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For me the accountancy profession has been a very
thoughtful and dynamic journey of excellence and enormous opportunities
to serve the society. As I take my first step as a generation-next
torchbearer in this glorious ongoing journey, I feel highly blessed by
the Almighty, my family members and all my other well-wishers,
particularly my colleagues in the Council and Regional Councils and
branches. It is indeed a great honour to be in league of the
distinguished past Presidents, whom I deeply adore for bringing the
profession to its present stature. I am particularly grateful to the
immediate past president CA. Subodh Agrawal, whose able leadership and
guidance gave me new experience, abilities and exposure to take on any
critical challenges concerning the profession. I humbly bow to all of
them in gratitude.
Serving as President of the ICAI in these
times of ever-increasing expectations and challenges is a daunting
endeavour and task. But here I must mention that I am a firm believer in
the adage that, ‘from those to whom much is given, much is desired’.
And as such, I promise you to not let you down for expecting high from
me. I will put all my strength to take forward the rich legacy of my
seasoned predecessors. I have inherited ICAI as a heritage of excellence
and a cradle of professional panache, and I commit to take it forward
to the hitherto unchartered territories of excellence & professional
capabilities, and uphold the high trust put in our profession by the
founding fathers of our nation.
While I take pride in the
confidence that society and government repose in us, I am also fully
aware of responsibilities that come along. I conveyed the same feeling
to our Minister of Corporate Affairs Shri Sachin Pilot when I met him
recently after taking over as President. I felt highly encouraged at the
meeting, and I promise to provide all-out support to the ‘reform
agenda’ of the Ministry. I also look forward to continue getting the
ministry’s guidance as a friend, philosopher and guide to the
accountancy profession in India. Further, enthused and honoured by the
words of praise for our profession by Union Ministers for
‘Communications, IT and Law & Justice’ and ‘Minority Affairs’ Shri
Kapil Sibal and CA. K. Rahman Khan respectively at the recent annual
function of the Institute, I commit on behalf of the CA fraternity to
play our role as ‘trustee of stakeholders’ interest’ and to continue to
render quality services to the society keeping the larger social and
national interests in mind.
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To me, the ICAI does not exist merely as a regulator
but it exists as a facilitator to help you better yourselves and make
you conquer new frontiers. Keeping that aspect of the ICAI in mind, I
have articulated my ‘Action Plan 2014-15: Moving Towards New Frontiers’
combining the best interests of our nation, our profession, our
members, students and other allied stakeholders. This Action Plan
symbolises my craving for new frontiers and aims at propelling the
profession to the forefront of present day knowledge economy. Sky is
indeed the limit, but my idea is to ‘Scale the Sky in quest of New
Horizons’ and fast forward our tradition of excellence, integrity,
ethics, independence and service to the nation in the spirit of partner
in nation building.
The Plan has been visualised as a potent and
path-breaking pursuit of new professional paradigms. It looks forward to
take the profession way up the professional order of our country - all
in terms of value-added skill-sets, knowledge, contextual intelligence
and integrated networks. It aims to give edge to our CAs in contemporary
professional capabilities and subject matter expertise. It looks ahead
to promote our independence, futuristic vision, and an enabling solid
infrastructure. And to fast-track these goals, technology as an enabling
professional imperative will be my strategic priority, which I aim to
harness to its fullest potential. On the regulatory front, I will ensure
fast tracking of disciplinary cases and strengthening of peer review
mechanism.
In a nut shell, I would like to not only promote but also push up to the hilt the ICAI Mission, that is: ‘The
Indian Chartered Accountancy Profession will be the valued Trustees of
World Class Financial Competencies, Good Governance and Competitiveness’.
Moreover, I also wish to give this grand mission a social-human touch
by creating shared value, shared purpose and shared goodwill in the
society.
Although the specifics of this Action Plan have been
published elsewhere in this journal, let me take you on a conceptual
tour of my Action Plan 2014-15:
Leadership and Influence:
The first and foremost action point on my agenda is to firm up the ICAI
in the position of a ubiquitous ‘Leadership and Influence’. I believe
Kenneth H. Blanchard when he says that ‘the key to successful leadership is influence, not authority.’ I endorse John C. Maxwell when he says that a ‘leader is the one who knows the way, goes the way, and shows the way.’ I adore Mahatma Gandhi when he says that ‘leadership at one time meant muscles; but today it means getting along with people.’
My vision of ICAI as a leader hinges on these thoughts. As such, I will
aim for ICAI as a leader which shows the way to the members, students,
government and the society. To this effect, I will also foster closer
coordination with government, other regulatory authorities like Sebi,
RBI, IRDA, Ministry of Corporate Affairs & Ministry of Finance,
Parliamentarians, media and other leading institutions. I aim to
facilitate the nation see the benefits of IFRS convergence and its
implementation besides collaborating with global standard setters for
proactively positioning ICAI in international standard setting process. I
will work tirelessly to upholding disciplined and ethical professional
conduct and strengthen Peer Review and Quality Review processes.
Global Recognition:
Internationally, I will work to enable Indian accountancy profession
and professionals reach new frontiers of global opportunities besides
striving to put brand Indian CA on a high pedestal of reputation and
recognition. My aim is to firmly plot our professionals on the world
map. I will go all out to facilitate global partnerships and Mutual
Recognition Agreements, making ICAI as a hub of valued Thought
Leadership and bringing about greater integration of Indian accountancy
profession with global imperatives. I will particularly work to open six
new chapters overseas and generate opportunities for our young CAs to
take up careers abroad.
Members in Industry and Practice:
My other areas of strategic focus will be our members – whether they
are in practice, in industry or in government. These times are brimming
with opportunities, which need to be tapped. In this regard, I aim to
make CAs matchless professionals through knowledge and practice support,
particularly in the backdrop of new horizons taking shape in the form
of ‘Companies Act 2013’, ‘Direct Tax Code and Goods and Service Tax,’
‘Implementation of Ind AS converged with IFRS,’ and ‘Integrated
Reporting,’ etc. Enhancement and empowerment of SMPs is at the core of
my all inclusive growth agenda for which I will dedicate all resources
at hand to facilitate enabling framework, networks, LLPs and
multidisciplinary firms to leverage emerging opportunities. I will
particularly create a full-fledged placement cell for members in
industry and develop SMP kit for our members in practice.
Young Members Empowerment:
With more and more of younger generation joining the professional fold,
serving their cause will be high on my agenda. Pragmatic and
multi-dimensional, our young members are forging uniquely effective
career paths across various domains. They need practical pathways to
success, which I wish to lay out for them. Special initiatives will be
taken to help them set up practice, empower them and give them new wings
to fly high across new emerging horizons. Through Generation-Next CAs, I
want to shape new ideas that will drive our future. I have planned to
introduce mentorship programmes for hand-holding the young CA and
facilitate outsourcing opportunities to them in accounting, auditing and
management consultancy services, etc.
Women Empowerment:
Another high point on my Action Plan is ‘Women Empowerment’. I believe
that modern woman is the powerhouse of immense untapped energy which
needs to be channeled into our systems for the growth of our profession
and economy. I plan to tap that enormous potential and energy of our
girl students and women Chartered Accountants this year. In this regard,
among other initiatives, I have specifically planned a flexi working
portal for them besides a panel of women members to act as independent
directors in companies.
Branding and Capacity Building:
And to compliment the above-mentioned initiatives, I will personally
work tirelessly to raise the profile of the ICAI and ‘Brand Indian CA’
locally as well as globally through a vigorous branding and awareness
campaign besides other measures. Among the many capacity building
initiatives planned, I would like to particularly lay stress on
launching welcome kits to facilitate members to leverage global
opportunities besides promoting core strengths and values of our
members.
Technology Initiatives: I
regard technology as the engine of modern economy and CA’s workplace. As
such, I intend to use technology as an enabling force for the
profession. I will put technology to optimum use for efficient delivery
of services and betterment of the professional capabilities this year. I
will personally work to leverage tech-driven innovations to give our
profession a winning edge and raise a generation of global
professionals. An e-Governance project, ICAI Global Technology Centre,
Self Service portal for students and members, digital libraries, new
generation ITT labs, embracing social media, etc., are all on the cards.
Research Initiatives:
No progress comes without intensive research. As such, my other high
priority will be to give impetus to research in areas of contemporary
significance in the sphere of accountancy and finance, and tie-up with
other leading institutions for the purpose.
Student Initiatives:
While we refine our present, we will retune our future - the CA
Students, too. This we plan to do through specialised allencompassing
training, courses tailor-made for future requirements, multi-dimensional
analytical and soft skills development, etc. The idea is to reset our
future priorities and revitalise and realign Indian accountancy
education with the emerging imperatives and global best practices. In
this regard ‘revisiting the curriculum through CRET,’ and ‘Cloud Campus'
for CA students to align all technology offerings like e-books,
elearning, video lectures, audio lectures, online mentoring, etc., are
some of many initiatives planned for them this year.
Governance and Infrastructure:
Last but not the least, I believe that no organisation can deliver
until and unless there is a robust and responsive ‘internal governance’
or ‘corporate governance’ mechanism firmly in place. As such,
implementation of good corporate governance and best human resource
practices is another highlight of my Action Plan for this year to enable
us go the extra mile and deliver dexterously within deadlines to bridge
the so perceived expectation gap of our stakeholders.
Meanwhile,
special focus would be put on infrastructure development as I believe
that it is the enabling infrastructure which provides us the foundation
for comprehensive growth. In this regard, among many initiatives, I have
particularly planned opening of at least 100 reading rooms and
e-libraries besides new centres of excellence and branch buildings.
I
believe that actions speak louder than words. So let’s get to the task
because although this action plan is arduous but achievable. Please go
through the specifics of my Action Plan and feel free to share your
views and help me implement this Plan in letter and spirit, for I
believe that the more we collaborate, the more we achieve.
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Now I am happy to share with you some important recent developments and achievements:
Meeting with Prime Minister:
We recently met Honourable Prime Minister Dr. Manmohan Singh along with
Member of Parliament P.C. Chacko and apprised him of the matters of
interest to accountancy profession in India. I am happy to inform you
that the meeting was very positive as we submitted Representation to him
and discussed key issues and concerns of ICAI on Companies Act, 2013.
We also took up the issue of reducing the threshold limit for Bank
branch audit with him. The Prime Minister gave us sufficient time to
present our point of view and agreed to look into all our concerns. I
hope for a positive outcome soon.
Companies Act 2013:
We have also submitted our suggestions on Draft Rules (5th & 6th
Phase) under the Companies Act, 2013 to Ministry of Corporate Affairs.
Besides approaching Prime Minister, we have raised our concerns at
various levels of Indian policy, particularly with regard to the
provision of NFRA so that related draft rules are at least kept on hold
till our concerns are addressed.
ICAI Now Mobile App & ICAI Knowledge Gateway Launched:
In line with my Action Plan 2014-15, we recently put in place a major
technological milestone with the launch of a revolutionary Mobile App
ICAI Now and a Knowledge Portal ICAI Knowledge Gateway. Keeping with the
latest trends and technologies, these revolutionary services will help
our members, students and other stake-holders access vital information
from wherever, whenever.
Infrastructural Boost:
We recently inaugurated Karimnagar, Ongole and Warangal branches of
SIRC of ICAI besides opening Trichur branch building of the SIRC.
Tax Audit Limit Increased from 45 to 60:
In view of the enhancement of professional competence of members to
perform quality services in an ITenabled environment, we have decided to
increase the "specified number of tax audit assignments" for practicing
Chartered Accountants, as an individual or as a partner in a firm, from
45 to 60. The said limit will be effective for the audits conducted
during the financial year 2014-15 and onwards.
All set for IFASS Meet:
The stage is set for the International Forum of Accounting Standard
Setters (IFASS) meet which we will be hosting in New Delhi in March.
IFASS, earlier known as NSS (National Standard Setters), is a group of
accounting standard-setters of various countries across the world.
Meanwhile,
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.
As I conclude my message, I leave you with these beautiful lines of D. Simone, wishing you all the best.
“May Light always surround you;
Hope kindle and rebound you...
May goodness inspire
your deepest desires...”
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