to customise the programme according to different countries' professional requirements.

The institute is collaborating with the Mauritius Institute of Professional Accountants (MIPA) to develop a CA curriculum suitable for Mauritius. Similar discussions are also being explored with Nepal and countries in Africa.

ICAI also has an agreement with the Institute of Singapore Chartered Accountants and is working towards further collaboration.

International CA Programme to Follow Common Curriculum

As per ICAI, individuals who pass the CA program internationally will be awarded with the ICAI Chartered Accountancy designation.

The program will feature a common curriculum for both Indian and international students, but there will be an exception for the taxation and law courses specific to individual countries.

The rest of the subjects will revolve around internationally recognized accounting standards and financial practices.

By doing so, ICAI hopes to train chartered accountants with up-to-date technology and offer international prospects to CA professionals.