BCAS President CA Chirag Doshi’s Message for the Month of January 2024
Dear BCAS Family,
At the start of the New Year 2024, BCAS is celebrating its 75th year with a 3-day conference from 4th to 6th January, 2024, with topics on Reimagining the way the World, India, and the Profession will be unfolding in the future.
I, therefore, felt that it would be apt to share my thoughts on the way we can ReImagine to be of relevance going forward as well as be part of the change that we envisage for a better world in the future.
REIMAGINE
Reimagine as a vibrant tapestry of innovation, sustainability, and inclusive growth. Imagine a healthcare system that prioritizes preventive care and embraces technological advancements for universal well-being. Envisage governance that is transparent, accountable, and participatory, fostering a strong democracy. Reimagine the world not just in economic terms but as a beacon of social harmony, cultural richness, and sustainable development, inspiring the overall trajectory of progress.
REIMAGINE INDIA
Envision a nation where diverse cultures and traditions coalesce into a harmonious mosaic, fostering unity amidst diversity. Picture a dynamic economy propelled by cutting-edge technology, entrepreneurship, and green initiatives ensuring a balance between progress and environmental stewardship. See education as the cornerstone, empowering every citizen with knowledge and skills, and bridging urban-rural gaps. Taking a pole position not just in the economic diaspora but also becoming an ambassador of peace and sustainability.
REIMAGINE TAX
Integrate digital taxation models to address the challenges of the modern, globalized economy. Environmental and social impact taxes to incentivize sustainability and fund social initiatives. Simplify tax codes for clarity and reduce administrative complexities.
“One World, One Tax” envisions a unified global tax system, transcending national boundaries for simplicity and fairness. This concept involves a harmonised approach to taxation, minimizing complexities and disparities across countries. It aims to prevent tax evasion, ensure a level-playing field for businesses, and foster international economic cooperation.
“Let us redefine the narrative of taxation, moving from a story of burdens to a tale of empowerment and abundance – where taxes are not only paid but invested in a better future for all.”
REIMAGINE ACCOUNTING AND AUDITING
a. AI for Accounting
Accountants and Chief Information Officers (CIOs) agree that artificial intelligence software is one of the new technologies that will shape the industry’s future.
b. Big Data
Big data has always been preferable for financial experts and accountants whenever it comes to resorting to crucial financial task completion. This technological form is imperative in transforming vital internal data sets into dynamic, secure data analysis.
c. Automated Accounting Process
Automation has drastically changed most industries, and accounting is no exception. The entire management process has become automated with comprehensive solutions. It has helped reduce errors and eliminate confusion. Since the process relies on computers and servers, businesses tend to fall into money scams and compromised security attacks. This, in turn, raises the demand for in-house auditors to check the financial inputs and data accuracy.
d. Outsourcing the Accounting Functions
Outsourcing is a new way of making advancements in the accounting business. It helps the firms to focus more on their core work rather than worrying over petty issues. By 2027, the market for outsourcing financial and accounting functions is expected to grow to $56.6 billion.
REIMAGINE AUDIT
“The future of audit is a symphony of innovation, where artificial intelligence and human expertise harmonise to unveil insights that transcend numbers.”
The future of audit is poised for a transformative shift driven by advanced technologies and evolving methodologies. Artificial intelligence and machine learning will play a central role, enhancing risk assessment, automating routine tasks, and providing deep insights into complex data sets. Continuous auditing frameworks will replace periodic assessments, offering real-time monitoring and adaptive risk management. Environmental, social, and governance (ESG) considerations will become integral to audit practices, reflecting a broader commitment to sustainability and responsible corporate practices. The future of audit envisions a dynamic, technology-driven, and collaborative ecosystem that goes beyond financial scrutiny to encompass a holistic evaluation of business performance and ethical standards.
“Audit’s evolution is not just about embracing technology; it’s a commitment to crafting narratives that tell the full story of a company’s impact on the world.”
To stay a step ahead of corporate transformation, auditors must be agile and achieve technological fluency with data and analytics, AI, and robotic process automation.
Way Forward (NFRA)
The establishment of NFRA is a significant step toward improving financial reporting and auditing practices in India. By ensuring transparency, accountability, and adherence to international standards, NFRA contributes to the overall health and trustworthiness of the Indian financial system. However, its success will depend on its ability to navigate challenges, engage stakeholders, and adapt to evolving economic and technological landscapes.
Changing Corporate Landscape – Culture of Innovation and Technology
Cultivating a culture of innovation is essential for organisations aiming to thrive in a rapidly changing environment. It begins by creating an environment that encourages and rewards creativity. When employees feel empowered to think outside the box, share ideas, and experiment without the fear of failure, true innovation can thrive. Collaboration across functional lines and platforms for idea sharing fosters diverse perspectives and sparks innovative solutions.
Technology also plays a vital role in driving innovation and agility in businesses.
“As we look ahead, fintech’s future promises a seismic shift towards democratising finance. Startups are driving this transformation, embodying the spirit of change as expressed by Elon Musk: ‘The first step is to establish that something is possible; then probability will occur.’ Fintech is not just proving the possibility; it’s redefining the probability of financial accessibility for diverse populations globally.”
“As we conclude, we see a narrative of continual evolution, driven by a commitment to innovation, inclusivity, and responsible finance. The words of Steve Jobs resonate: ‘Innovation distinguishes between a leader and a follower.’ Fintech is not just leading; it is pioneering a future where financial technology becomes a force for positive change, shaping a world where finance is a tool for empowerment and inclusion.”
“Also, the Banks of the future are not just witnesses to change; they actively shape a future where banking transcends its traditional boundaries, embracing technological evolution, and fostering financial landscapes that are inclusive, efficient, and resilient.”
Let us celebrate not just our achievements but the spirit of resilience, adaptability, and innovation that defines us as a nation. As we step into this reimagined future, let the journey continue, fuelled by the collective aspirations of a nation that embraces change as a catalyst for progress.
Hope to see you all at the BCAS mega conference – ReImagine, at the Jio World Convention Centre, Mumbai.
