The Institute of Cost Accountants of India
(Statutory body under an Act of Parliament)
“Everyone can rise above their circumstances and achieve success if they are dedicated to and passionate about what they do.”
- Mother Teresa
My Dear Professional Colleagues,
I am extremely gratified and blessed to take over as the 62nd President of the Institute of Cost Accountants of India for the council year 2019-20. I extend my warm wishes to all stakeholders of the profession. It is an honour to serve the 2nd largest Cost & Management Accounting body in the globe and the largest in Asia. I would like to thank my previous and current Central Council colleagues for believing in my abilities, competence and leadership, and electing me initially as Vice-President for the year 2018-19 and, now, as President of this great Institution.
I congratulate my council colleague CMA Biswarup Basu on getting elected as Vice-President of the Institute for the current Council Year. I am confident that his rich experience, professional acumen and abilities will greatly benefit the members at large, and also help me in shouldering my responsibilities.
I take this opportunity to welcome all the members of new Central Council and Regional Councils for the term 2019-23 and expect each of them to work together towards a collective vision and mission of professional excellence.
Before I proceed further I would like to thank CMA Amit A. Apte, Immediate Past President with an assurance that we will undertake all efforts possible to further the objectives set by the institute and to achieve many significant milestones to take the profession and the Institute to newer and greater heights.
The Institute and its members are committed to adopt, adhere and practice professional ethics expected from Professionals. As a professional body, the Institute has always worked with Government in tandem to take its policies for the economic growth of the country on cleaner economic platform and focus on social sector spending of GoI for ensuring quality of such allocation and application of funds.
VISION FOR THE YEAR 2019-20:
I along with my council team will work towards Enhancing brand image of the profession, creating more opportunities for members, capacity building of members for new opportunities, strengthening organization, increased automation and providing time bound & more efficient services to members and students.
MEETING WITH VIPS
I along with CMA Biswarup Basu, Vice-President, CMA Vijender Sharma, CCM, CMA Neeraj D. Joshi, CCM and CMA Chittaranjan Chattopadhyay, CCM of the Institute extended greetings to Shri Injeti Srinivas, IAS, Secretary to the Government of India, Smt. Anjali Bhawara, IAS, Additional Secretary to the Government of India and Shri K.V.R. Murty, Joint Secretary Secretary to the Government of India, Ministry of Corporate Affairs on 24th July 2019. In another meeting to extend greetings to Shri Rajiv Bansal, IAS, AS & FA, M/o Petroleum & Natural Gas, M/o Corporate Affairs, I was accompanied by CMA Biswarup Basu, Vice-President, CMA Neeraj D. Joshi, CCM and CMA Chittaranjan Chattopadhyay, CCM of the Institute. During the meetings, we discussed about professional developments and ongoing activities of the Institute.
On 25th July 2019, I along with CMA Biswarup Basu, Vice-President and CMA Chittaranjan Chattopadhyay, CCM of the Institute extended greetings to Smt. Aruna Sethi, Chief Adviser (Cost), Department of Expenditure, Ministry of Finance, CMA Devendra Kumar, Advisor (Cost), Cost Audit Branch, Ministry of Corporate Affairs and CMA Dinesh Kumar Sarraf, Chairperson, Petroleum and Natural Gas Regulatory Board (PNGRB).
To apprise all the members of the activities / initiatives undertaken by the Departments/ Directorates of the Institute during last month, I now present a brief summary of the activities:
BANKING AND INSURANCE COMMITTEE
The Committee has submitted a representation to Shri Rajiv Kumar, IAS, Secretary to the Government of India, Department of Financial Services, Ministry of Finance on 18th July 2019 to utilize professional services of Costs and Management Accountants in BFSI Sector.
DIRECTORATE OF CAT
The result of the CAT Course examination-July 2019 term-Foundation Course (Entry Level) Part-I was declared after the examination was concluded at various locations of the country. I congratulate all the students who have passed the examination. The CAT Department increased its footprints in the country and approved the four new recognised Oral Coaching Centers of Certificate in Accounting Technicians (CAT) course in the cities of Coimbatore, Virudhunagar, Dindigul and Kolkata. The establishment of these new ROCCs shall be a matter to cheer for the aspirants of CAT course living in these cities and nearby areas.
In order to propagate the CAT course in the valley of Kashmir, the Council of the Institute decided to open Srinagar Extension Centre and also waived full fee for the first batch of the CAT Students. I am glad to share with you that good number of admissions in the CAT course has been received from Srinagar Extension Centre.
SAFA Foundation Day Celebrations
South Asian Federation of Accountants (SAFA), an Apex Body of the South Asian Association for Regional Co-operation (SAARC) & Acknowledged Accounting Group of IFAC, was founded on August 22, 1984. SAFA Board in its last meeting had decided to celebrate August 22 as SAFA Foundation Day every year and the member body having the President ship of SAFA shall be organising a Conference on this day to celebrate SAFA Foundation Day. Since the Presidentship of SAFA for 2019 is with the Institute of Cost Accountants of India, the Institute is glad to organize a Conference to celebrate SAFA Foundation Day on August 22, 2019 at Hyderabad. This conference would be attended by delegates from corporates, academics, professions, government organizations from India and other SAARC Region countries.
The Institute has successfully organized two webinars for students and Members of SAFA member bodies. Webinar on the topic “Stakeholder Value Creation” and “Indian Cost Accounting Standard & Cost Audit Mechanism” were conducted on 25th July 2019 and 29th July 2019 respectively. Both the webinars were very well appreciated by the participants from SAFA member bodies.
SAFA meeting and events at Colombo, Sri Lanka
I am pleased to share that I along with President SAFA and other council members of the Institute attended the SAFA meetings and events held during 29th and 30th July 2019 being hosted by the Institute of Chartered Accountants of Sri Lanka (CMA Sri Lanka) at Colombo, Sri Lanka. Further, I was pleased to represent the Institute in the panel of Presidents of SAFA member bodies to present their views on “Role of Finance Professionals in combating Bribery and Corruption – South Asian Perspective” organized by CA Sri Lanka on 30th July 2019 at Colombo, Sri Lanka.
INSOLVENCY PROFESSIONAL AGENCY (IPA) OF INSTITUTE OF COST ACCOUNTANTS OF INDIA
The Insolvency Professional Agency of the Institute organized various Round table Interactions, workshops and webinars during the month on:
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