Chairman's Communique

CA. B. T. Shetty
  • Name:

    CA. B. T. Shetty

  • Contact:

    9886301422

  • Email Address:

    blrchairman@icai.org

Dear Professional Colleagues,

A new financial year signifies new beginnings and holds a special importance to our profession. Although the exact reasons as to why the fiscal year spans from April to March

are largely unknown, financial researchers speculate that this was a system we inherited from the British and their colonial accounting practices in order to maintain uniformity across their colonies. There is also reason to believe that in many regional calendars such as the Hindu calendar, April signifies the beginning of a new year which could also explain the government’s decision to start the fiscal year from April.

Regardless of the reasons, Bengaluru Branch wishes all its members a very happy and prosperous Financial Year 2021-2022. May the Almighty bless us all with an abundance of

opportunities, good health, and happiness!


A brief about March 2021 Programs :

Apart from the regular Study Circle meetings, the One Day Bank Branch Audit Seminar was a grand success with more than 450 members in attendance having gained knowledge from the expert panel of speakers. I thank the distinguished Chief Guest Mr. B.K. Divakara, Chief Financial Officer & Chief Credit Officer of CSB Bank Ltd. for addressing the members in the Seminar. Furthermore, the Four-Day Workshop on Bank Branch Audit saw participation from more than 200 members per day, making it a grand success as well. A Two-Day Investor Awareness Program was conducted which was well received by members.


The Branch had organised a COVID-19 Vaccination Camp exclusively for Chartered Accountants and their family members on 28th March and a number of CA’s and their family members took this opportunity to receive their vaccinations.

From 17th March onwards, it was decided that the Study Circle meetings will be organised in a purely physical format, keeping in mind the instructions from the CPE Directorate limiting the number of virtual programs that may be conducted in a month. Students however can access these circle meetings virtually as a part of our continued commitment to ensure greater access to learning initiatives.

Career Counselling Programs : Bengaluru Branch conducted 49 Career Counselling in Government & Private Colleges in the month of March 2021 covering 7666 students to join the CA course. The list of the same is presented in this newsletter elsewhere.


Upcoming programs in the month of April and May 2021

  1. Five-Day Workshop on transformation of a CA to CFO, is scheduled from 8th April 2021 to 17th April 2021. This workshop is meant for practicing Chartered Accountants who wish provide CFO services to their SME Clients and for industry members who wish to understand the role and responsibilities of a CFO.
  2. Five-Day Workshop on RERA is scheduled from 19th April 2021 to 24th April 2021. This too is dedicated to practicing Chartered Accountants who wish to take up RERA compliance and RERA litigation as a line of practice.
  3. A Workshop titled “Revisit Income Tax Act, 1961” is scheduled on 29th April 2021 to 5th June 2021, over a span of 18 days and will account for 72 hours of learning.
  4. A Three-Day Workshop on Co-operative Audit is scheduled on 3rd , 4th & 6th May 2021.


The details of the said upcoming programs are presented elsewhere in this Newsletter.


As evidenced above, the approach for this year is largely workshop oriented as opposed to the traditional One-Day Seminar format as these workshops allow for professionals to gain a better practical and real world understanding of the subject, thereby better equipping them with the skillset they need to take on new challenges. These workshops are aimed at new and upcoming areas of practice as the traditional avenues are slowly dying owing to technical advancements in Artificial Intelligence and policy initiatives by the government looking to reduce compliance measures.

"A bird sitting on a tree is never afraid of the branch breaking, because its trust is not on the branch but on its own wings."

Chartered Accountants such as our selves must not remain completely dependent on mandatory compliance as our sole practice avenue. We must recognise that there are many

other ways that we can add value to our clients and in the process, create more opportunities for our growth in the profession. In this regard, the Branch as your catalyst is creating opportunities for you to be able to gain these skillsets that will open new doors for you and your practice.


Other initiatives of the Branch such as the Tax Clinic, Mentor Tab, Networking Tab, and creation of the Membership Register are all in progress and hopefully will be launched

sometime mid-April. The ICAI recently released its Networking guidelines and in consonance with the same, it is need of the hour that we professional’s network and grow substantially to face the new challenges posed before us. Individual practice may prove to be difficult in the coming days unless one is in niche area of practice with a super specialty. Networking in such a situation enables you to grow your name and your practice among your peers and ensures you maintain your independence while at the same time reaching out to a larger pool of the population to whom you can offer your services.

We find ourselves in uncertain times with pandemic-related instabilities still ravaging through the market. Challenges to the profession are ever-present but it is these challenges

that push us to be better, not bitter. There is wisdom to these challenges, and we must look for them. Overcoming and persevering them is what makes out life meaningful.


Programs for Students

The study circle meetings have been opened at free of cost for students. Interested students can register for the same and it is requested that members encourage their students to register and learn from experts on various current topics which not only add value to their knowledge from an exam point of view but will also assist them in doing quality work in the office as well. It’s a win-win for both students and the principal. The Four-Day Workshop on Bank Branch Audit that was conducted earlier this month saw good participation from students thereby. SICASA Chairman and SICASA Leaders including Branch Treasurer CA Panindra Gupta organized outdoor games for students which saw great participation as well. The event enabled students to get to know each other better and take part in a host of outdoor games such as cricket, shotput, javelin throw, discus throw, and track events, making it a grand success.

I would like to bring to the attention of the members that it is time for renewal of our membership fees for the year 2021-22. Furthermore, more than three thousand members have failed to renew their membership for the year 2020-21 and it is our humble request you to renew the same at the earliest. A help desk has been set up at the Branch to help you renew the same or you can do so by visiting SSP.

All in all, March has proven to be a very eventful month and it is my sincere request to members to participate in all the programs scheduled in the coming months. I am certain that with your continued participation, support and guidance, we can conduct a variety of programs for the benefit of students and members.


Wish you all a very happy Ugadi !


Thank you and stay safe!

 

CA. B. T. Shetty

Chairman