Finance Minister Nirmala Sitharaman called on chartered accountants on Aug 17 to become more familiar with new and emerging areas of auditing, such as ESG (environmental, social, and governance) and carbon accounting.

Speaking at an Institute of Chartered Accountants of India (ICAI) event in Bhubaneswar, the minister stated that the rapid adoption of technology by these professionals will help in such efforts. She added that developing expertise in new areas will benefit their clients and the broader ecosystem.

The minister stated that the free trade agreement (FTA) with the United Kingdom, which is being negotiated by the commerce ministry, will benefit Indian chartered accountants if they can leverage it well.

Earlier this year, ICAI president Aniket Sunil Talati announced that the chartered accountants' body had decided to support proposals to allow auditors from the United Kingdom and Canada, both of which are negotiating FTAs, to practice strictly on a "reciprocity basis."

The minister also discussed the ICAI's mutual recognition agreements with various countries' top auditing bodies. Canada, Australia, New Zealand, South Africa, Ireland, the United Kingdom, and Malaysia are among them.