The President of the Institute of Chartered Accountants of India (ICAI), Aniket Talati, believes that the Indian start-up ecosystem remains robust. He views isolated issues, like those at edtech giant BYJU’S, as opportunities to enhance corporate governance within the sector.
Talati expressed his optimism about India's start-up atmosphere, which boasts over 90,000 start-ups and the creation of numerous unicorns. While he refrained from discussing BYJU’S in detail, he emphasized the valuable lessons that can be drawn from such cases.
ICAI has referred the financial concerns surrounding BYJU’S to its disciplinary committee for investigation, as the financial reporting review board (FRRB) of the ICAI had identified the need for further examination.
Talati also highlighted ICAI's efforts to upskill chartered accountants and students for the digital age, focusing on technologies like Artificial Intelligence (AI) and cybersecurity. The organization is adapting its courses to include data analytics and AI, recognizing the growing importance of these fields in the accounting profession.
ICAI enforces a rigorous system of continuous professional education, ensuring its members stay updated on emerging challenges, particularly those arising from technological advancements.
With a vast membership and student base, ICAI ranks as the world’s second-largest accounting body. The organization also maintains a digital accounting and assurance board, exploring the impact of technology on accounting and assurance, as well as forensic accounting.