My Dear Professional Colleagues,
Ya Esa Suptesu Jagarti.
The Motto of our Institute which has been adopted from the Kathopnishad means "that person who is awake in those that sleep". Similar to the Bhagwad Gita in many respects, Kathopnishad is a conversation between Yama and Nachiketa where we find Nachiketa very curious to understand soul and divinity. As the National Anthem is respectful to every citizen of India so is the CA Motto to all members of ICAI.
In today's fast changing scenario, Chartered Accountants are required to be always awake, alert & conscious about the latest changes in their respective areas & continuously update themselves. The Chartered Accountants are acknowledged and respected all across the Globe not only because of their expertise in the fields of Accounts, Finance & Taxation but also due to their adaptability to cope with the changes that are taking place in the emerging areas such as Sustainability, Forensic, Information Technology etc. The expectations of the Government & other stakeholders from our members are increasing everyday.
ICAI, as a partner in nation building, constituted the Sustainability Reporting Standards Board (SRSB) in February 2020 with the mission to formulate comprehensive, globally comparable, and understandable standards for measuring and disclosing non-financial information about an entity's progress towards the United Nations Sustainable Development Goals (SDG) 2030. The Institute strives to bring sustainability reporting and thinking within mainstream business practices both in the public and private sectors. ICAI through SRSB is taking proactive steps to not only identify and develop opportunities for Chartered Accountants in Sustainability Reporting but also to enhance knowledge, upskill and train members by conducting workshops, seminars, and certificate course, publish technical literature on various important topics within the sustainability domain. Further, in its endeavour to promote sustainability reporting ecosystem in the country which would lead to greener low-carbon economy, the Institute is working on two crucial aspects. Firstly, to promote compliance with existing accounting and sustainability-related disclosure requirements. Secondly, to strengthen assurance framework to build a solid bridge between sustainability related risks and corporate financial reporting.
Words of Appreciation from the Hon'ble Prime Minister
In a message on the occasion of CA Day our Hon'ble Prime Minister Shri Narendra Modi stated, "Over the decades, ICAI has served the society and nation with dedication and commitment. The Institute has strengthened its credentials as a leading organisation for professionals engaged in the field of Chartered Accountancy". Lauding the role of CAs, he highlighted that they "make an important contribution towards the economic growth of the nation. The fraternity is responsible for certifying entries in account books and preventing malpractices. Thus, CAs have a responsibility in ensuring that economic and financial systems remain in sound health. The financial skills of our CAs are appreciated the world over. It is important for institutions to leverage technology and innovate constantly to enhance their relevance not just within the country, but globally."
Our heartfelt thanks to the Hon'ble Prime Minister for his encouraging words.
Let me present some of the significant professional developments that have taken place since my last communication:
CA Day Celebrations
Our 74th Foundation Day was celebrated with great exuberance. The celebrations commenced with the unfurling of ICAI Flag at the ICAI Head office in New Delhi followed by tree plantation in the august presence of Shri Kailash Choudhary, Hon'ble Minister of State for Agriculture and Farmers' Welfare. The Hon'ble Minister addressed the CA fraternity through a live webcast and lauded the ICAI Go Green initiative.
The CA Day event in the evening was graced by Chief Guest Shri Girish Chandra Murmu, Hon'ble Comptroller and Auditor General of India and Guest of Honour Shri Rajesh Verma, IAS, Secretary, Ministry of Corporate Affairs, Government of India. Stressing on the synergistic relationship between their respective offices and ICAI, the Honourable Guests lauded the profession for its efforts as being a Partner in Nation Building.
Continuing the tradition of nurturing thought leadership on this momentous day, various publications on diverse contemporary topics were released. I congratulate the Regional Councils and the Branches for celebrating CA Day in a befitting manner. A detailed report of the CA function is published separately in the Journal.
Revised Guidance Note on the Companies (Auditor's Report) Order, 2020
Consequent to the various amendments to Schedule III to the Companies Act, 2013, the Auditing and Assurance Standards Board of ICAI has undertaken revision and published "Guidance Note on the Companies (Auditor's Report) Order, 2020 (Revised 2022 Edition)". The Guidance Note has been revised to provide guidance on the corresponding disclosure requirements of Schedule III to the Companies Act, 2013 which pertain to the clauses of CARO 2020 and to align guidance with latest provisions of Companies Act, 2013 and Rules thereunder and other relevant laws & regulations which are referred to in the Guidance Note.
I am sure the Revised Guidance Note shall provide necessary guidance and support to the members in carrying out the audit in an efficient and effective manner.
Meeting with Dignitaries
I, along with Vice President-ICAI CA. Aniket Sunil Talati met Finance Secretary Shri T.V. Somanathan, IAS to deliberate on matters related to the profession and extend warm invitation for the 21st World Congress of Accountants to be held from 18th to 21st November 2022 in Mumbai.
I and Vice-President also had the privilege to meet Mr. B N Reddy Hon'ble Indian High Commissioner to Malaysia wherein discussions were held on enhancing the brand value of Indian Chartered Accountants in Malaysia.
Interaction between RBI and ICAI
The first meeting of Structured Periodical Interaction between RBI and ICAI was held last month. During the meeting various matters of professional relevance and strategic significance were discussed in the interest of the members of our Institute such as recent developments in Audit and Accounting in India and across the globe, Ind AS Implementation by Banks and coverage of Bank Audit.
Expanding Reach of 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.
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 lakhs 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 lakhs per annum at all existing centres. For new centres, the CTC is being increased to Rs.7.2 lakhs per annum.
MoUs for Capacity Building and Developing Co-operation
A Memorandum of Understanding was signed between the Institute of Chartered Accountants of India and Standing Conference of Public Enterprises (SCOPE) on 14th July, 2022. 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. We hope that this understanding will provide further boost to an area where ICAI is working with full commitment.
Building momentum towards WCOA
To organize the World Congress of Accountants in a befitting manner, ICAI is reaching out to global accounting institutions for promoting the WCOA 2022. I and Vice President ICAI CA. Aniket Sunil Talati had a meeting on 22nd July, 2022 with Ms. Fann Kor, CEO of Institute of Singapore Chartered Accountants. The ISCA leadership assured its support and cooperation for the WCOA 2022. The ICAI leadership attended the event "Accounting Landscape & Future ready professional" on 23rd July, 2022 organised by the Singapore Chapter of the ICAI which was graced by Mr. Alan Johnson, President, IFAC as well. We also met with Mr. Soon Hoo Koon, Vice President and Mr. Novie Tajuddin, CEO, Malaysia Institute of Certified Public Accountants (MICPA) and Mr. En Mohamad Fasial Abdul Malik, Vice President, Malaysia Institute of Accountants (MIA) on 25th July, 2022 at Kuala Lumpur.
A meeting was also held with the Indonesian Institute of Chartered Accountants (IAI) Central Council members and Aucky Pratama, Executive Director, Asean Federation of Accountants on 26th July, 2022 to discuss ways to further collaborate in the areas of mutual interest and promote WCOA 2022.
Social Audit Standards
Vide notification dated 25th July, 2022, the Securities and Exchange Board of India issued the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2022 wherein Chapter X-A deals with the formation of the Social Stock Exchange. Social auditor has been defined as an individual auditor registered with a self-regulatory organisation under the Institute of Chartered Accountants of India or such other agency as may be specified by the Board. This is recognition for the sincere efforts of the Sustainability Reporting Standards Board of our Institute which has been engaging with the SEBI for more than a year regarding developing Social Audit Standards and carrying out of social audit.
Conclusion
As we celebrate our 76th Independence Day on 15th August, 2022 it will be significant to note that the first meeting of the First Council of the Institute was held on 15th August, 1949 in New Delhi. The then Minister for Commerce of the Government of India, Shri K. C. Neogy while inaugurating the meeting stated as under: "there was a special significance in that the Council was holding its first meeting on the day of India's independence and it was appropriate that a great and important profession in the country was launching upon a career of autonomy on that day".
Our Commitment to Independence and being a proud Partner in Nation Building continues since 1949.
Happy Independence Day to all of you.
CA. (Dr.) Debashis Mitra
President, ICAI
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