Building Trust Enabling Sustainability.

The above is the Theme of the 21st World Congress of Accountants which we are hosting for the first time in more than 100 years history of the Congress. Being part of history is a great feeling. As I ponder over the journey of accountancy profession, I am truly inspired by the growth of our profession globally and in India - the ability to adapt, evolve and thrive to make a meaningful impact on the global economy and for humanity at large.

We need to recognise that we are the conscience keeper of the business world. One of our greatest challenge is the need to protect public trust. In a book titled The Trusted Advisor written by David H. Maister, Charles H. Green, and Robert M. Galford, it is stated that “Trust can be expressed as the sum of Credibility, Reliability and Intimacy divided by Self-Interest.” This Trust Equation is thought provoking. It is only apt that the word “Trust” finds a place in the theme of the World Congress.

The UN Secretary-General states that “We must rise higher to rescue the Sustainable Development Goals – and stay true to our promise of a world of peace, dignity and prosperity on a healthy planet.” ICAI, as a partner in nation building, constituted the Sustainability Reporting Standards Board (SRSB) in February 2020 with the mission to formulate comprehensive, globally comparable, and understandable standards for measuring and disclosing nonfinancial information about an entity’s progress towards the United Nations Sustainable Development Goals (SDG) 2030.

The Institute is working with multipronged strategy to position India as a global leader by nurturing the best accounting professionals and building a global network. I am happy to inform you that today the Institute has presence in 77 global cities spread across 47 countries. With a view to encouraging global mobility of our membership, mutual recognition agreements have been entered into with leading accounting institutions like ICAEW, CPA Canada, CPA Australia, CA Australia & New Zealand, SAICA, CPA Ireland, MICPA and ICA Nepal. Further, MoUs with 15 international bodies have also been signed to promote accountancy profession globally.

The profession has always adapted itself, as per the evolution of society to meet the aspirations and expectations of the stakeholders. However, it is important to understand the changing paradigm, forces and drivers impacting the future of the profession. The WCOA 2022 will enable us to firsthand experience the future of the accountancy profession with key insights and trends.

We are eagerly looking forward to welcoming all the delegates and speakers to the World Congress being held at Jio World Convention Centre, Mumbai from 18th to 21st November. I am happy to inform that more than 4900 delegates from about 90 countries have already registered themselves for attending the Congress in-person. The mega event would have about 150 speakers from industry, accountancy profession and academia covering more than 35 enthralling and informative sessions on diverse topics. The detailed World Congress program is carried in this journal for further information. I would request the members to make full use of this unique opportunity to learn and interact with the best in the industry and acquaint themselves with the latest professional trends.

Let’s have a look at some of the recent developments in the profession since my last communication

I am pleased to share that ICAI has added one more feather on its cap by incorporating “Institute of Social Auditors of India” (ISAI). It has been formed in accordance with the decision taken by the Council to form Self-Regulatory Organization (SRO) under the aegis of ICAI for regulation of social auditors, as per the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2022. ISAI has been formed with the main objective of establishing itself as a leading institution for regulation and development of Social Auditors in an independent and transparent manner, sub-serving the public interest. Also, the ICAI Council has approved the Social Audit Standards (SAS) on all the sixteen thematic areas specified in the notification which shall be sent to SEBI for further course of action. Further, the ICAI is working with National Institute of Securities Management (NISM) in developing the course curriculum and the study material for the social auditor’s certification program to be conducted by NISM and an arrangement for the same has recently been entered into.

I am elated to welcome the new talent to this noble profession who are willing to contribute wholeheartedly to the economic development of our nation. The ICAI Convocation was held on 6th October, 2022 to award certificates of membership to new members and felicitate rank holders of the CA examinations. The Convocation was organized at 14 different locations across the country and around 16,000 newly enrolled Chartered Accountants received their certificates. Shri Piyush Goyal, Hon’ble Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles was the Chief Guest at New Delhi.

I would like to thank Shri G. Kishan Reddy, Hon’ble Minister of Tourism, Culture and Development of North Eastern Region; Shri (Dr.) Bhagwat Kishanrao Karad, Hon’ble Minister of State for Finance and Shri M R Shah, Hon’ble Judge Supreme Court of India for their gracious presence and words of inspiration for the newly qualified Chartered Accountants at Hyderabad, Aurangabad and Ahmedabad respectively. At other locations also eminent dignitaries graced the Convocation.

The Institute has always believed in the importance of MSME & Startups to steer the growth of Indian economy. Being one of the focus areas of ICAI, various initiatives have been undertaken for building and improving the capacity and competence of MSMEs and Startups across the country, to ensure realisation of the vision of developing self-reliant economy. ICAI MSME Yatra is one such initiative which was flagged off on 18th August, 2022 from Mumbai to spread awareness about MSMEs & also ensure capacity building. The MSME Yatra, since its launch has covered 52 cities of the states of Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, Uttarakhand, Uttar Pradesh, Bihar, Assam, West Bengal & Jharkhand up to 17th October, 2022 and will conclude at Mumbai on 18th November, 2022.

A Startup Summit Programme was organised on 8th October, 2022 at New Delhi. The Summit was an initiative to bring together various stakeholders involved in startups to deliberate about promoting entrepreneurship, developments in the Startup ecosystem, funding and valuations, mentoring and experience sharing by the entrepreneurs and experts to build awareness towards strengthening the startup ecosystem. Shri Ramesh Bidhuri, Hon’ble Member of Parliament graced the occasion & around 250 participants physically participated in the said summit.

I am pleased to inform that the Union Government, has approved the signing of a bilateral cooperation agreement with the Institute of Chartered Accountants of Nigeria (ICAN). The MoU aims to establish mutual co-operation for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of respective members and positively contribute to the development of the accounting profession in Nigeria.

Here I wish to add that the Institute has also signed an MoU with Gujarat Student Startup and Innovation Hub (i-Hub), to develop an end-to-end innovation and entrepreneurial ecosystem in the State of Gujarat.

• Meeting with the Institute of Chartered Accountants of Scotland
  
  I had a meeting with the functionaries of the Institute of Chartered Accountants of Scotland on 26th September, 2022 wherein discussions were held on the prospect of entering into bilateral co-operation in the areas of mutual interest to both the organizations. Also, ICA Scotland extended its support and cooperation for WCOA 2022.
  
  
• Meeting with the Institute of Chartered Accountants of England and Wales
  
  I also met Ms. Julia Penny President, Institute of Chartered Accountants of England and Wales and other officials on 29th September, 2022 to discuss the renewal of the MoU with ICAEW. The discussions were positive and fruitful and was a reflection of the excellent relationship between both the Institutes.
  
  
• Public Standards Setters Forum
  
  The Public Standards Setters Forum Meeting was held on 19th-20th, September 2022 at Cascais, Lisbon, Portugal in which 36 countries had participated. CA. Aniket S. Talati Vice President, ICAI put forth ICAI’s views during interactive deliberations, specifically regarding IPSASB’S future work programme and ICAI’s perspective on Sustainability Reporting Mechanism. The participation in the forum holds relevance in the times when there is a global call to imbibe sustainable business practices.

The Institute under the aegis of the Women Members Empowerment Committee along with the Committee for Members in Industry and Business is going to conduct the first placement programme for Women Chartered Accountants in India. All women CAs having obtained membership as on September 30, 2021, or prior and not holding full-time COP are eligible to participate. We have received an enthusiastic response from 81 companies with more than 1170 vacancies to offer flexitime/part-time/work-fromhome job options for our women members. I am pleased to note that more than 1600 women candidates have already registered for the said placement programme.

ICAI under the aegis of the Research Committee organised an Award Presentation Ceremony for the “ICAI International Research Awards 2022” on 20th October, 2022 in Kanpur. The awards ceremony was graced by Mr. Alan Johnson, President IFAC who addressed the awardees through virtual mode. A total of 13 Research papers were awarded during the ceremony out of 148 entries received from 18 countries.

The Institute is proud to host The Olympics of the Accountancy Profession – WCOA -2022. Every effort is being made to ensure that the Congress is remembered for years to come. The great boxer Muhammad Ali had once stated that “The man with no imagination has no wings.” When on a rainy day I look at the cloudy skyline of Mumbai and see birds flying, I visualise Garuda the Eagle flying high piercing the cloud when other birds seek shelter elsewhere. Garuda with its huge wings is Innovative, Fearless & always willing to face challenges. These are the qualities of a Chartered Accountant which we hope to showcase in the World Congress.

I lead all of you in praying to Almighty for a successful & memorable Congress.

Looking forward to meeting many of you in Mumbai.