1	Year 2009 and ICAI Vision, Mission and Action Plans By Uttam Prakash Agarwal
2	Pranams to Swami Vivekananda “Whatever you think, that you will be. If you think yourself weak, weak you will be; if you think yourself strong; strong you will be.”
3	ICAI – March ahead into 2009 This is the year of hope and virtue… We are at a time, when future should not be predicted and must be created As is for the global economy, ICAI also has to meet a challenging year ahead
4	Vision and Mission I have not prepared any Vision and Mission document Instead, I have put together an “Action Plan” Drawn from various discussions all the council members have had over the past couple of years This is the vision and mission of one and all in the council
5	Action Plan - Students Five year perspective plan for the CA Course Address the issues of frequent changes Provide a roadmap for a longer term Changes to the existing systems Enlarging the skill-sets of students covering communication, presentation, IT, leadership etc., Bring about branches for specialization Better coaching system and articles training system
6	Action Plan - Members Change the public perception Strengthening of peer review and quality review Improve visibility of the institute nationally and internationally Successful implementation of LLP for the practitioners Take technology knowledge and utilization to higher levels Make the CPE process contemporary and easy
7	Action Plan - Members Help grow SMB practitioners Adequate training and infrastructure to improve their practice areas Enable them to provide professional support to investigations by various authorities State of the art infrastructure in smaller branches and chapters Equip senior members to play new roles Independent Directors Arbitrators Ombudsman
8	Action Plan - Businesses Strengthen monitoring system Best audit practice adoption Forensic audit practice Corporate governance framework Vertical sector specialization amongst members Address challenges of harmonizing IFRS in right earnest and within a defined time frame
9	Action Plan – Small and Medium Businesses Develop and implement Accounting Standards specific to SMBs Develop neighborhood audit firm as a single source of all business services
10	Action Plan – Regulator’s perspective Address the recent concerns by Expanding use of XBRL Strengthening the role of Internal Audit Training members in Forensic audit Simultaneous review of audit quality and financial reporting system Infrastructure to facilitate online examination of quarterly results Ensure independence in audit by Joint audit, and Auditor’s rotation
11	Action Plan – Regulator’s perspective Robust framework, systems and processes to meet expectations from Disciplinary mechanism Setting up of a Serious Fraud Detection Cell in ICAI Periodic and meaningful interaction with regulators Work towards more regulatory powers to the ICAI
12	"We cannot forget our Corporate..." We cannot forget our Corporate Social Responsibility to the Country…
13	Our dedication to the Country Assist CAG with technical expertise for audit systems for Public Private Partnership projects etc. Work with tax authorities to improvise tax audit mechanism Take lead in ensuring timely implementation of a common GST Address international issues such as Global Warming, Carbon Credit Trading
14	Our dedication to the Country Address needs of Agricultural Sector Professional expertise to improve productivity, efficiency and profitability Address the problems of ageing society – elder care practice Train members to play a role as juries in award selection including Padma awards, Sports awards and Film awards
15	Let’s make a Great Nation… Three things are necessary to make every man great, every nation great Conviction of the powers of goodness Absence of jealousy and suspicion Helping all who are trying to be and do good Let’s work to build a great nation! Jai Hind!