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The ICAI is an organization of par excellence that predates to the Indian Constitution having a glorious record of National Service so are its members contributing immensely as the “Partners in Nation Building”. Yet with changes in the dynamics of its operation, change in law, evolving technology, the Institute and its members need to evolve more to remain ever shining, ever important a Professional in the Profession of Nation Building.

I wish the following reforms:

  1. THRUST ON DIVERSIFICATION AND NEW TERRITORY: The over concentration of traditional practice in Audit, Accounting, Tax (GST Included) be reduced. Members should be encouraged, hand-holded and supported to venture into alternative practice more evolving with change in Law and economic policies. Specialisation IBC, Valuation, FTP, FEMA, Arbitration, Wealth Management Advisor, RTI Consultants are far good than others option.
  2. BOOST A MUST FOR SMPs: Poor work distribution, cartel, syndication in bidding, tenders have put extraordinary stress for SMPs. Criterias like threshold in Partners/Turnover should not be used as shield to prevent SMPs from bidding. Consortium of small firms should be permitted to give them level playing field. *Quantity cannot replace quality* Some have realised, some haven’t. Government needs to be convinced about this point then only SMP shall thrive. 2 or 3 joint auditors can also serve the purpose if they want a greater number of CA… since anyways firm with 15 partners may not delegate the audit responsibility to all 15. Govts, PSUs, Banks should not high pitch against SMPs.
  3. SPECIALISATION AND SUPERSPECIALISARION: Time to move for specialisation and super specialisation a must to explore territory beyond the monotonous Auditors or Accountants. Even otherwise, let the institute develop mechanism to segregate firms of accountants and firm of auditors outlining clear demarcation.
  4. MENTORSHIP FOR MORE BONDING: Mentor and Mentee relation need to be promoted where senior members should do the mentoring to new members keen for practice. Flood of supply of Professionals in the recent years with unequipped skills (Dummy Article ship) has lessened the quality scores in market.
  5. PATRONISE NETWORKING AND DISMANTEL CARTEL: The equation of networking must be distinguished with the fine line of Syndication and Cartel a criminal attempt to derail the very dignity of the profession. The cartel and syndication should be dealt with stern measures. It has already earned huge disrepute to the Profession. The Cartel of Big-4 must be taken to task now.
  6. REGULATION TO ACHIEVE INSTIUTIONAL OBJECTIVE: Let the regulation Under ICAI not for punitive action but encouraging, effective, streamlining and ever nurturing. To regulate also to include regulate the flow, quality, and standard of profession. This will also eliminate unwarranted competition, the competition with fellow professional at the cost of the profession.
  7. MORE VALUE TO ETHICS :Ethics, Trustworthiness, and strong morale is the hall mark of integrity for any professional so is the Profession of CA. Value based training, testing and implementation has to be there from the Grass root level. Reword, Recognition and applause for finest professional should replace the glamour-based propagation.
  8. LANGUAGE AND COMMUNCATION FORMIDABLE SKILLS: Time to test language Proficiency as a must have skill for professionals. It may sound pompous, but our very selling story is going to be our level of communication, Personality as an obvious value proposition particularly in MNC environment. Besides more interpretation of law has the ultimate effects of being taken for a ride and looking for shortcut at the cost of professional efficiencies. This is the precise point where the fraternity takes a hit.
  9. ICAI Elections requires to be more towards objectivity not for cosy clubs:
    1. Inclusive, effective, and diversified representation: It is highly concerning that despite 72+years, our ERs are from selective clusters. Worst despite 16,000 plus female members in NIRC reason, our female representation 1 only out of 39 shows the apathy. Female Participation in decision making should be encouraged. Time to break the surname, community, and gender-based cartel.
    2. Branches and study circle should be apolitical and for quality trainings only. Members using for electoral launchpad, and political patronage should be named and shamed and kept out of systems.
    3. Qualitative attributes of candidates in practice should be screened, published, and debated in open platforms. Since this is missing, voting based on surnames, castes, demography defeats the leadership traits required for representation.
    4. The term should increase to 4 or 5 years. Elected members and their firms should be debarred for participating in PSUs, Banks, Govt Audits, and bidding processes. E-voting should e implemented to ensure more participation.
    5. The Nation Building Organisation should set the precedence and example for others in effectively implementing a Carbon Minus Election with No Paper, No Proxies, No Printing of Ballots, Booklets

“Afterall we are Nation Builder, if not us who else will bring the change?”