The Institute of Chartered Accountants of India (ICAI), established by an Act of Parliament in 1949 has proven its mark as an elite world class institution devoted to uphold the values of transparency, accountability and integrity. With over 3.60 lakh members and over 7.80 lakh students, ICAI is the world’s second largest accounting body. Through its 5 Regional Councils, 167 Branches, 44 Overseas Chapters & 34 Representative Offices, the Institute is taking forward its agenda of inclusive growth & continues to add glory to the profession.
Salient Points of Action Plan: 2023-24
ICAI is actively participating in G20 endeavours with the Government of India.
In the further endeavours:
- The Institute is benchmarking the global best practices in Sustainability Reporting requirements and Assurance Standards.
- ICAI is collaborating with Regulators to meet expectations by continuously developing the framework for assurance services to increase stakeholder’s trust and confidence.
- Extending the reach of UDIN among Government organisations
- The Institute is focusing on enhancing Audit Quality Mechanism through updated tools through the Centre for Audit Quality.
- Developing an Integrated Forum through the project aimed at National Aspirational Movement of Firms
- ICAI is venturing into Research and adoption of the newer technologies such as AI, Data Analytics, Block Chain, Cloud Computing etc.
ICAI elects New Torchbearers for the year 2023-24
The Council of the Institute of Chartered Accountants of India (ICAI) elected its new President & Vice-President for the term 2023-24. CA. Aniket Sunil Talati has been elected as the President and CA. Ranjeet Kumar Agarwal has been elected as the Vice-President of The Institute of Chartered Accountants of India w.e.f. February 12, 2023.
Cabinet approves signing of MoU between the Institute of Chartered Accountants of India (ICAI) and The Institute of Chartered Accountants in England & Wales (ICAEW)
The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has recently approved the signing of Memorandum of Understanding between the Institute of Chartered Accountants of India (ICAI) and The Institute of Chartered Accountants in England & Wales (ICAEW).
The MoU is to provide recognition of the qualification, training of each other’s members and admit the members in good standing by prescribing a bridging mechanism on the prevailing terms and conditions. The Parties to this MoU will provide each other with the information on material changes to their qualifying/admission requirements, CPD policy, exemptions and any other relevant matters.
ICAI collaboration with ICAEW will bring a lot of professional opportunities for Indian CAs in UK and also for Indian CAs who are looking for the global professional opportunities in UK.
With this, the Institute has total 16 MoUs & 8 MRAs with accounting bodies worldwide for providing vast professional opportunities to ICAI members globally.
Recognition of ICAI member as Associate member of ISCA
ICAI & Institute of Singapore Chartered Accountants (ISCA) have been exploring the possibility of MRA between the two Institutes. In recent development, ISCA has recognized ICAI qualification as one of the recognized professional qualifications for associate membership of ISCA. This is a welcome step for all our ICAI members residing in Singapore having a minimum of six months of local work experience in Singapore.
Institute of Social Auditors of India
ICAI incorporated “Institute of Social Auditors of India” (ISAI). It has been formed in accordance with the decision taken by the Council to form Self-Regulatory Organization (SRO) under the aegis of ICAI for regulation of social auditors, as per the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2022.
ISAI has been formed with the main objective of establishing itself as a leading institution for regulation and development of Social Auditors in an independent and transparent manner, sub-serving the public interest.
Also, the ICAI has come out with Social Audit Standards (SAS) on all the 16 Thematic Areas and a Compendium of all 16 Standards has been issued recently. Further, the ICAI is working with National Institute of Securities Management (NISM) in developing the course curriculum and the study material for the social auditor’s certification program to be conducted by NISM and an arrangement for the same has been entered into.
A Primer on the Concept of Social Stock Exchange
Social Stock Exchange is a new concept in India, developed to strengthen the social sector in the country. The Securities and Exchange Board of India (SEBI) vide its notifications dated 25th July 2022 and 19th September 2022 prescribed the detailed framework for social stock exchange in India.
The Institute is playing a pivotal role in the development of profession of social auditors and regulations about the same. The publication, “A Primer on the Concept of Social Stock Exchange” covers key concepts of social stock exchange, important requirements of abovementioned SEBI notifications and an overview of social stock exchanges established across the World.
ICAI National Call Sahayata
The Institute has recently started “ICAI Call Sahayata” initiative to resolve the queries of students, members and stakeholders from across the globe and has already settled more than 75,000 queries. The National Call Sahayata shall act as one point of contact for the members and students of the Institute.
Improving Audit Quality
From 1st April 2023, the Chartered Accountant firms auditing any listed entity or a banking company or an insurance company will have to compulsorily assess their audit quality maturity using the AQMM rev v1.0. The AQMM v1.0 had been launched as a self-evaluation model in July, 2021 whereby the firms were recommended to undertake the evaluation.
It has been decided that the scores and the level obtained using the AQMM rev v1.0 shall be reviewed by a peer /AQMM reviewer and thereafter the level of the firm shall be hosted on the website of the ICAI alongside the details of the peer review certificate.
The AQMM is an amalgamation of a well-researched set of Audit Quality Indicators (AQIs) developed under the aegis of the Centre for Audit Quality. It not only helps the firms to arrive at their current maturity level but also provides a mechanism for helping and guiding the firms for improving upon their audit quality by identifying the strength/ improvement areas. The firms can develop a road map for upgrading to a higher level of maturity based on the scores obtained using the model.
MCA 21 Version 3
ICAI is working closely with the Ministry of Corporate Affairs (MCA) on the implementation of MCA21 V3 for enabling a smooth transition. It has a large business process change and hence its successful and smooth implementation is important. Further, the ICAI is increasing user awareness through train the trainer programs and direct interactions with regional and branch representatives.
New Scheme for Education and Training
With an aim to develop the next generation of professionals, ICAI has undertaken revision of the Chartered Accountancy course to make it more aligned to the Technological changes, International Developments and National Education Policy.
The Council, after deliberating at length on the suggestions received from stakeholders on draft Scheme, approved the Proposed Scheme of Education and Training with certain modifications. The Scheme so approved by the Council has been submitted to the Ministry of Corporate Affairs, along with the corresponding amendments in Regulations for final approval.
This is for the first time the CA course is being revised in 5 years instead of 10 years, as per past practice. The role of a chartered accountant is undergoing a significant change to assume newer responsibilities in a dynamic environment. There has been a marked shift towards strategic decision making and entrepreneurial roles that add value beyond financial recording and reporting. The competence level of Chartered Accountants, accordingly, needs to be bolstered significantly to enable them to perform these roles effectively.
ICAI Exemplar: Preparing Future-Ready Commerce Graduates
The Institute has been liasioning with various Universities and Government of India for reorienting the course of commerce education in the country and align the nation’s commerce and accounting education as “One India, One Accounting & One World” to make India a “Vishwaguru” in the accounting world. Towards this ICAI has come out with model curriculum, “ICAI Exemplar: Preparing Future-Ready Commerce Graduates.”
ICAI enters in Asia Book of Records for-Maximum Number of Students Participation in Super Mega Career Counselling Programme.
The Institute of Chartered Accountants of India, New Delhi, India has set the record and entered into Asia Book of Records for ‘Maximum Number of Students Participation in Super Mega Career Counselling Programme’. A total of 1,60,648 students of classes IX till Graduation participated in the programme along with their Principals, Teachers and Career Counsellors. The programmes were conducted by 5 Regional Councils and 124 Branches of the ICAI.
Extension of Fee Waiver in Registration Course Fee
Taking forward its mission of contributing as true partner in nation building and empowering students, the Council of ICAI has extended its earlier decision of waiving off 75% fee of registration course fee for all level of CA course for the students of Union Territories of Jammu & Kashmir and Ladakh and for the North-Eastern States till 31st March, 2025.
It was also decided to extend the above fee concession to the students registering from Andaman and Nicobar Islands as well.
This decision would be a step forward towards encouraging the young aspirants from these places who wish to pursue their dream of becoming a Chartered Accountant and serve the nation with their capabilities and knowledge.