The ICAI central council conduct the election and selects the president and vice-president of ICAI. The five regions of ICAI are east, west, north, south and central. The Central India Regional Council of ICAI is in seven states. The seven states are Rajasthan, Uttar Pradesh, Madhya Pradesh, Jharkhand, Chhattisgarh, Bihar, Jharkhand, and Uttrakhand. The central India region has 73000 chartered accountants actively working as auditors and 2, 50,000 CA students. The ICAI president receives no monetary benefits from the responsibilities. It is an honorary post. The blog highlights the past service of the ICAI president and vice president and the expectations of the students in 2024.
ICAI President 2024:
ICAI has elected the 72nd president and vice president. The responsibilities of the presidency shifted from Aniket S. Talati to the hands of CA Ranjeet. He is a practising chartered accountant. He has around 24 years of service. He graduated from Calcutta University. He is also a qualified company secretary. He has a DISA certificate from ICAI. Three times Ranjeet Kumar Agarwal was elected to the central council. The 23rd, 24th and 25th member of the ICAI central council is Ranjeet Kumar Agarwal. The year of his service for the ICAI Central Council is 2016. From 2023 to 24 he was elected as the vice-president of ICAI. He is the chairman of standing and non-standing committees. He is the chairman of ex-officio members. He also holds the responsibility of the editor of the ICAI journal. He is the chairman of the ICAI Accounting Research Foundation. He also holds the chairman position of extensible business reporting language. The Indian Institute of insolvency professional’s board appointed him as the director. The three insolvency professional agencies registered under IBBI are the Indian Institute of Insolvency Professionals of ICAI, the ICSI Institute of Insolvency Professionals and the Insolvency Professional Agency of the Institute of Cost Accountants of India. All these agencies prepare professionals for Insolvency processes.
ICAI Vice President 2024:
Charanjot Singh Nanda is the vice-president for the period of 2024 to 2025. He is a B.com graduate from MLN College. He completed his graduation in 1987. During his graduation, he was on the list of merit students of Kurukshetra University for all three years. In 1991, he completed his CA. He is a rank holder in the CA intermediate examination. His previous responsibilities speak volumes of his quality service. His previous roles are as follows: he worked as a central council member, he was the chairman of the digital accounting and assurance board, he is the vice chairman of the board of internal audit and management accounting, and he also worked as the chairman of the committee on IT on SAFA.
What do students expect from ICAI?
In India, the NFRA recommend auditing and accounting standards. ICAI regulate the chartered accountancy profession. ICAI does research, frame professional ethics and regulates the auditing profession. The CA students follow professional ethics. In the auditing profession, the professional ethics encapsulates the objectivity, integrity and honesty. The following points explain the expectations of students in 2024. The new scheme has created an impression about the auditing profession and opportunities for CA. The students implement the changes and prepare themselves for the changing job market.
- CA students work hard and get placement in the top companies. The fundamental knowledge in CA helps the students climb the corporate ladder of multiple responsibilities. The syllabus and scheme of ICAI change according to the market demand. The syllabus change is the subject change. The scheme change is the change in the structure of the course. The changes in the time gap, examination pattern and subjects explain the scheme of the CA course.
- The students welcome the reduction in the article ship training, but the CA final preparation requires a practical understanding. The self-paced examination compensates for the gap in the process of practical learning. The students expect more study materials and a question bank for the CA final preparation.
- The Business Accounting certificate enhances the confidence of the students. The students dropping out of CA with a BAA certificate expect more job opportunities. The job roles with a description of a BAA certificate help chartered accountants plan their future. CA drop-out students get special attention due to their BAA certificate. In the current job market, CA intermediate students get a salary of 50,000 in banks and MNCs.
- The intermediate and final level examination has more than 30 per cent of MCQ and 70 per cent of descriptive questions. The case study-based MCQ enhance the practical knowledge of the students. The job opportunities available in the domestic and international markets increase due to the enhanced knowledge of the CA students. The international way of education promotes foreign opportunities for students.
- The ICAI journal projects the issues and developments in the chartered accountancy profession. The new member’s contribution to the ICAI journal is about to increase by the self-paced examination and research-based learning. Learning and doing research makes the CA course equivalent to a Ph.D. course. The students expect more research and writing activities in future.
Final Thoughts:
The ICAI management team has a strong network in various committees and digital accounting and assurance boards. The decisions taken by ICAI express the experience of the professionals working in top management. The NFRA recommend the auditing and accounting standards in India. ICAI regulate the chartered accountancy profession. ICAI does research, frame professional ethics and regulates the auditing profession.
