-To succeed, you must have tremendous perseverance, tremendous will. – Swami Vivekananda
| Dear Colleagues, |
| Dedication, Passion, Sincerity and the Will to Succeed was in abundant display as the Institute organised the 21st World Congress of Accountants (WCOA 2022). I would like to applaud and congratulate each one you for the huge success of the Congress, held from November 18-21, 2022 in Mumbai. The event was held for the first time in India in more than 118 years history of the Congress. By successfully organizing such a grand event we have unveiled our leadership potential to the world. I am sure that the memories of the Congress will linger in our minds for years to come. The words of gratitude and appreciations showered by global accountancy leaders have humbled us. |
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| The World Congress was attended by more than 60 Global Professional Accounting Organisations, 6500+ delegates in physical mode and 3300+ delegates virtually. In total about 10000 Professionals attended the event from more than 120 countries of the world. This was the largest attendance in the history of the Congress. WCOA 2022 was inaugurated by Shri Om Birla, Hon’ble Speaker, Lok Sabha and Keynote address during Inauguration was delivered by Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance & Corporate Affairs. More than 150 speakers in 40 sessions shared their thoughts and insights. The Exhibition stalls were a huge success and attracted delegates in large numbers. A report of the event is included in the Journal. The continuous dialogue and interaction with various international bodies and side-line meetings pushed our learnings and experience. One of the important lessons learned was “need for collaboration” to ensure greater presence of the Institute globally. |
| Global Collaborations |
| MoU Signed with Institute of Chartered Accountants of Nigeria and Institute of Chartered Accountants of Nepal (ICAN) ICAI entered into MoU with the Institute of Chartered Accountants of Nigeria and renewed existing MoU with the Institute of Chartered Accountants of Nepal (ICAN). Both the MoUs were signed on side-lines of the WCOA2022 and were exchanged in the presence of Shri Devendra Fadnavis, Hon’ble Dy. Chief Minister, Maharashtra. The MoUs will establish mutual co-operation for the advancement of accounting knowledge, professional and intellectual development, advancing the interests of the membership and positively contributing to the development of the accounting profession in Nigeria and Nepal. |
| International Engagements |
| On the sidelines of the WCOA2022, the ICAI hosted and supported various other International meetings and forums commencing from 14th November, 2022. IFAC Council and Board Meeting The Institute had the privilege to host the Council and Board meetings of International Federation of Accountants on 15th &16th November, 2022 in Mumbai. These meetings provided insights on the global trends and developments impacting the profession and the way forward to be relevant. CAPA Council and Board Meeting We hosted the Council and Board meetings of Confederation of Asia & Pacific Accountants on 16th & 17th November, 2022 in Mumbai. During the meetings deliberations were held regarding development of the profession in the region. SAFA Board Meeting The 75th Board meeting of South Asian Federation of Accountants was held on 17th November which was also addressed by Ms. Asmaa Resmouki, President IFAC. The Board deliberated on measures to augment the competence and capability of the profession in the region. PAFA Event Coinciding with the WCOA2022, the Pan African Federation of Accountants (PAFA) celebrated the Africa Day on 17th November, 2022. The programme was hosted by ICAI. The event was attended by about 135 delegates and heads of accounting bodies from Africa. The event showcased the African economy and potential professional opportunities for Accountants in Africa. XBRL Asia Round Table XBRL International held its 11th XBRL Asia Round Table (XART) on November 16th & 17th. 2022, at Mumbai. On November 17th, the Chairperson of Securities and Exchange Board of India (SEBI) Ms. Madhabi Puri Buch addressed the XBRL Asia Round Table and presented SEBI’s initiatives on ESG. Round Table Meeting with Professional Accounting Organizations (PAO) The Institute organised a Round Table meeting on Collaborative approach amongst PAOs for strengthening the profession globally on 18th November, 2022. The initiative was applauded by the PAOs and about 30 of them attended the event and agreed to collaborate in areas of mutual interest. The thought leaders participated in a Tree plantation programme to support and promote sustainability. |
| Interactive Meeting with Hon’ble Union Minister for Commerce & Industry, Textiles and Consumer Affairs, Food & Public Distribution |
| It was our privilege to have Hon’ble Union Minister CA. Piyush Goyal address the WCOA 2022. He spoke about the important role of the profession globally. An Interactive meet of the Minister with the leaders from global professional accounting bodies was organised to discuss about how the global accountancy profession can play a pivotal role in galvanizing economic development as India takes up the presidency of G-20 from 1st December, 2022 with the vision “One Earth, One Family, One Future”. The Hon’ble Minister called for collaboration amongst the global accounting fraternity in achieving the agenda of sustainability and building resilient economies of the future. The meeting was attended by more than 70 Global Accounting Professionals. Let’s take a look at the some of the other developments which have taken place in the last one month: |
| Meeting with the Hon’ble Union Finance Minister and Secretary, MCA |
| I along with CA. Aniket S. Talati, Vice President, ICAI met Ms. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs on 7th November 2022 to discuss matters related to the profession and apprise her about the WCOA 2022. It was also our privilege to meet the new Secretary of Ministry of Corporate Affairs, Dr. Manoj Govil on 1st November 2022 to apprise him about the Institute’s activities and matters related to the profession. |
| Pre-Budget Memorandum Meeting |
| A meeting relating to our Pre-Budget Memorandum was held with Shri Nitin Gupta, Chairman, CBDT, in which a presentation was made by ICAI regarding its suggestions for the forthcoming Union Budget,2023. |
| Mega Career Counselling Programme |
| The Committee on Career Counselling of the Institute organised a Mega Career Counselling Programme on 31st October, 2022 with the support of its Regional Councils and Branches. Through this programme students from Class IX to Graduation were imparted Career Counselling in order to enable them to take the best suited decision for their future. Approximately 1,30,000 students participated across the Country along with the Principals, Teachers and Career Counsellors. The programme was organised by 81 branches and four Regional Councils simultaneously. |
| ICAI Campus Initiatives |
| I would also like to inform you that 134 companies participated in the 56th edition of Campus Placement Programme for the May 2022 Final exam passed students. A total of 5,194 candidates were offered jobs out of which 3,521 candidates accepted the offer. The average salary offered to newly qualified CAs was Rs. 12.48 lakhs. ICAI through its Committee for Members in Industry & Business (CMI&B) and Women Members Empowerment Committee (WMEC) also conducted the first ever placement programme specifically designed for women members only. |
| ICAI National Call Sahayata Beta Version |
| In order to provide prompt services to the expanding base of members and students, the ICAI is in the process of development of a National Call Sahayata service. A beta version of this was launched on November 21, 2022 in the august presence of Shri Devendra Fadnavis, Dy. Chief Minister, Maharashtra during the WCOA 2022. The National Call Sahayata shall act as one point of contact for the members and students of the Institute. |
| Conclusion |
| Hosting the 21st World Congress of Accountants was an unforgettable experience for Team ICAI. I would like to express my heartfelt thanks on behalf of ICAI to the International Federation of Accountants (IFAC) for having given us the opportunity to organise this Olympics of the Accountancy Profession. Many of you must have noted that in the new video of ICAI’s Motto song released during the World Congress, the flight of Garuda the Eagle is not restricted to India. At the Institute, we shall do everything possible to further enhance our international footprints consequent to the successful hosting of the Congress. Wishing all of you the very best in your professional pursuits. |