The Chartered Accountant
The Chartered Accountant
The Chartered Accountant
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DECEMBER 2008 946 THE CHARTERED ACCOUNTANT<br />
FROM THE PRESIDENT<br />
Dear Esteemed Colleagues,<br />
I am writing this page just after the conclusion<br />
of the three-day International<br />
Conference on Accounting Profession - Shining<br />
Bridge Between Global Economies held in<br />
the pink city of Jaipur as part of the ongoing<br />
Diamond Jubilee celebrations of the Institute.<br />
It was a memorable assembly of highly admired<br />
experts in the field, besides the leaders in trade<br />
and industry. <strong>The</strong> conference focused on topical<br />
issues like governance, financial engineering,<br />
regulatory compliance, value creation and<br />
corporate<br />
social responsibility.<br />
<strong>The</strong><br />
conference<br />
also offered<br />
a good oppor<br />
tunity<br />
to the part<br />
i c i p a n t s<br />
to enhance<br />
their<br />
knowledge<br />
and widen<br />
their vision.<br />
This conference<br />
was<br />
organized<br />
to coincide<br />
with the meetings of the Board of South Asian<br />
Federation of <strong>Accountant</strong>s (SAFA) and Board<br />
of Confederation of Asian Pacific <strong>Accountant</strong>s<br />
(CAPA) in which representatives from<br />
more than 30 countries participated. This<br />
helped in achieving a global reach for India’s<br />
chartered accountancy profession. <strong>The</strong> leaders<br />
of the accountancy profession from the<br />
various parts of the world could see the competence<br />
level of the chartered accountancy<br />
profession in India. <strong>The</strong> conference was very<br />
well attended. An idea of the success of the<br />
conference can be gauged from the fact that<br />
more than 3000 delegates including more than<br />
200 delegates from abroad participated in it.<br />
And it was addressed by more than 40 learned<br />
speakers including more than 15 speakers from<br />
abroad.<br />
Historic MoU with ICAEW recognizing<br />
each other’s qualifications<br />
Friends, I have always wondered why the Indian<br />
<strong>Chartered</strong> Accountancy course, despite<br />
being so comprehensive and so tough as<br />
compared to any other chartered accountancy<br />
course of the world, is not recognized by other<br />
accounting bodies of the world. Accordingly,<br />
immediately after assuming the office of the<br />
President of the Institute in February, 2008, I<br />
started working on this issue.<br />
I am glad to<br />
inform you<br />
that my efforts<br />
in this<br />
direction<br />
have started<br />
showing<br />
results. I,<br />
on behalf<br />
of the Institute<br />
of<br />
<strong>Chartered</strong><br />
<strong>Accountant</strong>s<br />
of India,<br />
signed<br />
a memor<br />
a n d u m<br />
of unders<br />
t a n d i n g<br />
(MoU) on 20 th November, 2008 at Jaipur with<br />
Mr. Martin Hagen, Deputy President of the<br />
Institute of <strong>Chartered</strong> <strong>Accountant</strong>s in England<br />
& Wales (ICAEW), who specially flew<br />
down from London for this purpose. Hon’ble<br />
Union Minister of Corporate Affairs Shri<br />
Prem Chand Gupta witnessed this historic development.<br />
As per the memorandum of understanding<br />
reached, members of ICAI with<br />
two years of post-qualification experience will<br />
be eligible for ICAEW membership on passing<br />
ICAEW’s one paper on Case Study. However,<br />
members with less than two years experience<br />
will be required to pass two additional papers<br />
i.e. Business Change and Business Reporting.<br />
<strong>The</strong> members of ICAEW who are trained in<br />
public practice will be eligible for ICAI membership<br />
subject to passing ICAI’s four papers<br />
on Taxation; Law, Ethics & Communication;<br />
ICAI President CA. Ved Jain with Union Minister for Corporate Affairs Mr. P.C<br />
Gupta and Deputy President, ICAEW Mr. Martin Hagen after signing of MoU<br />
between ICAI and ICAEW in Jaipur on November 20, 2008.