Recommendations Restructuring Business Plans Enhance the Public Image of the Profession Public Relations & External Communication Key Actions Details Responsibilities Target Date Publicise vision exercise and document widely To make the vision process more transparent by publishing the Vision document through Institute Journals, various other forums available to the Institute Public Relations Committee / Executive committee On - going from January 2002 Marketing of the profession for specialized capabilities -Nationally and Internationally To develop the necessary yardsticks and norms to be adhered to and clearing the material to be published· To establish the necessary advertisement code for the profession after obtaining approvals for all the above steps Public Relations Committee / Executive committee To implement by Year 2003 Introduction of Awards for eminent Members To establish the criteria and ratings which are transparent and forming a panel of judges to select the deserving member Public Relations Committee / Executive committee March 2003 Publicise the disciplinary measures widely to enhance user awareness and to have the preventive effect on members To develop the Publicity Strategy for Professional Discipline and Institute's Disciplinary Activities Public Relations Committee / Executive committee June 2002 Market "Indian CA" Advantages to MNCs for shifting their accounting base to India for strategic cost advantage. To develop the strategy for marketing widely Indian CA Public Relations Committee / Executive committee June 2002 Publicise the effects of the new initiatives to get greater growth and the regulatory support Create platforms to propagate our new initiatives among different users e.g., Government, Trade bodies etc. Public Relations Committee / Executive committee On going from June 2002 The understanding about profession, it?s mission and good work done in the eyes of stakeholders. Build up sufficient impact of our profession in Government Circles by creating utility value as a spokesman Public Relations Committee / Executive committee On going from June 2002 Create Data Bases of the products/services offered by the firms in various Market/Industry Segments To develop the requisite database, which helps the business entity to access and buy the relevant products or services, provided by the firm Public Relations Committee / All committees April 2003   Restructuring Business Plans Globalisation of Profession International Reciprocal Arrangements Key Actions Details Responsibilities Target Date Get the recognition in the top 10 countries on top priority To enter into strategic arrangements/agreements to compete globally· To harmonise the accounting standards realising the impending gobalisation of the business· To adopt the international best practices and develop the necessary criteria to reach the requisites of benchmark· Evaluate basis and outcome of such recognition International Affairs Committee April 2003 Get the recognition in other countries To develop working alliances with other countries and harmonise the accounting standards and working practices International Affairs Committee April 2004 Exchange of professionals with Industries, International Institutions To develop the strong relationship with other institutes globally to acquire the newer skill sets necessary for providing services to the clients globally International Affairs Committee April 2003 Welcome the merger/consolid-ation of professional firms to create large 'FIRMS' by introducing processes and guidelines To establish network between practices which creates an effective forum to communicate home country or international contacts that would facilitate the forming of strategic alliances International Affairs Committee / Professional Development Committee April 2003   Restructuring Business Plans Enhance the credibility for the Financial Statements Accounting Auditing Standards and Continuous Mechanism for Resolving Issues Key Actions Details Responsibilities Target Date Develop Industry specific Accounting Standards To commence the preparation of Accounting Standards related to: Power IT Insurance Agriculture Bio-Technology Communications Space and Aviation Defence Newsprint Infrastructure And to take up more new industry specific accounting standards on need basis as and when it arises. Accounting Standards Board December 2002 Constitute specific Industry Groups/ Committees Core land task Group needs to be established comprising of Industry Specialist, consultants, Government Nominees. The Group shall develop on continuous basis the requisite amendments, change, incorporate new issues, carry out reviews and suggest measures to address the industry wise business/accounting issues and resolving queries etc. to begin with: Power IT Insurance Communications Accounting Standards Board/Auditing Practices Committee December 2003 Develop Industry specific Accounting Standards To commence the preparation of Auditing Practices relating to: Insurance Agriculture Bio- Technology Communications IT Accounting Standards Board/ Auditing Practices Committees December 2002 Constitute Government Accounting Advisory Group To constitute task group to develop the best practices and Standards relating to Government Accounting Executive Committee December 2002 Remove the gap between IAS and AS and move towards global standards Introduce all the standards in line with IAS· Focus on effective implementation of Accounting Standards· Address issues on Accounting Standards Accounting Standards Board March 2003 Develop Data Base for Best Practices in Accounting and Auditing To establish an effective forum wherein opportunity is available to members to share their ideas and concerns. Institute shall take the necessary lead in bringing together necessary resources. These processes help in implementing new ideas or seek guidance for improvement Accounting Standards Board/Auditing Practices Committee June 2002   Restructuring Business Plans Keep the Ethical Standards High Code of Ethics & Disciplinary Proceedings Key Actions Details Responsibilities Target Date Develop the existing code of ethics in line with International Best Practices. To develop ethical standards in line with global best practices and incorporate necessary changes, know how, amendments considering the needs of business/Regulators Committee on Ethical Standards & Unethical Removal of Auditors April 2003 Introduction of Peer Reviews (Quality Assurance Reviews) To develop the procedures and criteria for Peer Reviews among the members/firms. Identify gaps, if any, with the Strategic Planning Practices of the firms· Addressing the quality control issues with the best practices criteria for facilitating better planning· Implementing changes in their practices to render top class quality services to the clients Professional Development Committee June 2002 Strengthen and speed up the Disciplinary and resolution process by: Making procedures transparent Decentralisation of certain matters Special Benches for specific matters Introduction of Suo-Motto Proceedings Use of Technology for the Processes To initiate necessary steps to identify new methodologies and to work out improvements to make the disciplinary proceedings effective, transparent by combining the technology efficiently to make the process timely and early resolution· Where necessary and cost effective - try and decentralize the Disciplinary Committee functions and introduce the Suo-motto reviews for better compliance Disciplinary Committee June 2002   Restructuring Business Plans Development of Future Members Curriculum, Training Key Actions Details Responsibilities Target Date Introduction of specialized courses both at entry level and post qualification level To improve the quality of education covering the necessary areas of subjects to assure public that the stringent pre-qualification training and registration requirements are in place and that the members possess the required level of competencies· To develop continuous learning and self-development on global financial management concepts, models techniques and practices. Further, allow members to introspect, assess own aptitudes, strengths and specialise accordingly· Build on post qualification courses introduced on Information Systems Audit Computer Assisted Audit Techniques Insurance WTO· Develop and introduce new products such as E Business· Data Management Continuing Professional Education Committee (CPEC) April 2003 Monitoring of Practical Training To establish the objective of stringent pre-qualification training and registration requirements to assure the public that the standard of curriculum meets the minimum Board of Studies April 2003   level of competence. Further, Institute has to continuously revise its entry standards and registration requirements keeping in view the changes in business needs     Grading the training facilities available with various firms and corporates To develop the criteria of grading to benchmark training based on the firms/ corporates grading. Ensure that the firms/corporates have strictly adhered to the pre-determined criteria Board of Studies April 2003 Extension and Enhancement of Campus Recruitment Develop and build a database on industry requirements, survey and identify professional job opportunities. Professional Development Committee April 2003 Continuous up gradation of Academic Curriculum to get the global recognition To update the necessary flexible curriculum at par with global standards to cope with Trans-national corporations and increased international activity. Further internationally recognised qualifications with be required for exploiting new opportunities Board of Studies April 2002   Restructuring Business Plans Knowledge Management Key Actions Details Responsibilities Target Date Creation and Development of Industry specific Databases (Access on Specific Charges) To develop industry specific technical databases and allow access to firms/members on a continuous basis that helps small and medium size practices groups (SMP) to gain the competitive advantage Professional Development Committee, Research Committee, IT Committee June 2002 Introduction of Computer Based Training for the members To provide training to members utilising formats as self - study videos, Computer assisted tutorial course, distance learning on Internet, covering practice management, industry specificity courses· To develop teleconferencing facilities for members to share ideas, concerns on newer areas of interest industry wise· To foster alliances with global firms and Institutes to share technical and business etiquette's and best practices skills Professional Development Committee, Research Committee, IT Committee December 2002 Develop courses on: Business skills Strategic skills Soft skills Training in Best Practices To develop the new expanded range of services as well as empower the members with soft, analytical land leadership skills Professional Development Committee, Research Committee, IT Committee December 2002 Publish Practice Guides in Business Development Specialisation in New Markets To provide a number of technical aids or tools to firms and members to establish or demonstrate standards of practice and also to provide with models that can be used in their day to day work Professional Development Committee, Research Committee, IT Committee June 2002 Develop FAQ Data Base and allow free access To establish the website as a service to its members providing information on legal issues or interpretation of law provisions. Further, to give free advice to all interested members through e-mail submissions and publishing of FAQ columns Professional Development Committee, Research Committee, IT Committee September 2002 Step up the Research Faculties Develop the necessary infrastructure and the required faculties to monitor the research strategies identified Research Committee September 2002 Collaborative Research: With Industry Participation With other Institutions With Universities With other International Institutions To enter into collaborations with top class Institutes globally and the team shall carry out studies on a continuous basis on new products/process on assurance and other value added services· Research Committee December 2002   To garner financial support from the regulators, charities, members both internal and external to maintain and upgrade the requisite facilities as and when the need arises     Recognise/Award the research efforts of Professional entities and encourage the sharing of the same with the profession Identify and work with professional entities for shared research projects· Develop a suitable business model for sharing of the outcome Public Relations Committee/ Research Committee December 2002 Next || Previous