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It was a mammoth gathering of chartered accountants, numbering over 3,000, at the 43rd Regional Conference of the Southern India Regional Council in Coimbatore at the Codissia Trade Fair Complex.
The mood was upbeat, considering that the results of both – the Common Proficiency Test (CPT) and the CA (final) examinations – were said to be more encouraging than in the past. Mr Jaydeep Narendra Shah, Vice-President of the Institute of Chartered Accountants of India (ICAI), in his opening remarks asserted that there was no dilution or compromise in the standard set by the institute, referring to the good results. He further pointed out that the Institute was targeting those who failed to pass these examinations by motivating and guiding them in their preparation.
On the proposed move to exempt graduates from taking the CPT examination and direct enrolment for articleship, he said the issue awaits Government nod.
The ICAI President, Mr G. Ramaswamy, urged young professionals (Chartered Accountants) to take to practice. “We are not having sufficient practitioners in India today. There is a need to improve our presence, enhance our work and quality standards,” he told members.
Speaking at the 43{+r}{+d} Regional Conference of the SIRC, the ICAI President highlighted the huge opportunity for the chartered accountant fraternity not just in India but in the global market place. “But more than 85 per cent of the practitioners today function as small and medium firms and the average age of the practitioner is over 50. There is a need to grow in size and induct young blood,” he said. He further pointed out that with information technology taking over the profession, there was a need to focus on IT. “IT is the biggest threat for this profession today. Over Rs 70 crore has been invested in Project Parivarthan to create paperless office, and we have over 120 labs. But the utilisation of the facility is pathetic,” he said and pointed out that the GST (Goods and Services Tax) is to be implemented soon and there was a need to focus on that.
Mr Ramaswamy also voiced concern about the provisioning norms in banks, stating that there was no consistency in provisioning.
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