The Institute of Chartered Accountants of India is the second largest accounting body in the world, which has earned recognition for its contribution in the field of education, professional development and maintenance of high standards in accounting, auditing and profession ethics. There are around 2,40,000 chartered accountants and more than 10 lac students pursuing chartered accountancy in the institute," said CA K Raghu, president of Institute of Chartered Accountants of India.

He was addressing the gathering after inaugurating the new building ICAI Bhavan at Padil here on Sunday February 16.

He also said that the building has adequate facilities such as reading hall for students, computer training, coaching class, and auditorium.

"There are 45 branches throughout the country with good infrastructure. CAs are contributing to the growth of India's economy. Several CAs are working overseas. Around 8,000 CAs are working in the Gulf countries, 2,000 in Australia and 2,000 in Singapore," he said.

"ICAI has set up an action plan for 2014 to focus on a new frontier through various initiatives like securing better professional opportunities and avenues for the members in practice and industry. Members will be empowered with the cutting-edge technology. Moreover, ICAI will organize special training programmes to prepare women for the role of directors in companies," he added.

He further said, "We will be introducing Cloud Campus, an interactive learning management system for students, setting up ICAI global technology center, Knowledge Gateway under one roof, introducing ITT hi-tech labs to provide training to students, and surface interface through the mobile app of ICAI. More importance will be given to research, which is the backbone of any field. Scholarships for students will be disbursed. ICAI will also assist the CBI and forensic departments in cases of fraud detection."

On this occasion CA K Raghu announced a contribution of Rs 1 crore by CA T V Mohandas Pai, chairman of Manipal Global Education toward corporate benevolent fund.

Manoj Fadnis, vice-president of ICAI, CA Jaganath Kamath, chairman, CA Nithin J Shetty and others were present.