Strengthening India's Future: ICAI's Vision and Action Plan for 2022-23

Introduction

It is with great pride that I connect with you today through this platform as the 70th President of The Institute of Chartered Accountants of India (ICAI). Joining the esteemed ranks of past leaders, I am committed to contributing to the advancement of our nation and our profession. The presidency represents a significant opportunity to serve my alma mater with humility, compassion, and dedication. Inspired by Swami Vivekananda’s wisdom, I aim to lead while embodying a spirit of service.

Gratitude and Vision

As I commence my tenure, I extend my sincere thanks to all members and my Council colleagues for entrusting me with this esteemed position. I look forward to your support in enhancing the role of our profession in nation-building while ensuring excellence, independence, and integrity.

I also express my heartfelt appreciation for our outgoing President, CA. Nihar N. Jambusaria, who adeptly guided the Institute during the challenges posed by the pandemic. His tenure saw the initiation of various programs aligned with the digital age, including Financial and Tax Literacy initiatives and support for MSMEs and Start-Ups, all contributing to national development. I honor the legacy of my predecessors whose extraordinary contributions have elevated our institution.

The Importance of Our Profession

Our profession has consistently prioritized the development of our nation. As India celebrates 75 years of independence, we must plan for the future, envisioning India@100. The next phase of growth relies on the innovative spirit of our human capital, and our profession is positioned to play a pivotal role in this transformation within the emerging knowledge economy.

ICAI Council and New Leadership

I commend the members of the 25th Council of the Institute and look forward to collaborating with them towards a unified vision for our profession. Congratulations to CA. Aniket Sunil Talati on his election as Vice-President for the year 2022-23; I am confident his expertise will greatly benefit our community.

Action Plan 2022-23

“Reach high, for stars lie hidden in you. Dream deep, for every dream precedes the goal.” - Rabindranath Tagore

In celebrating the Amrit Mahotsav of our independence, it is essential to define our path forward. We must align our profession's growth drivers with the vision of a self-reliant India. ICAI has engaged in multiple initiatives to support national development and inclusive growth. Our Action Plan 2022-23 outlines key focus areas that align with our Vision 2030, addressing stakeholder and regulatory expectations.

The Action Plan is segmented into three parts:

1. Legacy: Upholding core principles and values of the profession.
2. Endeavors: Renewing commitment to existing initiatives for successful outcomes.
3. Vision for 2022-23: Identifying new areas for focused effort, including multidisciplinary partnerships, fostering research, and enhancing Accountancy Education through the CRET initiative.

This year's ICAI will also host the World Congress of Accountants 2022, which will spotlight Indian Chartered Accountants on a global scale while showcasing India's rich culture.

ICAI's 72nd Annual Day

The Institute celebrated its 72nd Annual Function on February 4, 2022, attended by Chief Guest Dr. Bhagwat Kishanrao Karad, Hon’ble Minister of State for Finance. The event recognized exceptional students, Regional Councils, and various initiatives. A detailed report of the function will be available in the journal.

Focus on Bank Audits

As you read this, the crucial task of Bank Audits approaches. Auditors are essential in maintaining the integrity of the banking sector by ensuring credible financial statements. It is crucial for members to diligently follow RBI guidelines. To aid in this process, the revised Guidance Note on Audit of Banks has been released, along with ongoing CPE programs to ensure members are well-informed.

Enhancing Assurance Services Quality

The ICAI is dedicated to improving the quality of assurance services. Recently, the Council mandated a Peer Review mechanism for specific categories of firms that perform assurance services for designated entities. This phased implementation starts on April 1, 2022, focusing on firms conducting statutory audits of publicly listed enterprises and will extend to other firms over three years.

Fee Waiver for Registration Courses

In line with our mission to empower students, the ICAI Council has extended a 75% fee waiver on registration courses for all levels of the CA program for students from Jammu & Kashmir, Ladakh, and North-Eastern States until March 31, 2025. Additionally, this concession will now include students from the Andaman and Nicobar Islands as of February 4, 2022. This initiative aims to inspire young aspirants to pursue CA qualifications and contribute to our nation's development.

ICAI Awards and Recognition

The ICAI Leadership Summit 2022 and the 15th ICAI Awards ceremony took place on February 2, 2022, in New Delhi. The awards honored the exemplary contributions of Chartered Accountants across various sectors. Notably, the ICAI organized its first awards for Sustainability Reporting, recognizing best practices to inspire sustainability initiatives. The Chief Guest, Dr. Jitendra Singh, emphasized the vital role of Chartered Accountants in maintaining the nation's financial health.

Union Budget and Future Initiatives

The Union Budget 2022 aims to layout a roadmap for the economy over the next 25 years, termed as ‘Amrit Kaal’. By focusing on infrastructure in transportation, logistics, and other sectors, the budget promotes productivity and inclusive growth. It is essential for our profession to align with these objectives.

ICAI has previously submitted a Pre-Budget Memorandum to aid government planning and will soon follow up with a post-budget memorandum incorporating feedback from members.

Conclusion

As we navigate the evolving landscape of the digital economy, the activities of ICAI will grow in importance. Initiatives such as the Digital Learning Hub and the Financial Literacy drive exemplify our commitment to progress. I encourage all members to maximize their potential in contributing to our profession and the overall success of our nation.