Tag: CA Ranjeet Kumar Agarwal

ICAI Plans to Establish 9 New Centres of Excellence and Announces Other Key Decisions

ICAI’s Expansion and Initiatives

The Central Council of the CA Institute has recently given the green light to a new policy on the Centre of Excellence (CoE), with the aim of promoting research, innovation, and learning in the accounting profession. This strategic move seeks to elevate ICAI’s global influence as a key contributor in the field.

During the council’s two-day meeting, plans were approved to establish nine additional COEs across India over the next three years. ICAI, which currently houses two CoEs in Hyderabad and Jaipur, now sets its sights on expanding its reach and impact.

Ranjeet Kumar Agarwal, President of ICAI, remarked, “The approval of our CoE policy document is a milestone decision to foster research, innovation, learning and will serve as a hub for disseminating knowledge to shape the future of our profession.

The policy document outlines the vision, mission, goals, objectives, governing structure, action plan, and monitoring benchmarks for ICAI: Centre of Excellence. It emphasizes efforts to facilitate research, teaching, learning, training, dialogues with stakeholders, and strategic planning to nurture talent, conduct advanced research, and share knowledge.

In addition to this significant development, the Central Council sanctioned the establishment of a new branch of the Central India Regional Council (CIRC) in Tonk District, Rajasthan, marking the 176th Branch in ICAI’s network. Furthermore, acknowledging the name change of Aurangabad to Chhatrapati Sambhajinagar by the Central Government, the Aurangabad Branch of Western India Regional Council (WIRC) has been renamed as Chhatrapati Sambhajinagar Branch.

Under the banner of “Viksit Bharat,” ICAI has committed to organizing a mega CA run on June 30, with the ambitious goal of propelling India towards developed status by 2047. This large-scale initiative is set to be the largest CA fraternity run, featuring participation from all 5 Regional Councils, 175 Branches, Chapters, Study Circles, and Foreign Chapters, uniting for the vision of a developed India.

Deliberations on Paytm and Byju’s Issues by the Institute of Chartered Accountants of India

Deliberations on Paytm and Byju’s Issues: ICAI’s Role in Upholding Financial Standards

The Institute of Chartered Accountants of India (ICAI) has indicated that its Financial Reporting Review Board (FRRB) may soon engage in discussions regarding the recent issues surrounding both Paytm and ed-tech firm Byju’s. ICAI President Ranjeet Kumar Agarwal confirmed that while the Paytm matter has not been deliberated upon yet, the FRRB’s upcoming meeting will provide an opportunity to consider appropriate action, if deemed necessary. Amid the ongoing review of Byju’s accounts over governance concerns, the ICAI’s newly-elected committees, including the FRRB, are anticipated to convene in March.

In response to the developments involving Paytm, which saw the RBI restrict certain operations of Paytm Payments Bank Limited (PPBL), the ICAI president highlighted the discretion of the board in selecting entities for scrutiny. Emphasizing their robust review system, Agarwal outlined a three-tier structure and the board’s empowerment to assess the financial statements of listed companies. He clarified that while minor issues warrant advisory guidance, instances of gross negligence prompt further investigation.

Regarding the Byju’s situation, Agarwal disclosed the board’s proactive approach, noting that progress on the scrutiny is proceeding well and an anticipated report is slated for year-end. Notably, Byju’s has encountered internal strife, with investors advocating for the removal of founder and CEO Byju Raveendran. Despite an Extraordinary General Meeting resulting in resolutions seeking governance and leadership changes at Byju’s, Raveendran has asserted his position as CEO and emphasized operational continuity within the organization.

Additionally, recent legal actions have surfaced, as shareholders of Byju’s have filed a mismanagement suit, pushing for Raveendran’s removal from the board of directors and calling for a forensic audit, among other measures.

The developments with Paytm and Byju’s underscore the intersection of corporate governance, regulatory oversight, and the role of professional entities like the ICAI in upholding financial standards and accountability in the industry. The outcomes of these deliberations and potential actions by the FRRB will undoubtedly be closely monitored within the business and financial communities.

Chartered Accountants From U.K., Canada Might Be Allowed To Practice In India: ICAI

Chartered accountants from the U.K. and Canada might be allowed to practice in India on a reciprocal basis, with the apex body Institute of Chartered Accountants of India making the proposal to the government.

ICAI President Ranjeet Kumar Agarwal on Wednesday said the proposal will be implemented strictly on the reciprocal basis that chartered accountants from India will also be allowed to practice in the United Kingdom and Canada.

It will be the first time that an overseas chartered accountant will be allowed to practice in India.

The proposal is part of India’s ongoing negotiations for Free Trade Agreements with the U.K. and Canada.

Agarwal also said that a similar arrangement is being looked with Australia.

Once the reciprocal system is implemented, the chartered accountants from the foreign countries will have to be registered with the ICAI, which will be regulating them.

The ICAI has more than 4 lakh members and 8.5 lakh students.

Currently, around 42,000 chartered accountants from India are working overseas.

There is a huge demand for chartered accountants from India,” Agarwal, who took over as the President earlier this month, said.

Reporting on Audit Trail: Compliance Guide for Rule 11(g) (Revised 2024 Edition)

Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition)

Implementation-Guide-on-Reporting-on-Audit-Trail-under-Rule-11g-of-the-Companies-Audit-and-Auditors-Rules-2014-Revised-2024-EditionDownload

ICAI New President Update! CA Ranjeet Kumar Agarwal Elected as 72nd President of The Institute of Chartered Accountants of India

Important Update- CA. Ranjeet Kumar Agarwal elected as 72nd President of The Institute of Chartered Accountants of India for the Council Year 2024-25

CA. Ranjeet Kumar Agarwal has been elected as the 72nd President of The Institute of Chartered Accountants of India for the Council Year 2024-25. The accompanying images show him in his new role.

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