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Special address given by Hon�ble Minister of State (Independent Charge) of Corporate Affairs, Shri Salman Khurshid to the members of the profession

The Institute of Chartered Accountants of India (ICAI) organized a special address for its members on March 12, 2010 at Vigyan Bhawan, New Delhi. It was for the first time that the Hon�ble Minister of State (Independent Charge) of Corporate Affairs, Shri Salman Khurshid addressed the members of the profession since the time the Minister had taken charge of the Ministry of Corporate Affairs.

At the outset Shri T.Karthikeyan, Secretary, ICAI welcomed the Hon�ble Minister, Shri Salman Khurshid, Secretary, Ministry of Corporate Affairs, Shri R.Bandyopadhyay, President, ICAI, CA. Amarjit Chopra, Vice President, ICAI CA.G.Ramaswamy and CA.Atul Gupta, Chairman, NIRC of ICAI.

While addressing the gathering Shri Karthikeyan said �At this point of time when the new Council of the Institute is on the threshold of chalking out its vision and mission statement, the presence and guidance of Hon�ble Minister assumes great significance. He also added that under the able leadership of Shri Salman Khurshid, the Ministry has taken the role of the ambassador of the profession at the national and international levels.�

In his Presidential address, CA.Amarjit Chopra, President, ICAI welcomed the dignitaries and distinguished gathering. While extending his heartfelt thanks to the Ministry for its continuous support, the President on behalf of the Council and the entire fraternity said �The Institute will continue to strive for goals that Ministry has set up for it as the strength of our profession lies in our abilities.� He further added that the Institute is all geared up and is aiming to meet the deadlines for the implementation of IFRS.

The President on this forum also expressed the concern of the profession on certain issues.

  • Auditing and Assurance Standards- President shared that setting up of the auditing and assurance standards is the core competence area of the Institute till date because only the CAs can appreciate and make a checklist for the audit process . He further added �This role has been carried out to the best of our ability and it must continue to remain with ICAI.�
  • Segregation of education & regulatory function- As ICAI in the past has been able to carry out both these functions successfully, going forward, it must continue to be with the Institute.
  • FDI Inflow should not affect the Indian Chartered Accountants- The FDI inflow in the Indian Economy should not affect/restrict the growth of Indian CA firms and should not result in de-capacitating them. The President requested the Government to have a relook at the FDI policy vis-�-vis appointments of auditors.
  • Independence of Auditors- President requested for the support of the Government with regards to independence of the auditors. Wherever the greater independence presently exists, it should not be diluted in future, specially regarding the appointment of auditors in the banking sector.
  • Disciplinary Mechanism- The President shared that there is a perception that there has been a delay in delivery of imparting justice in some cases filed in the Institute. He assured that certain changes in the disciplinary mechanism followed by the Institute are on anvil including taking up the public interest cases on priority. These matters are under deliberations which would lead to once again regaining the trust of the general public.

While addressing the audience at Vigyan Bhawan, Shri R.Bandyopadhyay, Secretary, Ministry of Corporate Affairs remarked �CAs play significant role in the Corporate World. A CA is a friend, philosopher and guide.� The society can really benefit from the expertise of a CA. He reiterated �In the coming years, CAs will have a big role to play. Their recommendations, abilities and expertise etc. will be helpful in the convergence of Indian Accounting standards to international standards�.

Hon�ble Minister of Corporate Affairs, Shri Salman Khurshid while congratulating the profession on electing the Council and President having great foresight and ambition assured �The Ministry is committed to you, is here for you and wants to reach out and help you.� He said that Government with its capacity, capability and vision can help the profession to move forward. The Government wants to be an enlightened partner to its stakeholders.

The Minister added that �The next revolution after the software revolution will be in the world of Accountancy with the convergence of IFRS where we would be contributing the best and largest number of young Accountants�. He reiterated �The profession needs a telescopic vision to see beyond in the global accountancy world. We have ambitious neighbors in China and in order to compete with China we need to put our advantages to the best use.�

The troubles that we have encountered in the past do not distress or dismay us but they propel us to face the challenges with greater confidence and determination. The Chartered Accountancy profession is an exceptionally challenging one as it has to keep pace with the growing corporate world as a result of which, the capital market is poised to undergo a major growth process.

The Minister said that �In any business, Balance sheet is its heart and the one who takes care of it is a Chartered Accountant. In the coming years, CA professionals will be the most sought after because of the challenges in the corporate world. The need of the hour is to work closely with the government as by putting our heads together we can achieve everything.�

In the Vote of thanks, CA.G.Ramaswamy, Vice President, ICAI thanked the Hon�ble Minister for his great mission and vision statement shared with the members. On the behalf of the Institute he assured the Minister �We rededicate our profession to the nation and will play important role in the economic development and nation building.�


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