Editorial board writes


Dear Professional Colleague,

With business organizations garnering their potential of continual evolution, the escalating prerequisite for ensuring a balancing act is to consistently review the relevant literature spanning across wide spectrum of professional development aspects. Initiating the search strings of assessing technologies and practices has to be strategically undertaken for retrieving maximum feasibility in working arena. The professional blending of obligations and duties with additional compliance responsibilities must be streamlined to secure our brand against potential reputational threat. For enhancing professional significance and impact, our organization’s performance evaluation structure needs to be comprehensive and robust.

From 18th to 21st  November, 2022 our Institute is set to host 21st World Congress of Accountants at Jio World Convention Centre, Mumbai. It is held every four years under the auspices of International Federation of Accountants (IFAC). The delegates at the event shall get the opportunity to listen to world class speakers and leaders belonging to finance and business community. With the ongoing shifts in technology and continuous regulatory reforms and changes in modus operandi of business functionalities, participation of professionals in the event is of vital importance as it would enable them to re-evaluate their conventional skill sets and expertise and provide opportunities to attain reassurance of their significance in the near future thereby creating a positive environment of quality and efficiency. Such an event is a once in a lifetime opportunity and members are therefore requested not to miss it and to avail early bird discount by registering themselves on or before 30th of June, 2022.

In an endeavour to improvise the Scheme of Education and Training for CA course, the Board of Studies of ICAI has been organizing Outreach Programme for the proposed scheme at various levels of the Institute. The Managing committees of branches are requested to conduct virtual/physical sessions and to ensure maximum participation of members, students, academicians and other stakeholders in order to appraise them about the new proposed scheme and obtain their feedback on the same. Let us assume the responsibility of ensuring maximum public exposure for the proposed scheme as their valuable insights are critical for shaping the scheme.

During the last one month, several programmes were conducted covering topics viz. GST, FEMA, School Audit and Opportunities for CAs in Practice. A workshop on Standards on Auditing was also conducted on 27th May, 2022 which was highly appreciated by participating members. Further, on June 10th and 11th, a two-day National Conference on Corporate Laws was hosted under the aegis of Corporate Laws and Corporate Governance Committee of ICAI (CLCGC of ICAI) which included unique sessions on significant topics relating to Corporate Law and Practices and also offered an all-new experience of witnessing Mock NCLT proceedings before NCLT Judges at the event. With an abiding commitment to promote newer learnings and to reinforce existing best practices, we have been consistently engaging ourselves in structuring seminars, workshops and courses focusing on topics of professional relevance. I am happy to inform that the first Sub Regional Conference of this year shall be hosted by Siliguri branch of EIRC of ICAI on 8th & 9th of July 2022. Details of some other programs are given elsewhere in the newsletter. Some more programs are in the pipeline and the same will be intimated to you as and when they are finalized.

For strengthening the network of information dissemination, member participation and expanding awareness about myriad of matters of professional significance amongst the members in Industry, a new Study Circle in the name and style of IOCL Study Circle of EIRC of ICAI was inaugurated in the month of May.

It was indeed a privilege and pleasure of having been invited by Cuttack Branch of EIRC of ICAI for National CA Conference 2022 held on June 3rd and 4th, 2022. The conference witnessed an impressive participation of more than 500 members from profession and industry. My heartiest congratulations and appreciation to the Managing Committee of Cuttack Branch for hosting a grand and memorable event.

To promote our Institute’s noble initiative of educating the common masses about the basics of taxation, insurance, banking and other related subjects, various Financial and Tax literacy programmes spreading awareness on the aforementioned subjects were organized at various locations in the City of Joy.

Further, to commemorate the Foundation Day of our Alma Mater, we shall be celebrating the special occasion for a whole week. The 7-day celebration for CA day shall commence from 28th June, 2022 and shall conclude on 4th July, 2022. Multiple activities including interactions with eminent personalities, social activities like street cleaning drive, Roti on wheels, Tree plantation and fun-filled activities etc. shall be carried out during the week long celebrations.

To pay tribute to the priceless contributions of Late CA Nirupam Haldar, Past Chairman, EIRC of ICAI, the auditorium of ICAI at Kasba will be named after him during CA Foundation week on 2nd of July, 2022. Further, P.M.Narielwala Memorial Lecture in the memory of one of the brightest stars of our profession, a visionary and Past President of ICAI, shall be organized on 2nd of July, 2022 at ICAI Bhawan, Kasba in which CA. Nawshir Mirza will enlighten us about of the life of CA P.M.Narielwala and the relevance of his teachings in today’s professional life.

With immense pleasure I would like to inform you that the CA Students’ National Conference shall be held on 16th and 17th July, 2022 at Kolkata. The conference shall provide an exceptional platform for the students to reflect on their interests, performance and progress and shall be a good learning experience for all. I would also take this opportunity to convey my best wishes and appreciation to the EICASA of Guwahati Branch of EIRC of ICAI for Student Convention to be held on 18th & 19th June, 2022 at Guwahati.

My dear members, auditing profession needs to adopt a new mindset in view of numerous changes taking place in the digitally enabled business environment. In the prevalence of financial scams, it is crucial for us to intensify our focus more on corporate governance, adherence to policies, regulations and standards and sound implementation of internal controls in an organization. We, as auditors must fearlessly recognize our ultimate allegiance with organizational stakeholders and not management. Although the unhappy situation created by our reporting may invite friction and breakdown in communication and co-operation from the management’s end, I strongly believe that delicate issues as these should be tactfully managed and not compromised in order to ensure one’s independence, objectivity and integrity.


Thanking You,

Regards.

CA. Ravi  Kr. Patwa

Chairman
Eastern India Regional Council

The Institute of Chartered Accountants of India