The Institute of Chartered Accountants of India (ICAI) is a statutory body established by the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council is composed of 40 members of whom 32 are elected by the members and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.
On February 12, 2013, ICAI elected CA.Subodh Kumar Agrawal as the President and CA.K.Raghu as Vice-President for the year 2013-14.
CA.Subodh Kumar Agrawal, President, ICAI (2013-14)
A combination of erudition, foresight and professional excellence, CA. Subodh Kumar Agrawal has become the supreme torch-bearer of Indian accountancy profession as the President of Institute of Chartered Accountants of India (ICAI) for the year 2013-14. A fellow member of the ICAI with 24 years of standing, he was elected as the President by the 22nd Council of the Institute on February 12, 2013. He was the Vice President of the ICAI for the Council Year 2012-13. An altruistic hard-worker bestowed with exceptional organisational, networking, administrative and leadership skills, he has been serving as Central Council member for two terms since 2007. An illustrious and versatile accountancy professional since 1988, who is known for his passion for professional uplift, CA. Agrawal was elected to the ICAI Council for third term with unparalleled success and support of the membership, claiming 56% of the votes polled that is a record in itself.
CA. Subodh Kumar Agrawal has shown his professional skills and acumen in all tasks and responsibilities assigned to him both at the Council, national and international levels. Hailing from Kolkata, he has specialisation in the area of Internal and Statutory Audit of Private and Public Sector Entities viz. Banks and Insurance Companies. He has also been providing Consultancy Services in the fields of Accounting & Auditing, particularly matters relating to Indian and International Auditing and Accounting Standards, Corporate Laws, Corporate Governance, Restructuring of Business, Mergers, Amalgamations, Demergers, Securities and Exchange Board of India and Non Banking Financial Companies Matters, etc.
An ardent proponent of ‘brand Indian CA’ and accountancy profession globally, he has passionately represented Indian accountancy profession on the international front. He has recently been appointed as member of SMP (Small and Medium Practices) Committee of IFAC for the year 2013–15, and he has also been appointed as Vice President of SAFA of IFAC for the year 2013. Earlier, he had also served on the ‘Committee on Professional Ethics and Independence’ of South Asian Federation of Accountants (SAFA). Besides, he has also been an ICAI nominee on various Committees of SAFA, including Committee for Improvement in Transparency, Accountability and Governance, Committee on Professional Accountants in Business and Committee on Quality Control Review. He has also put forward Indian accountancy profession’s views in various meetings and programmes of International Federation of Accountants, SAFA, Confederation of Asian and Pacific Accountants (CAPA) and many other international bodies.
An outstanding facilitator of ICAI and accountancy profession as a leading partner in nation building at national level, he represents the ICAI in the ‘Insurance Advisory Committee’ constituted by the Insurance Regulatory and Development Authority (IRDA), and in ‘High Level Steering Committee for Implementation of XBRL-based Data Submission by Banks’ besides being the Chairman of XBRL India. He was also nominated on the ‘Working Group’ constituted by the Competition Commission of India and on ‘Committee of Experts’ constituted by the Ministry of Corporate Affairs to prepare a fresh Inspection Manual. He has also served as a member in Working Group to review the existing prudential guidelines on restructuring of advances by banks/financial institutions constituted by RBI. He also represents ICAI in the ‘Standing Committee on Accounting Issues’ constituted by Insurance Regulatory and Development Authority and in the ‘Committee to review SIDBI’s lending to MSME Sector.’ He has also served a member of the ‘Task Force of Department of Public Enterprises (DPE)’ to provide professional and technical support to the DPE in the process of finalisation of MoU. In 2008, he was appointed as Task force Member by Department of Public Enterprises for MoU in Mining and Metal Sector and in the year 2009, he was appointed as Task Force Member by Department of Public Enterprises for Petroleum – II. He has also commendably performed as member of Banking and Financial Services Sectional Committee - MSD 7 constituted by Bureau of Indian Standards, Regional Advisory Committee of Central Excise Commissionerate, Technical Group on Institution & Market Structure of the Committee on Financial Sector Assessment constituted by RBI, and member of SEBI Primary Market Advisory Committee. He is also an Independent Director in ‘M/s Gujarat NRE Coke Ltd’ and ‘Accounting and Research Foundation’ (ARF) of the ICAI.
A seasoned professional with a futuristic vision, CA. Agrawal, in his illustrious inning in the Council, has served on important positions in both Standing and Non Standing Committees of the ICAI. He has been actively involved with the functioning of the Central Council of the Institute in various capacities, viz. as Vice President and Chairmen, Vice-Chairmen and member of its various Committees. As President, he is the chairmen of all the standing committees of the ICAI viz. Examination Committee, Finance Committee and Executive Committee besides being Presiding Officer of the Board of Discipline (Under Section 21-A), Disciplinary Committee (Under Section 21-B), Disciplinary Committee-Satyam Bench (u/s 21-B) and chairman Disciplinary Committee (under section 21D). He is the ex-officio Member in all the Non-Standing Committees of ICAI and Editor of The Chartered Accountant journal. As the Vice President of the ICAI, he was the Vice-Chairman of all the Standing Committees and also the Member ex-officio in all Non-Standing Committees of ICAI and Joint Editor of The Chartered Accountant journal.
He has made noteworthy contributions as Chairman ‘Committee for Members in Industry (2010-11), Audit Committee (2008-09), Public Finance Committee (2008 and 2009) and as a member of Executive Committee of ICAI (2007). He has also distinctly served as Convener of the group for Satyam Report - High Powered Committee (2010-12).
During the period in ICAI Council, he has also remarkably contributed as Chairman Ethical Standards Board, Vice Chairman of Indirect Taxes Committee and Member in various Non-Standing Committees such as Accounting Standards Board, Auditing and Assurance Standards Board, Direct Taxes, Indirect Taxes, International Taxation, etc.
Before his election to the Central Council of the ICAI, CA. Agrawal had also made wide contributions in Eastern India Regional Council as he became the Secretary of the EIRC of ICAI in 2004, Vice Chairman in 2005 and Chairman in 2006. Under his dynamic Chairmanship, the Eastern India Regional Council was honoured with ‘Best Regional Council Award’ in the year 2006.
Known for his hard work and selfless services to the accountancy profession, CA. Agrawal is also a prolific speaker and has addressed various seminars, symposia and conferences at national, regional councils, branches and ICAI Study Circles level across the country on various issues of professional interest. He has also addressed other organisations of national and international repute on topics like Bank Audit, Corporate Governance, Micro Finance, NGO, Derivatives, Right to Information Act, CAAT, CARO, Accounting & Auditing Standards and LLP, etc.
Having been a brilliant student, CA. Agrawal secured 10th rank in Final Examination of Chartered Accountancy in the year 1988. He did B.Com from Kanpur University.
His other areas of interest include sports and reading management and professional books.
CA. K.Raghu, Vice-President, ICAI (2013-14)
CA.K.Raghu, a fellow member of the Institute of Chartered Accountants of India (ICAI), with more than two decades of standing, has been elected as the Vice-President of the Institute of Chartered Accountants of India (ICAI), for the year 2013-14 by the Twenty Second Council on February 12, 2013. He qualified as a Chartered Accountant in the year 1990. His area of specialization is Taxation, Business and Technology Consulting.
He was elected to the Central Council of the ICAI for the first time for the term 2007-10. During his tenure in the Central Council, he has been the Chairman of Information Technology Committee and spearheaded the web-casting and e-learning initiatives of ICAI. He also served as the Chairman of the Peer Review Board of ICAI during 2007-08 and was the Chairman of Continuing Professional Education Committee of ICAI during 2006-07. He also served as a member of the Executive Committee of ICAI for the year 2007-08 and Disciplinary Committee during the year 2010-11.During 2011-12, CA.K.Raghu was the Chairman for Committee for Members in Industry and Vice-Chairman of the Peer Review Board. In 2012-13, he was the Chairman of the Ethical Standards Board and the Vice- Chairman of Financial Reporting Review Board.
He has also served as a member of the Accounting Standards Board, Auditing and Assurance Standards Board, Corporate Governance Committee, Professional Development Committee, Public Finance Committee, Management Accounting Committee , Editorial Board and the Financial Review Reporting Board of ICAI, Financial Markets and Investor Protection Committee, International Trade Laws and WTO Committee, Committee for Members in Industry and Editorial Board of ICAI.
CA.K.Raghu was elected to the Membership Development Committee of XBRL International and also appointed as Director of XBRL India (Section 25 Company) as a nominee of ICAI to promote the use of XBRL (Extensible Business Reporting Language) in India. XBRL India is a member of XBRL International, a consortium of 650 organisations worldwide.
CA.K.Raghu was also nominated as ICAI representative on the MCA 21 Stakeholders Committee constituted by Ministry of Corporate Affairs for ensuring continuous improvement in service delivery under MCA 21.
CA.K.Raghu was nominated as the Mentor for the New York Chapter of ICAI for the year 2008-09 and assisted the Chapter.
He was the Chairman of the Southern India Regional Council (SIRC) of the ICAI during 2003-04 . During his Chairmanship, the SIRC conducted a Mega Regional Conference UNNATHI which was attended by more than 2,400 Chartered Accountants. The Conference had a record attendance in the history of SIRC.
He served as the Vice-Chairman and Secretary of the SIRC in its Golden Jubilee Year during which the SIRC was adjudged as the BEST REGIONAL COUNCIL of the Institute.
During 1997-98, he was the Chairman of the Economic Affairs Committee of the Federation of Karnataka Chambers of Commerce and Industry, Bangalore. He is a life member of the Bombay Chartered Accountants Society, Karnataka State Chartered Accountants Association, Bangalore Management Association, Youth Hostels Association of India. He was recently nominated as a member of the Audit Committee of the Karnataka State Cricket Association and RBI Regional Monitoring Committee of NBFC’s for Karnataka State. He has presented papers on various subjects of professional interest in the all India, Regional and State Conferences and Seminars of the Institute of Chartered Accountants of India.
CA.K.Raghu visited Japan as a representative of ICAI in the ISO Conference conducted at Kyoto and also the Japanese Institute of Certified Public Accountants in Tokyo.
CA.K.Raghu is also an active Rotarian and was the Past President of Rotary Club of Bangalore Peenya during 2002-03. He was awarded the “Best President Award” by RI District 3190 for conducting the 6 th Mega Jaipur Foot Camp where more than 2350 patients were provided with artificial foot, calipers, crutches and wheel chairs free of cost.