First National Webcast launched by ICAI

First National Webcast launched by ICAI to reach out to its members at large globally and on the various decisions taken by the Council of the Institute at its 287th meeting held on April 17-18, 2009

ICAI launches First National Webcast, a technological revolutionary event to reach out to its members at large globally The Institute of Chartered Accountants of India (ICAI) launched the first National Webcast on 17th April 2009 to reach out to its members & students at large globally. Within few minutes from start of the event on “Global Economic Crisis – Changing Role of CAs”, more than 2000 members have hooked on to the web & viewed the event. CA. Mohan Das Pai, Director, Infosys Technologies delivered the key note address.

The event was inaugurated by the President, ICAI, CA. Uttam Prakash Agarwal in the presence of Vice President, CA. Amarjit Chopra and Chairman, IT Committee.

Seminars on web became a reality during this diamond jubilee year of ICAI. President while inaugurating the webcast said “we will be able to reach to more learners in less time. It is another milestone in the history of the Institute. ICAI is the first professional Institute to do it and I feel others will follow the path.” While explaining the advantages of WebCast & Webinars, CA. Uttam Prakash Agarwal said “the concept of on-demand learning environment using web will go a long way & soon you will see more such events happening from ICAI. We will invite industry leaders to address our members on various topics related to the profession. Such events will not only save travel and costs associated with traditional on-site training but also create unique experience for learners. The impossible has been made possible and created a platform for many of our members residing abroad to view the seminars of the Institute live who want to participate in the various programmes of the Institute, but not able to do so because of their geographical location etc.”

CA. Amarjit Chopra, Vice President of the Institute in his address welcomed this ushering revolution backed by cutting-edge information technology and said “Thanks to the synergy it has created with our members who are seeking improved services from the Institute. Launch of Webcast has made the education & training more efficient”.

Chairman, IT Committee welcomed the delegates and said that “our members will like this initiative that is the need of the hour. It is an effort to radically alter the process and in order to deliver a pedagogically more acceptable and administratively more efficient training to fulfill members and students right to convenience & comfort.”

CA. Mohan Das Pai complemented the President, ICAI, CA. Uttam Prakash Agarwal and welcomed more such initiatives from ICAI.

A Large number of members appreciated the initiative of the Institute that enabled them to access to various programmes of the Institute from the remote locations. They congratulated President, ICAI, CA. Uttam Prakash Agarwal in taking steps to adopt the latest means of technology available to reach out to members & students.

A recording of this live event is available on www.icai.org for one month from the event date for the benefit of members who could not join and for members who decide to revisit important aspects.

The Council of The Institute of Chartered Accountants of India (ICAI) at its 287th meeting held from April 17-18, 2009 has taken the following decisions:-

1. Auditors of Listed Companies to be Peer Reviewed

The Council of ICAI accepted the recommendation of SEBI that from accounting periods commencing on or after April 1, 2009, all Listed Companies would be audited by only those Firms/Practice Units, that have been issued Peer Review Certificate by the Peer Review Board of the Institute. To this effect, the limited review reports/Audit Reports furnished by the Listed Companies to the Stock Exchanges, from accounting periods commencing on or after April 1, 2009, could only be given by an audit firm/Practice Unit that has been issued Peer Review Certificate from the Peer Review Board of the Institute. Further the financial statements of a Company coming out with an initial public offer (IPO) should also be certified by the Audit Firms/Practice Units who have been issued a Certificate from the Peer Review Board.

CA. Uttam Prakash Agarwal, President ICAI stated that further 1240 firms have been selected for Peer Review and the Peer Review process have been initiated. The Peer Review of these firms will be completed on fast track and till now 4000 firms already have been Peer Reviewed. He further added that more than 6000 Peer Reviewers are there in the country and ICAI is completely geared up to complete the Peer Review Process of all the firms.

2. Corporate Affairs Standards

The globalisation and the emerging scenario of the corporate world require specialized professionals who can provide service with excellence, professionalism & objectivity to deal with various aspects of the corporate affairs. Members and other stakeholders need guidance on various areas of corporate laws and practice.

While appreciating the need of the profession and the global corporate sector the Council of the Institute of Chartered Accountants of India at its 278th meeting held in May 2008 decided in principle to issue the Corporate Affairs Standards (CAS)/Guidance Notes to guide the members and other stakeholders. Accordingly, the Corporate Laws Committee of the Institute instigated the formulation of the Corporate Affairs Standards on various areas of Corporate Affairs to guide the members and stakeholders of the corporate sector to ensure a fair, transparent and accountable corporate regime in the country. The Committee has formulated the framework for the Corporate Affairs Standards. The purpose of this document is to describe the framework within which the Corporate Affairs Standards are issued in relation to the services that may be performed by the members. The framework is concerned with development of benchmark, concepts, principles, practices and procedures which are to be used in relation to various corporate affairs, corporate governance and management of corporate. The Committee has also drafted the Corporate Affairs Standard on Business Valuation, Auditors’ appointment, retirement and removal and Certification under MCA-21.

We have the pleasure to announce that the Council at its meeting held in April 2009 has approved the framework for the Corporate Affairs Standards and the Corporate Affairs Standard on Business Valuation, Auditors’ appointment, retirement and removal and Certification under MCA-21.

We are hopeful that the Corporate Affairs Standards prove to be a capacity building measure for the profession to ensure a corporate regime benchmarked with best global practices.

3. Disciplinary Reports

In the recently concluded Council meeting, the Council had considered 12 Disciplinary Reports. Out of 12 Reports, 6 reports pertained to the Second Schedule Matters. The Council had recommended the punishment in 4 cases, 1 case was referred back for further enquiry and 1 case was decided not guilty under Second schedule. The following punishment(s) were awarded in afore said 4 cases:

About ICAI
The Institute of Chartered Accountants of India (ICAI) set-up by an Act of Parliament viz. The Chartered Accountant Act, 1949 to regulate the profession of Chartered Accountancy is the second largest and prominent accounting body in the world. It has been taking various proactive measures from time to time, aligned with the changing facets of the Indian economy, for continuously raising the standard of quality of accounting and financial reporting. The quality of education and the standards of examination of the Institute are acknowledged to be the best in the world.

ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi and 118 branches spread all over the country. In addition, it has also set up 21 chapters outside India and an office in Dubai. Currently over 4,50,000 students are pursuing the Chartered Accountancy course and the total membership of ICAI is more than 1,50,000.