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From the President
CA. Ranjeet Kumar Agarwal
President, ICAI
My Dear Professional Colleagues,
United in trust and driven by excellence, ICAI empowers
the future financial architects and leaders for a
prosperous ‘Viksit Bharat,’ forging a financially robust
and progressive nation.
Chartered Accountant as a Profession
1st July, 2024, a moment of joy and pride, as our profession
and institute completes its magnificent and phenomenal journey
of 75 years. This journey of trust and excellence honours our
indomitable spirit and our purposeful, meaningful, and credible
existence, commemorating the significant contributions of ICAI
and the Indian accounting profession in service of the nation since
our inception.
With our commitment and perseverance in turning challenges
into opportunities, ICAI’s narrative resonates with professional
excellence and resilience. Over the years, we have consistently
met the expectations and vision set forth by the founding fathers of
the Indian Constitution, who entrusted autonomy to our profession
through the enactment of Chartered Accountants Act, 1949.
This Act, which preceded the adoption of the Constitution itself,
highlights the profound significance of our role as guardians of
transparency and integrity of the economic landscape of the
country.
At this important occasion, I would like to recall the speech of
Mr. K. C. Neogy, the then Minister for Commerce, which was
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delivered at the meeting of the first Council held at New
Delhi on 15th August 1949 in which he said that, “it was
appropriate that a great and important profession in
the country was launching upon a career of autonomy
on Independence Day” and hoped that the “Council
would maintain a level of professional conduct and
professional standards which would bring resounding
glory not only to the profession but to the country as
well.”
The Journey towards Excellence, Independence
and Integrity begins with the inspiration drawn from
ICAI Emblem, suggested by Shri Aurobindo with
Garuda in the centre and Ya es·a suptes·u jāgarti
inscribed below. The emblem symbolizes the qualities
of a Garuda and a Chartered Accountant i.e., being
fearless, decisive, strong, innovative and ability to face
challenges.
Remarkable Progress of the
Profession
Over the past 75 years, ICAI has undergone a
transformative journey in every dimension imaginable—
nationally and internationally, in network expansion,
stakeholder engagement, infrastructure development,
avenues explored, adoption of cutting-edge
technology, operations of ICAI, recognized globally as
a premier educator, vital partner in nation-building, and
pillar of corporate governance.
Starting with just 1,700 members and 259 students,
today ICAI stands tall as the world’s largest
accountancy body with over 400,000 members and
more than 900,000 students and in this membership
base, almost every third CA in India is a woman,
showcasing the increasing participation of women in
the financial sector. Starting from a rented office in
New Delhi, ICAI has expanded into a strong network
of 5 Regional Councils and 176 Branches across India,
along with a global footprint of 50 Overseas Chapters
and 31 Representative Offices spread in 81 cities across
47 countries.
Rise of the Profession – Journey of
Trust and Excellence
ICAI’s history is a tale of relentless pursuit of excellence.
To enhance its leadership position in the accounting
world, ICAI established a Research Committee
in 1957, with an aim to strengthen research activities
spanning a broad-spectrum encompassing accounting,

THE CHARTERED ACCOUNTANT
assurance, taxation, finance, and technology. ICAI’s
constant research inputs have been contributing towards
shaping government policies. In 1999, ICAI’s creation of the
Accounting Research Foundation (ARF) paved the way for
applied research, assisting certain Municipal Corporations
and Indian Railways in transitioning to accrual-based
accounting.
The institute has been at the forefront of building high quality
financial reporting framework enhancing the transparency,
reliability, and comparability of financial statements. Over
the years the Institute has supported the development of
standards adhering to globally recognized practices.
As on date the ICAI, has issued 27 Accounting
Standards, 39 IND-AS, 46 Engagement and Quality
Standards, 8 Valuations Standards, 22 Internal
Auditing Standards inspiring investor confidence
and attracting global investments in the country.
With continuous revision and updation of these standards,
ICAI ensures that the CAs are well-equipped to navigate and
effectively serve the emerging financial landscape.
ICAI’s commitment to quality and transparency was further
reinforced with the establishment of the Peer Review Board
(PRB) and the Financial Reporting Review Board (FRRB) in
2002. These initiatives have significantly enhanced investor
confidence and improve financial reporting practices.
To keep up with the rapidly changing world, Continuing
Professional Education (CPE) became mandatory for
members in 2002-2003, ensuring that CAs stay updated
and competent.
Over the last 75 years the composition, size and scale of
the Profession as far as Practicing Chartered Accountants
are concerned has gone significant changes total 1,50,000
Practicing Chartered Accountants are there out of 4 Lakhs
Chartered Accountants, there are approx. 96,000 CA Firms
which also comprise of 75,000 Proprietorship Firms and other
Partnership Firm ranging from 2 Partners to 100 Partners.
The ICAI is supporting and assisting these Proprietorship
Firms for valuation and succession planning and to build
the capacity of Partnership Firms through Audit and Digital
Tools. A Committee for Aggregation of CA Firms has been
constituted this year to support, build and utilise the synergy
and resources of these firms, with time some of these firms can
come up to Global Stage as global Indian Accounting Firms.
In 2023, ICAI launched a New Scheme of Education and
Training, incorporating AI and Blockchain in line with NEP
2020. Complete digitalization of the evaluation process in
ICAI Examinations reflects a forward-thinking approach
to efficiency and transparency. To align with global best
practices and increase opportunities, ICAI will now hold
Intermediate & Foundation exams thrice a year: January,
May and September. ICAI’s educational approach merges
holistic learning with rigorous examination standards. The
examination system of ICAI is very robust and one of the best
in the country. This robust system has earned recognition from
the Hon’ble Supreme Court of India on multiple occasions.
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FROM THE PRESIDENT
Profession for Global Economy
As a founding member of the International Federation
of Accountants (IFAC), ICAI has been instrumental in
contributing towards global accountancy reforms, with its
international presence beginning with the opening of its
first chapter in Doha in 1981 and resulting in 50 Overseas
Chapters and 31 Representative Offices spread in 81 cities
across 47 countries.
This global community attracts foreign investment to India and
helps Indian industries identify international opportunities,
aiding in making India Aatmanirbhar.
Promoting global mobility for its members through Mutual
Recognition Agreements (MRA) with 8 international
accounting bodies and unilateral recognition in various
countries, it also provides technical cooperation to emerging
nations and has technical cooperation agreements with 16
global bodies.
The Institute has been tirelessly working towards establishing
India into a Global Accounting & Financial Services
Hub and promoting export of accounting services globally
has entered MoUs with GIFT City, IFSCA, Export Promotion
Council for EOUs & SEZs (EPCES), Service export Promotion
Council (SEPC) and Invest India.
Hosting the World Congress of Accountants
(WCOA) in 2022 in India for the first time in 118 years
of its history, was a historic achievement for ICAI, further
solidifying its status as a global leader in the accounting
profession.With its involvement in the B20 dialogue
during India’s G20 Presidency in 2023, ICAI continues to
influence global policy.
Partnering Nation Development
ICAI has been a driving force behind significant accounting
reforms by playing a crucial role in the implementation of
GST in 2017.With over 11,000 programs, conferences and
workshops, numerous publications published, over 6,500
capacity-building programs for government officials, ICAI
has been instrumental in educating and preparing the nation
for these transformative changes.
Its efforts to support the Aatmanirbhar Bharat mission
include empowering MSMEs and launching the Financial
and Tax Literacy Drive in 12 vernacular languages. Further,
to strengthen financial accountability and governance at
the grassroots level, ICAI and the Comptroller and Auditor
General of India (C&AG) launched a Certificate Course for
accountants towards fulfilling the need of skilled accountants
in 2.6 lakh Panchayats and Municipal Bodies.
Our profession is directly engaged in supporting MSMEs
in becoming competitive for global markets and ensuring
economic growth. The Institute through its various initiatives
like MSME Yatra, MSME SETU, MSME Exchange offering
guidance on financial management, compliance, and
access to finance, empowering MSMEs to thrive and
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FROM THE PRESIDENT THE CHARTERED ACCOUNTANT
contribute significantly to employment generation and
economic diversification. This support is crucial in fostering
entrepreneurship, promoting innovation, and bolstering
the resilience of our economy. For our initiative of MSME
Yatra and MSME SETU we are recognized by Asia Book of
Records for covering 75 cities in 75 days.
Profession for the New Age
The introduction of the Unique Document Identification
Number (UDIN) in 2019 has greatly enhanced
transparency in financial reporting. With over 68 million
UDINs generated, providing valuable insights into economic
activities across the country.
Establishment of the Sustainability Reporting
Standards Board (SRSB) in 2020 showcased ICAI’s
commitment to sustainable practices, receiving recognition
from the United Nations Conference on Trade and
Development. To enhance the sustainability practices in the
country, ICAI developed the Sustainability Reporting Maturity
Model Framework and issued 16 Social Audit Standards,
making India the first country in the world to have social
impact assessment standards. Recognizing the future of Non-
Financial Reporting, the Institute of Social Auditors of India
(ISAI), a Section 8 company, was established to develop
independent, ethical, and world-class social auditors.
Further, towards strengthening the financial discipline in the
country, ICAI became the first accounting body in the world
to release the detailed Forensic Accounting and Investigation
Standards (FAIS). To date, ICAI has released 20 FAIS for
forensic auditors.
Driven by technology and inspired by the Prime Minister’s
vision of Digital India, ICAI became the first global accounting
body in the world to establish a Digital Accounting and
Assurance Board to focus on integrating IT into the profession
and education.
The initiatives like the Digital Learning Hub underscore ICAI
commitment to providing continuous and updated learning
opportunities to members and students, ensuring they stay
updated in a rapidly evolving digital landscape. E-hearings
and automation of the Disciplinary Directorate further
highlight efforts towards expeditious disposal of cases. The
launch of the e-Office not only enhances productivity but
also streamlines operations within the institute. ICAI continues
to innovate with a Committee on AI, aimed at leveraging
the power of AI for the benefit of Members and Students and
soon GPT platform will be launched to enhance operational
efficiencies.
Vision for 2049
ICAI’s vision 2049 aligns with the national ambition, aiming
to revolutionize the accounting profession and support India’s
economic ascent. We are committed to nurture India into the
talent factory for the world by embracing an online hybrid
mode of education, training, and examination and creating
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World Class Centres of Excellence with a modern digital
outlook to facilitate research, training, learning and build
global leaders. Our focus on research and innovation in
accounting, finance, and taxation will foster a future-ready
profession equipped to handle the complexities of both
public and private finance.
The institute’s dedication to eminence is evident in our
adoption of case study-based learning, enhancing practical
understanding and application. By assisting the government
in policy formulation, ICAI will play a pivotal role in promoting
tax compliance and boosting government tax collection,
ensuring a disciplined financial environment.
Recognizing the vital role of MSMEs in our economy, ICAI
will provide educated and skilled manpower, empowering
these enterprises to thrive. Our vision includes establishing
India as a Global Hub for the Accounting and Financial
ecosystem, leveraging our capacity to set standards and
assume a global leadership role in technology, sustainability,
accounting and auditing standards.
As ICAI celebrates 75 Years of Trust, embracing the vision
“DRISHTI”, it looks forward with the Vision Document 2049,
aiming to inspire innovation and leadership. The vision
document focuses on student and member development,
enhancing regulatory and reporting frameworks, and
adopting new technologies and aligning with the vision of
a Viksit Bharat by 2047—by making India a $30 trillion
economy. In an era where Data is the New Oil and Skill the
New Currency, ICAI harmonizes both to create a sustainable
financial ecosystem, impacting not just India but the global
stage.
ICAI’s journey is a remarkable blend of tradition, innovation,
and excellence. Standing tall as global powerhouse, ICAI
continues to uphold the values of Excellence, Independence
and Integrity, guiding the accounting profession into a future
of growth and sustainability.
Join us as we celebrate 75 years of trust, dedication, and
unparalleled achievements in the world of Chartered
Accountancy & Inspiring India @100.
Happy Chartered Accountants Day!
Jai Hind, Jai ICAI !!
CA. Ranjeet Kumar Agarwal
President, ICAI
New Delhi, 30th June, 2024