Chartered Accountants are given the accolade of being the guardians of prosperity. We are considered elite even amongst professionals and put on a pedestal by society as well as other finance and management specialists.
Why are we considered so special? Not just because of our intelligence and discipline but, as the above shloka says, because of the correct application of intelligence in discriminating between proper and improper engagement. The legendary former President APJ Abdul Kalam meant this when he said “Chartered Accountants are partners in nation building.”
Chartered Accountants are the very foundation of the economy and the role of the CA is becoming increasingly critical to decision making when it comes to nation building by helping to guide the nation in the right direction in various financial and economy related measures.
In fact, our role is rapidly expanding beyond and is now increasingly focusing on longer term issues, such as ESG, ethics and technology, and social issues such as diversity and inclusion are also coming into the ambit of our contribution to the growth of the community and the nation.
I am pleased to say that this is an organic growth as CAs endeavour to develop into true renaissance men and women who willingly take on multiple roles for the benefit of all stakeholders and society. Throughout its long history, WIRC has endeavoured to develop professionals with the qualities highlighted in the shloka above. I am pleased to state that not only have we succeeded in this noble mission but we continue to flourish with each successive generation.
Let’s Be REDI
Chartered Accountants are some of the busiest professionals in India. Increasing number of new laws, regulations, amendments and demands by different bodies make smooth functioning a challenge. How then can CAs improve services and grow their business? The answer is given by the ‘REDI’ concept.
R - Reduce cost of capital; E - Efficient use of resources; D - Divest waste resources (unproductive); I - Improve business operations.
Combined together these methodologies enable professional to save expenditure, utilise existing resources in a more optimum manner by getting rid of ineffective and incompetent aspects and at the same time streamline business operations to increase efficiencies. Developing a ‘REDI’ mind-set can be a game-changer for finance professionals towards developing a stronger, more effective outlook.
As rightly said, “Patience is not ability to wait, but the ability to keep a good Attitude while waiting.”
Our activities during the month included many initiatives to further the profession as mentioned below.
Representation to Maharashtra Co-operative Minister
We submitted a representation to Shri. Atul Save, Hon’ble Minister of Co-operation for creating empanelment of CAs in cooperative sector and issue guidelines for increase in fees of auditors in cooperative sector. He was receptive to our representation, and we look forward to a more positive perception of our proposals from the ministry. On 26th May a large conference was organised at Ahmednagar, where Shri Suresh Prabhu, former Union Minister of Railways and Shri. Atul Save, Hon’ble Cooperative Minister, Maharashtra State addressed the gatherings.
WIRC Meeting with Government - Collaborating for a brighter future.
Office Bearers of WIRC met with Shri Ravi Rana, Member of the Legislative Assembly and Shri Uday Samant, Minister for Industries, Govt. of Maharashtra, to discuss the importance of developing more reading rooms and for training students of Commerce stream in order to pave the way for producing industry-ready accountants. We apprised him of WIRC’s efforts towards creating an environment to increase number of skilled youngsters for the betterment of society and nation.
Niryat Series
Overview of Emerging Compliances & Regulations in UAE
To keep track of the changes taking place as well as to get a better idea of the benefits of doing business in the Emirates, WIRC organised an programme to highlight the ‘Emerging Compliances & Regulations’ focusing on Corporate tax and their updates in the UAE as well as the advantages of setting up a business in the UAE.
Professional Opportunities at Gift City
Gujarat-based GIFT City has several pioneering initiatives to its name. With the growth of international finance WIRC took the initiative to organise a seminar highlighting the opportunities for industries and CAs in GIFT City. CAs need to keep track of both - the macro and micro elements. Hence, along with the seminar on GIFT opportunities we also conducted a session on updating members on various professional areas such as issues in Real Estate Sector, Works Contract, TDR-FSI, Government Contracts etc. under GST and many more.
Startup Lab - Angel Investor Round Table Meet
WIRC is launching a series focused on Startups and MSMEs titled "Startup Lab". The first meeting in this series was on ‘Angel Round Table Conference’, where investors can come together, share knowledge and resources, and discuss investment strategies.
All India Drive against Fake Registration – GST
CAs are not only ‘guardians of wealth’ but most importantly we are ‘partners in nation building.’ To enable us to support our country, WIRC organised a talk by renowned Adv. CA. Vivek Laddha. He spoke on and conducted a crucial discussion on combating fake GST registrations titled ‘Precautions, Issues and Resolution’. I am confident that the practical insights provided by him would help members combat the issue of fake GST registrations.
Friday Fundas – Evidence Act
An initiative to expand our knowledge base through virtual interactions with renowned speakers, ‘Friday Fundas’ looks to create a virtual learning space for the whole Region. The first session was on the ‘Importance of Evidence Act for Tax Litigations’ which was very well attended and appreciated by attending members from across the Region.
Prevention of Money Laundering Act (PMLA)
The new notification under PMLA is a bold step of the government towards speeding up its battle against anti-money laundering activities. PMLA now includes the CA profession as a ‘reporting entity’ thus making them mediums in the hands of the government for gaining information about dubious transactions. So, CAs now have the added responsibility and hence opportunity of informing the regulators of any such transactions they may come across. Hence, the seminar on ‘Role of Chartered Accountants under PMLA Proceedings’ was highly relevant for all concerned.
‘Relearn’ Initiatives
RERA Basics and Important Aspects in RERA Certification Work
Under the ‘Relearn’ initiative in order to improve networking, students and members with not more than post-qualification experience Created in RERA is growing stronger and as increasing number of members are entering the real estate sector, WIRC organised a seminar on ‘RERA Basics and Important aspects in RERA Certification Work’. Attending members were pleased with the quality of the discussions at this seminar.
Digital Marketing
CAs no longer have the luxury to depend solely on ‘word of mouth’ references to promote their services. In this superfast digital age, where time is rarest of commodities, the fastest way forward to publicise skills is through digital marketing. To assist our members to understand as well as apply new-age marketing skills WIRC organised this educational event which was highly appreciated by all participants.
Conference on Mergers Acquisitions & Business Restructuring
This two-day conference was a deep dive for all attending members at a very granular level. Covering the various nuances of M&As, this conference covered a wide range of subjects from legal to taxation and from valuation to due diligence, this conference was in reality a platform for the accounting fraternity to enhance their understanding of these complex areas.
IMC 13th Annual Banking & Finance Conference
I was pleased to represent and speak on behalf of WIRC of ICAI as Chief Guest at the opening session of the IMC Banking Conference 2023 held at IMC. At this conference, I introduced the concept of C.T.C. - Confidence. Trust. Certainty – where borrowers have to show confidence and trust and bankers have to show certainty in order to harness the power of banking sector needed in order to drive India’s growth.
The conference delved into crucial topics related to the state of the economy, role of banking and financial sector, technology in the financial sector, etc., as well as a stimulating roundtable discussion on the role of banks in driving the economy.
International Study Tour to South Africa
Indian CAs have the potential to be major players in the international service sector supported by their world class education, training, skill and competency. Excellent opportunities are coming up for professionals with specialized knowledge & skills sought by global organizations.
With a view to acclimatize the members of the Institute about the best practices in South Africa and to provide an opportunity to participate and interact with the renowned experts from the continent, WIRC of ICAI organized a Study Tour to South Africa. We connected with our peers at the South African Institute of Professional Accountants (SAIPA) and Johannesburg Chapter of ICAI in order to open pathways for increased professional interaction between India and South Africa.
Project Saptrishi
Project Saptrishi aims to provide valuable services like Career Counselling, Faculty Development, Syllabus Drafting, setting up Accounting Museum, T.E.L. Course, Reading Rooms, etc., for the betterment of all students.
In order to boost Project Saptrishi in Surat, we met with the Vice Chancellor of Veer Narmad South Gujarat University and were given a chance to present our project to representatives of 300 colleges at their board meeting.
This month was an eventful one with activities and programs in which everyone participated. We know that this spirit of social enterprise will continue to be at the forefront of our initiatives and will be emulated by all our members.
As we move forward from one task to another it is easy to be impatient in our quest for speed and success. It is precisely at this time that should remember the necessity of cultivating patience. Your physical and mental health grows when you practice patience. Patient people may also experience fewer negative emotions because with patience, you’re better equipped to deal with stressful and challenging moments in life. Rather than work yourself to the extreme, patience reminds you to slow down and prioritize your own well-being.
And most of all, remember the words of Saint Francis de Sales who said, “Have patience with all things but first of all, with yourself.”
CA. Arpit Jagdish Kabra
Chairman
WIRC
Western India Regional Council