As generative AI unleashes transformation across sectors of the economy, including corporates, healthcare, and academia, it is also beginning to disrupt the practice of chartered accountants. The Institute of Chartered Accountants of India (ICAI), which regulates professional practices and education, is leading the transformation by introducing a reduced language model (SLM) using OpenAI’s ChatGPT. This SLM, known as ICAI GPT, is poised to have a significant impact on the accounting profession in India, affecting chartered accountants, accounting students, and business institutes.
The adoption of Generative AI by ICAI through ICAI GPT is a significant development with far-reaching implications for the accounting profession in India.
Abhishek Gupta, Founder and Managing Partner, Pierag Consulting LLP, envisions AI transforming CAs into strategic financial managers, going far beyond traditional accounting tasks. He believes that ICAI GPT is poised to be a game changer as it can automate routine tasks such as compliance checks and data analytics, allowing CAs to focus on higher-level responsibilities.
Gupta also highlights the tool’s ability to translate complex data into actionable insights, helping clients make smarter decisions. Additionally, ICAI GPT can keep professionals up-to-date with the latest standards and best practices, improving the quality and efficiency of their work.
Limitations of ICAI GPT
However, Gupta cautions that the ICAI GPT is still under development and has limitations. He stresses that the information it provides is for educational purposes and should not replace professional advice. “Since inaccuracies are sometimes possible, users should exercise caution, verify the information, and use the tool responsibly and ethically,” he cautions.
CA students can also benefit from the ICAI GPT, says Bharath Kumar R, article assistant at Bengaluru-based Dhariwal & Srinivas CA. He acknowledges the challenges faced by CA aspirants, including understanding complex financial concepts, a vast syllabus and rigorous exams, and says, “The CA GPT has proven to be an aid for CA aspirants in improving their study methods and preparation. It provides students with personal study support and easy access to resources.” The tool easily provides students with “quick, correct and relevant answers, making information retrieval much easier,” he says.
Hindushree BS, another article assistant, says it is important to verify AI-generated results with official sources to ensure accuracy and avoid misconceptions. “While GPT CA is an invaluable addition to the study, maintaining a critical approach and using it alongside traditional study methods is important to develop a deep and accurate understanding of the CA material,” she believes.
On his part, Narasimha Murthy KSVL, a CA, is concerned about the limitations of AI, especially its potential to generate misinformation. “Is AI a boon or a bane for CAs? I would say it is both. It cannot replace human judgment entirely, but it can be very useful in sorting through massive data and information and can extract relevant data,” he observes.
“The AI results are structured and help me understand and interpret much faster. But my dependence on AI would end there,” he adds.
S Madhusudhana Rao Alampally, CA, emphasizes that the quality of the results depends on the information provided and professionals need to capture accurate and precise information to get reliable results. A solid understanding of the subject is essential to effectively use ICAI GPT to draw accurate conclusions. “It improves decision-making processes. It allows CAs to answer basic questions of clients instantly without having to bother senior executives of the profession to get answers to complex questions,” he says.
The introduction of the ICAI GPT also raises questions about its impact on business institutes. While the provided opinions do not directly address this issue, it is conceivable that these institutes could leverage the ICAI GPT to enhance their educational offerings. For example, they could use the AI tool to develop personalized learning experiences, automate administrative tasks, and provide students with additional support.
Muppala Sreedhar, CA and Chairman of Tapasya chain of business and management schools, believes that AI is a must. “The learning methodology is changing with time and students need to be exposed to these technologies,” he adds.
He claims that CA GPT would significantly improve financial and accounting functions, as it allows processing larger samples to test financial data, in addition to identifying duplicate vouchers, if any.
The tool offers many benefits including increased efficiency, better decision-making and enriched learning experiences. However, it is essential to use ICAI GPT responsibly, being aware of its limitations and the importance of human oversight. With careful implementation and continuous refinement, ICAI GPT can become a valuable asset for CAs, CA students and business institutes, contributing to the advancement of the accounting profession in the digital age.
