The Institute of Chartered Accountants of India

The Institute of 

Chartered Accountants of India 

Action Plan 2014-15  

 “Move Towards New Frontiers”

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 Institute has been playing a proactive role in formulation and implementation of technical standards on accounting

Starting with a handful of about 1700 members, today, the strength of Chartered Accountant fraternity has grown to over 2.25 lakh members. On the education front, the ICAI began with mere 259 students and today approximately 8 lakh students are a part of ICAI. The ICAI has 5 Regional offices and 146 branches all across the country.The ICAI overseas Chapters continue to spearhead ICAI work program in 23 important jurisdictions globally.

In the year 2014-15, the focus is to “Move Towards New Frontiers” through undertaking specific initiatives mentioned in the Action Plan 2014-15.(Attached )

Areas of Strategic Focus

Members in Industry

• Institutionalizing interface with members-in-Industry in standard-setting process.
• Taking steps to enhance employment opportunities for Chartered Accountants in Government Departments and PSUs.
• Making online provision for member support services. Upgrading the   Grievance Management System.
• Undertaking steps to enhance participation of companies in Campus Placement

 Members in Practice

• Introducing new Certificate Courses to equip the members to venture into new and emerging areas of practice.
• Identifying and addressing the new facets of audit emerging from the Companies Act, 2013 – internal control framework, risk management, fraud detection, internal audit and rotation of audit.

• Developing SMP kits including practice manual for  audit compliance.
• Promoting development of IT-based tools for managing the professional practice.

 Young Member’s Empowerment

• Introducing ICAI Youngest CFO Award Introducing mentorship programmes for hand-holding the young CAs.

               

Women Empowerment

• Organising specialised training programmes for women members to prepare them for the role of women directors in companies.

• Promoting flexi working hours for women members through a dedicated women portal.
• Introducing ICAI Women Achiever’s Award to acknowledge and honour the accomplishments and contributions by women members

 Technology Initiatives

• Setting up ICAI Global Technology Centre.

• Establishing ICAI Knowledge Gateway with specialized knowledge under one roof.
• Introducing advanced ITT hi-tech labs to provide training to our students.
• Providing service interface through the Mobile-App of ICAI.
• Launching Online Store of ICAI.

 Student Initiatives

• Reviewing the course curriculum to meet the changing needs of society-: The Council of the Institute has constituted a High Powered Committee to review the existing scheme of Education and Training in a comprehensive manner so as to be in tandem with the anticipated changes in the economic environment.  
• Making training framework more focused on practical learning.
• Organizing capacity-building programmes for firms to impart articleship training to provide guidance in methodology and mechanism to make the training more effective.
• Opening 100 reading rooms and e-libraries across the nation to provide better infrastructure facilities to our students.
• Introducing Cloud Campus, a next generation interactive learning management system for Students-: With a view to bring all knowledge resources such as e-learning lectures, Power Point Presentations, Podcasts, etc. available on the Institute's website, it is intended to harness technology further and built up a Cloud Campus so that the education is easily accessible as well as become interactive to the extent possible.

Global Recognition

Promoting the ICAI’s qualification abroad by reciprocal recognition through potentially important accountancy jurisdictions:

ICAI currently has MoUs with the following Accounting Institutes of the world:

·   Institute of Chartered Accountants in England & Wales

·   Institute of Chartered Accountants of Australia

·   Canadian Institute of Chartered Accountants

·   Association of International Accountants

·   New Zealand Institute of Chartered Accountants

ICAI has entered into MRAs with the following Accounting Institutes:

·         CPA Australia

·         CPA Ireland

These MRAs foster working relations between the two accounting institutes. The members at either end get opportunity to expand their profession horizon.

Developing interface and communication channels with multilateral forums including global standard-setters for twinning arrangements on technical cooperation, standard setting and re channelling thought leadership to reflect the Indian perspective:

The ICAI recently hosted the International Forum of Accounting Standard Setters (IFASS) Meeting and the IFRS Regional Policy Forum at New Delhi, India. Various countries across the globe participated at the said events.

Strengthening the existing foreign chapters and opening up new chapters of ICAI in the countries of strategic importance to India:

 Opening up of Chapters abroad provides various facilities for ICAI members in foreign land such as training members for up-gradation of their knowledge and skills; conduct post qualification courses for members, technical documentation and the Chapter acts as a bridging unit for information regarding professional opportunities in the foreign country for members in India and vice versa. The ICAI had recently established its 23rd Chapter in Uganda.

ICAI is also Launching welcome kits  for its members intending to go abroad to help them to establish an interface with the country intended to visit to leverage Global Opportunities.

Extending technical cooperation to emerging and least developed economies, with a focus   on Middle East and African nations:

ICAI is also extending technical cooperation to countries like Pakistan, SriLanka and Bangladesh for institutionalization of accountancy profession and is in dialogue with various other countries wherein the framework for accounting infrastructure does not exist to develop the accounting profession in such countries. Talks regarding opening up of Chapters in cities like Vancouver (Canada), Dar-E-Salam (Tanzania) is also in process.    

Research Initiatives

·        Bringing out sector-specific research publications to provide better insight into the complex issues faced by the businesses today.

Latest Initiatives undertaken

ICAI TV Channel – The Government of India, on January 2, 2009, had launched a centrally Sponsored Plan Scheme, namely, the National Mission on Education through Information and Communication Technology (NMEICT). This activity has the potential to revolutionize education delivery across the length and breadth of the country in a highly cost effective manner. For the viewers the service would be free.

In order to make use of the modern technology for its registered students, the ICAI has in the past been using all possible ICT modes, including delivery of audio video lectures extensively through Gyan Darshan etc.  In pursuit of fulfilling the objective of Ministry & ICAI to work together on this project, ICAI recently signed an MOU with MHRD to use the upcoming DTH platform of MHRD i.e. ICAI T. V. Channel for the benefit of more than 8 Lakh students pursuing Chartered Accountancy Course across the country. As a matter of fact, the ICAI is the first professional education body in the country to sign the first MOU for sharing the MHRD DTH Platform.

Work Shop with Election Commission -A workshop on “Election Expenditure Monitoring and Auditing and Accounts of Political Parties” was recently organized by Election Commission of India (ECI). The above workshop was attended by representatives of ICAI, officials of ECI and Auditors of some of the Political Parties. A presentation on “Guidance Note on Accounting and Auditing of Political Parties” was made by ICAI during the workshop. At the workshop “Draft guidelines on transparency and accountability in party funds and election expenditure matter” prepared by the ECI were also discussed. Some of the proposals from the aforesaid guidelines are as mentioned below:

• Political Parties to follow the “Guidance Note on Accounting and Auditing of Political Parties” issued by the ICAI, in preparation of their financial statements.
• Political Parties would be required hereafter to submit to the Election Commission a copy of audited annual accounts along with the auditors report for financial year March 31 before October 30 of each year.
• It was also informed by the ECI at the workshop that Statement of Election Expenditure relating to Lok Sabha /Legislative Assembly is to be certified by the Chartered Accountants for all Elections to be held after Jan 1, 2013.

Campus Placement Programme- February- March 2014-The Campus Placement Programme, February- March, 2014 got concluded at 15 centers.     

1. The Highest salary offered for Domestic posting is Rs. 21 lacs Per Annum

2. The Highest salary offered for International posting is Rs. 20.25 Lacs per annum

3.The average CTC offered is approx Rs 7.37 Lacs Per Annum.

Organizations like Axis Bank Ltd.,Blue Dart Express Ltd, CIPLA Ltd, Cognizant Technologies Services Pvt Ltd, CRISIL Ltd ,Deutsche CIB Centre Private Limited, JET Airways ,TATA Capital Limited, TRIDENT Limited and many more participated in the Campus Placement Programe.