6

THE CHARTERED ACCOUNTANT

pay tribute to the values that shaped our profession:

integrity, independence, excellence, and an
unwavering commitment to vigilance. These
principles have been our guiding force as custodians
of public interest and contributors to the nation’s
progress since our inception. Our journey has been
a testament to growth, with our presence expanding
from about 1600 members spread across few
hundred distinct postal codes in 1949 to a
widespread influence encompassing over eleven
thousand postal codes within India and a remarkable
presence in 47 countries worldwide. Today, our
esteemed family comprises over 380,000 members,
with women accounting for 29.07% of our
FROM THE PRESIDENT

accomplished professionals and an impressive

42.5% of students are female as compared to just
few hundred female members and students in 1949.
The rising participation of women in the profession is
a heartening phenomenon.

At this occasion, I commend the leaders of our

profession i.e. Past Presidents, Past Councils,
Regional Councils, Branches, Overseas Chapters &
CA. Aniket Sunil Talati Representative Offices for their invaluable
President, ICAI contributions in elevating the profession and the
institute to these great heights. This is a collective
triumph, made possible by the efforts of every
Dear Professional Colleagues, member who has helped in establishing a legacy of
trust and excellence.
“Friends, this is your Institute and mine and of
each one of us. Let us stand by it very loyally,
From its inception, ICAI has emerged as a formidable
let the altar of worship be our own Institute,
our own country. We owe a homage to our force and trusted partner, actively engaging in shaping
country and our own Institute. It is our sacred the financial fabric of India, as envisioned by the first
duty to build it up, to strengthen it, to get for President of India, Dr. Rajendra Prasad during his visit
it the best of traditions and the highest status to ICAI in 1954 in the following words: The fast
possible in course of time.” – CA. G.P. Kapadia, increasing tempo of the industrial and economic
Past President, ICAI (on 29th September, 1951) development of the country makes it imperative that
every Chartered Accountant should realise that he
My heartiest congratulations to all of you on this belongs to a profession which provides the first line of
momentous occasion of the 75th foundation Day defence to the unwary public against money grabbers
of our beloved Institute. On July 1, 1949, the and opportunists. Your responsibility in this matter
accounting and auditing profession which had becomes all the greater because of the autonomy,
been in existence since long was granted which your profession enjoys. Our growth story is
autonomy through the Chartered Accountants punctuated by numerous milestones that have
Act, 1949. This was indeed a golden seed in the propelled the accounting profession in India to new
annals of the history of ICAI which has given the heights while ensuring continuous economic
occasion to celebrate this day today. The above progress, be it the recognition of Indian accounting
words of our Founding President defined the standards at par with global standards that has
path for the generations that followed, outlining empowered Indian businesses to compete on an
abundant duty we have for the profession and international scale, developing robust regulatory tax
the Nation. Today, on this occasion, I heave a compliance system or successful implementation of
sigh of relief with a sense of pride that we stand GST regime our profession has been a catalyst for a
true to the above words over a period of seven sustainable economy.
and half decades.
As I reflect upon our journey of last seven and a half
As we exuberantly commemorate the 75th decades, we have now reached a point where we are
Chartered Accountants’ Day, we embrace and not any more looked as trustee of public interest but

6 JULY 2023 www.icai.org

 7

THE CHARTERED ACCOUNTANT

FROM THE PRESIDENT
also as change leaders in the economic development this possible. The New Scheme features a
of society and here, I feel we need to engage and contemporary international curriculum, with a focus
work more with the society through our various on Ethics, Technology and having 4 self-paced
initiatives. Therefore, on this historic occasion we online Modules aligned with technology-enabled
have decided to work towards development of a learning as advocated by the NEP, 2020. Practical
holistic and inclusive society with the support of our training now includes a 2-year examination-free
about 1.2 million strong volunteer force, through period and assessments through case scenario/
various initiatives like Blood donation Pledge, study-based MCQs at all levels. The Gazette
Awareness programme on SDG, Environmental notification and the announcement of the New
sustainability pledge, Consultation Camp about Tax Scheme can be found on the ICAI’s website.
and financial literacy across India, Career Counselling
programmes, Plantation Drive, Importance of
Financial planning, Investment and Savings,
StartUp Sphere 2023 in Mumbai
Accounting systems and UDIN Awareness, Workshop The Institute organised the StartUp Sphere 2023
to create awareness about Financial Support to event in Mumbai from 27-28 June, 2023, aiming to
MSMEs, Awareness Programme for startups in India, bring together the startup community, investors, and
Pledge for Cleanliness drive, Camps for organ entrepreneurs. The event attracted 7,000 attendees
donation, sports activities, Programmes on Women from across the country and featured over 120
empowerment, Honouring senior members, Donation industry specialists who shared their knowledge and
Camp for CABF, Young Members conclave, promoting insights. Hon’ble Former President of India Shri Ram
Entrepreneurship, Ethics oath, etc. Nath Kovind gave special address at the event and
the same was inaugurated by Shri Uday Samant, the
Looking ahead, the accounting profession must adapt Minister of Industries, Government of Maharashtra.
to emerging trends and challenges to maintain its The success of the event not only benefited the
impactful journey. The advancements in technology participants but also augmented the entrepreneurial
and digital transformation like automation, artificial ecosystem in the country.
intelligence, and data analytics necessitate that the
profession must equip itself with the requisite skills to
Promoting Profession Globally -
navigate this evolving landscape. Technology can be
used as a tool for decision making activity, but it International Engagements
cannot be decision maker itself. Collaborations of ● Launch of Seattle Chapter of ICAI
technology firms with academia can foster innovation
and propel the profession forward. Diversification is In line with our vision to position the brand ‘CA
need of the hour. India’ globally, ICAI launched Seattle Chapter of
ICAI on May 30, 2023. It is the 9th Chapter of ICAI
Moving forward, it is imperative for the institute and in the USA. ICAI now has 46 Chapters and 34
profession to remain agile, adaptable, and forward- Representative Offices spread across the globe
thinking. By embracing technology, nurturing ethical to create more professional avenues. Mr. Rakesh
practices, and actively participating in policy Adlakha, Deputy Consul General Commercial
discussions, the profession will continue to play a Representative graced the event as Chief Guest.
pivotal role in shaping the nation’s financial landscape.
At this juncture I truly echo the thoughts of Father of ● Malaysia & Singapore Visit
the Nation Mahatma Gandhi, “The best way to find
- Meeting with High Commissioner of India
yourself is to lose yourself in the service of others.”
to Malaysia
Some of the significant developments related to the I and CA. Ranjeet Kumar Agarwal, Vice
profession in the last month are as under: President, ICAI along with CA. (Dr.) Debashis
Mitra, Immediate Past President, ICAI, CA.
K.Sripriya, Council Member, along with the
New Scheme of Education and Training office bearers of the Malaysia (Kuala Lumpur)
I am pleased to announce that the launch of the New Chapter of ICAI met H.E. Mr. B.N. Reddy, High
Scheme of Education and Training for the Chartered Commissioner of India to Malaysia on June
Accountancy course is scheduled for July 1, 2023 in 12, 2023 wherein discussions were held on
the august presence of Chief Guest Hon’ble the ways to enhance accounting and auditing
President of India, Smt. Droupadi Murmu during the collaboration amongst ICAI and Malaysian
CA Day event. This marks a significant milestone for Institute of Accountants (MIA), The Malaysian
all of us, and I express my gratitude to my Council, Institute of Certified Public Accountants
and the entire Team ICAI for their efforts in making (MICPA.) and Malaysian universities.

www.icai.org JULY 2023 7

8

FROM THE PRESIDENT THE CHARTERED ACCOUNTANT

- Roundtable Engagement with IFAC Angela Ee Meng yen, Vice Chair, Insolvency
President Practitioners Association of Singapore (IPAS)
I along with CA. Ranjeet Kumar Agarwal, & its other functionaries. During the meetings,
Vice President, ICAI attended the ISCA, ACRA & IPAS were cordially invited for
‘Roundtable Engagement with IFAC “Resolve-2023- Enabling Resolution
President Ms. Asmaa Resmouki hosted by Maximising Value” an International Convention
MIA. This was a great opportunity for ICAI to on Insolvency Resolution being held in
network and engage with IFAC and other Singapore from August 4-5, 2023 and
PAOs. I gave a presentation at the event on invitation was also extended to them for
the various capacity & competency building attending GloPAC being held in India from 24-
initiatives being undertaken by the ICAI for 26 November, 2023.
the future relevance of the profession.
- Meeting with High Commissioner of India
- ICAI Connect to Singapore
With a view to showcase India’s accounting I and CA. Ranjeet Kumar Agarwal, Vice
expertise globally as well as to connect and President, ICAI along with office bearers of
contribute to the progress and development the Singapore Chapter of ICAI met with H.E.
of the accountancy profession ICAI organized Mr. P. Kumaran, High Commissioner of India
an ICAI Connect event on June 12, 2023 in to Singapore & discussed various
Malaysia wherein H.E. B. N. Reddy, Indian opportunities for ICAI members in ASEAN
High Commissioner to Malaysia; YB Senator countries.
Saraswathy Kandasami, Deputy Minister of
Entrepreneur Development & Cooperatives, ICAI Convocation 2023
Ms. Asmaa Resmouki, President, IFAC,
leadership of MIA & MICPA and members of I take immense pleasure in welcoming the newly
Managing Committee of Malaysia (Kuala qualified Chartered Accountants into our esteemed
Lumpur) Chapter of ICAI were present. professional fraternity. In this era of digital
transformation, I hold a strong belief that these fresh
- MIA International Conference talents will steer the profession towards unexplored
MIA International Accountants Conference on territories, transcending the boundaries of traditional
the theme “Future Fit Profession: Charting a practices. I utilize this opportunity to encourage the
Better Tomorrow” was held from June 13-14, newly inducted Chartered Accountants and advised
2023 at Kuala Lumpur. CA. (Dr.) Debashis them to expand their horizons and create value
Mitra, Immediate Past President, ICAI and professionally by thinking differently, acting digitally
Central Council members CA. K.Sripriya, and and keep on learning.
CA. Dayaniwas Sharma(virtually), represented
ICAI as panelists in their respective Panel On May 27, 2023, Convocation ceremony took place
sessions. ICAI had a pavilion at the Conference at 12 different venues nationwide to honor and confer
where it promoted GloPAC and its various membership certificates upon new members. About
initiatives of global relevance. 12,600 recently enrolled Chartered Accountants were
presented with their well-deserved certificates.
- Meeting with Institute of Singapore
Chartered Accountants (ISCA), ACRA
Residential Meet of CA Members in
and IPAS
Public Service
I and CA. Ranjeet Kumar Agarwal, Vice
President, ICAI along with office bearers of The ICAI through its Committee for Members in
the Singapore Chapter of ICAI met with Entrepreneurship and Public Service organised a
leadership of ISCA led by Mr. Teo Ser Luck, Residential meet of CA Members in Public Service
President, Ms. Fann Kor, CEO, ISCA and from 17-19 June, 2023 which was inaugurated by Shri
other functionaries. Discussions were held on Manoj Sinha, Hon’ble Lieutenant Governor of Jammu
various areas of professional interest including and Kashmir in Srinagar and attended by about 100
exploring the possibility of organizing a joint members from various public services namely; IAS,
Global Talent Program for global university IPS, IRS, IFS, Judiciary, ITAT, NCLT, NCLAT and other
students from across the globe in India. We regulatory services. The Residential meet delved
also met Ms. Kuldip Gill & Mr. Evan Law, Asst. upon significant matters concerning the Accounting
Chief Executives, Accounting & Corporate Profession. Valuable suggestions were put forward to
Regulatory Authority (ACRA) and with Ms. enhance the well-being of the profession.

8 JULY 2023 www.icai.org

 9

THE CHARTERED ACCOUNTANT

FROM THE PRESIDENT
Stakeholders Engagement Conclusion
- MCA Coordination Committee Meeting As we celebrate the 75th foundation day of the
A meeting was held on June 8, 2023, of the ICAI, let us remember the rich history and the
Coordination Committee of the three contributions made by Chartered Accountants
fraternity towards the progress of our nation. Let
Professional Institutes. Dr. Manoj Govil,
us renew our commitment to the core values that
Secretary of the Ministry of Corporate Affairs,
have guided us thus far and embrace the future
presided over the meeting, which also featured
with enthusiasm and optimism. Together, as a
ministry officials. I, along with CA. Ranjeet united profession, we can forge ahead, embracing
Kumar Agarwal, Vice President and the change, seizing opportunities, and playing an
Secretary of ICAI, attended the gathering, instrumental role in India’s journey towards
alongside the heads of the other two Sister economic prosperity.
Institutes, namely, The Institute of Company
Secretaries of India and The Institute of Cost At a personal level, the history of our noble Institute
Accountants of India. During the meeting is intertwined with my family history. My late
deliberations were held on varied aspects grandfather appeared in the ‘First Examination’ of
relevant to the profession. ICAI in 1949 and stood All India First. Later he
served the profession as a council member. After
- Residential Meet for Media, Agra him, my father also served as a Council Member and
With an objective to enhance the brand image, then as the President. ICAI’s indelible impression is
bridging the expectation gap and build trust visible as generations of its members chose to serve
amongst the media, stakeholders and public at it faithfully. From that remarkable day to the present
large, the ICAI organised a one-day Residential moment, I have been truly inspired by the immense
Meet for Media in Agra. The meet also acquainted progress and outstanding accomplishments of the
the delegates about the latest developments and profession.
trends in accounting and regulatory space. The
As the motto of ICAI says “Ya Aeshu Supteshu Jagruti”
meet was attended by almost 19 national media
meaning a person who is awake in those that sleep.
groups and was well appreciated.
We have lived by this motto in this long journey. This
motto envisages not only being awake at the face of it
- Meeting with Additional Chief Secretary,
but it holds a deep meaning of the ever awakening of
Government of Tamil Nadu
the conscience. In our journey, chartered accountants
Recently myself along with ICAI Vice President have emerged from bookkeepers of business to the
CA. Ranjeet K. Agarwal, Immediate Past conscience keepers of society. Let us remain steadfast
President-ICAI CA.(Dr.) Debashis Mitra, and in our pursuit of excellence, upholding the highest
Central Council Members CA. Rajendra Kumar P ethical standards, and contributing meaningfully to the
& CA. Sripriya K. met Shri S. Krishnan-IAS, economic progress of our beloved nation. With
Additional Chief Secretary-Industries, Investment determination and vision, we can look forward to an
Promotion & Commerce Dept.- Government of even brighter future, where Chartered Accountants
Tamil Nadu on sidelines of Orientation Program continue to be the trusted partners of businesses,
for CAs in Chennai on June 7, 2023. regulators, and society at large. I would like to conclude
with the famous thought of the Nelson Mandela:
Important Publications
“Remember to celebrate the milestones as you
The ICAI has been taking various steps to support prepare for the road ahead.”
auditors in effective implementation of Standards on
Auditing. Continuing with its efforts in this direction, Happy 75th Chartered Accountants’ Day, and here’s
AASB of ICAI has developed two publications – to many more years of success and accomplishments!
“Checklist on Standards on Auditing” and ‘Audit
Working Paper Templates’. The publications cover
checklist on all the 38 Standards on Auditing issued
and templates of various audit working papers.
Members and Firms should use these Checklist/
Templates in conjunction with the Standards on CA. Aniket Sunil Talati
Auditing, Guidance Notes and related pronouncements
and suitably modify it to suit the facts, circumstances, President, ICAI
and nature of the entity under audit. New Delhi, 30th June, 2023

www.icai.org JULY 2023 9