The year 2022 holds up the memory of the ICAI celebration for the first time in 118 years. The world congress of accountants is the accountants Kumbh hosted in India. On April 30, the institute has a program skill enhancement course for commerce students (TEL). The students can also listen to the virtual speech of the CEO. The other subjects such as CARO 2020, GST, sky-high symposium, and VCM are organised on the 27th of April. Virtual program for peer reviewers and MSME and start-up program organised on 29th, 30th of April and May 1st at Ahmedabad. This blog talks about the upcoming event and the plans of ICAI.
History of WCOA:
The following points elaborate on the upcoming event and the history of WCOA:
• Every four years, the world international event happens. During the two world wars, the WCOA event happened. Previously, in the year 2018, the event was held in Sydney, Australia.
• In the year 2014, Italy conducted the event.
• In the year 2010, Malaysia, and Kuala Lumpur conducted the event.
• In the year 2006, Istanbul, turkey conducted the event. The first program was conducted in St Louis, Mississippi. The visitor number was 20 million. The participants in this program discussed the standards and procedures for the auditing process.
• After a long time, the generally accepted accounting principles and auditing standards came into practice. The standard and accounting principles undergo amendments as per the economic challenges.
• The world congress of accountants has a history of over 100 years. The different time zones of countries are considered during the meeting as the event is organised physically and virtually.
• ICAI president has mentioned that India is among the world’s forty countries of heritage sites.
• Alan Johnson, president of IFAC, said that in the year 2020 there was a need for digitalization. ICAI made its learning resources available for free to the students. He also said it is the right time to collaborate with speed for the developments ahead.
• ICAI is discussing with the government of India for a timely process of visas. These visas are for the students to study in India.
• CA. Prafulla P. Chhajed, the chairman of WCOA 2022, also welcomes the delegates for sharing their knowledge and enriching the experience.
• The topic “Building trust enabling sustainability” explains the role of accountants in building trust and supporting the communities.
• The hospitality and philosophy in India are remembered even today by the global communities. The experience of treating the guests with respect and love makes the event more special.
The digital accounting and assurance board:
The digital accounting and assurance board take care of the post-qualification courses, other courses, development of the curriculum, development of study material, examination, the appointment of the teaching faculties, conducting seminars, workshops, training programs and topics of interest in the IT sector, and developing the students for the computer-based test. This centre act as a gateway to the software requirement of the students or members. The department is headed by CA. Charanjot Singh Nanda. The knowledge sharing of the DAAB organise the events like concept paper on robotic process automation and opportunities, blockchain technology adoption, digital accounting and assurance board, ISA eligibility test date notification, the release of e-learning on automation and robotic process, and the brochure for blockchain technology. From May 20 to 22, DAAB is conducting an executive development program on CAAT tools and forensic analytics. On 28th May 2022, the SAP user program is organised by the lab. The publications by the lab are a guide for the internet of things, cloud computing guide for accountants, forensic accounting and investigation, ISA material, data analysis and case studies using CAAT, forensic accounting and fraud detection, mock test paper on DISA, and sample information systems audit report, and forensic audit report.
Plans of ICAI:
The public relations committee of ICAI has published a statement to introduce the literacy drive as an initiative for nation-building, upholding and empowering students. The committee also mentioned the social audits. The new initiative of ICAI in partnership with SEBI called the social stock exchange work under the framework of ICAI. The social auditors also work with SSE. ICAI had formed a research group for researching cryptocurrency. The virtual model of currency is undergoing business. And ICAI had initiated the task of gathering the details of cryptocurrency. ICAI develop the materials to enhance the higher-order skills and analysis in the students.
Conclusion:
In February ICAI celebrates its 72nd annual function. ICAI is the second largest accounting body in the world. Dr BhagwatKishan Rao Karad, state minister for finance said that the economy is well managed because of the service of CAs in defence, agriculture, health, and education. The chief guest honoured the meritorious students. The president said that the chartered accountancy profession is a vibrant force of socio-economic growth. The world congress of accountants is an event organised in the November month of 2022.
