The Institute of Chartered Accountants of India (ICAI) will introduce Artificial Intelligence and forensic science in its curriculum for the Chartered Accountants to detect financial fraud at a much earlier stage.
In most of the cases, the fraud is detected only when they reach at a substantial volume. This new curriculum aims to track such irregularity at much earlier stage so that the big scams either do not happen or are detected at the initial stages.
This is the first time when the institute will bring such big technological changes in their international courses.
President of ICAI, Debashish Mitra, said: "We are introducing artificial intelligence, data analytics and new forensic standards in new curriculum. The mission of ICAI is to provide a strong foundation of knowledge, skill and professional value that enables students to grow as wholesome professionals and adapt to change throughout their professional career."
ICAI's constant endeavour is to impart world class education, training and professional development opportunities to create global professionals, he added.
ICAI vice president Aniket Talati said we are introducing 23 new forensic standards in the curriculum. We would be coming out with its new scheme for education and training in due course, wherein emphasis would be more on development of higher-order skills of application, analysis and interpretation".
A special feature of the new scheme would be the mandatory Multi-disciplinary case study at the Final level, which would help students integrate professional knowledge in different subject areas, analyse and apply such knowledge in problem-solving.
Other features of the new scheme are a reduction in the total number of papers and more focus on practical training.
Considering that a large number of students opt for service, the new course aims to provide the necessary industry orientation through Self-Paced Online Modules, which the students can learn and qualify at their own pace.
Taking forward its mission of always contributing as a true partner in nation-building and empowering students, the Council of ICAI has decided to extend 75 per cent fee concession to the students registering from Union Territories of Jammu and Kashmir, Ladakh and 8 northeastern states, namely, Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, and Andaman & Nicobar Islands till March 31, 2025.
This decision would be a step forward towards encouraging the young aspirants from these places who wish to pursue their dream of becoming a Chartered Accountant and serve the nation with their capabilities and knowledge, Mitra said.