My dear Professional Colleagues, |
Bound by inherent integrity and transparency, and ICAI’s Code of Ethics, auditors of our country have been imparting credibility to the financial statements. ICAI inspires them to deliver quality in their profile of performing audit, review or assurance engagements. As regulator of the Indian accountancy profession, it promotes a culture of independence and skepticism amongst its members, and expects them to be alert, inquisitive and constantly carry a questioning outlook. |
In the background of the evolving regulatory outlook, ICAI continues to be on the right side of the public expectations in regard to the auditing profession. Responding to the expectations of the public as well as the Government, auditors continue to deliver quality audit consistently and stand tall with the help of ICAI’s setting, adoption and implementation of relevant and contemporary high-quality Auditing Standards. ICAI has time and again proved itself as a force that responds suitably to the ongoing regulatory changes in the economy of our nation. Here I have pleasure in informing you that recently, five new Standards on Internal Audits (SIAs) have been approved to provide guidance on nature of assurance, objectives of internal audit, using the work of an expert, communication with management, and reporting results. . In total, ICAI has issued 19 SIAs so far, which would be made mandatory in a phased manner in due course. |
CPA Australia Visits ICAI |
A delegation from CPA Australia comprising its Head (International) Ms. Deborah Leung, Regional General Manager (Business Development International) Mr. Mark Chau and Regional Manager (MESA) Mr. Leslie Leow visited us on 30th April 2019 to discuss the renewal of MRA between ICAI and CPA Australia, which expires in September this year. Apart from that, we also had a discussion on other issues in bilateral cooperation, such as a joint study on sustainable development goals and role of accountants, and joint seminars/ workshops on corporate governance, blockchain and artificial intelligence. Being the co-host of the recently concluded 20th WCOA (World Congress of Accountants), CPA Australia has assured us of sharing their experiences and extending complete support, which would be immensely useful for us as we host the next edition of Congress, i.e. 21st WCOA, in Mumbai in the year 2022. |
International Events at Our Chapters |
ICAI Vice-President CA. Atul Kumar Gupta was at our Oman (Muscat) Chapter to attend the International Conference on Future of Accounting Profession – Challenges and Opportunities as its Guest of Honour, organized on 2nd-3rd May 2019. He delivered a keynote address on the theme of the Conference. Then, I recently attended the 2nd International Conference on Leadership Summit organized by our Canada (Toronto) Chapter. Later, I met the representatives of CPA Ontario and CPA Canada to discuss the mutual cooperation and way forward. I also attended the India Symposium 2019 as Guest of Honour organized jointly by our Netherlands (Amsterdam) Chapter, where I delivered a keynote address on Finance & Accounting, India-Netherlands. During my visit, I also met the Chairman of Royal Dutch Professional Association of Accountants (NBA), which is the regulator of audit profession in the Netherlands and discussed the matters of mutual co-operation and professional collaboration. |
Migration of Services to New Digital Platform |
We at ICAI are constantly evolving in tune with our times and proactively leveraging the technology to better serve our stakeholders. Latest in the series of such initiatives is an ambitious project to automate and reengineer our processes to make these user-friendly, which involves a creation of SSP (self-service portal), to make applications (Forms) and transactions (Services) fast and convenient. Migration to a new digital platform has started and the process will soon be completed. A full-scale ICAI’s student and member/firm services will be put to implementation soon. |
One Million UDINs Generated |
While UDIN will be made mandatory under 3rd and final phase for all attest and assurance functions from 1st July 2019, in the mid 2nd phase, the number of UDINs generated has crossed the one million mark. |
Helpdesk for Members-in-Industry |
ICAI has set up a helpdesk towards the disposal of professional queries and concerns for our members-in-industry, who can submit their queries and concerns using the helpdesk available at https://cmib.icai.org or write an email to us at helpdesk.cmib@icai.in. Alternatively, they may also call us on +91-8448512714. The idea is to make our Institute accessible and create a conducive and productive environment. |
E-publications Released |
ICAI has been at the forefront of ensuring highquality accounting standards in India and, of late, there has been an increased focus to create valuable resources which can be accessed while on the move. Accordingly, we recently released the e-version of updated Compendium of Ind AS, effective from 1st April 2019, which includes the incorporation of all amendments made during the previous year. I am sure, our stakeholders, particularly the preparers and auditors of financial statements, will find this updated e-Compendium useful, which along with webcasts, workshops, training programmes and certificate courses is part of our endeavours in disseminating knowledge towards empowering our members and other stakeholders. |
Certificate Course on Legal Drafting and Representations |
As CA professionals are recognised under various Acts to appear as authorised representatives before a range of tribunals/ quasi-judicial bodies, it is but natural for our members to equip themselves with relevant skills for availing themselves of such professional opportunities. ICAI has commenced 4th batch of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies, and completed recently at Ernakulam, which had been launched to develop and enhance the effective legal drafting and representation skills of our members. |
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Opportunities for CA professionals are increasing and these may be ceremoniously tapped, provided we accept our times and the paradigm shift in profession as its essential feature. Let us accept the change, since change is the only reality that survives in the end. This acceptance will help us change ourselves. To be future-ready, we will have to re-invent and upgrade ourselves in tune with the challenges from the economy of our country as well as that of the globe. I call it a compound learning process-learn, unlearn and then learn again; all professionals should integrate themselves with this process of learning. Only then, they can survive and endure in this ever-growing and throbbing challenging world. |
CA. Prafulla P. Chhajed President, ICAI 26th May 2019 |
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