ICAI will host the World Congress of Accountants (WCOA) from 18 to 21st November 2022 in Mumbai

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The Institute of Chartered Accountants of India (ICAI) Press Meet 2nd Aug 2022
The Institute of Chartered Accountants of India (ICAI) Press Meet 2nd Aug 2022
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July 29, 2022

About ICAI

The Institute of Chartered Accountants of India (ICAI), established by an Act of Parliament in 1949 has proven its mark as an elite world-class institution devoted to uphold the values of transparency, accountability and integrity. With over 3.60 lakh members and over 7.65 lakh students, ICAI is the world’s second largest accounting body. Through its 5 Regional Councils, 166 Branches, 44 Overseas Chapters & 33 Representative Offices, the Institute is taking forward its agenda of inclusive growth & continues to add glory to the profession.

ESG Roundtable

Businesses are now increasingly being called upon to report on the Environmental, Social and Governance (ESG) efforts. ICAI through its Sustainability Reporting Standards Board has been taking various initiatives to create awareness regarding ESG issues. In line with the above, the ICAI is organizing a series of ESG Roundtables for the Independent Directors and the CFOs across India. The Roundtables will focus on the knowledge areas on ESG/Sustainability pertinent from the perspective of decision-makers.

Social Audit Standards

ICAI has been working on drafting the Framework for Social Audit and the Social Audit Standards on eligible activities for conducting social impact assessments. It is heartening to note that the Securities and Exchange Board of India in its notification of 25th July 2022, has defined a “Social Auditor” as an individual registered with a self-regulatory organization under the Institute of Chartered Accountants of India or such other agency, as may be specified by the Board, who has qualified a certification program conducted by National Institute of Securities Market and holds a valid certificate. The notification also spells out the eligible activities and requirements relating to the registration, fundraising, listing, and procedures for issuance of Zero Coupon Zero Principal instruments.

The social audit framework being developed by the ICAI broadly covers the basic principles and elements of the audit of impact reports of projects, programs and activities to be undertaken by a social enterprise registered /listed on the Social Stock Exchange and acts as a reference document to all the social audit standards. Each of the Social Audit Standard will provide an illustrative list of key social impact indicators, qualitative as well as quantitatively based on the social auditor would assess the performance of the social enterprise.

Sustainability Reporting Standards Board of the ICAI is working on a well-laid timeline and plans to share the draft on all the 16 thematic areas to the Securities and Exchange Board of India for comments and host the exposure drafts soon. The Institute has also initiated the steps for establishing a self-regulatory organization for registration of social auditors as envisaged in the SEBI’s latest notification. ICAI considers it an opportunity to be associated with the Securities and Exchange Board of India and is making sincere efforts in timely roll out of social audit standards and other related matters.

MCA 21 Version 3

ICAI is working closely with the Ministry of Corporate Affairs (MCA) on the implementation of MCA21 V3 for enabling a smooth transition. It has a large business process change and hence its successful and smooth implementation is important. Further, the ICAI is increasing user awareness through train the trainer programs and direct interactions with regional and branch representatives.

ICAI Partnering MSMEs to bolster them on the Global Map

With the growth of Indian economy and employment generation capabilities, the Micro, Small and Medium Enterprises (MSMEs) account for nearly half of India’s total exports. The Central and State Governments have launched many schemes to provide much-needed impetus for the revival of the MSMEs. ICAI is receptive to the emerging challenges faced by the MSMEs & Start-ups and to address the issues faced by them, the ICAI has undertaken a number of initiatives to strengthen them in terms of competence and improve their visibility amongst the business community.

The Institute has recently launched MSME Setu Programme wherein ICAI through its Committee on MSME & Start-up will establish the linkage between ICAI & Prospective MSMEs in Aspirational Districts as a key strategy for enhancing the productivity and competitiveness as well as capacity building of MSMEs. Another initiative launched is MSME Yatra wherein in 75 days 75 programmes will be organised in various parts of the country for Capacity Building of MSMEs.

The Micro, Small & Medium Enterprises (MSME) segment has a significant role to play in growth of rural economy and employment generation at grassroot level. The Indian accountancy profession is predominantly constituted of the Small and Medium practices (SMPs) too with large number of sole practitioners and partnership firms providing accounting, auditing and related consultancy services to the MSMEs. These SMPs can support MSMEs in various ways, including technology upgradation, skill development, suggesting internal controls, knowledge management, enhanced finance options, human resources management, improved interdepartmental coordination policies and programs. There is great potential for SMPs to provide a reliable support system for these businesses aiding in the maximisation of their potential and assimilated growth for both sides.

Cryptocurrency- Detailed Study by ICAI

In the wake of popularity of virtual currencies or cryptocurrency and Digital Assets being brought under the gambit of taxation, there is a need to bring clarity on this emerging area and address the issues swiftly with clarity.  The Digital Accounting and Assurance Board of our Institute is working on bringing out a Research Paper on the Accounts, Audit, Taxation & Technological aspects of Cryptocurrencies.

55th Campus Placement

The 55th edition of Campus Placement programme witnessed great success with 7312 newly qualified CAs getting job offers, out of 10,197 registered candidates.  A record number of 173 companies participated in the programme which was held virtually at 9 major and 12 smaller centres across India.  

56th Campus Placement – Extended to more number of Cities

Buoyed by the success, ICAI has decided to extend the campus programme to more number of cities.  The 56th edition of Campus programme will cover 6 additional centres viz. Bhopal, Lucknow, Patna, Raipur, Ranchi and Vadodara, thus taking the number of centres to 9 major and 18 smaller centres.  Four existing major centres viz. Ahmedabad, Hyderabad, Jaipur and Pune are being elevated as premier day centres, where a minimum CTC of Rs.17 lakh per annum will have to be offered on the premier day of interviews.  The minimum threshold limit of CTC is being increased to Rs.9 lakh per annum at all existing centres.  For new centres, the CTC is being increased to Rs.7.20 lakh per annum. 

MoUs for Capacity Building and Developing Co-operation

A Memorandum of Understanding was signed between ICAI and Standing Conference of Public Enterprises (SCOPE). The MoU mainly promotes knowledge partnership among the two institutions through various ways as well to collaborate with each other to promote research and innovation in areas of mutual interest. SCOPE is an apex professional organization representing the Central Government Public Enterprises and has also some State Enterprises, Banks and other institutions as its Members.

To further enhance the reach of Financial & Tax Literacy amongst masses, a MoU was signed with FICCI Ladies Organisation.

Launch of Civil Services Orientation & Mentorship Programme for CA Members and CA Students aspiring to join Civil Services

To motivate our members and students to be agents of change and more actively contribute in the growth of the society by joining different Civil services, the ICAI has launched a weekend online programme namely ‘Civil Services Orientation & Mentorship Programme’ for Chartered Accountant and CA Students aspiring to join Civil Services. The objective is to provide an overview of the topics covered in the civil services examination and to provide basic information on the course content.

Students

New Scheme for Education and Training

With an aim to develop the next generation of professionals, ICAI has undertaken revision of the Chartered Accountancy course to make it more aligned to the Technological changes, International Developments and National Education Policy.

The Ministry of Corporate Affairs has accorded its in-principle approval to the Proposed Scheme of Education and Training and it has been webhosted for public comments along with detailed questionnaire seeking suggestions. ICAI is conducting extensive webinars and outreach meetings at Regional offices and branches in order to seek the opinion of all stakeholders. Inputs from members overseas are also being sought through webinars and outreach meetings held in foreign chapters.

This is for the first time the CA course is being revised in 5 years instead of 10 years, as per past practice. The role of a chartered accountant is undergoing a significant change to assume newer responsibilities in a dynamic environment. There has been a marked shift towards strategic decision making and entrepreneurial roles that add value beyond financial recording and reporting. The competence level of Chartered Accountants, accordingly, needs to be bolstered significantly to enable them to perform these roles effectively.

Signing of MoU with Directorate of School Education, Kashmir

ICAI recently signed a Memorandum of Understanding (MoU) with Directorate of School Education, Kashmir (DSEK), Government of Jammu & Kashmir for promoting Commerce Education amongst Government and Government aided Secondary and Higher / Senior Secondary school students. The prime objective of this MoU is to bring out the true potential of students belonging to Kashmir valley. The commerce education plays an utmost important role in the inclusive growth of industry and the whole economy. With Kashmir having a rich pool of talent, the young students need to be nurtured in the proper way so that the young generation of today shall be able to contribute to the nation and society through its knowledge & skills.

To provide hand holding, the Institute has waived of 75 % of the course fee for all levels of CA course for students from the Union Territories of Jammu & Kashmir, Ladakh & for North-Eastern States.

Signing of MoU with Directorate of School Education, Jammu

ICAI also signed a Memorandum of Understanding with Directorate of School Education, Jammu (DSEJ), Government of Jammu & Kashmir for promoting Commerce Education amongst Government and Government aided Secondary and Higher / Senior Secondary school students. This MOU has been signed for a period of 5 years.

Extension of Fee Waiver in Registration Course Fee

Taking forward its mission of contributing as true partner in nation building and empowering students, the Council of ICAI has extended its earlier decision of waiving off 75% fee of registration course fee for all level of CA course for the students of Union Territories of Jammu & Kashmir and Ladakh and for the North-Eastern States till 31st March, 2025.

Moving a step further, it has also been decided to extend the above fee concession to the students registering from Andaman and Nicobar Islands as well, w.e.f. 4th February, 2022.

This decision would be a step forward towards encouraging the young aspirants from these places who wish to pursue their dream of becoming a Chartered Accountant and serve the nation with their capabilities and knowledge.

International

The ICAI Chapters and Representative Offices act as focal point of contact, bringing together ICAI members abroad and enabling effective reach and service to its members. Thus, aiding in positioning the ‘Indian Accountancy Profession’ as a ‘Brand’ worldwide for generation of more and more professional avenues for Indian Chartered Accountants and contribution in global economy. ICAI has increased its presence to 77 Global cities of the World with 44 Chapters and 33 Representative Offices spanning in 48 countries.   

World Congress of Accountants (WCOA) 2022

For the first time in India, ICAI would be hosting World Congress of Accountants (WCOA), November 18-21, 2022 in Mumbai. The World Congress, this time, would dwell upon the theme “Building Trust, Enabling Sustainability” keeping in mind the important role accountancy profession is playing as protector of public interest and instrumental role expected from the profession to enable sustainable economies for the future. A conglomeration of 6000 Delegates from over 135 Countries would be exchanging views on accounting & allied areas. Around 10,000 delegates shall be joining the WCOA through virtual mode.

Development of Accountancy profession in Maldives

ICAI continues to nurture accountancy profession globally by supporting developing countries in improving and nurturing the accounting ecosystem. As part of endeavour, the ICAI would be supporting CA Maldives also for the development of the accountancy profession in that part of the world by establishing mutual co-operation between the two Institutes for advancement of accounting knowledge and professional and intellectual development of the professionals in Maldives.

About Post Author

Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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