My dear Professional Colleagues, |
Today Chartered Accountants stand for high degree of reliability, integrity, values and financial discipline. With the criticality of their functions towards stable financial system and strong economy at large, I must say, they have so far played a stellar role in the rise of our economy. ICAI has ensured the mandatory presence of a high degree of integrity and accountability in all its members, by constantly educating and inspiring them towards professional excellence. In its 70- year history, it has remarkably transformed the national economic and accountancy landscape, while generously sharing its knowledge and experience globally with its peers from other nations. With the globalisation of businesses and commercial operations, and resulting complexity and change in the international legal frameworks, role of Chartered Accountants has become all the more important and encompassing. |
Welcoming the First President of India Hon’ble Dr. Rajendra Prasad in the Institute, the then ICAI President CA. S. B. L. Vaish had proclaimed: “…your Government know how vital a part the profession is playing and will play in the well-being of the body economic. A Chartered Accountant is being called upon to assume fresh responsibilities in the fields of management accounting, budgetary control, financial planning, industrial organisation and other allied spheres.” Coming strong on the expectations of our Government, we the members of CA profession have continued to contribute to the nationbuilding since the inception of our Institute in 1949. |
Growth-Oriented Union Budget 2019-20 |
With a strong resolve to maintain fiscal discipline and phase out tax exemptions, the Government through its Union Budget 2019-20 has sought to boost investments while continuing its focus on social-sectors spending. It has announced its intention to invest 100 lakh crore in infrastructure in the next five years, while its resolve is to boost investment by attracting foreign investors to India. The Government has shown its faith in the infrastructure and construction sectors as drivers of growth and job creation in India. Former Union Finance Minister Shri Arun Jaitley has said: The Budget…serves the larger interests of all sectors of economy. Corporate India is of the opinion that the Budget is focused on the long-term goals. The Government has also sent a strong message to the more privileged section of our society to share the responsibility by paying higher taxes in the interests of the underdeveloped. |
ICAI Celebrated Its Platinum Jubilee CA Day |
We celebrated the 70th Chartered Accountants’ Day with enthusiasm across the nation at all 5 Regional Councils and 164 Branches, by organising a plethora of programmes and events. Platinum Jubilee CA Day celebrations at the ICAI headquarters began in the morning, where I along with ICAI Vice-President, IFAC President Dr. In-Ki Joo and ICAI Central Council members hoisted the flag in the presence of members, students and the employees of the Institute. |
Promoting the Professional Interests Pan India |
Over the last one month, I had the opportunity to meet the Union Ministers and my professional colleagues during my visit to various Regional and Branch offices of the Institute and the message that went across to all of them was loud and clear, which may be summed up in the words of our past President CA. N. R. Mody and I quote: “A profession such as ours exists on the respect of the public towards its members, but it is our members only who, by integrity and independence of judgment, can make the Institute. We are forever, and with our best efforts, striving to serve the public and the nation in its endeavour to increase its economic well-being.” We have to continue working in the same spirit that takes us on to our national duty. |
Regional Chairmen Meet at ICAI Headquarters |
Continuing with the tradition, a meeting of the Chairmen of Regional Councils was held on 12th July 2019 where the Vision and Mission, and the concerns of profession were discussed. During the meeting, I made it a point to appeal towards strengthening of the Chartered Accountants’ Benevolent Fund (CABF), since that always supports the members in distress as well as the families of deceased members. Here, I would also like to appeal to all my professional colleagues to come forward, take responsibility and contribute generously to the CABF so that the fund remains available to the families of our members in times of distress. |
Meetings at IRDA |
I had attended the 105th meeting of the Insurance Regulatory and Development Authority (IRDA) in Hyderabad, where an Apex Committee had been constituted to ensure the timely implementation of Indian Accounting Standards (in line with International Financial Reporting Standards), risk-based capital and risk-based supervisory framework in the insurance sector of India. Then I attended the first meeting of the newly-constituted Apex Committee held on 26th June 2019. My Central Council colleague CA. M. P. Vijay Kumar attended the meeting of IRDA’s Advisory Committee on Accounting Issues. |
GO-Green Move - Online FAFD Examinations |
As you know, ICAI was the first accounting body to constitute Digital Accounting and Assurance Board (DAAB) in the year 2017 to analyse the impact of digital and information technology, big data, blockchain and artificial intelligence and improve the internal operations and dealing mechanism at the Institute. I take pleasure to inform that, supporting the green measures of ICAI, DAAB has recently conducted online examinations for its Certificate Course on Forensic Accounting and Fraud Detection (FAFD) in a paperless mode at 12 centres across the country, which witnessed as many as 622 candidates taking the online test. |
UDIN Touches 2-Million Mark |
To safeguard our members from misrepresentation by miscreants vis-à-vis the attestation of financial documents/ certificates, ICAI has now made the innovative UDIN (Unique Document Identification Number) mandatory for all attest and assurance functions effective from 1st July 2019, which is our brainchild and the fact that many other professional bodies are emulating our pioneering initiative, makes us a proud institution. Chartered Accountants with fulltime Certificate of Practice should register and generate their UDINs on the UDIN Portal by registering the certificates attested/certified by them. I am happy to inform that the number of UDINs generated touched the noteworthy 2-million mark. |
CDS Portal in Service of Members and Students |
Since July 2017, all student and member publications of ICAI are dispatched centrally through the CDS (Central Distribution System) Portal (www.icai-cds.org) to the registered students of the Institute at the click of mouse, saving their time and transportation cost. The portal also hosts all the latest memberrelated publications and mementoes that ICAI has brought out. I am sure, this pathbreaking system will go a long way in serving our students and members, apart from catering to the needs of those who are interested in research pertaining to the profession. |
ICAI Launches Its e-Learning Hub |
I am happy to inform that the Digital Learning Hub of ICAI has been successfully launched at https://learning.icai.org/elearning, which is an integrated learning management system (LMS) to bring a new knowledge ecosystem with an effective collaboration of pedagogy and participatory learning. Providing professional and academic content in multiple formats, the Hub will provide a platform to you helping in your interaction with your peers using technology to disseminate learning snippets. So far, 172 books along with videos and lectures have been uploaded in the interests of our members. It has been decided that few CPE credit hours can be provided to our members using the digital Hub. |
ICAI to Hold Overseas Campus Placement |
In a bid to provide global opportunities to the Chartered Accountants, ICAI is organising its overseas campus placement on 18th-21st October 2019 towards our endeavour to promote Accountancy and financial sector services under champion sector initiatives. In a step forward to the ICAI’s initiative that started last year, semi-qualified budding accountant professionals have been included in this overseas placement drive. I request all professionals who wish to avail themselves of this opportunity to register for the placement programme, which starts from 18th August 2019. |
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IFAC has urged the G20 countries to pursue smart regulation, heightened transparency, and inclusive growth, thus recommending them to strengthen the economy, ensure progress toward sustainable development, and create an empowered digital economy. Another green initiative our nation can undertake is the strengthening of resilient public-sector practices. |
CA. Prafulla P. Chhajed President, ICAI New Delhi, 26th July 2019 |
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