Kolkata: 2013: A Press Meet has been organized
by Board of Studies of Institute of Chartered Accountants of India(ICAI) on the
occasion of Students International Conference on 14th & 15th
September, 2013 at Science City Auditorium, being First ever an International
Students Event by ICAI at Kolkata.
CA.Subodh Kumar Agrawal,
President, ICAI would be updating the media on the various initiatives taken by
the Institute for members, students and in other areas.
India
is growing at a fast pace & the government has undertaken several
initiatives. Financial inclusion is going to be a key growth area in India. In
view of the developments, the future of the accountancy profession looks very
promising. Accountants can play a greater role in the economic development of
the country. The primary goal of the ICAI would be to uphold public confidence
in this Institution and to create global chartered accountants by inculcating
best international practices in them. The endeavor would be to bring ICAI in
the forefront of economic activity and create a unique ICAI brand that would be
recognized and treated with respect and not just in India but all over the
world.
Starting with a handful of 1700
members, today, the strength of Chartered Accountant fraternity has grown to
over two lakh members. On the education front, the ICAI began with mere 259
students and today more than eleven lakh students are a part of ICAI.
CA Students International
Conference –September 14-15, 2013
ICAI is organizing CA Students International Conference on September 14
and 15, 2013 at Science City Auditorium, Kolkata which is being hosted by Eastern India Regional Council of ICAI
(EIRC) and Eastern India Chartered Accountants Students’ Association (EICASA).
The theme of the Conference is “Accounting Professional – Ace, Astute & Adaptable” so as to understand the
intricacies involved in emerging innovations in the Professional Arena, namely,
International Standards in the field of Accounting, Auditing & Ethics,
Goods and Service Tax, Transfer Pricing Issues etc, and response thereto by the
Accountancy Bodies. This would be the annual gathering of CA students from all over
the Globe.
With a view to understand and appreciate the impact of innovations
across the borders, students from all International Accountancy Bodies have
been invited to participate in the International Conference to exchange their
knowledge and experiences. The Conference would comprise of Technical Sessions, Keynote
Lectures, Presentations, Panel Discussions.
Shri K. Rahman Khan, Hon’ble Union Minister for Minority Affairs would
be the Chief Guest of the occasion. The Conference is being
attended by more than 2500 CA students from India and SAFA Member bodies namely,
Pakistan, Bangladesh, Nepal and Sri Lanka.
(A) Initiatives towards Nation building
The ICAI regulates the profession of Chartered
Accountancy in India and since its establishment, it has been making relentless
efforts for bringing an overall qualitative improvement in the financial
reporting so that Indian accountancy profession can discharge its
responsibilities towards the Indian economy in the most efficient manner.
The profession has moved much beyond performing
merely accountancy functions, and has been contributing by giving inputs to the
Government and various regulators in the areas of financial markets, capital
markets, the reforms in the government accounting or issues of emerging
paradigm and has truly added value to the process of economic and social
development in the country.
Study
Group on Indian Economy: The
accountancy function continues to play a strategic role as an enabler of
economic growth. In order to take forward this mandate, ICAI has recently
constituted a Study Group on Indian Economy. The Group will focus on the
Qualitative Assessment of the Macro-Economic Developmental indicators
pertaining to trade, globalization, monetary management fiscal prudence,
financial reforms, trade as a tool for development.
Study
Group on formation of LLP CA Firms & multi-disciplinary partnerships: ICAI has recently constituted a
study group to study the issues relating to formation of LLP CA firms and
formation of multi-disciplinary partnerships and to suggest the solutions
thereto.
Companies Act, 2013: The new Companies Bill has received assent of Hon’ble
President of India, which will make it into a law replacing the nearly
six-decade old regulations that govern corporates in the country. There are some key issues in the Bill that are affecting CA profession. ICAI will systematically take up
the concerns with the competent authorities as has been done in the past. There
is a scope to address these concerns through rules which will be exposed for
public comments very soon. ICAI will however bring out guidance notes for
smooth implementation of the provisions of the Bill.
An MoU was
signed by the 3 Professional Institutes in the presence of Hon’ble Minister of
State (Independent Charge) for Corporate Affairs, Shri Sachin Pilot in New
Delhi on September 12, 2013 which aims at organizing prgrammes for the capacity
building through financial literacy and accounting education, conduct research
& programmes on investor education and protection/corporate governance etc.
Corporate Social Responsibility
(CSR) Initiative: Recognizing
its social obligations as a Partner in Nation Building, the ICAI, based on CSR
initiative of the Ministry of Corporate Affairs, has decided that through its
dedicated network at the Regional and Branch level centres, it will seek
volunteers from amongst its eligible members for offering audit services to at least
100 auditable entities, to start with, viz. to undertake pro bono and gratis
and complete audit in terms of applicable Generally Accepted Accounting
Principles. The target beneficiaries would be selected from amongst those
engaged in micro and small enterprises, located in tribal, remote and rural
areas, belonging to under privileged/disadvantaged sections of the society,
differently able and deserving but deprived classes. For this purpose,
the ICAI will soon invite applications from its interested members/firms for
necessary empanelment. The modalities for putting this into effect will be
discussed with the Ministry shortly. Recently, Department of Public
Enterprises, Ministry of Heavy Industries & Public Enterprises requested
ICAI to arrange workshops on CSR Accounting and Auditing for State and Central
level enterprises across India during coming
months in view of problems arising in
accounting and auditing of CSR funds.
Providing Assistance for MGNREGA Scheme: The Ministry of Rural Development (MORD) had
solicited ICAI’s active role regarding Gram Panchayat audits in connection with
MNREGA Scheme. The Ministry had forwarded its inputs/findings regarding the
Audit of Gram Panchayat (on pilot basis) & had also come up with the draft
framework for the said purpose which was deliberated during various meeting
with ICAI. The Ministry had sought assistance from ICAI for auditing of more
than 2,50,000 Gram Panchayats in connection with MNREGA Scheme. This initiative
will create more professional opportunities for CAs. The Ministry had also
sought help from ICAI in determining the fee for the certification work and
arrange for equitable distribution of work among professionals based on the
panel, to be maintained by and through office of C&AG. ICAI
had submitted a proposal to Ministry of Rural Development for
implementation of limited review of Gram Panchayats in respect of Mahatma
Gandhi National Rural Employment Guarantee Act (MGNREGA) to be carried out
by Chartered Accountants.
Memorandum of Understanding
(MoU) with Department of Posts : ICAI eneterd into MoU with Department of Posts to help
the department in switching over from cash based accounting to accrual based
accounting. ICAI will organize 39 training programmes on Accrual basis of
accounting in the offices of Postal Accounts Offices of all 22 circles on PAN
India basis. In this regard, 26 programmes have been organized till date and
the balance programmes shall be organized by Nov’13.
Training Programmes to be
organised: In
addition to the above, ICAI would also be conducting training programmes for the 'Department of Public
Enterprises' on Skill Development/Training of Executives and Employees of State
Level Public Enterprises (SLPEs). Besides the above, proposal from ‘National Institute of Financial
Management’ for conducting training programmes for CAs in Government Accounts
has also been received, which will help them in understanding of the
Central and State Government Accounts and Audit reports of C&AG of India.
ICAI has received proposal from Central
Bureau of Investigation (CBI) for organizing training programme on
Financial Crimes and Forensic Accounting for their officers. Also, a proposal
has been received from National Backward Classes Finance
& Development Corporation under the aegis of Ministry of
Social Justice & Empowerment for training their executives on Risk
Management.
Qualified Audit Report Review Committee
(QARC):
Securities and Exchange Board of India (SEBI) had sought support from ICAI’s
FRRB to review the audit qualification of the listed enterprises. The SEBI had
set up a Qualified Audit Report Review Committee (QARC). Its role is to guide
SEBI in processing the qualified annual audit reports, FRRB will assess the
materiality of the qualification contained in auditor’s report, based on which
QARC may even direct the entity to restate its books of accounts.
ICAI nominee on
QARC has been appointed as the Chairman of QARC which also includes
representatives of BSE, NSE, MCX and SEBI itself.
ICAI endeavors to support all regulators to bring
transparency in financial reporting. In order to smoothly accomplish the new
role assigned, an issue paper and a draft of background paper has been prepared
containing the detailed procedures that may be adopted by it as well as the
challenges that may arise while implementing this process. The Board endeavors
to take appropriate action in the interest of all stakeholders.
Progress made towards IFRS: The ICAI has been constantly formulating new
Accounting Standards as well as revising the existing Accounting Standards from
time to time with the objective to bring the Indian Accounting Standards in
line with the International Accounting Standards (IASs)/ International
Financial Reporting Standards (IFRSs), as issued by the International
Accounting Standards Board (IASB).
Considering the global developments with regard to
IFRS and to ensure smooth implementation of Ind AS converged with IFRS, a
committee was constituted to get the members and other stakeholder ready for
proper implementation of Ind ASs. The ICAI is working to support the members
and other stakeholders in proper implementation of these Standards by issuing
Educational Material on Ind ASs. Adequate steps to enhance the knowledge of the
members and other stakeholders for proper implementation of IFRS converged
Indian Accounting Standards (Ind ASs) are being taken by way of conducting workshops, seminars and organising IFRS
Certificate Course. So far, around 4800 members have been trained under
this programme.
Investor Awareness Programs: The Ministry of Corporate
Affairs (MCA), under the aegis of Investor Education and Protection Fund (IEPF)
of the Government of India, has entrusted the Institute with the task to
educate the present and prospective investors of the country about the intricacies
of capital market. The objective of this initiative is to create better
awareness among common people for investment in corporate sector towards
creating a strong India Inc. ICAI has conducted 1702 programmes through its
branches and resource persons since the year 2007 till date. ICAI has received
proposal from MCA to conduct 1000 Investor Awareness Programmes during the Year
2013-14. From Feb 12, 2013 till date 220 such programmes have been organized.
Setting up prototypes of “Accountancy
Museum”: In
order to preserve the past records, documents and memoirs gathered from various
sources, the ICAI had set up “Accountancy Museum” which is functional at ICAI
office in Noida. The Museum has been
recognised by the Government of India as “Accountancy Museum of India”. The
Archives of ICAI is a repository of the non-current records of the Institute
and its regional offices /branches. It is a rich amalgam of historic records,
speeches, documents, rare and contemporary photographs, activities /events, press
clippings, mementos, shields, awards, audio/video material etc. These
constitute a valuable supplement to the information available amongst other
ICAI records.
In
order to communicate to the stakeholders regarding accountancy profession,
about the profession’s heritage and also to create awareness about the
existence of the “Accountancy Museum of India”, the ICAI has set up
prototypes of the Museum at its Regional Council Offices and Decentralised
offices besides one office.
Members
& Students Services Charter: On the lines of Citizen’s Charter, the ICAI has in
principle, approved bringing out the Members & Students Services Charter
detailing the timelines for completion of various procedural work relating to
members and students viz. registration, payment of fees, change of address,
issuance of certificate of practice, admission as a fellow member, other
engagements, firm activities, students and articleship activities etc. The Charter will be released in coming 3
months.
(B) Initiatives for Students
The ICAI has always been
pro-active in designing education and training schemes so as to produce
competent professional Chartered Accountants.
The Institute is aware of the demand of the modern dynamic society and therefore
the CA course is regularly updated and revised so that the students should acquaint themselves with the
latest in the fields of accounting, auditing, finance, IT and should remain
ahead of times. In this direction, the ICAI has recently revised the syllabi
of few subjects of IPC and Final Examinations. The
ICAI has also initiated some more Student friendly measures.
Integration
of CA Course with Commerce Education at University level: ICAI is in the process of
identifying the gaps in the present Under Graduate commerce course and
coordinating with UGC and other relevant authorities so that the capability of
the commerce students can be enhanced. Recently, ICAI organized “Accountancy
& Commerce Education Summit” on September 11, 2013 at New Delhi. The
Summit provided a forum for exchange of thoughts and interaction on various
areas of academic and practical interest such as the need for relevant course
curriculum, method of imparting education, examination reforms amongst leading
academicians in the field of Commerce & Accountancy Education in India and
the professional Chartered Accountants.
Students Portal – Single window Referencer: A Students’ Homepage on ICAI
website (http://students.icai.org) was launched by Shri Sachin Pilot, Hon’ble Union Minister
of State for Corporate Affairs (I/C) on July 1, 2013. Students would now be
able to view/ access pertinent details through a mobile site optimized to
provide Student Services on the mobile platform along with mobile applications/
Apps.
Launch of Final Course e-Learning on the Students Learning
Management System (LMS):
e-Learning Facility for the Final Course was launched on the Students Learning
Management System (LMS) (http://StudentsLMS.icai.org). e-Learning facility for Common Proficiency Course and
Intermediate (IPC) Course is already available. This facility is made
available with an objective to provide quality self-learning for the CA Course.
Access to this facility is FREE. This initiative aims to provide quality
education for learning, re-learning and revising anytime and anywhere in an
affordable manner.
Webcasts-Subject
Specific: ICAI organizes subject-specific live Webcasts for students on
every Saturday afternoon from 1.00 p.m. to 5.00 p.m so that maximum number of
students can be benefitted. Further, ICAI is also planning to organize webcasts
in those subjects in which performance of the candidates could be further
improved. Such a move would help the
students on all India basis to improve their performance considerably in the
forthcoming examination.
Release of One Stop
Referencer for CA Students: A Booklet titled “One Stop Referencer on CA Course” was brought
out which contains all the relevant information which a CA student requires at
different stages of the Chartered Accountancy Course.
Mock Test: The Institute for the benefit
of students conducts Mock Test with the help of its Regional offices and
Branches. These tests are in the nature of actual tests and are conducted in
simulated examination conditions. The
Mock Tests for the November, 2013 examinations would be conducted by the ICAI
in September-October 2013.
Introduction of Direct Entry
Scheme to CA Course:
It had been decided by ICAI to exempt Graduates/Post Graduates with specified
percentage of marks and Intermediate level Examination passed students of The
Cost Accountants of India and The Institute of Company Secretaries of India
from passing the Common Proficiency Test (CPT).
Due to different nomenclature of
papers in various Universities and all papers not carrying 100 marks, the
Institute, in order to remove the hardships faced by students seeking direct
entry into Intermediate (Integrated Professional Competence) Course, has
decided to cover the following category of students for being eligible to
direct entry. Graduate or Post Graduate in Commerce having secured in aggregate
a minimum of 50% of the total marks or its equivalent grade in the examination
conducted by any recognized University (including Open University) by studying
any 3 papers carrying a minimum of 50 marks in a semester/ year and
cumulatively 100 marks or more marks over the entire duration of the course in
each paper out of Accounting, Auditing, Mercantile Laws, Corporate Laws,
Economics, Management (including Financial Management), Taxation (including
Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or
Management Accounting; or similar to the title of these papers with different
nomenclatures.
Further,
the Institute has decided to approve the subjects, University-wise, as and when
the issue of nomenclature arises.
Reading Room Facilities: The policy for providing
additional reading room facility was made so that students can pursue their
studies in a conducive environment. It was decided to set up 227 reading rooms
in various cities all across the country. ICAI is in the process of setting up
reading rooms at various places.
There
are 101Universities/ IIMs /Institutions which have recognised Chartered
Accountancy qualification for pursuing the Ph.D Programme. For the purpose
of registration to Ph.D programme, Chartered Accountancy qualification would be
treated as possessing a Post Graduate degree in commerce or allied discipline.
Course Material on English
Speaking, Writing Skills and Business Communication: The ICAI brought out the
publication titled “Course Material on English Speaking, Writing Skills and
Business Communication” to facilitate the Regional Councils and branches for
conducting such programmes for the benefit of Articled Assistants as well as
staff of the CA firms and employees of the Institute so as to further enhance
the overall potential of the profession.
Faculty Development Programmes : The ICAI has completely
revised the syllabus for both the courses of GMCS and brought out new training
material for the students and the trainers. A number of programmes are also
being organized for the trainers throughout the country which would ensure the
standardization in the delivery of the course throughout the country.
Accreditation of Institutions: With a view to supplement the
efforts of ICAI, it is proposed to have a two pronged - strategy for
strengthening coaching at various regions and branches. For this purpose,
branches will be encouraged to organize regular classes for the students. It is
also proposed to accredit more and more reputed educational institutions so
that they can impart teaching for the CA Course.
To make the Articles Placement
Portal popular and more dynamic: Necessary steps are being taken in this direction to make it
user friendly for firms and students.
Formation of Committee for
Review of Education and Training (CRET): This step has been initiated to have a comprehensive
review of the entire structure of Education and Training Scheme for the
Chartered Accountancy course which was last reviewed in 2008.
(C) Initiative for Members
Besides other initiatives being
undertaken for the members, ICAI continues to address the concerns of Small and
Medium Practitioners (SMPs) and focus on their Capacity building through skill
development initiatives. ICAI provides Institutional Framework Enhancement to
develop SMPs. The ICAI would work towards fostering collaborations between SMPs
and relatively larger firms.
The endeavor this year would be
to prepare the members to go beyond traditional domain and explore to widen the
scope of professional services in order to cover the entire gamut of financial
services. The members are also being helped to upgrade their skills. For
instance tie-ups with different universities have been finalized that will give
exemptions to CAs who wish to pursue MBA/PhD. It is proposed to create the ICAI
think-tank and encourage networking amongst students and members in the areas
of professional interest.
ICAI has recently constituted a Group to consider issues relating to
equitable audit allotments, development of a mechanism to control tendering
system and introduction of ceiling on number of concurrent audit of banks per
firm.
Certificate Course on
Management, Taxation Laws, Accounting & Auditing Of Co-Operative Societies
and NPOs: This
Certificate Course which has been designed exclusively for ICAI members to
render quality services to cooperative societies and NPOs through updation of
their knowledge on various aspects of these sectors was launched.
ICAI Awards for Excellence in Financial
Reporting: ICAI
conducts the annual competition ‘ICAI Awards for Excellence in Financial
Reporting’ every year. The invitation to participate in the competition for the
year 2012-13 is currently open for all entities which publish their annual financial
statements. The objective of this competition is to recognise and encourage
excellence in preparation and presentation of financial information. This year
the competition is being held under 13 categories such as Banking Sector,
Manufacturing Sector, Insurance Sector, Service Sector, etc.
Training Programme on SAP
Crystal Reports – A Business Intelligence Tool: ICAI has started Training
Programme on SAP Crystal Reports – A Business Intelligence Tool. This
course covers the process to design, explore, visualize, and deliver reports
via the web or embedded in enterprise applications. It also provides
comprehensive skills and in-depth knowledge to plan and create reports that
will help in analyzing and interpreting data. As a business benefit, this course
is an in-depth approach to the entire report creation cycle, from planning a
report prototype to distributing a report.
E-learning on Auditing Standards: ICAI
had launched e-learning on auditing standards which is an important initiative
to spread awareness about auditing standards among members at large, using the
medium of technology. Till date, more
than 2000 members have already enrolled for e-learning out of which 850 have
already completed the e-learning.
Practice
outside India to be reckoned for fellowship: As per the Scheme of Chartered Accountants Act, 1949
[Section 5(3)], a member is granted fellowship if he has been in continuous
practice for five years within India.
Recognising the fact that members of the ICAI have also been practising
outside India, it has been decided to request the Government for effecting
amendment in the CA Act in order to reckon the practice done outside India to
become eligible for fellowship.
Campus Placement Programme: The Chartered Accountancy Course
offers bright future prospects for the candidates. It offers equal
opportunities to those who wish to opt for a job or start their own practice.
The Institute through one of its Committee organizes campus placement programme
twice every year for the benefit of newly qualified chartered accountants. This
forum provides opportunity to the employers to interact with newly qualified
Chartered Accountants and also is a cost effective mode of recruiting Chartered
Accountants.
ICAI had organized Campus Placement Programme
during February- March 2013 . The 2nd phase of campus placement
programme was organized at 16 Centres from August – September, 2013. Prominent
organizations including Public Sector Undertakings, Banks etc. participated in
this mega event.
Total No. of Companies
participated in all center’s – 57 (102 interview teams)
|
|
Jobs Offered
|
Jobs Accepted
|
Interview Teams
|
|
Smaller Center
|
112
|
90
|
22
|
|
Metro Center
|
395
|
388
|
80
|
|
Total
|
507
|
478
|
102
|
- Highest salary for Smaller center (Pune)- 16
Lacs per annum offered to 3 candidates by ITC Limited
- Highest salary for Metro center (New Delhi)-
24.64 Lacs per annum offered to 3 candidates by Alghanim Industries for International
Posting
- Highest salary for Metro center (Mumbai)- 20
Lakhs Per Annum offered to a candidate by Hindustan Unilever Limited for Domestic
Posting
(D)International
Initiatives
ICAI is playing an increasingly proactive role at the International
front and has drawn up a strategy with the aim to export professional services
in a big way to enable Indian Professionals to take lead in International
Affairs and come at par with those from developed countries.
MoUs/MRAs
with various Accounting Bodies:
The Institute
has signed MoUs/MRAs with various Accounting Bodies namely:
·
The
Institute of Chartered Accountants in England & Wales
·
The
Institute of Chartered Accountants of Australia
·
CPA
Australia
·
CPA
Ireland
·
Canadian
Institute of Chartered Accountants
·
Association
of International Accountants (AIA), UK
·
New
Zealand Institute of Chartered Accountants
This step entails coming
together of the two Accounting bodies working in tandem with each other to
provide synergy. These agreements facilitate mobility of members across the
borders and further strengthen the ties between India and its counterpart in
other country.
The MoUs for
Technical Cooperation with the following Accounting Institutes have been
cleared by the Ministry and would be signed soon:
·
Accounting
& Auditing Standards Board of Bhutan
·
Saudi
Organization for Certified Public Accountants
Political
clearance is awaited for the MoU for Technical Cooperation with the Vietnam
Institute of Certified Public Accountants
Talks
are progressively on with the following Accounting Institutes for signing MoU
with ICAI:
·
South
African Institute of Chartered Accountants
·
The
Japanese Institute of Certified Public Accountants
·
Instituto
Mexicano de Contadores Publicos, A.C, Mexico
Dialogues
of Technical cooperation have been initiated with the following Accounting
Institutes:
·
The
Institute of Chartered Accountants of Nepal
·
The
Institute of Chartered Accountants of Bangladesh
·
Singapore
Accountancy Commission
·
Court
of Auditors, Morocco
·
The
Institute of Chartered Accountants of Scotland
·
Kuwait
Accounting and Auditing Association
·
National
Board of Accountants and Auditors, Tanzania
·
Egyptian Society of Accountants &
Auditors – ESAA
·
Ordre
national des Experts Comptables et des Comptablies Agrees du Togo (ONECCA-TOGO)
·
The
Society of Accountants in Malawi
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