“Friends, this is your Institute and mine and of each one of us. Let us stand by it very loyally, let the altar of worship be our own Institute, our own country. We owe a homage to our country and our own Institute. It is our sacred duty to build it up, to strengthen it, to get for it the best of traditions and the highest status possible in course of time.” – CA. G.P. Kapadia, Past President, ICAI (on 29th September, 1951)

My heartiest congratulations to all of you on this momentous occasion of the 75th foundation Day of our beloved Institute. On July 1, 1949, the accounting and auditing profession which had been in existence since long was granted autonomy through the Chartered Accountants Act, 1949. This was indeed a golden seed in the annals of the history of ICAI which has given the occasion to celebrate this day today. The above words of our Founding President defined the path for the generations that followed, outlining abundant duty we have for the profession and the Nation. Today, on this occasion, I heave a sigh of relief with a sense of pride that we stand true to the above words over a period of seven and half decades.

As we exuberantly commemorate the 75th Chartered Accountants’ Day, we embrace and pay tribute to the values that shaped our profession: integrity, independence, excellence, and an unwavering commitment to vigilance. These principles have been our guiding force as custodians of public interest and contributors to the nation’s progress since our inception. Our journey has been a testament to growth, with our presence expanding from about 1600 members spread across few hundred distinct postal codes in 1949 to a widespread influence encompassing over eleven thousand postal codes within India and a remarkable presence in 47 countries worldwide. Today, our esteemed family comprises over 380,000 members, with women accounting for 29.07% of our accomplished professionals and an impressive 42.5% of students are female as compared to just few hundred female members and students in 1949. The rising participation of women in the profession is a heartening phenomenon.

At this occasion, I commend the leaders of our profession i.e. Past Presidents, Past Councils, Regional Councils, Branches, Overseas Chapters & Representative Offices for their invaluable contributions in elevating the profession and the institute to these great heights. This is a collective triumph, made possible by the efforts of every member who has helped in establishing a legacy of trust and excellence.

From its inception, ICAI has emerged as a formidable force and trusted partner, actively engaging in shaping the financial fabric of India, as envisioned by the first President of India, Dr. Rajendra Prasad during his visit to ICAI in 1954 in the following words: The fast increasing tempo of the industrial and economic development of the country makes it imperative that every Chartered Accountant should realise that he belongs to a profession which provides the first line of defence to the unwary public against money grabbers and opportunists. Your responsibility in this matter becomes all the greater because of the autonomy, which your profession enjoys. Our growth story is punctuated by numerous milestones that have propelled the accounting profession in India to new heights while ensuring continuous economic progress, be it the recognition of Indian accounting standards at par with global standards that has empowered Indian businesses to compete on an international scale, developing robust regulatory tax compliance system or successful implementation of GST regime our profession has been a catalyst for a sustainable economy.

As I reflect upon our journey of last seven and a half decades, we have now reached a point where we are not any more looked as trustee of public interest but also as change leaders in the economic development of society and here, I feel we need to engage and work more with the society through our various initiatives. Therefore, on this historic occasion we have decided to work towards development of a holistic and inclusive society with the support of our about 1.2 million strong volunteer force, through various initiatives like Blood donation Pledge, Awareness programme on SDG, Environmental sustainability pledge, Consultation Camp about Tax and financial literacy across India, Career Counselling programmes, Plantation Drive, Importance of Financial planning, Investment and Savings, Accounting systems and UDIN Awareness, Workshop to create awareness about Financial Support to MSMEs, Awareness Programme for startups in India, Pledge for Cleanliness drive, Camps for organ donation, sports activities, Programmes on Women empowerment, Honouring senior members, Donation Camp for CABF, Young Members conclave, promoting Entrepreneurship, Ethics oath, etc.

Looking ahead, the accounting profession must adapt to emerging trends and challenges to maintain its impactful journey. The advancements in technology and digital transformation like automation, artificial intelligence, and data analytics necessitate that the profession must equip itself with the requisite skills to navigate this evolving landscape. Technology can be used as a tool for decision making activity, but it cannot be decision maker itself. Collaborations of technology firms with academia can foster innovation and propel the profession forward. Diversification is need of the hour.

Moving forward, it is imperative for the institute and profession to remain agile, adaptable, and forwardthinking. By embracing technology, nurturing ethical practices, and actively participating in policy discussions, the profession will continue to play a pivotal role in shaping the nation’s financial landscape. At this juncture I truly echo the thoughts of Father of the Nation Mahatma Gandhi, “The best way to find yourself is to lose yourself in the service of others.” Some of the significant developments related to the profession in the last month are as under:

I am pleased to announce that the launch of the New Scheme of Education and Training for the Chartered Accountancy course is scheduled for July 1, 2023 in the august presence of Chief Guest Hon’ble President of India, Smt. Droupadi Murmu during the CA Day event. This marks a significant milestone for all of us, and I express my gratitude to my Council, and the entire Team ICAI for their efforts in making this possible. The New Scheme features a contemporary international curriculum, with a focus on Ethics, Technology and having 4 self-paced online Modules aligned with technology-enabled learning as advocated by the NEP, 2020. Practical training now includes a 2-year examination-free period and assessments through case scenario/ study-based MCQs at all levels. The Gazette notification and the announcement of the New Scheme can be found on the ICAI’s website.

The Institute organised the StartUp Sphere 2023 event in Mumbai from 27-28 June, 2023, aiming to bring together the startup community, investors, and entrepreneurs. The event attracted 7,000 attendees from across the country and featured over 120 industry specialists who shared their knowledge and insights. Hon’ble Former President of India Shri Ram Nath Kovind gave special address at the event and the same was inaugurated by Shri Uday Samant, the Minister of Industries, Government of Maharashtra. The success of the event not only benefited the participants but also augmented the entrepreneurial ecosystem in the country.

• Launch of Seattle Chapter of ICAI
  In line with our vision to position the brand ‘CA India’ globally, ICAI launched Seattle Chapter of ICAI on May 30, 2023. It is the 9th Chapter of ICAI in the USA. ICAI now has 46 Chapters and 34 Representative Offices spread across the globe to create more professional avenues. Mr. Rakesh Adlakha, Deputy Consul General Commercial Representative graced the event as Chief Guest.
  
  
• Malaysia & Singapore Visit
  
  
  • Meeting with High Commissioner of India to Malaysia
    I and CA. Ranjeet Kumar Agarwal, Vice President, ICAI along with CA. (Dr.) Debashis Mitra, Immediate Past President, ICAI, CA. K.Sripriya, Council Member, along with the office bearers of the Malaysia (Kuala Lumpur) Chapter of ICAI met H.E. Mr. B.N. Reddy, High Commissioner of India to Malaysia on June 12, 2023 wherein discussions were held on the ways to enhance accounting and auditing collaboration amongst ICAI and Malaysian Institute of Accountants (MIA), The Malaysian Institute of Certified Public Accountants (MICPA.) and Malaysian universities.
    
    
  • Roundtable Engagement with IFAC President
    I along with CA. Ranjeet Kumar Agarwal, Vice President, ICAI attended the ‘Roundtable Engagement with IFAC President Ms. Asmaa Resmouki hosted by MIA. This was a great opportunity for ICAI to network and engage with IFAC and other PAOs. I gave a presentation at the event on the various capacity & competency building initiatives being undertaken by the ICAI for the future relevance of the profession.
    
    
  • ICAI Connect
    With a view to showcase India’s accounting expertise globally as well as to connect and contribute to the progress and development of the accountancy profession ICAI organized an ICAI Connect event on June 12, 2023 in Malaysia wherein H.E. B. N. Reddy, Indian High Commissioner to Malaysia; YB Senator Saraswathy Kandasami, Deputy Minister of Entrepreneur Development & Cooperatives, Ms. Asmaa Resmouki, President, IFAC, leadership of MIA & MICPA and members of Managing Committee of Malaysia (Kuala Lumpur) Chapter of ICAI were present.
    
    
  • MIA International Conference
    MIA International Accountants Conference on the theme “Future Fit Profession: Charting a Better Tomorrow” was held from June 13-14, 2023 at Kuala Lumpur. CA. (Dr.) Debashis Mitra, Immediate Past President, ICAI and Central Council members CA. K.Sripriya, and CA. Dayaniwas Sharma(virtually), represented ICAI as panelists in their respective Panel sessions. ICAI had a pavilion at the Conference where it promoted GloPAC and its various initiatives of global relevance.
    
    
  • Meeting with Institute of Singapore Chartered Accountants (ISCA), ACRA and IPAS
    I and CA. Ranjeet Kumar Agarwal, Vice President, ICAI along with office bearers of the Singapore Chapter of ICAI met with leadership of ISCA led by Mr. Teo Ser Luck, President, Ms. Fann Kor, CEO, ISCA and other functionaries. Discussions were held on various areas of professional interest including exploring the possibility of organizing a joint Global Talent Program for global university students from across the globe in India. We also met Ms. Kuldip Gill & Mr. Evan Law, Asst. Chief Executives, Accounting & Corporate Regulatory Authority (ACRA) and with Ms. Angela Ee Meng yen, Vice Chair, Insolvency Practitioners Association of Singapore (IPAS) & its other functionaries. During the meetings, ISCA, ACRA & IPAS were cordially invited for “Resolve-2023- Enabling Resolution Maximising Value” an International Convention on Insolvency Resolution being held in Singapore from August 4-5, 2023 and invitation was also extended to them for attending GloPAC being held in India from 24- 26 November, 2023.
    
    
  • Meeting with High Commissioner of India to Singapore
    I and CA. Ranjeet Kumar Agarwal, Vice President, ICAI along with office bearers of the Singapore Chapter of ICAI met with H.E. Mr. P. Kumaran, High Commissioner of India to Singapore & discussed various opportunities for ICAI members in ASEAN countries.

I take immense pleasure in welcoming the newly qualified Chartered Accountants into our esteemed professional fraternity. In this era of digital transformation, I hold a strong belief that these fresh talents will steer the profession towards unexplored territories, transcending the boundaries of traditional practices. I utilize this opportunity to encourage the newly inducted Chartered Accountants and advised them to expand their horizons and create value professionally by thinking differently, acting digitally and keep on learning.

On May 27, 2023, Convocation ceremony took place at 12 different venues nationwide to honor and confer membership certificates upon new members. About 12,600 recently enrolled Chartered Accountants were presented with their well-deserved certificates.

The ICAI through its Committee for Members in Entrepreneurship and Public Service organised a Residential meet of CA Members in Public Service from 17-19 June, 2023 which was inaugurated by Shri Manoj Sinha, Hon’ble Lieutenant Governor of Jammu and Kashmir in Srinagar and attended by about 100 members from various public services namely; IAS, IPS, IRS, IFS, Judiciary, ITAT, NCLT, NCLAT and other regulatory services. The Residential meet delved upon significant matters concerning the Accounting Profession. Valuable suggestions were put forward to enhance the well-being of the profession.

• MCA Coordination Committee Meeting
  A meeting was held on June 8, 2023, of the Coordination Committee of the three Professional Institutes. Dr. Manoj Govil, Secretary of the Ministry of Corporate Affairs, presided over the meeting, which also featured ministry officials. I, along with CA. Ranjeet Kumar Agarwal, Vice President and the Secretary of ICAI, attended the gathering, alongside the heads of the other two Sister Institutes, namely, The Institute of Company Secretaries of India and The Institute of Cost Accountants of India. During the meeting deliberations were held on varied aspects relevant to the profession.
  
  
• Residential Meet for Media, Agra
  With an objective to enhance the brand image, bridging the expectation gap and build trust amongst the media, stakeholders and public at large, the ICAI organised a one-day Residential Meet for Media in Agra. The meet also acquainted the delegates about the latest developments and trends in accounting and regulatory space. The meet was attended by almost 19 national media groups and was well appreciated.
  
  
• Meeting with Additional Chief Secretary, Government of Tamil Nadu
  Recently myself along with ICAI Vice President CA. Ranjeet K. Agarwal, Immediate Past President-ICAI CA.(Dr.) Debashis Mitra, and Central Council Members CA. Rajendra Kumar P & CA. Sripriya K. met Shri S. Krishnan-IAS, Additional Chief Secretary-Industries, Investment Promotion & Commerce Dept.- Government of Tamil Nadu on sidelines of Orientation Program for CAs in Chennai on June 7, 2023.

The ICAI has been taking various steps to support auditors in effective implementation of Standards on Auditing. Continuing with its efforts in this direction, AASB of ICAI has developed two publications – “Checklist on Standards on Auditing” and ‘Audit Working Paper Templates’. The publications cover checklist on all the 38 Standards on Auditing issued and templates of various audit working papers. Members and Firms should use these Checklist/ Templates in conjunction with the Standards on Auditing, Guidance Notes and related pronouncements and suitably modify it to suit the facts, circumstances, and nature of the entity under audit.

As we celebrate the 75th foundation day of the ICAI, let us remember the rich history and the contributions made by Chartered Accountants fraternity towards the progress of our nation. Let us renew our commitment to the core values that have guided us thus far and embrace the future with enthusiasm and optimism. Together, as a united profession, we can forge ahead, embracing change, seizing opportunities, and playing an instrumental role in India’s journey towards economic prosperity.

At a personal level, the history of our noble Institute is intertwined with my family history. My late grandfather appeared in the ‘First Examination’ of ICAI in 1949 and stood All India First. Later he served the profession as a council member. After him, my father also served as a Council Member and then as the President. ICAI’s indelible impression is visible as generations of its members chose to serve it faithfully. From that remarkable day to the present moment, I have been truly inspired by the immense progress and outstanding accomplishments of the profession.

As the motto of ICAI says “Ya Aeshu Supteshu Jagruti” meaning a person who is awake in those that sleep. We have lived by this motto in this long journey. This motto envisages not only being awake at the face of it but it holds a deep meaning of the ever awakening of the conscience. In our journey, chartered accountants have emerged from bookkeepers of business to the conscience keepers of society. Let us remain steadfast in our pursuit of excellence, upholding the highest ethical standards, and contributing meaningfully to the economic progress of our beloved nation. With determination and vision, we can look forward to an even brighter future, where Chartered Accountants continue to be the trusted partners of businesses, regulators, and society at large. I would like to conclude with the famous thought of the Nelson Mandela: “Remember to celebrate the milestones as you prepare for the road ahead.”

Happy 75th Chartered Accountants’ Day, and here’s to many more years of success and accomplishments!