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Initiatives of ICAI for Professional Development & Members Expectations -Way Forward

“Teach a man to fish rather than give him fish as the former would allow him to feed himself for his lifetime”

The ICAI was set up and was able to discharge its duties as:

A. Regulator inspite of fact that they were constituted by members,

B. Educators of quality professionals

C. Partner in Nation Building by serving the state and central government

D. Standard setting body – Future?

E. Researcher to Conduct studies in new areas of finance/ accounts and audit

F. Propagator of ethical standards

G. Arrange coaching for students.

Nowhere the duties of ICAI is members opportunity enhancement though it maybe implied. However today the showcasing of elected members is restricted to how they have helped members. The Regional Council  or branches can very well take up the mantle of this onerous task.

The members expectation as seen by me is that after assisting in getting through the examination, the ICAI is required to provide them jobs and opportunities for practice. The crutch of “bank audit” and “tax audit” in my opinion are the main reasons for some the practitioners not learning to learning to run. Now anyway these are going away and I am sure the CA in 10 years time will not require any support from the ICAI and will learn to fend for himself.

The PDC web site at icai.org provides a glimpse of what they do:

a. Met various authorities [more than 100] : Results for general members not reported

b. Made more than 200 representations: Results for general members not reported

c. Conducted a few general programs like opportunities across India

d. Informs and enables empanelment- administrative assistance

e. Maybe some others.

Other than this ICAI also offers:

a. Post qualification qualifications

b. Certificate courses in areas of opportunity [Transfer pricing, Forensic audit, Indirect taxation]

c. Lobbies at times for safeguarding the interest of practitioners.

What ICAI/ Regional Councils / Branches could be doing?

Our members have basic knowledge and may lack communication and general management skills [ like how to recruit and retain good talent, motivate the staff] , may not use technology and processes to move to next level, have low self esteem and in Karnataka maybe a little easily contented.  

A few thoughts on what we should be doing:

1. How to get client centric to provide value to the clients?

2. How to empower the staff and clients leading to natural growth?

3. Provide ways to obtain/ enhance skills and knowledge. [Including e-learning]

4. Provide ways to maintain the professional competence obtained.

5. Provide ways to get in depth expertise by way of focussed standardised workshops.

6. Showcase how value addition is possible in tax audits, statutory audits, internal audits and consultancy.

7. Advantage of professional independence and following high professional standards. [How to practice without bribes?, Real life stories of ordinary members achieving name , fame, and economic independence]

8. Serve the government / other large organisations where we have opportunities. [Maybe hold seminars on understanding financial statements, find out what training they require and provide the same]- Automatically when there is respect for our knowledge and capability, work would be offered to us.

9. Conduct joint workshops with such organisations and especially with the Chambers of Commerce and Educational and Professional Institutions.

10. How to showcase our knowledge, value to general world and specifically to clients?

11.  ..........................................................many more.

Be the change you wish to see- Mahatma Gandhi.

CA Madhukar N Hiregange

Published by

Madhukar N Hiregange
(Chartered Accountant)
Category Others   Report

2 Likes   36 Shares   9411 Views


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