The committee for members in practice works to improve the capacity building of Indian CA firms. The committee was formed by the Chartered Accountants Act, of 1949, in the year 2010. In 2009, the committee for small and medium practitioners came into existence. The committee wish to establish CA firms with financial support and sound infrastructure. Recently, the ICAI convened the CMP meeting in Delhi. The higher officials of ICAI addressed the CMP meeting. The ICAI president, C.A. Ranjeet Kumar Agarwal, Vice president, CA. Charanjot Singh Nanda and central council members graced the CMP meeting. The location of the Committee for Members in Practice is the ICAI Bhawan, IP Marg, in New Delhi. The blog provides the keynotes to the professionals of the CMP meeting.
Any Audit software
The ICAI members handle different types of audits. Each audit process has the backing of compliance. Any audit tool supports the regulation and audit process with technological advancement. The Any Audit tool is useful for chartered accountants. The CMP meeting approved any audit software for ICAI members with discount rates.
The committee introduced a GPT-based latest consultation audit tool. The consultation audit tool requires the partnership of the publishing house to deal with allied laws. CA firms and chartered accountants can collaborate with a reputable publishing house to offer consultation services. CMP benefits website will provide the details of collaborations and partnerships allowed to a chartered accountant.
Residential program of ICAI
“The practice ki Pathshala program” was initiated by ICAI in 2024. The centres in Hyderabad and Jaipur had started the three-day residential batch. The program focuses on technical knowledge, global requirements, cross-culture appreciation, personalised growth, understanding niche areas, effective management techniques, and the latest advancements in different domains.
The fee of the program is 3000 plus GST. The date of the residential program is the 5th of July to the 7th of July. Registration is open for limited seats only. The link for registration is available on the ICAI website. The venue of the residential program is the Centre of Excellence, Hyderabad, and the Centre of Excellence, Jaipur.
ICAI is planning to offer additional residential programs to the practising members. The residential programs are helpful for capacity building and enhancing the relevant skills. The professional landscape demands the learning resources and technological tools to stay connected to global advancements.
What is the difference between an MCS and a residential program?
The Management and communication skills training is a mandatory 15-day programme from ICAI. In every city, ICAI conducts the MCS program before the main examination. The MCS training helps the students to learn from renowned corporate faculties. The trainers educate the students about the corporate environment and enhance their business communication skills. Residential programmes are to benefit the members and students of ICAI.
The CA Students attending the residential program receive an exemption from the MCS training. The student does not receive an exemption for the Advanced-level IT training. The CA students must attend the Advanced-level IT training. The students attending the residential program must apply for permission from the principal of the current educational institute.
The MCS, IT training, and residential training are part of the article ship training for the CA students. In CA intermediate, the students in the top ten ranks receive free residential programs. The students with AIR marks receive the free residential program without fee. The residential program goes for 28 or 3 days. The authorities of ICAI decide the tenure.
The residential programs will not happen in all the cities. It will happen only in the centre of excellence. The residential programs happen in Guwahati, Jaipur and Hyderabad. The residential programs are not only for learning purposes, the residential programmes also educate the students about cross-cultures and boldness. The residential program offers an opportunity to stay with other city students and learn from the best corporate trainers.
The residential programs educate the value of time management, public speaking, teamwork, leadership, problem-solving and communication skills. The fee for a 28-day residential programme is 48,000. ICAI is offering the course to the members with a discount of fifty per cent. The course fee is offered with a concession of 24,000. In 2024, ICAI is offering the residential programme with a fee of 3,000 plus GST. The residential program is an opportunity to learn and enlarge the professional network of a chartered accountant. The residential programmes are conducted separately for the boys and girls.
What are the technical and environmental challenges to auditors?
Chartered accountants are facing technical glitches because of the advancement of the technology. Cloud-based audit tools, automation, AI tools, Data privacy, security, big data analytics, and ESG reporting are urging for the adaptability of CA professionals. Technology helps the auditors to find fraud activity, irregularity, and inaccuracy, and focus on the business risks. The auditor’s job is to check the financial statements, prepare the financial report and comment on the growth prospects. The technology and legal system extend the support to the different domains. The support makes the process of auditing smooth. Auditors play a crucial role in supporting growth and maintaining transparency.
Conclusion:
The CMP committee had already arranged beneficial schemes for the members of ICAI. The existing insurance schemes exclusively for the ICAI practising members are as follows: HDFC Group poorna Suraksha, motor vehicle insurance, LIC term insurance, Professional indemnity insurance, householder’s insurance, personal accident insurance, office protection shield insurance scheme, and medical insurance. The existing healthcare services by CMP to the members of ICAI are Apollo Pro-Health, Max Healthcare, Medanta, Dr Lal Path, Fortis Healthcare Limited, and Truworth Wellness. Many software products related to auditing are offered for free by the ICAI for practising chartered accountants. The leadership team of ICAI is focusing on the demands and challenges of the auditors to make the auditing profession efficient.