My dear professional colleagues, Namaskar! |
I feel extremely privileged to take over as 65th President of ICAI, in the 68th year of its glorious existence and recognition. Realising my increased involvement in the affairs of my dear profession, I feel humbled, as nothing could be more satisfying in the career of a professional than serving his/her alma-mater and that also as its President. I take this opportunity to extend my warm wishes to my professional colleagues, and all other stakeholders of the profession. |
It is undoubtedly a great honour for me to be blessed with a unique opportunity of serving the single largest statutory, accounting & auditing, and professional body of the world that was set up by an Act (i.e. Chartered Accountants Act, 1949) of the Indian Parliament, just two years after India got independence and one year before, we got our own Constitution. |
Encouraging Response from Ministries and Other Government Offices |
While I take pride in the confidence that society and government repose in us, I am also fully aware of our responsibilities as a Partner-in-Nation Building that come along. I conveyed the same feeling to our Union Finance Minister Shri Arun Jaitley, Union Minister of State for Finance and Corporate Affairs Shri Arjun Ram Meghwal, Secretary Ministry of Corporate Affairs Shri Tapan Ray, senior officials of MCA, Deputy C&AG Shri P. Mukherjee, C&AG Director-General (Commercial) and my Council colleague Shri V. Kurian, whom I met recently after taking over as President. I felt highly encouraged at the meetings, and I assure to provide our support to the ‘reform agenda’ of the Government for leapfrogging the nation. I also look forward to continue getting the Government’s guidance and trust to the accountancy profession in India. |
CA. Suresh Prabhu puts ‘Profession First’ at ICAI’s 67th Annual Function |
“I am CA first and then a Minister,”declared the Union Railways Minister CA. Suresh Prabhu, taking pride in being a professional, as the Chief Guest of our well attended 67th Annual Function held in New Delhi recently. Speaking high of his professional fraternity and reiterating his full confidence in the Indian accounting profession, he called upon the chartered accountants to become the leaders of new economic architecture of India. Let me inform you, our own Prime Minister while addressing recently in the Parliament in the context of benami transaction law has expressed his faith in the Chartered Accountants, and asked everyone to take advice of the Chartered Accountants. |
Our New Vice-President |
I take this opportunity to congratulate my visionary colleague CA. Naveen N. D. Gupta on his election as Vice President of the Institute for the Council Year 2017-18. I am confident that his rich experience, professional acumen and abilities will greatly benefit the members at large, and also help me in shouldering my responsibilities. I know him as an energetic young professional, a dedicated hard-worker bestowed with exceptional leadership skills and a futuristic vision. |
Vision 2017 |
Be a follower first to emerge as a good leader, goes a saying; I would be privileged to be guided and follow the path treaded by my predecessors to keep the ICAI flag flying high. Great philosopher and kingmaker Kautilya had stated: ...the leader of any organisation should be able to maintain high standards while running an organisation. If the king is energetic, his subject will be equally energetic. He also stated: Yatha raja, thatha praja (as a king is, so will be his people, i.e. followers). I assure to practice good governance all along. |
A Growth-inducing Union Budget 2017-18 |
Union Finance Minister Shri Arun Jaitley has presented a progressive and growth-oriented Union Budget 2017-18, which, I am sure, will pave the way for emergence of a strong rural-social sector, infrastructure sector, finance sector and an overall economically vibrant India with enhanced ease of doing business. The Budget proposals will not only support the small taxpayers but will also counter tax evasion. On behalf of the CA fraternity, I extend my whole-hearted support to the economic targets of the Government and commit to use our resources, skills and professional competence in achieving the set goals of this year’s Union Budget.
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ICAI-PIOB Joint Stakeholders’ Conclave in New Delhi |
As you may be aware, we recently organised the ICAI-PIOB Joint Stakeholders’ Conclave in New Delhi, in association with Public Interest Oversight Board (PIOB)-the global independent oversight body that seeks to improve the quality and public interest focus of the international standards formulated by the Standard Setting Boards supported by IFAC in the areas of audit and assurance, education, and ethics. |
ICAI at IAASB Working Conference Held in Paris |
Recently, I along with my Central Council colleague CA. Shyam Lal Agarwal, attended the two-day IAASB Working Conference held in Paris, which was supported by the French professional bodies Conseil Supérieur de l’Ordre des Experts-Comptables (CSOEC) and the Compagnie Nationale des Commissaires aux Comptes (CNCC). Being a panelist on a session called ISAs-Challenges in Auditing SMEs, I presented a paper titled, Understanding the Use of ISAs in Difference Jurisdictions and Specific Challenges Facing SMPs in Audits of SMEs, which was well-received by the participants of the Conference. There, I also attended the meeting of Edinburgh Group. |
Leading personalities as Independent Directors on IIIPI Board |
Our Indian Institute of Insolvency Professionals of ICAI (IIIPI), a Section 8 Company formed as an Insolvency Professionals Agency, has added more strength with five leading personalities agreeing to be Independent Directors on the Board of IIIPI. These include Shri I. Y. R. Krishna Rao, former Andhra Pradesh Chief Secretary, Mr. Justice Anil R. Dave, former Judge of Supreme Court of India, Shri M. Damodaran, former SEBI and UTI Chief, Shri M. D. Mallya, former CMD Bank of Baroda, Shri B. M. Mohapatra, former RBI Executive Director. I am sure our IIIPI will immensely gain from their rich professional experience. |
New Kadapa Branch of SIRC Notified |
Taking our drive to expand our network and reach one step ahead, we have recently notified Kadapa Branch of Southern India Regional Council with effect from 8th February 2017. The jurisdiction of this new Branch shall cover whole district of Kadapa in the State of Andhra Pradesh. With this, the tally of ICAI’s Branches stands at 163. |
2017 Edition of Guidance Note on Audit of Banks |
By now, most of you would be giving final touches to your plans and strategy for performing the important assignment of Bank Branch Audit. Confident of you performing this nationally important job diligently, I wish you all the best for a timely and effective completion of the audit. In this regard, we have also come out with a revised 2017 edition of Guidance Note on Audit of Banks. I request all concerned to make best use of this Guidance Note, which covers many new aspects of Bank Audit tasks, particularly in the wake of demonetisation. |
Latest Developments on GST |
It is welcome that the Centre intends to take GST legislations to Parliament in the second half of the Budget Session to facilitate targeted roll out from 1st July this year. We at the ICAI are very much alive to this emerging scenario in the role of a facilitator. We have recently submitted our suggestions on Revised Model GST Law to CBEC. We also recently released several related publications, including Background Material on Revised Model GST Law, Simplified GST guide for Manufacturers, Study Paper on taxation of e-commerce transactions under GST, FAQs/MCQs on Revised Model GST Law, and Study Paper on Unjust Enrichment. Further, a series of Live Webcasts on various aspects of GST have been lined up for this month. I call upon you to participate in these webcasts to have a unique learning experience. |
Agreement with Indian Railways Boosts our Accrual Accounting Drive |
I am happy to inform that our role in nationally important accrual accounting drive got a boost when our ICAI Accounting Research Foundation signed an agreement with Indian Railways for the roll out of accrual accounting in 17 Zonal Railways, 8 Production Units and other offices spread across the country. Myself, the Vice President and Financial Commissioner of Indian Railways Shri Shahzad Shah were present, among others, on the occasion. |
C&AG Decides Favourably on ICAI Representation |
It is my pleasure to inform you that pursuant to our representation, the C&AG has informed that it has been decided to relax the stipulation of 100% as indicated in Clause 6(a) of terms and conditions of appointment of auditors, for the PSUs for the first financial year for which the PSUs are required to prepare Ind AS compliant Financial Statements. Necessary relaxation will, however, be granted by the Office of CAG on case to case basis on receipt of specific request from the PSU concerned. |
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Before I conclude, let me share with you my firm belief that whatever good or bad you do, comes back to you in this very world in all its varied manifestations. As such we must do only good to our profession, our ethical values, our society and the nation. I wish to re-emphasise that a Chartered Accountant must be committed to lifetime of learning, and to change with times. In the times of change, it is the learners who inherit the future. |
Best wishes |
CA. Nilesh S. Vikamsey President, ICAI Bhopal, 22nd February 2017 |
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