ICAI Elections –Your vote will make the difference
The most crucial time for the profession of Chartered Accountants i.e. 3 yearly elections of the Institute are scheduled for December 4-5, 2015. How we exercise our vote will decide future of each one of us. The role being played by the Elected Central Council & the Regional Council is very crucial and it is important to understand while voting that We need a leadership which takes the profession in a right Direction, new and larger professional opportunities are harnessed nationally as well as internationally, we meet various challenges as a profession and all members are effectively, efficiently and respectfully deliver professional services and add a highly acclaimed value to the corporate, while being in employment.
The scenario in the society, economy, Industries, service sector, international and domestic investment, technology and regulatory frame work is changing very fast including:
· Companies’ Act 2013 and the rules thereunder have recently given us a flavour of new challenges and opportunities
· International Financial Reporting Standards (IFRS) phase 1 will be implemented in the current year ending March 31, 2016.
· The Goods & Services tax (GST) is likely to be implemented very shortly, draft rules have started pouring in.
· The Income Tax Act is being comprehensively modified by a Finance Minister appointed High Powered Committee
· The Economic growth is entering the phase of steep growth momentum in next few months
· Foreign Direct Investment (FDI) has recently crossed highest record levels.
Need of the Hour
In the above backdrop, the CA profession will have to play a very crucial role not only in implementation of the new laws but also in giving shape to new projects, implement new regulations, establish controls, arrange resources and to provide a strong footing for sustained growth of business in India.
Credibility and glory of the profession is being tarnished by ulterior motives. A strategic move is important to address this.
Role of Central Council
The Central Council is the top most policy making governing body of the Institute which takes crucial decision, actions and initiatives in respect of:
· Education, training and examination of students
· Development of specialised skills and capacity building among members
· Rejuvenation of senior members in the current framework and update them comprehensively.
· Setting up of Accounting Standards and Auditing standards
· To monitor quality of professional services and prosecute erring members under its disciplinary mechanism.
· Auditing is core area of the profession for which it is recognised and the goodwill of the institute and members per se is directly attached to our performance as auditors.
· To negotiate international relationships with the Institutes in various countries and International Federation of Accountants (IFAC) , International Auditing Standard Board(IAASB), International Accounting Standards Board (IASB) Confederation of Asian Pacific Accountants (CAPA), South Asian Federation of Accountants (SAFA), etc.
Ability to understand, appreciate, plan and respond to various issues and Challenges is very crucial
· Professional development-new opportunities, managing competition and most importantly ensuring that the image of the profession and respect for the professionals gains strength.
· To represent the profession on various key decision making committees of SEBI, Ministry of Corporate Affairs, Central Board of Direct Taxes, Central Board of Excise & Customs
· To represent on International Forums like World bank, Securities Exchange Commission, multilateral and bilateral agencies and foreign Government. The Regional Councils play a very important role.
Vision and a focused approach is a must for playing a meaning full role with the Government and international bodies is a must
Role of Regional Council
The Regional Councils play a very important role
· In continuing education of members by organising professional update programs on contemporary topics in a practical manner-
Quality of elected leaders will decide quality of the profession
· To understand day to day problems of the profession in practise and in industry and to play hand holding role, organising practical workshops, providing professional updates in a timely, purpose-full and in depth manner, explaining implications of the new developments.
· Dealing with Registrar of Companies- identifying issues, providing practical solutions, taking up system related issues and guiding members to solve them.
· In case of Taxation, there are large numbers of issues bringing harassment as well as system related issues- the regional council need to take regular action on all such professional issues.
· A practical outlook and deep understanding of all the subject related issues is a must in our Regional Council Representatives.
Just sending e-mail updates as a candidate seeking election may not be enough. High Quality updates coming from some of the potential candidates are needed to be institutionalised through Regional Council and Central Council.
· A regular active interaction between Institute and members will add great value to meet expectations of members as well as users of our services and stakeholders.
How will you choose?
· It is important to elect highly competent and seasoned professionals for Central Council. It is important to examine their commitment, past contributions, level of understanding and capabilities of facing severe challenges. Technical knowledge, presentation skill and ability to take up issues strongly are a must.
· The regional council candidates should be a mix of young and experienced, should have the professional capabilities, ability and commitment to give time
· Understanding deep minute details of practical professional issues both for members in industry as well as members in practise is most important
The learned Chartered Accountants can-not vote based on personal connection, parties, and get together or other extraneous factors as the correct selection shall directly benefit your own future. Let us all meet the candidates, have free and frank discussions, understand their capabilities and commitments and also study carefully their credentials, their academic record and most importantly to check their confidential reference while undertaking due diligence.