Dear Professional Colleagues, |
"There is a higher court than (all) courts of justice and that is the court of conscience," rightly said the father of our nation Mahatma Gandhi, for whom the professionalism was intertwined with ethics, call of conscience and service to the nation. This messiah of truth and non-violence also had a special knack for learning new things as part of which he even learnt the basics of accountancy while preparing for a legal case. As the world celebrates his birth anniversary on 2nd October, we as Chartered Accountants should be inspired by his learning- and service-oriented idea of professionalism, and people- and nation-oriented leadership. I feel that imbibing these traits will be our real tribute to the father of our nation. |
“My effort has been to facilitate Indian Chartered Accountants to take up global careers. Towards this end, we have particularly set our sights on Australia, where Indian Chartered Accountants have been writing a remarkable success story over the years. To promote this phenomenon further, we are working tirelessly through our three chapters in Sydney, Melbourne and Brisbane while three more chapters will soon be opened at Perth, Adelaide and Canberra. In line with this spirit, I recently signed an addendum to the MoU between ICAI and the Institute of Chartered Accountants in Australia (ICAA) and renewed our MRA with Certified Practicing Accountants (CPA) Australia at Sydney during my visit to Australia.” |
India Set to Become a Global Hub for Accounting Professionals |
I am happy to share with you my enthusiasm over the emerging silver lining in the accounting horizon of our country in the years to come. I clearly foresee India emerging as the global hub for accounting professionals since our country is emerging as a preferred destination of global business with a series of economic reforms being launched by our new government. |
Specialisation-The Need of the Hour |
A recent study has found that in the wake of growing business complexities, knowledge requirements, regulatory and legal changes and client expectations, specialists will be preferred over generalists in future. As such, it is high time that we specialise and build domain expertise in various emerging areas of our profession also. We at the ICAI are very much alive to this need of specialisation and are offering 14 Post-Qualification Certificate Courses across the country for members to build new skill sets. I hope that these courses will help our members to conquer new frontiers. |
Remarks by ITAT Bench Irks our Profession |
The comments made about our profession and our members as a whole by a bench of ITAT at Mumbai were totally uncalled for. The Council deliberated on this matter and was of the unanimous view that the comments on our profession and functions of the ICAI were not warranted and totally out of context. |
Our Actions in Satyam Case Completed |
You would appreciate that as part of a continuous drive to uphold the credibility, integrity and image of the accountancy profession in India, our regulatory mechanism is working assiduously. The Disciplinary Directorate of ICAI has been taking disciplinary action against its errant members as per the provisions of the Chartered Accountants (Amendment) Act, 2006 and Rules framed thereunder. Here, I would like to update you on our actions emanating in the wake of the Satyam case. Soon after the Satyam scam was exposed, disciplinary action was initiated against the Statutory Auditors concerned, the CFO of the Company and the Head of Internal Audit Department. The Disciplinary Committee, after completion of enquiry against the aforesaid persons, has found them guilty of professional misconduct and has awarded the maximum punishment of removal of their names from the Register of Members permanently and also imposed a fine of R5 lakh each on them. The Appellate Authority constituted under Section 22A of the Chartered Accountants (Amendments) Act, 2006, in all cases, except one case which is yet to be heard by the said Authority, has also upheld the decision of the Disciplinary Committee of ICAI. With this, the ICAI has fulfilled its resolve to punish its erring members in this case. |
Our Profession Scores a Victory in UP |
I am happy to share with you that we have achieved a major victory in the state of Uttar Pradesh with regard to appearances in the cases of VAT. The Lucknow Bench of Allahabad High Court had earlier directed that any person, who is not a registered advocate, shall not be permitted to appear before the Authorities under the UP VAT Act, 2008. We took up this matter immediately and filed for impleadment and vacation of the said order dated 6th August, 2014. Consequently, the Lucknow Bench of Allahabad High Court has now modified the order and allowed the Chartered Accountants to appear before the authorities under the VAT Act in the state of Uttar Pradesh. |
Expanding our Global Horizons-MoUs with ICAA and CPA Australia |
Today’s knowledge economy doesn’t have any boundaries, and the time is not far when we all have to compete in a globalised environment. My effort has been to facilitate Indian Chartered Accountants to take up global careers. Towards this end, we have particularly set our sights on Australia, where Indian Chartered Accountants have been writing a remarkable success story over the years. To promote this phenomenon further, we are working tirelessly through our three chapters in Sydney, Melbourne and Brisbane while three more chapters will soon be opened at Perth, Adelaide and Canberra. |
Our Role in Checking the Rising Banking Frauds |
Recently, the banking frauds have dominated the headlines. You will be surprised to know that public sector banks have cumulatively lost a massive sum of 22,743 crore due to cheating and forgery in the last three years alone. Our banking system is also under severe strain because of mounting non-performing assets. |
Tremendous Response to CABF in Aid of the Needy |
Chartered Accountants Benevolent Fund has been our effective answer to the calls of our members in distress. I am thankful and happy to note your tremendous response to our appeals to strengthen the corpus of this fund to help the families of our fellow professionals in need. We have received an encouraging contribution of 56,08,218 so far from 2nd March 2014 to 20th August, 2014. Out of the total corpus, 70,16,000 has been granted as financial assistance to the families of deceased members during this period. Let’s keep up this benevolent trend. |
Network of Reading Rooms Expanded |
Many of you may be aware that providing reading facilities to our students has been very close to my heart. Thus, I have laid special emphasis on establishing more and more reading rooms across the country. I am happy to inform you that pushing this initiative forward, we have been able to establish 98 Reading Rooms at various places across the nation. This facility provides a conducive reading environment to students who do not have facility to study at home. This initiative also provides an opportunity to students coming from remote areas to study in metros and bigger cities. |
More ITT Centres to Leverage Technology |
Considering the importance of Information Technology in the accounting profession and in order to impart synchronised and uniform theoretical and practical IT knowledge to all the aspiring CA students in the IT area, the Institute has established its own IT labs equipped with latest computers, software and other infrastructural facilities at almost all its branches and regional offices. As on date, 156 ITT centres are imparting IT training to our CA students and four of these ITT centres namely Bhavnagar, Anantapur, Ongole and Karimnagar were given accreditation for conducting IT training recently. |
Young Members Practitioners Kit |
Post-liberalisation of our economy, the demand from industry for young Chartered Accountants has increased manifold in various sectors of the economy. There are endless opportunities for practicing young CAs. To help our young members tap these enormous opportunities, we are all set to launch Young Members Practitioners Kit which would provide young CAs an insight into the various aspects of practice. These aspects include the constitution of the practice entity, areas of specialisation, office infrastructure, branding, staffing and HR management, modern audit tools and techniques, audit programme, etc. The information contained in this manual will be very informative and will guide our young members to be effective and successful practitioners. |
XIX World Congress of Accountants in Rome |
I am glad to inform you that ICAI has been invited to share India’s vision at the World Congress of Accountants which will be held in Rome in November this year on the theme ‘2020 Vision: Learning from the Past, Building the Future’. More than 5,000 world accountancy professionals are expected to participate and make use of this platform to address contemporary concerns in global accountancy and discuss the professional challenges and respective solutions. While I am one of those invited to speak in this mega conference, it will be a chance for our profession to affirm its fundamental role in serving the public interest. |
************** |
Before I conclude, I would also like to remember another great nationalist leader, freedom fighter and former Prime Minister Shri Lal Bahadur Shastri who was also born on 2nd October and still remembered for his vision and famous slogan of Jai Jawan Jai Kisan. A son of the soil and a man of people and principles, he was of the opinion that: ‘Hard work is equal to prayer’, which is worth taking note of by all of us. |
Best wishes |
CA. K. Raghu President, ICAI New Delhi, September 23, 2014 |
Please Post Your Views Here |
President's Message - Archives |