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“The ICAI plays an important role in establishing balance between Companies and Chartered Accountants” ICAI President C.A. Manoj Phadnis on the occasion of convocation
“Major changes have been made in the Companies Act that was established in 1956. These changes are important for both Chartered Accountants and companies. In order to protect Chartered Accountants and Companies from frauds and to establish balance between them, the ICAI has donned the researcher’s role to give additions the Companies Act amendments, 2014. Therefore ICAI is dutifully taking efforts to take into account the International Economic environment.” stated ICAI President C.A. Manoj Phadnis in the press conference held after the ICAI convocation ceremony.
The Institute of Chartered Accountants of India (ICAI) held its convocation ceremony at Mahatma Phule Hall, Pune. On this occasion, Of the 533 who passed the exam 211 were present to collect their degrees at the hands of Member of Parliament Anil Shirole. Vice President of ICAI C.A. Devaraja Reddy, WIRC of ICAI President C.A. Sunil Patodia, and President of ICAI Board of Studies C.A. V.Murali were also present on this occasion.
“As one of the prominent accounting bodies worldwide, The Institute of Chartered Accountants of India (ICAI) has achieved recognition for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. The ICAI has constituted a committee to review and suggest recommendations to the government on further issues arising from the implementation of the Companies Act, 2013. ICAI has received a request from the Chairman of Chartered Accountants Worldwide to join the organization as an Associate Member. Its membership shall expose ICAI members to job opportunities from all parts of the world and help them in mobility to develop professionally and globally.” Added C.A. Manoj Fadnis.
C. A. Fadnis informed that In taking the mission Swachh Bharat Abhiyaan forward, public-sector undertakings governed by the Ministries of Power, Coal and New & Renewable Energy have decided to spend their corporate social responsibility (CSR) funds in constructing toilet complexes in schools which either have insufficient or no such facility at all. Union Minister CA. Piyush Goyal had requested ICAI to urge the professionals to take up the verification and audit of the amount spent as part of CSR on pro bono basis. Acting swiftly on the request, ICAI
has published an appeal/ notification for all practicing members asking them to communicate their interest for this audit.
C.A. Fadnis further added, “3 more branches of the ICAI have been recently set up, 2 Branches are set up at Haridwar and Haldwani in Uttarakhand and 1 branch of SIRC is set up at Kalaburgi (Gulbarga) in Karnataka. Thus, the total numbers of ICAI Branches have reached the figure of 150.”
“Based on the representation of ICAI, Ministry of Corporate Affairs (MCA) issued a circular dated 30.03.2015 and clarified that the amounts received by private companies from their members, directors or their relatives prior to 01.04.2014 shall not be treated as deposits under the Companies Act 2013 and Companies (Acceptance of Deposits) Rules, 2014 subject to the condition that relevant private company shall disclose, in the notes to its financial statement for the financial year commencing on or after 1st April, 2014 the figure of such amounts and the accounting head in which such amounts have been shown in the financial statement.” informed Vice President ICAI, C.A. Devaraja Reddy.
Recognition by Renowned University and Institutes: The Gautam Buddha University, Uttar Pradesh has recognized Chartered Accountancy qualification for pursuing Doctorate of Philosophy (Ph.D.). Now, 106 institutions (99 Universities, 6 IIMs and IIT Madras) have so far recognized Chartered Accountancy qualification for pursuing Ph.D programme.
New Syllabus likely from 2016: With a vision that accountancy profession and accountancy education should constantly go hand in hand with global academic, technological and economic advancements, new scheme for CA Education and Training is ready for final consideration of the Council of ICAI. The new CA Course is likely to be announced from the year 2016. The whole syllabus for CA proficiency test to CA final has been minutely scrutinized and changes have been proposed to make the course more practical in approach to meet the requirements of today’s competitive market.
C.A. Fadnis also elaborated on various ICAI initiatives:
- Guidance note on reporting on fraud, in order to give guidance and training to avoid frauds.
- In order to help women members serving part-time or full time, ICAI launched flexi working portal with the url- http://womenportal.icai.org/
- Reading Rooms: With a view to provide a conducive atmosphere to the students, who are coming from different sections of the society, the ICAI is encouraging branches to open more and more additional reading rooms and for this initiative the Institute will be giving them capital grant. As on date, 125 Reading Rooms/Libraries are in operation across the country.
- Online Answer Books: As a green initiative, students are now provided certified copies of their answer books in soft copies. Through a secure login identity and password intimated to them, they can visit the particular site and view their answer books at their convenience.
- Online Correction Post-Submission: Even after submission of examination forms, students have another opportunity to correct the particulars online, i.e. at http://icaiexam.icai.org, including change of examination center, group and medium, etc. This link called Correction Window will enable them to communicate online with our Examination Department for making corrections in the examination forms.
- Help to Differently-abled Students: ICAI has empanelled writers / scribes for differently-abled students in major cities approx 15 cities to begin with, effective with May 2014 examinations. A city-wise panel of 38 eligible writers/scribes is already there on ICAI website. Effective from November 2014, ICAI will soon extend the facility of providing computers to differently-abled students for writing their answers with suitable safeguards so as to avoid any possibility of its misuse.
Campus Placement Programme, February- March, 2015 was organized at 20 centers.
- Organizations like ITC, Jindal Steel & Power Limited, Tata Consultancy, Kalpataru Power Transmission Ltd, Reliance Ind Limited, Kirloskar Oil Engines Limited, Evolutionary Systems Private Ltd., Credit Suisse Services India Pvt. Ltd. etc. and many more participated in the Campus Placement Program.
- Recognition by Renowned University and Institutes: The Gautam Buddha University, Uttar Pradesh has recognized Chartered Accountancy qualification for pursuing Doctorate of Philosophy (Ph.D.). Now, 106 institutions (99 Universities, 6 IIMs and IIT Madras) have so far recognized Chartered Accountancy qualification for pursuing Ph.D programme.
International Conference in Indore
ICAI is organizing three-day mega International Conference titled Accountancy Profession: Spearheading Excellence from August 7-9, 2015 in Indore. The Conference is spread over in 11 technical sessions and panel discussions and shall witness a mammoth gathering of more than 2,500 national and international delegates. The Conference aims to bring together stake holders such as thinkers, policy makers, industry and financial institutions to ponder and conceptualize broad contours of strategic framework for Building Global Competitiveness for nation’s economic development, predicating positively for the future growth of our economy.
