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ICAI action plan to meet future challenges
Tue, 30 Jun 2009

ICAI action plan to meet future challenges

Corporate Reporter

To enter into agreement with accounting bodies in Australia

Signs MoU with African University for imparting training

CHENNAI: The Institute of Chartered Accountants India (ICAI) has drawn up an action plan for its members, students and businesses with a view to meeting the challenges ahead. Uttam Prakash Agarwal, President, ICAI, told The Hindu that the action plan would help SMB (small and medium business) practitioners to get adequate training and infrastructure to improve their practice areas. It will enable them to provide professional support to investigations by various authorities.

Accounting standards

The action plan would also help implement accounting standards specific to SMBs and developing neighbourhood audit firm as a single source of all business services. The plan on the regulatorís perspective was aimed at addressing the recent concerns by strengthening the role of internal audit, training members in forensic audit besides simultaneously reviewing audit quality and financial reporting system. Other plans included setting up of a serious fraud detection cell in ICAI, periodic and meaningful interaction with regulators and work towards more regulatory powers to ICAI, Mr. Agarwal said. The five-year perspective plan for the CA course would enlarge the skill-sets of students covering communication, presentation, IT, leadership and the like. He said chartered accountants in India have emerged as complete business solution providers and were recognised globally. The institute will also enter into a mutual recognition agreement (MRA) with accounting bodies in Australia (CPA) to establish guidelines on how qualified members can gain reciprocal membership. The CPA Australia members, who qualify for membership of ICAI, will have rights to use the CA designation in India. Similarly, ICAI members who qualify for membership of CPA Australia will have rights to use the CPA designation.

Recently, the ICAI had signed a memorandum of understanding (MoU) with University of Djbouti (Africa) for imparting training to Djbouti nationals in the accountancy and working collaboratively for institutionalisation of the accountancy body there. In its diamond jubilee year, the ICAI has pioneered to lend a helping hand to least developed countries whose economy was under transition, Mr. Agarwal said.

The ICAI is a premier and second largest accountancy body globally with 1.55 lakh members and five lakh students regulating the profession in India.
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