According to a recent article, Union Finance Minister Nirmala Sitharaman has called on auditors to embrace technology and educate smaller companies in order to foster growth. Sitharaman emphasized the importance of the next 25 years for India’s development and urged auditors to play a crucial role in this process.
During the Society of Auditors’ 90th anniversary celebrations, Sitharaman highlighted the progress that India has made over the past two decades. He mentioned that even the World Bank recognizes India’s achievements in the last decade, which surpass what was accomplished in the previous 60 years.
Sitharaman commended auditors for their willingness to adapt to technological advancements, noting that their profession is undergoing significant changes globally. He mentioned that upcoming chartered accountants exams will have a different format starting from July, reflecting the growing influence of technology in their field.
The finance minister stressed the importance of serving both their profession and the country. While acknowledging that individuals no longer need to sacrifice their homes or jobs like freedom fighters did before independence, he encouraged auditors to contribute to national growth by guiding their clients towards investments that benefit both themselves and the nation.
Sitharaman also urged auditors to inform government authorities about instances of tax evasion without disclosing specific company names or putting themselves at risk. He assured them that with Artificial Intelligence (AI), it is now possible to identify cases of tax evasion carried out by companies.
Looking towards India’s future, Sitharaman warned that if individuals fail to contribute to the country’s growth within the next 25 years, they will miss out on opportunities and hinder progress. He emphasized Prime Minister Narendra Modi’s vision of inclusive growth across all states and encouraged auditors to upskill themselves in areas such as “deep technology” and “data mining.”
Additionally, Sitharaman urged auditors and public accountants to focus on reaching small and medium-sized clients who may not have access to technology. He mentioned the Open Digital Commerce Network (ONDC) as an example of a platform that can help these businesses sell their products globally.
The essence of the matter, Sitharaman emphasized that the next 25 years are critical for India’s development and urged auditors to embrace technology, educate smaller companies, and contribute to the country’s growth. With their expertise and the use of AI, auditors have the potential to play a significant role in shaping India’s future as a prosperous nation.
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