With the rapid evolution of innovative technology, the accounting federation needs to keep itself abreast of the technological changes, Comptroller and Auditor General of India Girish Chandra Murmu said on Saturday.
"The ecology is going through a massive transformation with the evolution of new and innovative tools in doing business. These will challenge the accounting tradition and thinking," Murmu said while speaking at the four-day World Congress of Accountants (WCOA).
"The CHG and accounting federation not only have to keep itself abreast of the technological changes but has to keep itself of the new changing disruptive business model of the 21st century," Murmu said.
He said there are many other challenges which are impacted by the global value chain, especially international transactions and the emerging cryptocurrency.
"The capturing of untraceable financial transactions will be a huge challenge for financial audits. Today, we need to constructively seek credible tools to meet these challenges emanating from the development in trade and tariff systems and the emergence of digital assets, necessitating a credible accounting environment," he added.
There is a need for accountants, who can continue creating sustainable businesses by taking advantage of emerging tools and innovations in corporate financial management, he noted.
Murmu, further said that India has remained resilient during the emerging challenges of the pandemic and economic slowdown and has become the 5th largest economy in the world.
"The country is utilising massive infrastructural development, high industrial growth and rising consumption levels. It is well on its way to becoming the world manufacturing hub," he said.
Hundreds of homegrown small and medium enterprises (SMEs) and entrepreneurs are creating Unicorns, which shows a positive signal for the economy of the country, he said."They (Unicorns and new SMEs) would require, especially in the initial days, the guidance and support from accounting professionals for regulatory compliance," he added.