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Special Address: Mitigating Risk & Promoting Certainty—Regulatory Perspective

Welcoming the speaker for the Session, ICAI past-President CA. G. Ramaswamy (2011-12) informed that the Quality Review board that frames rules for quality review had been formed to advice steps that could be undertaken to improve audit quality.

Quality Review Board Chairperson Shri M. C. Joshi discussed the functions of QRB, especially in mitigating risk and promoting certainty and said: growth should be in line with employment. We need investment in Infrastructure. Transfer of capital seamlessly over the globe has its own pros and cons. He informed that world over the process of independent review of audit firms was gaining momentum and that Public Company Accounting Oversight Board of United States is inspecting 64 Indian Audit firms on various parameters. He made an appeal to ICAI members to register themselves on

The vote of thanks for the session was proposed by ICAI Central Council member CA. Babu Abraham Kallivayalil.

TWo Concurrent Sessions International Networking Summit for Practitioners Acknowledges Rising Opportunities

The International Networking Summit was organised on the sidelines of the International Conference on Accountancy Profession, as a concurrent session on 30th January 2015, to strengthen CA firms through networking, merger, acquisitions, etc. ICAI President

  1. K. Raghu praised the Indian chartered accountants for their proven training, skills and competence. ICAI Vice-President CA. Manoj Fadnis acknowledged that multiple opportunities existed if chartered accountants were willing to catch up with emerging professional trends. Apart from speakers like CA. Mahesh Jaising, CA. Guru Prasad M. and CA. Chetan Venugopal, ICAI past-Presidents CA. Amarjit Chopra and CA. G. Ramaswamy, Central Council members CA. Anuj Goyal, CA. Sumantra Guha, CA. Vijay Kumar Gupta and CA. Sanjay Agarwal, and Bangalore Branch Chairman CA. Babu K. Thevar also shared their experiences.

Young CA Member Meet—Opportunities Await for Competent Professionals

Young CA Members Meet was organised on the sidelines of the International Conference as concurrent session on 30th January 2015 in Bengaluru, to explore the opportunities and challenges that young professionals face in future. ISACA President Robert Stroud talked on how technology could play a disruptive role in business and how it could be an enabler too in new business models. CA. Padam Chand Kincha said that professionals must have a passion to excel and that the motive for young members should be to learn rather that earn. CA. Shekher Vishwanathan said: One should be able to provide inputs on various risks, opportunities and should evolve as a strategic thinker and learn to collaborate with other professionals in the business. Overall, everybody felt that young CAs must have effective communications skills in order to rise professionally.

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Special Session: Profession and Emerging Digital Landscapes

 Post-lunch session on profession and emerging digital landscapes was important from the perspective of ongoing global technological revolution and likewise changes in accountancy profession.

ISACA President Mr. Robert E. Stroud addressed the delegates on the theme of cyber security and how this will give rise to new opportunities in employment sector in the times to come. He spoke at length on the topic, Holistic Approach to Cyber Security—From Boardroom to Operations. ICAI past-President CA. B. P. Rao introduced the ISACA President. ICAI Central Council member CA. Babu Abraham Kallivayalil proposed the vote of thanks on the occasion.


CPA Australia Executive GM Mr. Robert Thomason addressed the delegates on revolution in digital education, CPA Australia, and the response of CPA Australia to the revolution. He discussed the relationship between Australia and India considering the presence of various mutual concerns, and stressed how being innovative could add to development. CA. N. Nityananda introduced the CPA Australia Executive GM to the delegates and SIRC Regional Council member CA. Nithin Mahadevappa offered the vote of thanks.

Special Address: Connected World -The Emerging Landscape, Visualising the Future


Addressing the audience on an interesting them Connected World-Ihe Emerging Landscape Visualising the Future, Tally Solutions Pvt Ltd. Co-Founder and Managing Director Shr Bharat Goenka highlighted a shift in enterprisi computing from few large organisations havinj data processing centres to the next wave o consumerisation of enterprises wherein th< internet becomes a way of life. He mentione< that transaction authentication would becomi implicitly bilateral and enterprise privacy woul< have the same contours as personal privacy.

This session was moderated by ICAI Centra Council member CA. Charanjot Singh Nandi and the vote of thanks was presented by SIRC Regional Council member CA. Cotha S Srinivas.

Session IV: Professional Avenues for Future Growth

 This session comprised twin topics of Towardi Better Global Governance and Cloud Computing Emerging Opportunities for the Profession. ICA] past-President CA. R. Balakrishnan (1986- 87) moderated the session and introduced the speakers.



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Cloud Computing: Emerging opportunities for the Profession INTUIT Strategy & Accountant Ecosystem Head (India) Mr. Aditya Tulsian mentioned the changing trends of Indian consumer behavior towards online services in the field of healthcare, shopping items of daily needs, food, etc., which is basically a change attributed to borderless world evolving due to a paradigm shift in the mode of doing businesses from the brick and mortar format to an online mobile office wherein all the decisions are data-driven. He stated that regulatory and compliance requirements would increase as business environment became more complex.

Towards Better Global Governance ICAEW Regional Director (Middle East) Mr. Michael Armstrong discussed the things for which companies should be responsible for, overarching principles of corporate governance, timing to comply or explain the right approach, diversion of board, and who should be covered by codes. He also explained the approach being followed by the ICAEW towards the corporate governance.

SIRC Regional Council member CA. P. R Suresh proposed the vote of thanks to both speakers of the session.

Final Day: Deliberating Strengthening National Economy— SMEs Empowerment, Vision Building and Sustainable Growth


The Last Day of the International Conference on Accountancy Profession—Building Global Competitiveness and Accelerating Growth started with the session on India in 2025 vis- a-vis development in profession and society, and immediately after that a thematic address on attracting foreign direct investment to India was held generating buzz among the delegates. Thereafter, the next sessions were organised on the issues concerning the small and medium practitioners (SMEs). Post-lunch sessions focused on corporate governance and professional opportunities abroad.

Session V: Confluence—Profession and Society: lndia@2025: Agenda for Growth & Development


First session of the final (last) day, i.e. Session V, focused on India in 2025 and the agenda for growth and development in the context of profession and society. Member of Parliament and Chairperson, Parliamentary Committee on Energy, and Wockhardt Ltd.’s Founding Chairman and CEO, delivered their wisdom on the vision for national economy, development and growth. ICAI President CA. K. Raghu welcomed the speakers on the dais and introduced the session to the delegates present in the Conference auditorium.

Wockhardt Ltd. Founding Chairman and Chief Executive Officer Dr. Habil Khorakiwala addressed the gathering on India @ 2025: Agenda for Growth and Development and professed that India would soon make a huge difference in global economy. He shared the vision of the Indian Prime Minister that India aimed to achieve to be among the top 50 in two years and top 25 by 2025. He pointed out that generally project took more time than required to get clearance due to unnecessary sequential approval at Central and State departments and offices.



ICAI         Central    Council member          CA.

Charanjot Singh           Nanda and          CA.   Babu

Abraham Kallivayalil moderated  the second

part of the Session V.

MP (and Chairmans Parliamentary Committee on Energy)             Dr.           Kirit

Somaiya urged the membership to participate in the India growth story by providing the best of their services to the nation. He said that in a short span of five years, NSE had become a worldwide capital market. He analysed the Indian PM’s missions and their objective, and showed how these missions could be important in developing the national economy. He also touched upon the matter of Ru-Pay card while discussing the success story of India.

ICAI International Affairs Committee (co-opted) member CA. Vinay Mrutunjaya proposed the vote of thanks.

Special Address: Attracting Foreign Direct Investment to India

Gencoval Strategic Services Pvt. Ltd. Chairman & Chief Mentor Mr. Deepak Ghaisas, first Indian CFO to receive the prestigious CFO Asia Award, addressed the delegates on Attracting Foreign Direct Investment to India and said that FDI had played an important role in the process of globalisation in the last two decades and that India couldn’t afford to stay away. He made an appeal to the Government to ensure that money did not come with conditions that would harm the country in a long run.

Bangalore Branch past-Chairman CA. Ravindranath S. N. proposed the vote of thanks.

Session VI: Professional Panorama

After a panel discussion on attracting FDIs, it made sense to discuss the professional scenario in that context and observe what NSE thinks about the country’s finance. ICAI past-President CA. Sunil Talati (2007-08) introduced the session and its speakers.

While speaking on Finance as a Growth Driver for SMEs, NSE Director and Chief Executive Officer CA. Chitra Ramakrishna urged that the

CA fraternity should guide the SMEs and scale them up to an efficient growth. It is due to the fact that every SME in India is closely associated with the chartered accountants for statutory compliance. SMEs look up to the professionals for appropriate guidance for better business, she added. She also elaborated on various initiatives of NSE with regard to the financial needs of SME sector.

Professional Accountancy Organisations-Why Serving SMEs is in the Public Interest!

Providing a brief on business situation in Europe, CPA Ireland Mr. Cormac Fitzgerald informed that 99 % of the business of European Union (comprising 28 countries) comes from SMEs, and this represents 66 % of private-sector employment India has largest SMEs population, i.e. about 48 million, after China, which has about 50 million SMEs. Problems of SMEs in India include access to finance, management training, unnecessary red tape, infrastructure challenges, and competition from major players. Problem of access to finance, Le. most prominent and common in SME sectors, can be overcome by developing common business plan for supply of finance, by supporting SMEs online tool and strategic banking corporation.

ICAI past-President CA. Sunil Talati (2007- 08) proposed the vote of thanks.



Special (Video) Address : Accountancy Profession-Meeting Governance Mandate

ICAI President CA. K. Raghu informed the delegates about the fact that IFAC has sent its President’s video message to the International Conference where the IFAC President could not reach due to bad snowstorms in New York.

Through her video message, IFAC President Ms. Olivia Kirtley first extended her sincere apology for not being able to come to Bengaluru International Conference owing to bad weather and snowstorms in New York city and recalled that the IFAC had planned to send its senior delegation to the Conference. She called ICAI President CA. K. Raghu her friend and colleague and congratulated him for chosing the organisational motto—Moving towards New Frontiers. She recommended that good governance is desirable for all kinds of organisations, large and small, public and not-for-profit, and that good governance is central to organisational success.

Address: Empowering SMEs for Development of Region Day 3 started quietly and efficiently on time with a Panel Discussion on Empowering SMEs for Development of Region, where two heads of South Asian accounting bodies discussed the cases of small and medium enterprises in their respective nation.

ICA Bangladesh President Mr. Masih Malik Chowdhury informed the delegates about the condition of SMEs in Bangladesh: although Bangladesh is one twentieth of-India in terms of
land and population, its total SME’s worth is $ 6 million. He acknowledged the vital role that small and medium enterprises played in supporting the economy including a strong support to employment sector. However, he did not forget to point out the lack of finance and funds as the most fundamental issue to be handled in order to develop those enterprises.

ICAI President CA K. Raghu then joined the issue with his spell on Empowering SMEs for Development of Region in the Indian context and said: it is the small and appropriate technologies that empower people more. He informed that these enterprises governed by the Indian Ministry of Micro, Small and Medium Enterprises were the backbone of the national economy since these constituted about 40 % of the total national workforce and total national export, while contributing 45 % of national manufacturing output. He also noted that SMEs employed about 805 lakh people of India.

ICAI Central Council members CA. Shyam Lai Agarwal moderated the session and NIRC Chairman CA. Radhe Shyam Bansal proposed the vote of thanks.

Women Members Meet – A Step towards Empowerment As a concurrent session, Women Members Empowerment Meet was organised on 31st January 2015 to share the insight about the women members’ issues. ICAI President CA K. Raghu inaugurated the Meet, in the presence of his Central Council colleagues CA. Charanjot Singh Nanda and CA Babu A. Kalliyavalil, and addressed the strong audience of about 200 women members and appreciated their commendable progress over the years. CA. Geeta Mathur addressed on Functions of Board-Value Addition by Women Director. Ms B. P. Dakshayani (part of the ISRO Mangalyan Team to Mars), Ms. Pankajam Sridevy (Head of ANZ IT), Ms. Christa Gebhart (Global CFO, Seimens) and CA. Shakuntala Rao (Head IBM Global Services) participated in the Panel Discussion on My way to the



Highway. An interactive session at the end of the programme ensured that the basic purpose of holding such a session was truly appreciated by the audience at large.

Session VII: Financial Services Sector-Agenda for Sustainable Growth

In the session on vision of accountancy profession vis-a-vis professional roadmap, ICA Australia CEO Mr. Lee White started by extending a backgrounder on corporate governance that the term has evolved over the past ten years. He brought three areas to the attention of his audience where, according to him, there has occurred a significant change. He then shared some background and current context within the Australian capital markets. He then went on to describe the ASX Corporate Governance Council and its functions. Finally, he commented on risk management: Risk management can easily move to risk avoidance.

Session VIII: Profession in the Next Decade: Embracing Change
issues before accountancy profession, i.e. change, and identified its four drivers—technology, demographics, globalisation and business reporting. Then he discussed its implications on professional bodies, firms in public practice and individual accountants. He informed about the challenges that might come before individual accountants. Firms will face challenges with regard to recruitment of talents, managing human resource and social media, and internationalisation of business.

ICAI Vice-President CA.   Manoj Fadnis

introduced the speaker and    moderated the

session. CIRC Chairman CA.  Nitish Agarwal

and Bangalore Branch Chairman CA. Babu K. Thevar were also present on the dais.

Panel Discussion—Professional Opportunities Abroad In the panel discussion on Professional Opportunities Abroad, Dubai Chapter Chairman CA. Raju Menon, Singapore Chapter Chairman CA. V Ravi Sankar, British Columbia Chapter Chairman CA. Vijay Gupta, Doha Chapter Chairman CA. George Isaac, Abu Dhabi Chapter Chairman CA. Padmanabha Acharya. Toronto Chapter Chairman CA. Amit Goyal. and Muscat Chapter Chairman CA. Umesh Kumar discussed the professional opportunities that were available in their respective nations for chartered accountants, especially the young ones. They discussed various industries where opportunities    were

available and shared the desired professional skills in those overseas assignments.              ICAI

President CA. K. Raghu moderated the panel discussion and ICAI past- CA. Uttam Prakash Agarwal (2009- 10) proposed the vote of thanks to the Foreign Chapters Chairmen for a fruitful discussion.



Valedictory Session

Valedictory session of the International Conference, the last session of the Conference, was attended by the ICAI President CA. K. Raghu, along with a galaxy of professional luminaries—four of ICAI past-Presidents— CA. R. Balakrishnan (1986-87), CA. B. P. Rao (1994-95), CA. Uttam Prakash Agarwal (2009-10) and CA. Amarjit Chopra (2010-11)— and Bangalore Branch of SIRC Chairman CA. Babu K. Thevar, among others. Past Presidents
spoke passionately about the importance of International Conference in promoting the Indian profession abroad. They praised the ICAI President for holding the Conference successfully. Bangalore Branch Chairman CA. Babu K. Thevar thanked all national and international delegates, technical speakers and members of the Organising Committee holding them responsible for the success of the International Conference. Bangalore Branch Secretary CA. Pampanna B. E. was also present on the dais. ■




A Institute of Actuaries of India

Who is an Actuary ?
June 2015 >N1\Q Can kppty ?

• Wave a degree In or ate Studying tor Mathematical Sciences:

Maths, Statistics,

Econometrics or any other

•  to Engineer or studying tor it.

•  a,Management Graduate or I studying tor It.

ft • a Chartered Accountant,

|!| Cost Accountant or a ill Company Secretary or Sludylngfot any 01 these,

■ • Have a degree In Finance or studying tor It, or any other, hut you have love tot Mathematics and skills In Numeracy,

An Actuary is business professional who analyzes the financial consequences of risk. In a study covering 200 professions, a career website CareerCast.cpm has found the job ‘actuary1 as the best for year 2013.

THE CHARTERED ACCOUNTANT MARCH 2015                       55

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