My dear Professional Colleagues, |
As I have embarked in my role as the 66th President of ICAI, effective 12th February, I carry with me a sense of inherent pride and elation. I am equally conscious of the magnitude of the responsibility that the Presidency brings along. I am grateful to all my illustrious Predecessors for bringing profession to the stage where it is today. I am equally thankful to the 23rd ICAI Council Colleagues for reposing confidence in me to lead this great profession. Particularly, I owe gratitude to the outgoing President CA. Nilesh Vikamsey for steering several initiatives for profession in the last year. It was indeed a learning time for me partnering in the consolidation measures of the Council Year 2017-18, as Vice-President. |
Through this communication; I bring to you the evolution of profession in its current form, where we are, where we wish to go and how do we achieve this. |
Our New Vice-President |
I congratulate my Central Council colleague CA. Prafulla Premsukh Chhajed on being elected Vice President of the Institute for the Council Year 2018-19. I am confident, with his rich professional understanding and down-to-earth practical approach, he will be of immense help to me in shouldering my professional responsibilities. A member of ICAI Council since 2013, he has served the profession in various capacities in the Institute. Together, we will take the profession to great heights. |
Vision and Strategic Action Plan 2018 |
At ICAI, we aim to address the challenges before us and creating opportunities in the era of rapidly-changing economic environment. The vision is to become the world’s leading accounting body-regulator and developer of trusted and independent professionals, who carry global competencies. |
Indian Economy under Transition |
Post 1990’s Economic Reforms ; we have now transformational macro changes like Goods and Service Tax (GST), new insolvency and bankruptcy regime, demonetization which have put the Indian Business and the economy on a much desired newer trajectory. Coupled with this, enhanced focus on financial inclusion through JAM (Jan Dhan/Aadhar/ Mobile) trinity and surge of India Stack initiative are going to change the landscape of the business environment altogether. These steps are radical for resurgence of India as a vibrant and dynamic nation compatible with the emerging milieu. These developments put a wider canvas to build the new India which is reforms driven and is responsive to the needs of civil society. |
Bank Audit and Expectations from CA Professionals |
As you know, by lending credibility to the financial statements of banks, auditors play an extremely important role in preserving a resilient banking industry. As such, the exercise of bank branch audit assumes a paramount importance for the banking industry, banking regulators and our members, as well as our nation as a whole. Let’s conduct the bank audits in compliance with the relevant Standards on Auditing, keeping the broader national vision in mind. ICAI is planning a series of CPE programs and a revised Guidance Note on Audit of Banks (2018 edition) to help the fraternity will soon be released. I would request my professional colleagues to carry out these assignments with utmost sincerity. |
Members in Key Positions in Indian Polity, and Civil and Social Services |
Our members today hold key positions in Indian polity as parliamentarians representing their respective constituencies. I would like to congratulate and express our gratefulness to all of them- including Union Minister of Commerce and Industry CA. Suresh P. Prabhu, Union Minister of Railways and Coal CA. Piyush Goyal, Rajya Sabha MPs CA. K. Rahman Khan, CA. Naresh Gujral, CA. Narain Dass Gupta, and CA. Vijay Sai Reddy, and Lok Sabha MPs CA. (Dr.) Kirit Somaiya and CA. Subhash Chandra Baheria - for choosing to work in national interests and contributing to the development of our country. Likewise, I express gratefulness to our members who are serving the nation in key services like judiciary and Civil services (including administrative, foreign, police, revenue, accounts and audit, and railways accounts), ITAT, CESTAT and other Tribunals, regulatory services, etc. |
Showcasing Professional Strength at 68th Annual Function |
Recently, our Institute celebrated its achievements of the Council Year 2017-18 at its 68th Annual Function held on 6th February 2018 in New Delhi. Union Minister for Commerce and Industry CA. Suresh P. Prabhu and Union Minister for Railways and Coal CA. Piyush Goyal graced the function as Chief Guests, while Union Minister of State for Law and Justice, and Corporate Affairs Shri P. P. Chaudhary joined us as Guest of Honour. |
Union Budget 2017-18 |
On 1st February 2018, Union Finance Minister presented a non-populist Union Budget with significant incentives for new jobs, cut in corporate tax to 25% for companies with sales up to 250 crore, creating labour flexibility by allowing contract labour in all sectors, and launching what could become the world’s largest hospital treatment scheme serving 100 million poor households. With fiscal deficit projections revised to 3.5% and 3.3% for the financial years 2018 and 2019, target to reduce the deficit to 3% has been postponed to the financial year 2021. This time, the Budget spending will focus on employment, agriculture and health. The Budget has extended the government’s provident fund subsidy for new employees of all industries. Use of fixed-term labour contracts, earlier restricted to apparel and footwear, has been extended to all industries.
During the course of budget speech, Union Finance Minister made a reference to Ease of Living. ICAI believes that reforms in the Government accounting through a move towards accrual accounting will pave the way for a transparent and more empowered public financial management space giving desired fillip to an outcomebased approach. It is all the more important when huge outlets are involved on the increased social welfare projects. I also urge the fraternity to aid the grass roots level urban local bodies and other municipal bodies in handholding the process of conversion of cash to accrual accounting. |
Empowering (Skilling) Membership-Training beyond Tradition |
Many professional avenues and opportunities like insolvency, ADR (alternate dispute resolution), anti-moneylaundering and litigation in management have come up in the recent past. A constructive thought process is on with regard to the enhancement of professional opportunities of our members in the Government departments and PSUs. ICAI will further act to empower them with various postqualification education and training programmes including those in best-in-class digital skills, such as analytics, blockchain, emerging FinTech, international rules and regulations, and professional practices abroad. Leadership development programmes will be floated for the members in coordination and help from the leading national and international institutions. We have planned to introduce digital mentoring programmes to guide and support our young as well as women members. To provide a focused thrust, a dedicated Young Members Skill & Innovation Development Committee has been formed at ICAI, this year. A dedicated-to-members knowledge management cell too is in our thought process. |
Professional Response in Challenging Times |
Since inception our profession acted in the best interest of nation and all stakeholders of the Country. However, once in a while there are occasions when due to some isolated cases concerns have been raised about the contribution of the profession and services rendered by members like in the PNB matter. A high powered group has been constituted by the Council, which is since looking into the matter. |
Digital Reforms for Digital India-ICAI Plan |
Our Strategic Action Plan for 2018-19 comes with a tagline - Let us think different, let’s think digital-highlighting the need to digitally empower the ICAI and its systems, so that it could respond to the challenges of our times catering to the stakeholders today. Let us understand, today, “e” stands for empowerment and, therefore, we must bring digital reforms in our processes, to make the profession and its practitioners stronger and all the more resilient. |
Branches to Get More Proactive |
I would request our Branches and CPE Study Circles to get more active vis-à-vis their professional contribution. They should constitute groups to submit suggestions more actively. In the process, they should associate with the Government offices/agencies locally to make their contribution stronger and more inclusive. Through such formed-groups, they should contribute regularly to the exposure drafts and/or other papers made available by ICAI for public comments. Such efforts will increase the professional productivity of Branches on one hand and strengthen the professional voice and standing on the other. |
Use e-Sahaayataa to Register Concerns |
In the spirit of digitization, I would request all of you to use the platform of e-Sahaayataa (https://help.icai.org/) to put down and share your issues, concerns and problems with the Institute, and concerned functionaries from the Institute will get back to you with the solution, suggestions and way-forward. Since, this is a monitored multileveled e-platform, concerns of our members and students if not addressed within deadline and if not, the concerns reach the higher authorities. The system since its launch has addressed more than 3 lakh queries and already, ICAI is in receipt of multiple appreciations from the users, i.e. members and students, for instant and timely redressal of their concerns. Our priority is to further upgrade the system during the year. Your singular use of e-Sahaayataa will also streamline the administrative complexities of our officials providing them an interactive space to address your concerns effectively. |
Strengthen CABF |
As you know, Chartered Accountants’ Benevolent Fund (CABF) of ICAI is a philanthropic initiative for the welfare of our members in distress and of the families of our deceased members. It is time for us to come forward and donate to strengthen the funds of CABF to keep the help flowing to our members. While we are happy, our heart must go out to our professional colleagues and their families, who are in trouble, without forgetting our responsibilities to our fraternity. When I took over as President of the Institute, among my first few steps, I donated R1 lakh to the Fund. Also, I take this opportunity to extend my sincere appreciations and gratefulness from the core of my heart to our colleagues from Southern and Western Regions who recently made a generous contribution to the Fund. |
Let us Respect Deadline in Work |
Maxim Gorky had observed: When work is a pleasure, life is a joy. When work is duty, life is slavery. Since we love our work, it is never tiresome for us. We love it, as we know there is a purpose in what we do. We are playing the required and essential role in the economic well-being of our nation. We are working day and night towards that. Thomas Alva Edison inspires us all, when he says: I have not failed. I have merely found 10,000 ways that won't work. But in the contemporary world, such a workaholism is not desired, since it not only creates undue stress but also affect our work life balance. When we fail to complete some work in specified time, we get stressed. Idea, therefore, is to plan our work intelligently and manage their completion well before respective timelines. Let us also keep our clients on the same page with regard to our sticking to deadline, as specified by the Government. |
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Let us celebrate the women empowerment and their achievements without any regard to their national, ethnic, linguistic, cultural, economic or political identities, on 8th March globally known as International Women’s Day. Women regarded as first teacher of all human beings need to be positioned and empowered, where they are respected, both socially and professionally. Let us commit to achieve this objective in the best interests of the whole humanity. |
CA. Naveen N. D. Gupta President, ICAI New Delhi, 26th February 2018 |
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