| Dear Esteemed Colleagues, |
| By the time you read this message, we will all be free from the hectic schedule of audit assignments and have some good time to celebrate the festivals of Durga Pooja, Id-ul-Fitr and Deepawali. I take this opportunity to wish you a very happy and joyous Durga Pooja, Id-ul-Fitr and Deepawali, and wish that the fes- tivals may bring you and your family Happiness, Peace and Prosperity. |
| Centre of Excellence at Jaipur – A Proud Moment |
| You will recall that in my first communication to you in March 2008 issue, I had articulated my dream of making CAs a class of matchless professionals and of setting up the Centres of Excellence with the same objective in mind, where training by way of about three-month residential courses involving management and communication skills could be provided. I am delighted to inform you that the foundation stone of the ICAI’s first residential Centre of Excellence has been laid at Jaipur by the Union Minister of Corporate Affairs Shri. Prem Chand Gupta. Chief Minister of Rajasthan Smt. Vasundhara Raje as Chief Guest graced the auspicious occasion along with a galaxy of other luminaries of our country. It is a dream come true and that too within such a short span of time. I can assure you that work on this project will go on at a very fast pace and we should be in a position to inaugurate the Jaipur Centre of Excellence by next year. |
| This Centre of Excellence, spread over an area of 25 acres, has been planned to be a landmark in the field of education, training and research in accountancy in India. It will not only hone and sharpen the talent, aptitude and core competencies of CAs in accounting, other related areas and soft skills, but it would also serve as the prime place for all accountancy-related global activities in times to come. It will also be a place, where economic and financial policies could be deliberated upon. In the Diamond Jubilee year of its service to the nation, this Centre of Excellence is yet another feather in the ICAI’s cap. |
| ICAI President CA. Ved Jain presenting a bouquet to Smt. Vasundhara Raje, Chief Minister of Rajasthan |
| CPT Online Examination |
| Another of my dream projects was to hold CPT online examination in order to make Chartered Accountancy in India a cost-effective course and also to provide a global edge to it. I am happy to inform you that the first CPT online examination will be held on December 7, 2008, in 11 cities, viz. Ahmedabad, Bengaluru, Chennai, Hyderabad, Jaipur, Kanpur, Kolkata, Mumbai, Nagpur, New Delhi and Pune. Since the number of seats available in these cities is limited, the eligible candidates will have to exercise their option of appearing at online Test by visiting the ICAI web-site. The offer will open on October 6, 2008, and will be on the first-come-first-served basis. I may also add that the CPT online examination will be conducted in addition to the existing paper-pencil examination to be held on December 14, 2008. However, candidates, who opt for the online examination, shall not be eligible to appear at the paper-pencil examination. Once this archetype is conducted successfully, we can look forward to conducting CPT online examination on a regular basis in future. |
| Convocation for Successful CAs |
| In my last communication, I had said that we were planning to start organizing convocations at all our regional headquarters twice a year to give away the Certificate for passing CA Final Examinations, Certificate of Membership and Certificate of Practice. We have now finalised the dates. The first convocation will be held on November 2, 2008, in Delhi followed by that in other regions. I request all new members of the Institute to attend the convocations in formals as prescribed. Besides the Certificates, the candidates will also get a set of ICAI publications, an Institute tie and a lapel pin to formalise their entry into the fraternity. I am sure such convocations will help forge a strong bond of camaraderie among members and also bring them closer to the Institute. |
| Landmark Initiative in Public Finance |
| You will recall that as a part of our new drive to use chartered accountants’ expertise to address various issues relating to public finance, both at central and state levels, we had set up a new committee, Public Finance Committee of the Council at the centre level and also for each of the states to analyze and review public finance, budgetary expenditure, welfare schemes and the end use of funds. It is indeed gratifying to observe that this Corporate Social Responsibility (CSR) initiative has made important headway over the past few months and the Institute is fast joining hands with central and state governments in implementing economic policies and assisting them to ensure greater accountability and improve the quality of deployment of public money. |
| Leaders like CA. K. Rahman Khan, Deputy Speaker, Rajya Sabha, Shri Yashwant Sinha, former Union Minister for Finance, and Shri Rupchand Pal, Chairperson, Committee on Public Undertakings & Member, Standing Committee of Finance of the Parliament of India, have lent their active support to this initiative by visiting the Institute and participating in the deliberations of the Committee. The other dignitaries who we have approached for the purpose include Governor of Karnataka CA. Rameshwar Thakur, Governor of Assam S.C. Mathur, Governor of Andaman & Nicobar Mr. Bhopinder Singh, Finance Minister of West Bengal Mr. Aseem Das Gupta, Chief Minister of Assam Mr. Tarun Gogoi, Chief Minister of Mizoram Mr. P.U. Zoramthanga, former Chief Minister of Jharkhand Mr. Madhu Koda, Chief Minister of Me-ghalaya Dr. Donkupar Roy, Chief Minister of Delhi Mrs. Sheila Dikshit. The Committee has also been conducting a study in insurance and risk management in Kerala on request by the State Insurance Department. |
| I firmly believe that chartered accountants can prove to be immensely useful in this initiative in public finance. This will both be a challenge as well as an opportunity. Let each one of us take this up as part of our obligation to society. |
| Imbibing Best International Practices |
| While there have been worldwide initiatives by international accounting bodies for speedy convergence with International Financial Reporting Standards, the Auditing & Assurance Standards Board cannot lag far behind. Convergence with the international auditing standards is a membership obligation for us, as we are the founder member of the International Federation of Accountants (IFAC). The Auditing & Assurance Standards Board (AASB) is already in the process of issuing a revised draft of auditing and assurance standards, in line with those of the International Auditing and Assurance Standards Board (IAASB) under its Clarity Project. These revised standards will reflect the contemporary thinking of the international auditing profession. By December 2008, we shall have almost all the revised auditing standards aligned with those issued by IAASB. |
| National Debate Competition: An ICAI Initiative |
| As part of Diamond Jubilee Celebrations this year, it has been decided to organise a National Debate Competition for students of classes XI and XII in different parts of the country. The purpose of this debate is to create awareness among students about their career and the various options available to them. The Debate Competition has already started creating a stir among the participant who are becoming aware of the economic and educational issues of our country. I do not believe in direct teaching, but in creating a system that actuates learning. Here I would like to recall Einstein’s words who in effect said that genuine knowledge originated from direct experience and extensive interaction. The debate competition is being conducted at three levels starting from the Branch level to the Regional level followed by a mega All India Level. I am quite enthusiastic about the Competition which besides creating awareness about the CA profession among students will help sensitise them to topical issues and create awareness among them on societal and other national concerns. |
| ICAI Awards |
| Chartered accountants working in industry have proved themselves to be the Valued Trustees of World Class Financial Competencies, Good Governance and Competitiveness. They are playing a significant role of value addition to the corporate world and in turn helping the economic development of the country. In order to recognise the exemplary contribution of those members in industry who have demonstrated excellence in their professional lives, and have created value to their company’s stakeholders on a sustainable basis, the Institute plans to honour them and give away the awards on the 25th of January 2009 at Mumbai. The awards are in three categories, viz. Business Achievers, Chief Financial Officers (CFO’s) and Professional Achievers. The awards recognise the achievements of outstanding CAs whose personal lives, professional achievements, and community service exemplify the objectives of their alma mater. It will also be a very special occasion for the awardees because perhaps the highest recognition for a man is to be honoured by his or her alma mater. I would urge our members in industry to participate in this programme. Details of the programme are published elsewhere in the Journal. |
| Vision 2021 |
| As you may be aware, the Institute is working on Vision 2021. The issues presently being considered pertain to the size of taxation, consulting and audit services and their scope in the next decade, the changing profile and growth of the profession, segmentation and emerging structural models in Small and Medium Enterprises (SMEs), etc. The results of the primary research conducted on opportunities and challenges pertaining to service products of the profession; its segmentation to match the economic indicators and the role of regulatory regime in the country in 2021 are being examined. The analysis is in progress. Under study are the impact of indicators and influencers on the economic scenario of 2021 to anticipate prevailing opportunities and challenges in the year 2021 in line with the Indian economy becoming a developed economy by then and India emerging as a leading global player. |
| Making CA Fraternity a Close-knit Family |
| In my last communication, I had shared with you in- formation about the new initiatives being taken to improve services to members and students. I am happy to say that the impact of these new initiatives has been beyond our expectations. In just 15 days of starting the facility of creating email in their own name by members and students, more than 12,000 members and more than 17,000 students have obtained such email ids. Besides, a large number of members have updated their data relating to their professional and residential addresses, telephone and mobile numbers and email ids etc online. These steps will help in bringing each member and student closer to the Institute and increase their involvement and participation in the Institute’s activities. The response to the e-newsletter for members abroad has also been very good. The information provided therein will help in generating a feeling of belongingness among all our brothers and sisters settled abroad. |
| May I take this opportunity to request you all to share your thoughts, expertise and areas in which you specialise including the areas of concern by writing articles for the Institute’s journal! Members who are settled abroad could share their experiences in that particular country including the opportunities available to Indian members and also what needs to be done if one is looking for opportunity in that country. Similarly, members in industry could share their experience of that industry, issues concerning that industry and also the opportunities for members. These initiatives could in my opinion go a long way in making the chartered accountant fraternity a closely knit family where each member cares for others and therefore shares his or her ideas with them. |
| Help Flood Victims |
| It is a matter of deep sadness that a tragedy has struck the states of Bihar & Orissa and we need to do all we can to alleviate misery and provide help to the needy. Particularly the Kosi floods have rendered lakhs of people homeless, hungry and diseased besides destroying crops, cattle and property worth millions of rupees. |
| I request all colleagues, firms of Chartered Accountants and students to come forward and donate generously to reduce human misery. You may contribute online at ICAI website www.icai.org or send in your contribution, by way of Demand Draft/Cheque drawn in favour of 'The Secretary, ICAI (Bihar Flood Relief Account)' to The Secretary, The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi 110002. Let us pay back some of the debt that we all owe to society. |
| Friends, I have been trying my best to address issues that concern all of us. Yet there may still be areas which in your opinion need to be attended to. Please therefore send in all your suggestions, big and small, so that I can consider and implement them. In fact, many of the initiatives taken up so far by me have been the result of suggestions received from esteemed colleagues like you. |
| May the festive season bring in lots and lots of good cheer and prosperity for you and your family ! May love of people for people grow in such trying times as these ! May humanity emerge a winner. |
| CA. Ved Jain New Delhi, October 1, 2008 |
