ICAI – THE ROADMAP AHEAD

The elections to the Central Council of the Institute of Chartered Accountants of India are scheduled on 4th and 5th December, 2009. At this juncture, it is therefore important to analyze some of the key agendas before the CA profession to be taken up by the Council of the Institute with the consultative process and the active participation of the members.

• Employment Opportunities: It is important to harness national and international employment opportunities for newly qualified Chartered Accountants as well as for mid- level and top level management positions.
• It is important to restructure education and training and to provide residential course for significant skill up-gradation of members empowering them to compete with MBAs and other professions globally.
• Introduction of IFRS and International Accounting and Auditing Standards have increased complexities coupled with extensive compliance requirements. We have chalked out a plan for simplification and reduction in complexities in accounting and audit especially for small and medium enterprises/ companies.
• Auditors’ Independence and appointment:The position of auditors has to be strengthened and duly empowered with independence. The power to appoint auditors by Board of Directors or those charged with governance has severely impacted the efficacy of audit.
• It is important to strongly pursue with RBI, MCA, SEBI and other regulatory authorities for appointment of Chartered Accountants as independent auditors, joint auditors and special auditors through empanelment in banks, listed entities and other entities in which public is substantially interested  and it is also important to ensure transparency in appointments.
• Professional Fee Scale: It is important to prescribe that the norms of eligibility for tendering are within reasonable professional standards and are not highly leveraged to suit to specific section. It is necessary to introduce minimum fee benchmark for all tendering assignments and to prohibit tendering in specific professional areas.
• To prescribe minimum fee benchmark for concurrent, revenue and inspection audit of banks, insurance, co-operative societies, public sector enterprises etc.
• To fully involve the members in industry in the Institute’s affairs and as members of the Councils, Committees and professional development and technical groups to utilize their immense talent to the advantage of the profession.
• To empower Chartered Accountants to be elevated as CFOs, CEOs and as entrepreneurs for setting up industries, businesses, funds and service organizations.
• To significantly increase professional opportunities for members in practice especially for younger members and smaller firms.