ICAI - An Informal interactive meeting with officials of the C& AG
March, 13th 2009
The Institute of Chartered Accountants of India is second largest accounting body worldwide with more than 1,50,000 members and 4,50,000 active students. It imparts education and conduct examination for chartered accountancy Curriculum. It also formulates Accounting, auditing and assurance standards harmonized with the corresponding international standards. In order to service members and the students, it has 5 regional councils, 118 branches throughout the country and 21 chapters abroad. It is only professional body in the country which has made compulsory Professional education mandatory for its members. The ICAI also exercises disciplinary jurisdiction over its members.
ICAI functions through various standing and non-standing committees. ICAI has focused Non Standing Committees, which work on emerging paradigm and imperatives of a New Trade Order. Other than working in core domain of Financial Reporting, Accounting and Auditing, Governance issues and alike; it is also focusing on Public Finance, Government Accounting, Accounting Standards for Local Bodies and thus striving to create resources/outcomes of utility to society at large. One of the non-standing committees is Professional development committee. Apart from exploring unchartered techniques in the professional development, the Professional Development Committee strive to strengthen the communication process with multiple users across the different sections of the society and educate them about the role of Chartered Accountants with a view to enhance skill of Chartered Accountants in the existing & new areas, it also organizes seminars, workshops on various subjects. As apart of its several initiatives towards the development of the profession, an interactive meeting of Ms. Bharti Prasad, Dy. C& AG, Ms. Pravin Tripathi, Dy. C& AG (Commercial) and Shri K.P.Sasidharan, Principal Director (Commercial) with the Council of the Institute was organized under the auspices of the Professional Development committee of ICAI at Hotel Le-Meridien. On March 7, 2009. It was described a memorable occasion by CA. Anuj Goyal, Chairman, Professional Development Committee, as both supreme audit institutions came together to discuss and share its thought process in the wake of recent corporate turmoil.
President, ICAI, CA. Uttam Prakash Agarwal hailed the C& AG in promoting the independence of auditors by adopting certain measures such as rotation of auditors, joint auditors etc.
Ms. Bharti Prasad, Dy. C& AG described the recent corporate failure as a learning experience & showed the need for taking reform measures in a phased manner.
Ms. Pravin Tripathi, Dy. C& AG (Commercial) echoed the views and stressed upon the need for common platform for all regulators to enhance the independence of auditors to foster the trust of society.
Wide ranging issues such as how to account for government expenditure, inspiring corporate governance amongst state PSUs were also discussed.
Both regulators decided to join hands and work closely by organizing some training programmes for PSU officials and tripartite interactive meetings so as to promote confidence of the society in the role of auditor.
The officials from C& AG were apprised about various efforts viz .providing consultancy to state govts.in the matter of Double Entry System & Asset Management besides the initiatives in furthering the quality of accounting and audit profession.
Vice-President, ICAI, CA. Amarjit Chopra while delivering the vote of thanks appreciated the session and efforts of Professional Development Committee in holding such interaction.