ICAI in Media

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ICAI in Media : Glimpses of March-April, 2021

23 for top 1,000 listed companies to prepare business
responsibility and sustainability reports, ICAI President
Nihar N Jambusaria said on Friday.
Pandemic, Technology And Impact Speaking at an event, Jambusaria noted that there are
On Chartered Accountancy various challenges like climate change, poverty, gender
20 April, 2021 by Urvi Shrivasta inequality and proper awareness on these areas need to be
ICAI’s technology driven spread.
initiatives of DCMM, UDIN He said that the institute had set up a Sustainability
and Digital Learning Hub are Reporting Standard Board last year which is taking all
well recognized, used and initiatives to spread awareness.
acknowledged by various
"With Sebi from 2022-23 making BRSR reporting
professional organisations
globally. In fact, we have mandatory for firms, the role of this board will become
offered our digital learning even more important," he said.
platform to the members of After the conclusion of its board meeting on Thursday, Sebi
many foreign institutions on in a press release said it has decided to have a new format
complimentary basis. for business responsibility and sustainability reporting, and
C.A. Nihar N Jambusaria, top 1,000 listed companies will be compulsorily required to
President ICAI, speaks to prepare such reports from the financial year 2022-23.
Ms Urvi Shrivastva of BW
Businessworld about the latest developments under The The new reporting requirements are expected to bring
Institute of Chartered Accounts of India (ICAI). In an exclusive in greater transparency through disclosure of material
interview, he talks about the impact of pandemic on CA exams, environmental, social and governance-related information
development of new skill sets, leadership, and new initiatives to enable market participants to identify and assess
taken by ICAI. sustainability-related risks and opportunities.
Q This is your third term as ICAI council member. Given The Business Responsibility and Sustainability Report
the unprecedented times we live in, how will this term be (BRSR) will be applicable to the top 1,000 listed entities
different from the previous two ones?
on a voluntary basis for 2021-22 and on a mandatory basis
Last year was an unprecedented year and brought a mammoth from financial year 2022-23.
change in the world. The unparalleled challenges arising out of
COVID-19 pandemic; which is yet unfolding; have impacted "Here non-financial information will be required to be
the professional and social strata altogether. However, the reported," Jambusaria said.
ICAI continued its services without any interruption or He added that the government is also talking about "people
slackness throughout the period of lockdown using technology bottom line" which is profit, people and planet.
to the maximum. ICAI has always remained at the forefront All the corporates, therefore, now not only have to bother
for taking technological initiatives. Despite all the challenges about profit but also take care of people and the planet, as
faced due to restriction on physical movement, ICAI initiated
various reforms to ensure that the profession is not only per Jambusaria.
having inclusive growth but also ensured that its members & Underlining the importance of technology, he said that
students are kept updated on various professional matters of robotics, data analytics, cybersecurity are the buzzwords
contemporary relevance. now.
Read full interview at http://www.businessworld.in/article/Pandemic- "We have been talking about "ABCD" in the last two to
Technology-And-Impact-On-Chartered-Accountancy/20-04-2021-386919/ three years," he said referring to artificial intelligence,
block chain, cybersecurity and data analytics and added
that amidst the COVID-19 pandemic, in the past one year,
in the past one year, we have realised that these need to be
learnt very fast.
ICAI's Sustainability Reporting The institute is making efforts in this direction by providing
Standards Board now has Greater Role intensive courses to the professionals, he said.
He further noted that the government last year identified
to Play: ICAI President 17 champion sectors for the purpose of export of services.
PTI Last Updated: Mar 26, 2021, 04:49 PM IST One of these sectors is finance and accounting which falls
Synopsis under the purview of ICAI.
The new reporting requirements "We have more than 45 chapters outside India in different
are expected to bring in greater countries...we are trying to use these chapters' services
transparency through disclosure for export of CA services and looking to expand global
of material environmental, social footprints," he said.
and governance-related information With technology, working for a firm located in any part of
to enable market participants to identify and assess the world has become possible, Jambusaria noted.
sustainability-related risks and opportunities. There are many common subjects, like accounting, similar
Sustainability Reporting Standards Board of the Institute insolvency laws, financial services, advisory services. "We
of Chartered Accountants (ICAI) will now have a greater are training members on how to export their services to
role to play with Sebi making it mandatory from 2022- foreign countries."

120 THE CHARTERED ACCOUNTANT MAY 2021 www.icai.org

 ICAI in Media
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When asked whether the standards will help in ensuring

uniformity in forensic audits conducted by banks and other
financial institutions, Jambusaria replied in the affirmative.
Forensic accounting standards have "Absolutely, there will be uniformity in forensic audits
adequate flexibility to address unique conducted by banks and other financial institutions. The
situations: ICAI overall quality of the engagements will also improve.
"FAIS will also be useful to the law enforcement agencies,
Synopsis
corporates, banks and other stakeholders to appreciate the
Institute of Chartered Accountants of India (ICAI) has issued 13
common practices and finer nuances of conducting forensic
Forensic Accounting and Investigation Standards (FAIS). There
accounting and investigation engagements," he said.
are also three overarching documents. These have been issued
The FAIS is a minimum set of requirements that apply to all
by the institute's Digital Accounting and Assurance Board.
ICAI members.
By PTI, Mar 21, 2021, 03:36 PM IST
According to Jambusaria, the institute's council at an
The forensic accounting and investigation standards have
appropriate time decides to make the FAIS mandatory and if
"adequate flexibility to address unique situations" and will ensure
deemed suitable in a phased manner.
uniformity in forensic audits carried out by financial institutions,
"The mandatory nature of FAIS implies that while carrying
according to chartered accountants' apex body ICAI.
out any forensic accounting and investigations, it shall be the
Institute of Chartered Accountants of India (ICAI) has issued
duty of the professional to ensure that they comply with the
13 Forensic Accounting and Investigation Standards (FAIS). There
standards. Hence, ICAI standards are binding only on ICAI
are also three overarching documents. These have been issued by
members," he noted.
the institute's Digital Accounting and Assurance Board.
Each of these principle-based standards operates within a pre-
ICAI President Nihar N Jambusaria told PTI that another eight
defined framework and seeks to ensure a consistent application
standards are in the pipeline.
of basic principles, best practices and standards, he said,
Forensic audits play a key role in assessing the financial health
adding that they also provide adequate flexibility to address
of institutions, especially banks and their loan portfolios.
unique situations.

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New Delhi | March 27, 2021 New Delhi | March 24, 2021

New Delhi | April 5, 2021

New Delhi | March 25, 2021

122 THE CHARTERED ACCOUNTANT MAY 2021 www.icai.org