Tuesday, May 30, 2023

With focus on enhancing Audit Quality Mechanism, benchmarking the global best practices in Sustainability Reporting requirements and Assurance Standards and actively participating in G20 endeavors with the Government of India, CA. Aniket Sunil Talati, President, ICAI addressed the media today in Delhi. 

CA. Aniket Sunil Talati & CA. Ranjeet Kumar Agarwal were elected as the new President & Vice-President of the Institute of Chartered Accountants of India (ICAI) w.e.f. February 12, 2023. With more than 3.75 lakh members and over 7.80 lakh students, ICAI is the world’s second largest accounting body. Through its 5 Regional Councils, 168 Branches, 45 Overseas Chapters & 33 Representative Offices, the Institute is taking forward its agenda of inclusive growth & continues to add glory to the profession. 

Informing media about a very important milestone, President, ICAI shared “Taking forward India’s economic growth story, the ICAI has become a prime partner with B20 dialogue. The partnership of ICAI with B20 as a Prime Partner reflects its commitment to support the Government in making India a Vishwaguru.” 

While sharing the most important role of ICAI, President, ICAI shared “The Regulatory framework of ICAI is an intricate system on which the Pious, Glorious and Respectful structure of one of the largest accounting bodies in the world stands. ICAI vigorously and constructively endeavor to make its Regulatory and Disciplinary mechanisms more robust and responsive together with its Disciplinary Directorate, Financial Reporting Review Board, Peer Review Board, Taxation Audits Quality Review Board, Centre for Audit Quality.” 

While talking about Disciplinary cases, he shared that “ICAI has a zero-tolerance policy against any disciplinary case. In few of the cases we have removed members from register of members for life. We are here to do best for the profession and we have kept all the possible mechanisms at place to tackle such cases. The total cases registered under new DC mechanism since 2007 till March 31, 2023 are 6766, out of which 4249 cases have been concluded i.e. on 62.80 % of the cases, ICAI has already taken decision. The balance cases are either at Prima Facie stage or at hearing stage before Board of Discipline / Disciplinary Committee. In the Council year 2022-23, total 112 Meetings were held of the Board of Discipline and Disciplinary Committee, where hearings were concluded in 132 cases and punishments were awarded in 91 cases.” 

Talking further on this he said that “ICAI had conceptualized and developed an innovative concept of Unique Document Identification Number (UDIN) under which a unique number is now generated for every document certified/attested by a Chartered Accountant in practice and registered with the UDIN portal. As on 12th April 2023, around 4.89 Cr UDINs have been generated and 1.38 lakh Members have registered themselves on UDIN Portal.”