Celebrating The Completion

of 65 Glorious Years of Institute of Chartered

Accountants India - ICAI

The Institute Organized Live Google

Hangout for the Students and MemberI, Sahil Goel, a student of Chartered Accountancy Course –

Intermediate (Result Awaited), am presenting a summary of the points discussed by the great luminaries of the esteemed Profession of Finance and Accountancy from across the Globe, in this conference held on July 1, 2014 from 11:00 to 12:09.

Please Note : The words expressed may not be verbatim, however they convey the same meaning as per the best understanding of the maker of this presentation.

Speaker 1: CA. K. Raghu, President ICAI• Welcomes Mr. Warren Allen, President International Federation of Accountants (IFAC) and Ms. Sylvia Wei Yen Tsen, Delegation IFAC

• States that ICAI is looked upon with great eminence not only in India but across the Globe.

• Informs about the launch of the following:1. Cloud Campus for ICAI Students2. E-Learning Portal for Students of ICAI across the

world3. Audio and Video Lectures online4. Articleship Training Resources Online5. Digital Library for ICAI Members6. ICAI Publications

Speaker 2: Mr. Warren Allen, President IFAC

•Said he was excited to be in India

•States that the World is Watching India (referring to Importance of Indian Economy to the World).

•States that ICAI is an important organ of India’s growth story and needs to strengthen its partnership with the Center.

•States that the coming 5-10 years are the most important for the Indian Economy. The world is expecting high growth in this part of the world.

Speaker 3: Ms. Sylvia Wei Yen Tsen, Delegation IFAC• Felt proud to be at the Program

• Applauds the initiative of ICAI to launch the FLEXI WORK PORTAL FOR WOMEN MEMBERS OF ICAI.

• Wishes for a brighter future.

Speaker 4: Chairman, Committee of Members of Industry- ICAI• States that the Gap between the Profile requirements by the business houses and the availability of profiles in the market – meaning that Job providers are not getting good employees.

• Emphasizes on the importance of CAs in Business; said CA have important role to play in Top Management of almost every Business

• Urges member and students to nominate themselves and others for ICAI Awards.

Speaker 5: Council Member

Speaker 6 Council Member

Speaker 7: Council Member

•Exciting times in India

•New Government has given new horizon for growth.

• ICAI has 50% Young Members out of all the Members – fact promises innovation, modern ideas and greater efficiency to flow in the profession in the coming times.

• Emphasizes on the importance of ICAI for National Development

Speaker 9: Council Member

Speaker 10: Council Member

•States that ICAI has got 85000 new members in past 5 years and still the industry needs more quality CAs.

•Stressed on the importance of updating the knowledge base for existing members.

• Said that Members have been experiencing difficulties in the field of International Taxation therefore ICAI has worked out Training Programs for International Taxation – urges members to participate in the same.

Speaker 8: Council Member• ICAI working on leveraging technologies for Students.

• Emphasizes on the importance of Articleship Training and urged students to be sincere about Articleship.

Speaker 11: Council Member

•Reminds of the Glorious History of ICAI:

1. First Woman Member - Ms. R. Shivabhogam and her achievements

2. The Daughter of the Auto-Rickshaw driver who Topped in CA Final Examination – CA Prema Jayakumar

• Applauds the initiative of ICAI to launch the FLEXI WORK PORTAL FOR WOMEN MEMBERS OF ICAI.

Speaker 12: Council Member• Said that Chartered Accountants become inspirational examples for the society.

• Explains more about cloud campus launch.

Speaker 13: Council Member• Tells about the presence of ICAI and its members across Globe.

• Said that we need to build strength to meet not only national but Global Challenges.

• Hopeful about the steps to be taken by new Government and the Budget.

Speaker 14: Council Member• More than 2,40,000 member of ICAI in Present – is half the actual requirement of the Industry.

•No economy can grow without proper Accounting and Financial Management system.

•Reiterates the importance of Articleship Training for Students.

Speaker 15: Council Member• Said the ICAI has requested that Members of ICAI should be the only official / Authorized arbitrators in Financial Matters. (referring to the areas of practice where only Chartered Accountants are allowed by the Law.)

•Urges to practice ethics.

•Urges everyone to do at least 1 new thing and learn at least one new think each day.

Speaker 16: Council Member• Concerned about CA Benevolent Fund.

• Urges members to contribute to the Fund for development of the Institute and Profession – “Time to Repay the Institute.”

• Said that it is targeted to collect Rs. 25 Crore by Next CA Day Celebration

Speaker 17: Council Member•States that lots of changes are to come in the coming times:

1. Companies Act 20132. Direct Tax Code3. Goods and Services Tax4. Changes in FEMA5. And Others

•Members should take these changes as opportunities.•Applauds initiatives by ICAI.

Speaker 18: Council Member

•Urges members to devote time improving knowledge base.

Speaker 19: Council Member•Said Chartered Accountants enjoy the trust of Stake Holders and Government

•Increase focus on Cyber Security and Accounting with Information Technology.

Speaker 20: Council Member• CAs not only specialists of Audit and Accounting but also the experts in Taxation, Management and other Financial Aspects.

• States that time has come to revert back to strengthen the basics (referring to Audit and Accounting) in order to deal with and prevent accidents like Satyam etc.

• We need to unlearn the old aspects and learn the aspects of Modern Law and Economics.

Speaker 21: Council Member• Entire Audit reporting format will be undergoing changes – requires preparation and updating.

• Need to define various undefined terms to prevent intended and unintended misinterpretation of rules.

• Hopeful about flow of Investment to India.

• Suggests students and member to get specialization in specific areas of their choice.

Speaker 22: Council Member• ICAI largest statutory accounting body across the world.

• Targets at reducing the number of litigations pending and reduce the number of fresh litigation related to Taxation and BusinessLaw.

• Urges students and members to attend the seminars and other events organized by ICAI.

Speaker 23: Council Member

Queries:After all the speakers had spoken, the President Mr. K Raghu discussed some of the queries of the member received in advance, the crux of it has been given below:

1. Knowledge Portal Launched wherein expert would take up queries of the members.

2. CA Chapters present in countries like Nigeria too. More initiatives would be launched for Global reach of ICAI. Technological advantages to be taken.

3. Projects with Government and Chartered Accountants to be given preference in Revenue Departments of the Government and other Government departments in the near future.

Made By: Sahil Goel , Student IPCC (Result Awaited)Phone: +91-9891516946