The Hindu Business Line : Consolidation and growing big, a top hurdle for CAs

The latest issue of ‘The Chartered Accountant’ from the ICAI (Institute of Chartered Accountants of India) has the farewell message of Mr Sunil H. Talati.

“On a few occasions I have been accused of being ‘narcissistic’ which perhaps is right in a sense that as the president of ICAI, I did try to be a role model for my professional brothers and sisters,” he writes, on a personal note.

“To honour the president’s image, I did try to project myself as best as I could because unless a man is inspired himself to greater achievements how can he inspire the world around him.”

On the morning of February 5, when Business Line contacted Mr Talati to ask, “When are you handing over as the president?” he responds fast, “In two minutes.”

We catch up during the day, over the e-mail, on what was done and what, yet to be.

On a 0-10 scale how do you rate your performance at the end of your tenure?

Nine out of 10.

Are there any areas where your ideas did not find the reception you had anticipated?

Consolidation, networking, dress code, and e-learning.

What according to you are the top three hurdles that the Indian CAs have to overcome?

Consolidation and growing big, adaptability to computer environment, and entering into new innovative areas of practice.

Significant accomplishments over the last year.

Submission of the ICAI-led Expert Group Report to the Ministry of Corporate Affairs on action plan for investor protection and grievance redressal mechanism, successful organisation of 36 investor-awareness programmes all over the country in a record-time of about 30 days, and finalisation and release of the Vision 2021 document in line with the India 2020 Mission.

Also, the following:

Adoption of IAASB’s approach for writing Auditing and Assurance Standards as per the ‘Clarity Project’ for full convergence.

Unveiling of a new unique logo for ICAI members.

Implementation of ‘Capacity Building Project for Financial Management’ for Kolkata Municipal Corporation.

Completion of project on strengthening the Gram-Panchayat in West Bengal.

Issue of three new Standards on Internal Audit (SIAs) and industry-specific Guidance Notes on internal audit.

Organisation of tax-awareness programmes across the country.

Organisation of training programmes for Service Tax Officers of CBEC and IRS Probationers.

Opening up of five new branches at Bharuch, Sangrur, Bilaspur, Gorakhpur and Aligarh.

Establishment of Centres of Excellence in IT at Vishwas Nagar, Delhi.

Establishment of secured connectivity between branches and ICAI corporate network through Internet.

Organisation of training courses/programmes for employees at various levels through IIMs, ASCI and MDI, besides in-house workshops, courses, etc., adding to 6,000 man-hours.

Installation of video conferencing facility at Kolkata, Chennai, Mumbai and Kanpur, and putting in place revamped Web site of the institute making it user-friendly, with a responsive interface.

Making ‘Orientation Programme’ mandatory for newly-qualified CAs participating in campus placement programmes.

Launch of group insurance scheme for the members and their spouses.

Focussed attention on communication and soft-skills of members in the CPE (continuing professional education) calendar.

Setting up of computer labs in more than 60 branches of the Institute.

And the work-in-progress…

Significant progress has been made in respect of the following, which are at various stages of completion/progress:

• Putting in place e-learning and web learning.

• Expeditious measures for convergence of Indian Accounting Standards with IFRS for public interest entities from accounting periods beginning on or after April 1, 2011, after passing through the due process.

•Mutual recognition discussions with various accounting bodies, especially with those in Singapore and Australia.

•Making networking among members/firms and steps for consolidation of firms more member-friendly and achievement-oriented.

•Construction of state-of-the-art Centre of Excellence at Hyderabad.

•Infrastructural initiatives for expeditious execution of building projects for ICAI Bhavans at Noida, Mumbai (Bandra Kurla Complex) and Kolkata on time-bound and top-priority mode.

•Establishment of computer labs in the remaining branches.

D. Murali

http://InterviewsInsights.

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