ACCA and University of Madras partner to highlight the urgent need to upgrade skills among accountants in India
At their recent seminar experts from ACCA and the Department of Commerce at University of Madras explored how the accounting profession has evolved to become an integral part of business and demands new skills from students
ACCA and University of Madras Partner to Spotlight Urgent Need for Upskilling among Accountants in India
Chennai, August 31, 2023: ACCA (the Association of
Chartered Certified Accountants), the global body for professional accountants,
in partnership with the Department of Commerce, University of Madras,
deliberated on the future of accounting profession through their recently held
seminar in Chennai on “Proactive
Accounting: Driving the Future of Industry Transformation”. Attended by
finance industry leaders and academicians, the event stressed upon the urgent
need for upskilling among accountants in India to meet the fast-evolving
industry demands and technological advancements.
What were the objectives of the seminar?
Among the primary objectives
of the seminar were to discuss the evolving role of finance in business, the
cutting-edge skill sets and mindsets required of future accountants, the
profound influence that data, technology, and AI are expected to have on accountancy,
and methods to improve industry-academia collaboration in the finance sector.
This invite-only seminar was
attended by a diverse audience, including professors and faculty from the
Commerce and Business Administration departments of affiliated colleges of the
University of Madras, educational partners of ACCA in Tamil Nadu, and M.Com
students of the University of Madras.
Addressing the attendees, Dr. S. Elumalai, Registrar, University of
Madras, said, “Technology and data
sciences are reshaping the accounting profession, demanding a shift in both
curriculum and mindset. As educators, we must equip students to embrace these
changes and upskill for the future. Accounting systems must align with market
demands. Technology is no longer a 'nice to have' but a fundamental workplace
skill. Let's empower a new generation of accountants to thrive in this evolving
landscape.
Christopher S Dhas, Head of Education Partner Relationships -
South India, ACCA, added, “The accounting
profession has evolved from its traditional role to become trusted advisors to
management, offering strategic business insights. This evolution is due to the
rise of data and technology, which have transformed the way accountants work.
Accountants are now able to access and Analyse large amounts of data in real time, which allows them to provide more informed advice to their clients.
Additionally, changes in organizational structure and human capital have
created new opportunities for accountants to play a more strategic role in
businesses. As a result, accountants are increasingly seen as partners in the
decision-making process, rather than simply as record-keepers.”
Other speakers at the seminar
included Dr R Rangarajan, Professor
and Head of the Department of Commerce, University of Madras, Dr P Natarajan, Head of the Department of
Commerce, Pondicherry University, Anantha
Subramanian, Assistant Vice President Finance, Cognizant Technology
Solutions, Dimple Sait, Learning
& Development Leader at Philips University and Kumara Vadivelan Saravanan, Director - GBS Accounting Operations,
Ford Business Solutions.
Panelists shared their career experiences
Panelists also shared their
early career experiences and highlighted the transforming impact of technology
in making routine tasks faster and easier. The industry experts also stressed
the need to encourage upskilling among faculty and students training for the
latest trends and software through conferences and workshops. They also
stressed the rising significance of elevating ethics in accounting education
and ESG reporting with India mandating Business Responsibility and
Sustainability Reporting (BRSR) for top-listed companies.
This information has been given in a press release.
