ICAI to help Government in accounting reform tasks

Staff Reporter

Focus on guidance to industry on accounting and auditing issues

Impetus to establishment of centres of excellence, IT laboratoriesTo take steps to make ICAI student-friendly

CHENNAI: The Institute of Chartered Accountants of India (ICAI) seeks to proactively involve itself in bringing about reforms and transparency in Government accounting, says its new president Sunil H. Talati.

Mr. Talati, who was in Chennai to address the local chapter of the ICAI, said the mission was to go hand-in-hand with the Government in the nation-building process. It aimed to achieve this by supporting the Government and various authorities in policy formulation and implementation, creating awareness, accelerating reforms and ensuring tax compliance. The ICAI, which had already committed to formulation of standards of accounting for local bodies and standards for internal and systems audits, would extend accounting standards to newer topics and revise existing standards on the lines of international practice, Mr. Talati said. Other areas of focus included collaborating with international accounting bodies on technical and research projects and rendering guidance to industry on accounting and auditing issues.

According to the ICAI chief, there was added impetus to the establishment of centres of excellence and IT laboratories in regional and decentralised offices. An Intranet-linked networking of branches, regional offices and the central office would enhance information dissemination and help distance learning for students and members.

Developing human resources development as a tool for improving competency, interpersonal skills and individual capabilities and establishment of comprehensive online service systems with robust delivery of solutions to office-bearers, members and students were the other goals, the ICAI president told reporters on Friday.

The ICAI seeks to increase involvement of members in industry in the policy and programmes of the institute and popularise the brand equity of the profession, nationally and internationally. Mr. Talati said the institute would identify and promote newer areas of professional opportunities such as BPO and KPO through centres of excellence.

Free credit cards, email facility, website usage and logo for members were among the measures being undertaken to make the ICAI member and student-friendly and a zero-complaint institution.

Key component

A key component of the ICAI's students' services was the `Catch Them Young' principle to popularise chartered accountancy curriculum in schools and colleges, Mr. Talati said. Counselling groups in every branch and regional office, promoting e-learning and web-based learning and schemes to spot bright talents and encouraging them to take up chartered accountancy were among the other activities, he said. Ved Kumar Jain, ICAI vice-president, was also present.