Dear Professional Colleagues,
I hope this message finds you well amidst your engagement with post-year-ending works and the completion of annual legal requirements and compliances. While it is crucial to dedicate ample time to our Profession, I would like to emphasise the significance of not solely focusing on current assignments at hand. It is essential to explore unchartered and upcoming areas within our field.
I urge you to allocate a substantial portion of your time to research, upgrade, and upskill yourselves with knowledge and techniques that will contribute to the future development of your practice. This is relevant for both the members in practice and industry. This is particularly critical due to the rapid pace of change we are currently experiencing. The transformations that lie ahead in the next five years may surpass the changes witnessed since our great nation gained independence.
Over the past three months, our utmost effort has been directed towards keeping you informed about our various initiatives and the evolving landscape of our Profession. We have utilised virtual and physical events, our website, and the Eastern India Regional Council's 'Insight Connection' as mediums to share updates. Despite the limited resources in our region compared to others, we are working tirelessly to deliver the best possible outcomes.
Regional Councils Chairmen Meet with President & Vice President, ICAI
On April 20, 2023, a productive and interactive meeting took place with the President & Vice President, ICAI, along with the Chairmen of the other four Regional Councils. This gathering proved to be an invaluable opportunity for open and constructive discussions.
During the meeting, the focal point of our discussions revolved around the importance of engaging with stakeholders at the grassroots level. Our shared objective was to promote various initiatives, including Financial and Tax Literacy, empowering MSMEs, and supporting local bodies in adopting accrual accounting practices. Together, we explored strategies to effectively implement these initiatives and enhance their impact on the community.
Moreover, the meeting shed light on the evolving profile of our profession, recognizing the emergence of new professional avenues. We were encouraged to raise awareness among members in our respective regions about these evolving opportunities, ensuring that they remain well-informed and adequately prepared to navigate the changing landscape.
This interactive session fostered a strong sense of collaboration and shared commitment among the Chairmen of the Regional Councils, amplifying our collective efforts in promoting the profession and advancing its role in societal development. We extend our heartfelt gratitude to the President & Vice President, ICAI, for providing us with this invaluable opportunity to interact and exchange insights.
Ensuring the long-term sustainability of any profession requires attracting talent from all corners of society to pursue careers within the field.
To fulfil this objective, the Eastern India Regional Council (EIRC) organized a Half Day Mentorship Programme for Career Counsellors on April 22, 2023, at ICAI Bhawan, Kasba. The aim of this program was to equip career counsellors with the knowledge and skills necessary to raise awareness about the Chartered Accountancy Course offered by ICAI.
On April 27, 2023, the EIRC proudly inaugurated the first Career Counselling Centre of ICAI in Jorhat, marking the beginning of a journey toward establishing approximately 500 such centres across various districts of the country. This initiative seeks to create widespread awareness and guidance about the Chartered Accountancy Course.
Furthermore, the EIRC will actively participate as a Knowledge Partner in a Mega Educational Fair to be held at the Netaji Indoor Stadium, Kolkata, from May 26 to 28, 2023. With a focus on spreading awareness about Commerce Education in relation to the Chartered Accountancy Course, ICAI aims to contribute significantly to the fair's objective.
Together, these efforts aim to attract diverse talent to the profession and create awareness about the opportunities and benefits offered by a career in Chartered Accountancy. These efforts have been made under the aegis of the Committee for Career Counselling, ICAI.
Empowering Study Circles of EIRC of ICAI
The Study Circles play a crucial role in disseminating knowledge, providing opportunities for upskilling and upgrading to our members, and fulfilling their Continuous Professional Education (CPE) requirements. The EIRC is actively engaging in regular meetings with the Study Circle leaders to ensure their smooth functioning in line with the objectives set by the CPE Committee of ICAI.
To empower the Study Circles further, the EIRC has undertaken efforts to organize Joint Programmes in collaboration with them and has extended the use of EIRC premises at regular intervals.
Recently, on April 21, 2023, the VIP Road CA CPE Study Circle conducted a program at ICAI Bhawan, Russel Street, Kolkata, focusing on relevant topics for their members. Similarly, on May 12, 2023, the South Calcutta CA CPE Study Circle organized a program at ICAI Bhawan, Kasba, Kolkata, addressing subjects of importance to their members.
Furthermore, the BBD Bag CA CPE Study Circle, in partnership with the EIRC, held a Joint Programme on May 4, 2023, at ICAI Bhawan, Russel Street, Kolkata, shedding light on the significant issue of NBFCs.
These collaborative initiatives aim to strengthen the Study Circles, enhance knowledge sharing, and address pertinent subjects for the benefit of our valued members.
Formation of Study Group to revise Code of Ethics
The Eastern India Regional Council has established a Study Group under the Ethical Standards Board (ESB) of ICAI in the Eastern Region. The purpose of this group is to review the 12th edition of the Code of Ethics, which consists of three volumes (Volume-I, II, and III) and became applicable from July 1, 2020.
Due to the prevailing situation caused by the COVID-19 pandemic, certain provisions of Volume-I were deferred and were not enforced from July 1, 2020. However, these provisions were subsequently made applicable from October 1, 2022, with some amendments as announced on September 29, 2022.
The ESB of ICAI has recommended the Ethical Standards Committee of EIRC to contribute its insights on the revision of Volume-II of the Code of Ethics. To fulfil this task, the Study Group has conducted meetings on April 20, 26, May 1, and May 15, 2023. The group's objective is to gather recommendations and submit them to the ESB.
These efforts aim to ensure that the Code of Ethics remains updated, relevant, and in line with ethical standards, thus promoting professional integrity and excellence.
Sub Regional Conference at Guwahati on 28th and 29th April 2023
The Guwahati Branch of EIRC of ICAI hosted a Sub Regional Conference under the auspices of the EIRC, centred around the theme "Yat Bhabo – Tat Bhavati," which translates to "You Become What You Believe." This significant event took place on April 28th and 29th, 2023, at ICAI Bhawan in Guwahati.
The conference was graced by esteemed guests including CA. Suresh Prabhu, Hon’ble Former Minister of the Government of India, CA. (Dr.) Debashis Mitra, Immediate Past President of ICAI, and Smt. Ajanta Neog, Hon’ble Minister of Finance of the Government of Assam. This platform provided an opportunity for the EIRC to engage in fruitful discussions with the ministers regarding the substantial value that Chartered Accountants can contribute in the realm of Public Finance, and their perspectives were highly receptive.
Distinguished speakers at the conference included CA. Sushil Kumar Goyal, Council Member of ICAI, CA. (Dr.) Rakesh Gupta, CA. K K Chhaparia, Mr. Kewal Kishan, CA. Deepak Gupta, Adv. Vinay Shraff, and CA. Ravi Kumar Patwa, Immediate Past Chairman of EIRC. The lectures encompassed critical topics such as direct and indirect taxation, the code of conduct, and the role of automation.
With a remarkable attendance of over 300 members, the conference proved to be a resounding success, providing valuable insights and knowledge to all participants.
Seminar on Demystifying Sustainability – Opportunities in ESG, SSG and Social Audit on 3rd May 2023
Under the auspices of the Sustainability Reporting Standards Board of ICAI, the Eastern India Regional Council organised a Seminar titled "Demystifying Sustainability: Opportunities in ESG, SS, and Social Audit." This event took place on May 3 at Hotel Hindusthan International in Kolkata.
Distinguished guests in attendance included Shri G Ram Mohan Rao, Regional Director of SEBI in the Eastern Region, Shri Ananta Kumar Sethi, Registrar of Companies, WB, CA. Priti Savla, Chairperson of SRSB, ICAI, CA. (Dr.) Debashis Mitra, Immediate Past President of ICAI, CA. Rajendra Kumar P., Council Member of ICAI, CA. Sushil Kumar Goyal, Council Member of ICAI, and office bearers of the Regional Council.
The esteemed speaker for the seminar was Mr. Avik Gupta, Senior Manager at NSE, Kolkata, who shared insights and expertise on the subject matter alongside the Chairperson of SRSB, ICAI CA. Priti Savla.
The objective of this seminar was to shed light on sustainability aspects, such as Environmental, Social, and Governance (ESG) factors, Sustainability Reporting Standards (SS), and Social Audit. By demystifying these topics, the seminar aimed to create awareness about the associated opportunities within these domains.
These initiatives reflect the strong dedication of the EIRC and the Sustainability Reporting Standards Board of ICAI towards fostering awareness and comprehension of sustainability-related matters, not only within the professional community but also across society as a whole.
Visit to Brahmapur Branch of EIRC of ICAI
The Brahmapur Branch of the EIRC of ICAI, recently achieved a remarkable milestone by launching its inaugural digital Newsletter on May 14, 2023. This event garnered the presence and support of all the esteemed office bearers of the EIRC of ICAI. Our presence not only served as an encouragement for the Members and Students of the Branch but also instilled a strong sense of commitment towards the various activities of the Branch.
In conjunction with the Newsletter launch, a highly informative and engaging CPE Seminar was organised on the theme of 'Emerging Opportunities for CAs in Practice'. This seminar provided valuable insights into the evolving landscape and potential avenues for Chartered Accountants to expand their professional horizons.
The successful launch of the digital Newsletter and the enlightening CPE Seminar signify the dedication and forward-thinking mindset of the Brahmapur Branch. It reinforces their commitment to keeping their members and students well-informed and empowered, thus ensuring their continued growth and success.
Half Day CPE Seminars
As part of its ongoing commitment to enhance the capabilities of Members and their Firms, the EIRC has successfully organized a series of Half Day CPE Seminars at ICAI Bhawan, Russel Street, Kolkata. These seminars focused on pertinent topics, each aimed at addressing specific areas of professional interest and development.
The seminars conducted were as follows:
a) Code of Ethics Seminar (April 17, 2023): This seminar delved into the intricacies of the Code of Ethics, providing valuable insights and guidance to attendees.
b) Issues in V3 Forms and CSR Seminar (April 24, 2023): This seminar shed light on the challenges and concerns related to V3 forms and Corporate Social Responsibility (CSR), with the honorable presence of Shri Chandan Ji, ICLS, Assistant Registrar of Companies, West Bengal.
c) Networking of CA Firms Seminar (April 26, 2023): This seminar emphasized the significance of networking among CA firms, showcasing strategies and opportunities for collaboration and growth.
d) Seminar on Handling GST Departmental Audit & Litigation (April 9, 2023): This seminar provided practical insights and best practices for effectively managing GST departmental audits and litigation cases.
These seminars served as platforms for knowledge exchange and professional development, empowering attendees with the latest information and skills in their respective domains.
Non-CPE Virtual Seminar
Due to the decision of the Central Council of ICAI, we are no longer permitted to conduct Virtual CPE Seminars from 1st April 2023 onwards. Nonetheless, we understand the importance of virtual seminars for the benefit of our members, and have decided to hold such seminars without awarding any CPE Hours.
On 18th, 19th, 20th and 21st of April 2023, we organised Non-CPE Seminars on Income Tax & GST on Cryptocurrency Transactions, Social Stock Exchange, Registration & Compliance under RERA and Opportunities for CAs under RERA (West Bengal) and Managing WhatsApp, Email & Social Media Clutter.
We consistently upload videos of the virtual seminars we organise on our YouTube Channel (Eastern India Regional Council of ICAI). You can benefit from these videos by watching the ones that interest you at your convenience to enhance your knowledge. The link to our YouTube Channel videos is https://www.youtube.com/@easternindiaregionalcounci6358/videos.
We have lined up several programs in the upcoming days to fulfil our vision, and you can stay updated on them by visiting our website https://eirc-icai.org/. We have recently revamped the website to enhance its user-friendliness when registering for events. If you haven't created a profile on our website, I urge you to do so to enjoy our seamless services.
I am fully committed to serving our esteemed members and students with utmost dedication. I deeply empathise with the challenges they encounter in their professional journeys, and I want to assure them that I will leave no stone unturned in addressing their needs. Together with our dedicated team at EIRC and the invaluable contributions of our members, I am confident that we can achieve exceptional success.
Our primary focus is on enhancing the experience of our members and students, while upholding the dignity of our profession and maintaining the high standards set by the ICAI. To accomplish these objectives, I kindly request your feedback once again. Your insights and suggestions are crucial in shaping our endeavours and ensuring that the ICAI continues to flourish and shine brightly.
With your support and active participation, we can embark on a journey of continuous improvement, creating a conducive environment for professional growth and fostering a strong sense of pride in our association. Let us join forces to navigate the challenges ahead and seize the abundant opportunities that lie before us.
Thank you for your continued trust and support.
Jai Hind, Jai ICAI
CA. Debayan Patra
Chairman, EIRC (2023 – 24)
15th May, 2023