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Artificial intelligence (AI) is rapidly invading the field of chartered accountants (CAs). While the use of AI in tasks such as tax returns filing, auditing, and consulting has made it easier, it also has created challenges such as data security and misinformation.
Is Jio Just recently? We have launched a platform for filing 24 income tax returns. This has launched a new competition for Certified Public Accountants. Experts say that when AI submits the risk of data leaks to AI, it can publish the data. For this reason, cyber fraud cases have been on the rise recently.
In these circumstances, it is inevitable that we will question how appropriate and at risk the use of AI is.
Artificial Intelligence for Chartered Accountants: Opportunities or Challenges? According to CA Umesh Sharma, AI AI expert and chairman, ICAI's AI impact is clearly visible in all areas. The main task of a CPA is to provide accurate answers to your questions. Whether it is a notification, audit-related questions, client financial advice, or answer to a new issue related to government changes to tax slabs.
According to Ca Umesh Sharma, wherever you need questions or answers, people are beginning to ask financial questions from tools like Chat GPT, Gemini, Claude and more. However, it is not necessary that all the answers provided by these tools are correct.
In fiscal issues, CA responses are more trusted as they provide opinions based on detailed research and understanding of the rules. Therefore, the impact of AI in the life of a CA is clear and its active use offers many benefits.
Can an ordinary person return the product themselves using AI? Ca Umesh Sharma explains – recently Jio has launched a platform that is repaid with the help of AI at a very low cost. This is the right option for small returns, but it is difficult to rely on AI if the transaction is complex or the business is large.
The government continues to have new tax slabs and changes. He said – returns fulfilled using AI cannot be completely trusted. In particular, it's wrong to blindly trust free tools such as ChatGPT and other AI applications. Paid services may be somewhat reliable, but actual trust can only be placed on the advice of a Certified Public Accountant.
Have you encountered a problem due to AI? Ca Umesh Sharma explained that economic crime is rising rapidly in India. Financial crimes amounting to around Rs 28-30,000 crores of Rs each year. This includes cases such as fake phone calls, digital arrests, bank fraud, and insurance fraud.
Many people commit fraud by misusing AI. You need to create strict laws about this. When a CA uses AI to document it, it must clearly state that the AI is being generated. But this doesn't happen often, people assume it's completely right and it gets into trouble.
Ca Umesh Sharma emphasized that while artificial intelligence has advantages such as quality, time and cost control in the profession, reliable use requires vigilance and proper guidance.
Learning artificial intelligence is a need for time Satish Gupta said in today's age, AI has become a need, not just an option. Understanding and learning is extremely important for future survival. The Certified Public Accountant profession has seen major changes in areas such as auditing, tax returns, project finance, capital marketing, and forensic medicine. AI is a solution for both speed and accuracy in all these work areas.
- Submitting an ITR of Rs 24: Big challenge: Satish Gupta said Jio recently launched a platform with Just's AI support to file income tax returns. This is a major challenge for certified public accountants. This is why AI is needed for CAS.
- Both the speed and accuracy you need: Speed is the biggest issue, Satish Gupta writes 50 reports that enter 50 audit files and 50 MRLS. AI is the solution to this problem, but speed alone is not enough. The perfect chartered accountant is someone who uses a combination of AI + human intelligence to provide quality service along with speed.
- Supreme Court Examples and AI Limitations: AI works with data, so you can make mistakes. He mentioned cases in which Supreme Court government lawyers cite cases generated by AI. It was later discovered that no such case existed. The entire quote was fictitiously created by AI. AI can act as an assistant like us. Ultimately, human intelligence is paramount to accuracy and quality control.
- Threats to Data Security: Chartered accountants have sensitive client data. If you receive a notification and respond using AI tools, your AI may expose that data. This could potentially make the client's name, company name and case details public. It's okay if I can afford it, but most of the time it poses a huge risk to privacy.
How can you protect against artificial intelligence? According to Satish Gupta, the best care must be given to client privacy while using AI. Do not share sensitive data such as client names, company names, transaction amounts, etc. when asking questions. AI needs to be used smartly. It's safe to ask just general questions. However, entering client data directly can damage privacy. This is the biggest risk of using AI. Satish Gupta clearly stated that AI should be used as an assistant, but will not replace a chartered accountant.
Artificial intelligence gives Certified Public Accountants a new dimension Ca Rohit Ruwatia, a member of the ICAI Central Council, said that just as computers have set their place, artificial intelligence (AI) also holds its place in all professions. Its use is increasing in all areas, from physicians to legal sectors. In these circumstances, AI use is equally necessary and is relevant to Certified Public Accountants.
AI is useful in all fields Ruvatia said the use of AI can improve work in all areas of chartered accounting. There are no areas where AI cannot improve, such as drafting, legal advice, auditing, appliances, communications, reforms, etc.
He also said there is often arguing that AI can prove dangerous to chartered accountants, but the truth is that the combination of CA and AI knowledge is very strong. The likelihood of success of such professionals increases diversity.
There are no tools. There is no substitute for consultants Ruvatia said anyone can submit an ITR – with the help of e-mitras, online portals, or AI tools. However, only CPAs can provide accurate information about schemes available in the country, government conduct and compliance. They cannot tell their clients which government schemes are beneficial to them, which tax reforms will apply, or what measures should be taken under what circumstances. Only human intelligence and experience can convey this. This is the greatest strength of a certified public accountant. Rohit Ruvatia clearly stated that AI platforms can only provide convenience, but the actual trust and the right consultant will always come from Certified Public Accountants.
Accounting and Communication Assistant Ankur Gupta said there are many tools available that made automated email and messaging easier. This saves time and allows for quick responses to clients. Additionally, AI-based accounting software is available in the market that makes bookkeeping, auditing and tax-related tasks faster and more accurate.
