Chairperson’s Communique

We live in a global economy and society which is transforming at a faster rate than at any time since the start of the Industrial Revolution. With competition increasing day by day, the need of the hour is to integrate our strengths and collaborate with each other. This will also create opportunities enabling us to provide better services to all stakeholders.

As the pace of technological change accelerates, this will impact the industry & the profession. It is also vital that we adopt a dedicated learning and development culture. Looking beyond the traditional boundaries of the profession is essential in a fast moving world where AI, ChatGPT and other mechanisms change the way the world operates. Keeping track and implementing this dedicated learning ethos will be critical for our future growth to put forth thoughts for the same, so that we can continue to keep learning at the front-line of knowledge and services towards a more integrated profession where we are united in our journey to continue to provide the high calibre services which are the hallmark of a Chartered Accountant.

We, at the Bengaluru Branch Branch of ICAI, recognise the importance of imparting skills to our members to make them future ready.

Bank audits, another responsibility shouldered by our fellow professionals, just concluded. We all are now gearing up for Statutory and other audit assignments for various organisations. I wish all my professional colleagues a very happy audit season!

Some of the recent developments related to the profession under the leadership of President of ICAI.

Partners in Progress - MoUs for Capacity Building of MSMEs & Startups

MoUs with Government of Kerala and Odisha

MSMEs empowerment is one of the key focus areas in ICAI and various initiatives are taken in this direction by the ICAI through its Committee on MSME & Startup. The ICAI strives to build a cohesive ecosystem for supporting competence and capacity building of MSMEs by entering into MoUs with State Governments and institutions. Recently, the Institute signed MoUs with the Government of Kerala in Ernakulum on 01.04.2023 and the Government of Odisha in Bhubaneswar on 15.04.2023 for the development and capacity building of MSMEs in the respective states.

MoU for Capacity Building of Startups

The Institute has also signed MoU with AICMahamana Foundation for Innovation and Entrepreneurship IM BHU, Varanasi & AICNalanda Institute of Technology Foundation, Bhubaneswar, Odisha, for Capacity Building of Startups through ICAI Startup Gateway. These institutions are envisioned to be center for all Startup stakeholders to develop an end-to-end innovation and entrepreneurial ecosystem by creating pathways from “Mindto- Market”. The said arrangements aim to promote startups and support the government of India’s vision for entrepreneurship development, innovation culture and mutual integration of Startup Ecosystem.

A brief about April 2023 programs :

It has been decided by the Council of ICAI from 1st April, 2023, no online Virtual CPE event would be allowed for grant of Structured CPE hours that was allowed in wake of pandemic Covid-19.  In this context, All Virtual CPE events conducted in the month of April 2023 and henceforth are Unstructured CPE Hours.

Breakfast Meeting on Corporate Restructuring – Recent trends and developments was conducted on 8^th April. 40 members participated got enriched in this meeting from the deliberations by CA. Amithraj A N.

One Day Workshop on Valuation Standards organized by the Bengaluru Branch of SIRC of ICAI on 25^th April 2023.  I thank the Speakers CA. Dr. Gopal Krishna Raju, Chennai, CA. Guruprasad M, CA. Himanshu Patel & CA. Archana Bailey  who shared their experience and expertise broadly covered on Valuation Insights, Development of Valuation Practice, Valuation of Shares & Securities and also various Rules & Sections under Income Tax Act in this Workshop.

Every Wednesday’s regular Study Circle Meeting’s in Virtual mode were conducted to enrich the Members on contemporary topics of professional interests. I thank the Speakers CA. Vijay Raja, CA. Vishnumurthy S, CA. K.S. Ravi & CA. Sana Baqai for sharing their expertise in this above said meetings.

The months ahead – May and June 2023 :

Breakfast Meeting is being organized by the branch on selected Saturdays, starting on 13^th May & 10^th June 2023.

E-verification scheme and compliance thereto on 18^th May 2023 organized jointly with Income Tax Department officials.

One Day Seminar on Charitable or Religious Trust or Institution is being organized on Saturday, 20^th May 2023.

A one day Workshop on Co-operative Society Audit is being organized on 27^th May 2023 at our branch premises where Income Tax, GST applicability, Recent changes and Reporting requirements in case of co-operatives will be touched upon.

One Day Workshop on RERA is being organized on Saturday, 3^rd June 2023. The Details of the above said programs are mentioned elsewhere in this newsletter.

The continued efforts of our Prime Minister have enabled India’s leadership in Yoga and ancient traditional knowledge healthcare systems, its widespread acceptance and positioning itself as a leader in the global health and wellness industry, which embodies unity of mind and body, thought and action, restraint and fulfilment, harmony between man and nature – is the step to a healthy and disease free life which leads to our physical and mental well-being. The International Yoga Day is being organized on 21st June 2023 for Members & Students at Vasanthnagar Branch Premises.

Sports activities inspire sportive spirit to face challenges in our day to day life. Hence, a one day Cricket match among our Chartered Accountant’s community is being organized on 17^th June.

Two Day Conference on Companies Act is being organized on Friday & Saturday, 23^rd & 24^th June 2023.

Apart from the above said programs regular Wednesday’s Study Circle Meeting is being organized virtually & physically.

The details of all the above said programs are presented elsewhere in this newsletter.

Karnataka Legislative Assembly election 2023 is scheduled to be held across the state on May 10, 2023. I urge all professionals to exercise their civil right and fulfil their moral duty by casting their vote without fail.

The month of May & June is also the month of Examinations. Best wishes to all the students for their exams, Good Luck!

With warm regards,

CA. Divya S

Chairperson

Bengaluru Branch of SIRC of ICAI