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Strategic Action Plan 2016-2019
23rd Council of ICAI

DRAFT

Strategic Action Plan 2016-2019
Introduction Our Vision Our Mission Broad Focus Objectives Strategic Action Plan 2016-2019

Introduction

Our vision envisages the Institute of Chartered Accountants of India (ICAI) to be world’s leading accounting body, a regulator and developer of trusted and independent professionals with world class competencies in accounting, assurance, taxation, finance and business advisory services. This is rightly so. We are committed to work in tandem with this stated vision. Today, we are the second largest accounting body of the world, and we as the institution have all the capacities, competency and capability to be leader of accountancy profession.

This Council is conscious of the fact that all its actions and efforts have to be focus on the five key elements of the Mission 2030. These elements are:

  • Global professionals,
  • Independent and transparent regulatory mechanism,
  • Highest ethical standards,
  • Cutting edge research and development,
  • Multi-national service providers.

While our long term goals and targets remained intact, it is essential that short and medium term plans are drawn to achieve the larger and timely accomplishments. With this objective, this Council by following a consultative approach has drawn this Action Plan 2016-19 wherein various activities and initiatives have been collated that this Council would like to achieve within its term.

We sincerely hope and confident that with the support and contribution of all, we all will be able to achieve much more as compared to what has been documented herein. With this objective, we have kept the theme of this Action Plan as ‘__________________’.

Our Vision

World’s leading accounting body, a regulator and developer of trusted and independent professionals with world class competencies in accounting, assurance, taxation, finance and business advisory services

Our Mission

ICAI will leverage technology and infrastructure and partner with its stakeholders to:

  • Impart world class education, training and professional development opportunities to create global professionals.

  • Develop an independent and transparent regulatory mechanism that keeps pace with the changing times

  • Ensure adherence to the highest ethical standards

  • Conduct cutting edge research and development in the areas of accounting, assurance, taxation, finance and business advisory services

  • Establish ICAI members and firms as Indian multinational service providers.
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Broad Focus

  • An Objective REGULATOR

  • Proactive STANDARD SETTER

  • Exemplary EDUCATOR

  • Committed PARTNER IN NATION BUILDING

  • Best in class services to MEMBERS AND STUDENTS

  • Model GOVERNANCE STRUCTURE

Objectives

  • To Strategize and Plan for such activities that are necessary to be accelerated to achieve key elements enumerated in Mission 2030 and such other aspects as may be considered relevant and necessary

  • To be an attentive and responsive Professional body and regulator
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Strategic Action Plan 2016-2019

1. Regulator

  • Review and Realign provisions of CA Act, 1949 and Regulations to ensure continued relevance to the needs of the profession

  • Robust Disciplinary Mechanism and processes to reflect enhanced stakeholder expectations in regard to timeliness, efficiency and effectiveness

  • Awareness campaign and other proactive/ informative steps to ensure members do not have need to face disciplinary mechanism.

  • Regulate Quality of entire Profession by Strengthening Peer Review, Financial Reporting Review and Quality Review Mechanisms

  • To ensure fair and speedy disposal of all disciplinary cases against members.

  • To ensure due legal action on person representing as Chartered Accountants, without being a registered member.

  • Emerge as the preferred partner to provide Proactive and contemporaneous support to other regulators/investigators such as C&AG, CBDT, SEBI, CBEC, CBI, SFIO, RBI etc

2. Standard Setter

  • Continue efforts to build a Best in class body of world-class standards and best practices in areas such as Accounting, Auditing and Ethics

  • Provide technical support and guidance in new areas such as Ind-AS implementation and GST to facilitate smooth transition

  • To proactively, develop Guidance Notes as well as other support content for implementation of Accounting Standards and Auditing Standards as well as non attest functions

  • Increased Interaction and Contribution to the National and International Bodies such as IFAC, IASB, IAASB, and CAW

  • To develop XBRL taxonomies for various industries and sectors

  • ICAI’s Intellectual Property

    To strengthen the intellectual property within ICAI and to contribute and lead the world of accounting, audit and finance by

    • having leading SME within ICAI for research and deliberation on all professional matters

    • having an integrated group of ICAI-ASB, NACAS/ NFRA and MCA working full time basis on IND-AS issues to meet the requirements of complex transition and also to provide due support for transition of Banks and Insurance Companies as well.

    • having adequate internal resources/ SMEs to provide continuity, background of various issues etc. and technical research and contributions.

    • rotation of technical resources among suitable committees such as ASB, AASB, IASB, Research Committee, EAC, etc. to congregate the need of long term technical resources of the Institution.
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3. Students Services

Education

  • Innovate to develop a new age curriculum structure for student courses which is relevant to meet the needs of Indian as well as global industry and profession

  • To do continuous testing as part of preparation for exams and building skill set of applying knowledge to write exams, so that students are trained to succeed at exams.

  • To develop capacity by organising seminars and encouraging students to participate in international events and seminars;

  • To empower students with knowledge on contemporary developments;

  • Transition Orientation course of GMCS from Management to Leadership and ensure uniform high quality delivery

Training

  • Explore online Articles Diary / other alternatives to enable oversight over effectiveness of Articleship training

  • Enhance focus on Industrial Training and enable industry – student connect for mutual benefit

  • Surveys and online testing to assess articled assistants needs and performance

  • To encourage exchange/ deputation of articleship within network firms and inter office in the third year of articleship;

  • To increase ownership of Principal/Trainer. Celebrate 5th September as PRINCIPAL / TRAINERS (teachers) DAY

Students Support Services

  • Establish an office of Dean – Academics to ensure strategic planning and operational excellence in the entire spectrum of administration of education spanning our publications, coaching classes , faculty, performance reviews

  • Establish a strong framework to enable “student delight” and exceed service quality expectations by meeting defined turnaround times for all activities concerning members including queries and support

World Class Interaction

  • Aspire to provide the highest quality, consistent, cost effective, class room learning experience to the students through appropriate technology and SMART class rooms

  • Broad base course delivery by enlisting at-least 1000 accredited educational institutions per year to impart CA learning

  • Create conducive environment of learning for students joining immediately after school.

  • Promote use of technology to reach students spread across different geographical locations.

  • Promote high quality student oriented initiatives such as ICAI Cloud/ ICAI TV, e-learning.

  • Provide motivational videos on social media and at student conferences, conventions and other programmes.

  • To enlarge and strengthen database of subject wise expert faculties to enable more effective delivery of lectures from e-learning platform.

Examinations

  • Review of the entire life cycle of the present examination system and all processes including applications, paper setting, evaluation, to ensure error free delivery

  • To adopt technology extensively in all stages of examination process;

  • To review testing mechanism and to design papers based on nature of subject and degree of relevance

  • To consider Open book approach for certain papers.

  • Explore alternate Exam testing methods and best International Practices to facilitate MRAs

Online Learning

  • To enhance learning experience for students and upgradation of knowledge to members with right digital infrastructure at all offices of ICAI and through two-way state of the are video communication

Accounting Technicians

  • Break out strategy to harness potential of large pool of semi qualified Chartered Accountants.

  • Revive the concept of Accounting Technicians - Revise nomenclature. Design and implement skills upgrade program to enable such candidates to acquire contemporary knowledge for career enhancement

  • To invest in suitable branding for Accounting Technicians and enable a separate mechanism for continuing professional development.

  • Create separate team for this purpose
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4. Members’ Services

Members – Education and Training

  • To work with relevant authorities, to enable recognition of CA qualification as equal to a double degree (twin degree B Com and PG) with a twin objective of enabling members to pursue PhD in India and also enabling them to pursue courses in overseas universities

  • To identify faculty aspirants and organize special faculty development programs in mutual interest of members and ICAI interset

  • To expand CPE framework to train members on evolving technologies – SAP, ERP, Big Data, Analytics, statistical modelling, through the ICAI infrastructure

  • Develop capability to understand dynamic operating environment and deliver academic and practical content to exceed expectations

  • Strengthening CPE framework and ensure quality across the entire operating spectrum namely Topics, Conduct of programs and Delivery modes, Faculty and Feedback mechanism

CPE Programs/ Workshops

  • To do a 360-degree review of CPE programs and to formulate CPE programme which are workshop oriented (skilling)

  • Informal testing of understanding at end of each program

  • Focus on emerging trends, opportunities and new avenues for Chartered Accountants, which are conceived centrally and executed through programme organizing units to ensure quality knowledge to all members across the country.

Focus Groups - Young, Women members, SMEs and Industry

  • Focused empowerment of Women Members including enhanced role in academic activities of ICAI , flexi staffing placement programs for Women Members and mentoring initiatives to minimize pipeline drain

  • Support Young Member initiatives including mentorship programs

Encourage ~ Practice among young members

  • To encourage more members to take up professional practice organize Mentorship programme in identifying areas of practice based on member interest and location SWOT analysis, including guidance on building vision, brand, work ethos, working in teams, embracing partnership culture;

Strengthen & Consolidate ~ Small & Medium Practise

  • Partnering with leading learning solution organisations to develop specific ongoing training programmes for members;

  • Capacity building for members in the form of tools, templates, software and professional indemnity insurance;

  • Mentor, Encourage and guide members for networking and inter office sharing of professional work;

  • Enable SMP’s to Developing deep expertise in Accounting Standards, Auditing Standards (including Internal Audit Standards) and all technical pronouncements;

  • Information Exchange for discussing on all matters of profession requiring fairly authoritative clarifications.

  • Disseminate continuous knowledge on new professional opportunities and themes

Allotment of Assignments ~ Minimum Fee

  • To advocate transparency and fairness in allotment of Public sector Bank audits or other such engagements

Promoting Networking of Indian CA Firms

  • To have a focused approach and work with large Indian firms to grow (organically and inorganically) to become Indian Multinational Firms, operating in multiple countries.

Engage

  • To engage with the members in Industry and ensure their active role in developing on the vision and functioning of the Institute to be relevant to Industry needs

One-Time Membership Renewal Drive

  • To design and implement a one-time indemnity scheme for members in industry to renew membership

  • Encourage industry to verify membership and credentials through ICAI website before employing Chartered Accountants.

Industry relevant ~ Exclusive CPE Programs

  • Enhance number of Industry focused Continuing Professional Education programs

Campus Placement / Networking Programs

  • Enabling Placement of members in industry in India and abroad as well as organizing exclusive campus placement programs on a routine basis

Industry Interactive Forums

  • To establish an interactive platform with various Regulators, Government including local bodies and increase employment opportunities in these sectors.

Members - Support Services

  • CA Benevolent Fund
    • Popularise CA Benevolent Fund to enhance Corpus and ensure continued member alignment to CABF;
  • One-Time Membership Drive
    • To design and implement a one-time amnesty scheme for members to restore membership ,
    • To explore payment of membership fee on long term basis to ensure continuity of membership.
  • Conducive Framework for Capacity Building:
    • To facilitate newly launched practice initiatives of members of the ICAI through necessary guidance and explore incubation centres.
    • Establish a strong framework to enable “member delight” and exceed service quality expectations by meeting defined turnaround times for all activities concerning members including queries and support
    • Explore new professional opportunities in public, private and government sectors by constant interaction with relevant target groups in the public and NPO space
    • To enable a reasonable and regulated practice ethics framework in line with the emergence of management and other services as dominant practice lines where Chartered Accountants would compete with other professionals
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5. Governance and Administration

Governance

  • Reiterate and Reinforce roles and responsibilities of executive team in conduct of operations vis a vis Elected member roles in ICAI policy;

  • Develop and implement written Code of Conduct for elected representatives to demonstrate undiluted commitment to ethical conduct

  • To publish quarterly report of Non-Standing Committees goals vs. achievements;

  • 360 degree appraisal process (objective/measurable) for Chairman to evaluate members of his committee, his secretariat and vice-versa;

  • Rationalisation of scope and number of committees and to ensure that present functions performed are rationalized, properly staffed to deliver a quality output. Initiatives to include a separate committee to handle all conferences and events ;

Finance

  • Effective Financial Leadership and discipline with an effective and documented Internal Financial Controls framework, including Robust Standard Operating Procedures for all key activities of the organization – branches, regions, departments and committees;

  • Enable seamless availability of online financial information for entity wide financial and management reporting and control ( Tally ERP )

  • Establish Robust Budgetary Control Process with continuous monitoring and structured reporting;

  • To review present procurement procedures and to implement with zero tolerance for variance;

  • To have a system of ‘e-Tendering’ / reverse auction for the various tenders/RFPs being released by the ICAI;

  • Enterprise wise sustained Cost Optimisation actions .

  • To publish to Council quarterly the segment wise and activity wise profitability;

  • Upgrade present Internal Audit to cover all locations and to a Risk Based approach and include aspects of:
    • Propriety,
    • IT and IS
    • SHE

Human Resources

  • Zero base review of HR Structure/ Policies relevant to present times of talent and work culture and develop Best in Class HR practices including identifying Key Man risks, Competence mapping, payroll restructuring, Training, Performance measurement and Rating and Succession plans

  • Enhance and Strengthen faculty talent of different Technical Boards and Committees in ICAI with due capacity planning, skill upgrade programs and rotation policies

Administration

  • Review of pending legal cases and ensure speedy conclusion to minimize costs of litigation. To ensure strict governance and controls over activities of various organs with provision of due punitive action in a time bound manner for mismanagement;

  • Develop and implement robust Whistle blower policy;

Performance Reporting

  • Evolve a system of Key Performance Indicators for this Strategic Plan and Establish a comprehensive system of report backs at all levels of the organization to review status of accomplishment of action plans

Digital Transformation and Process Re-engineering

Process Re-engineering

  • Zero base of review of each process and redefine process (including having SoP) which is relevant to the times;

Outsourcing

  • Explore opportunities to outsource non core functions to enable higher levels of performance efficiencies and focus on core competence on thought leadership roles relating to Standard Setting, Regulating, Education and other chosen domains

Digitalization

  • Encourage digital transformation of present manual processes to enhance efficiency and productivity of staff performing such tasks

  • Ensure Useful and Relevant digital presence and content by initiatives including website revamp, content pruning and aggregation and rationalization of all Apps developed to date

  • To adapt and implement right technology and digitize all aspects of operations and engagement with all stake holders including
    • Redesigning website and consolidating content and portals;
    • State of art query resolution system, grievance redressal system (help desk); status report of stakeholder interactions vs fixed TAT
    • Digitization of all records
    • Workflow for all internal work

IT Security Policies:

  • To implement right IT security policies and continuously monitor the effectiveness of same. Ex; E mail policy

Digital Voting ~ ICAI Elections 2018

  • To evaluate and implement Electronic/ Digital voting in 2018, ICAI elections

Infrastructure

  • Review Present policy to enable objective decision making processes

  • Evaluate Infrastructure need relevant to the needs of the location and commensurate to proposed scale of operations

  • Enable appropriate resourcing of Infrastructure department with relevant experts – engineers, architects and project management consultants etc

  • Digitisation of all records relating to Infrastructure and comprehensive and secured repository of the same

  • Periodic report backs on status of infrastructure projects

  • State of the art and accessible infrastructure - Standardizing present infrastructure at all Regional offices/ Branches offices ;

  • Reading room with well-equipped library at all branches

  • Optimise use of Centers of Excellence (CoE) for research and learning;

  • Empowering staff with requisite physical and digital infrastructure (including access to paid content) to ensure increased productivity.

  • Explore alternate locations in India for performance of non core functions of ICAI in a more efficient and effective manner to leverage on availability of infrastructure and abundance of skilled manpower vis a vis present operating locations
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6. ICAI - The Larger Context

Partner in Nation Building

  • Be the preferred partner through continuous interactions with various government departments and elected representatives including participation in research projects on commencement and amendments to various fiscal and corporate laws to ensure that the intent of the legislation is in continued National interest

  • To be first choice resource support for both Centre and State Government Ministries and Departments in formulation and implementation of Taxation Laws and other fiscal laws, in particular with good research and effectively contributing to simplifying business legislations in India, leading to accelerated GDP growth;

  • To encourage Government to engage members in Audit of Government Expenditure, Social spend, Expenditure of defence and various ministries, which will ensure high productivity for negligible cost: for this purpose, the members will be trained on Propriety Audit to bridge the resource pool gap in this field;

  • To make KRAs for Region offices and large branches to include engaging with State Governments/ Local bodies and ensuring ICAI visibility and professional work through various Local Legislations;

  • To make Local bodies globally competitive with the adoption of accrual system accounting and assist them in future in market borrowings including Global Municipal Bonds for up-gradation of infrastructure/ smart cities project;

  • To work closely with various trade and business associations to bridge the gap in understanding and implementing the policies of Government and its implementation;

  • To partner with various Central & State Revenue authorities in enhancing revenue collection, accounting issues, tax assessment, policy & procedural matters, technical & systemic issues etc.

  • Meaningful role in Annual Budget preparation process

  • Reviewing of State Budgets and advising on various means to State Govts. to strengthen financial discipline.

  • To promote adoption of double entry and accrual system of accounting at all levels of Government, local bodies and state run enterprises

  • Positioning ARF as a World Class Research Organisation with a strong strategy, operations plan and performance reporting

  • To contribute to Government with deep research on various fiscal and corporate laws about need to simplify for ease of doing business, relevance for start-ups, effectiveness of legislations, etc;

Truly Global

Mutual Recognition Agreement

  • Make present MRAs more effective and new MRAs with various accounting bodies

  • Creating Global opportunities and recognition for Indian accountancy profession.

Promoting Accountancy Wordwide

  • Extending Technical Co-operation to Emerging and Developing Economies for developing Accountancy and Audit Profession

Globally Competitive Curriculum/ Exposure

  • To have course curriculum which provides global competitiveness edge to our members and to also evaluate and encourage citizens of other countries to pursue our course by creating more recognition and career opportunities worldwide in industry in particular and to begin with:

  • Cohesive and close relationship with Common wealth countries, Middle east, SAARC nations and developing countries to get acceptance of our course

  • Encourage third year industrial training for students of CA in other countries corporates;

Overseas Professional Opportunities

  • Dedicated portal to explore global professional opportunities

Exchange Programs

  • Knowledge exchange programs, Certificate courses, Leadership programs in tie-up with recognized foreign universities / oblique accounting bodies

Overseas Chapters

  • To expand ICAI global footprint ICAI by setting up more chapters outside India with an objective to showcase, Indian Chartered Accountants, as a brand ambassador of ICAI and also enable continuous and timely flow of best practices to/from India to contribute to rest of the world.

Branding and Recognition

  • Branding and Creating awareness in the society about the role and responsibility of Chartered Accountants .

  • Increased interaction with Parliamentarians, Elected members of State and local bodies, Bureaucrats, Regulatory Authorities, and industry bodies including Monthly Performance Updates to key elected State and Central representatives

  • Effective Media policy for interacting and sharing communications with all stakeholders ;

  • To ensure that all ICAI programs are conducted in a manner which enhances image of profession;

  • To engage with industry leadership across all sectors and make ICAI members the first choice for recruitment of the finance professionals

Corporate Social Responsibility

  • To be a more effective, visible participant and contributing Brand Ambassador of various social schemes of the government

  • Effective Steps to go green and save paper use

  • To commemorate ‘Bima Saptah’ for increased participation of the Society in the Atal Bima and Accident Yogana of the Government.

  • To encourage socially directed initiatives such as tree plantation and blood donation.

  • Expand scope of ICAI APP to disseminate information in the format of awareness capsule in the areas of taxation, capital markets, economics, accounting, etc for the benefit public at large through a dedicated app.

  • Educating CA Students and students of secondary and higher secondary classes through the motivational videos about the benefits and utility of various social schemes.

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