ICAI convocation in Kolkata

 ICAI convocation in Kolkata

Kolkata, 2014: The Institute of Chartered Accountants of India (ICAI) felicitated newly enrolled members and distributed certificates to the rank holders at a convocation in Kolkata today.

 

Chartered Accountant (CA) Subodh Kumar Agrawal, President, ICAI, addressing a press briefing said, “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.”

The strength of Chartered Accountant fraternity has grown from 1700 to over two lac members. On the education front, the ICAI began with mere 259 students and today more than 11 lac students are currently a part of the Institute.

The ICAI regulates the profession of Chartered Accountancy in India and bring about 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. ICAI  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.

 ICAI has recently constituted a Study Group on Indian Economy to 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. Another to study the issues relating to formation of LLP CA firms and formation of multi-disciplinary partnerships and to suggest the solutions thereto has also been constituted.

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.

 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.

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.

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.

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).

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.