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.
Backdrop
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.
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