AP to get ICAI centre of excellence, says president

Visakhapatnam: The Institute of Chartered Accountants of India (ICAI) is planning to establish a dedicated centre of excellence in Andhra Pradesh, said its newly elected national president, Prasanna Kumar D, the 74th president of ICAI. He brings over four decades of professional experience. Over the years, he has served the institute in several leadership positions, chaired key committees, and represented ICAI on various government and regulatory bodies.In an interaction with TOI on Friday, the Vizag-based chartered accountant said the main objective of the CoE would be to undertake research and conduct advanced training programmes for both students and members. "The training would not be limited to young professionals but would also include senior practitioners. As chartered accountants remain professionally active for many years, continuous professional education is essential. With frequent changes in laws, regulations and technology, regular upskilling is necessary. The centre of excellence will aim to ensure that members remain updated, competent and prepared for the future," said Kumar."CAs have played an important role in implementing major economic and fiscal reforms in India. From the Companies Act and Income Tax Act to the Goods and Services Tax regime, the profession has helped ensure compliance and proper execution. The steady increase in GST and direct tax collections, despite policy relaxations, reflects improved compliance, in which chartered accountants have contributed significantly. Their role goes beyond compliance to supporting resource mobilisation and overall economic growth," said the ICAI president.He added that the profession is closely aligned with several key initiatives of the Government of India. "Following announcements in the Union budget 2026–27 on corporate facilitation reforms such as the Corporate Mitra scheme, a dedicated committee has been formed to support implementation in consultation with the ministry of corporate affairs once the framework is finalised," he said. Kumar also highlighted the growing importance of technology, particularly artificial intelligence. "A separate committee has been set up to focus on AI integration in the profession. Structured training programmes have been introduced, and more than 50,000 chartered accountants have completed Level 1 certification in AI within a year. A level-2 course has recently been launched, and around 2,000 members have already completed it," he added."While AI is a powerful tool, it cannot replace chartered accountants. Professional judgement, scepticism and ethical oversight remain essential. However, those who effectively use AI will have a clear advantage in the future," he said.