The Institute of Chartered Accountants of India hosts the prestigious 'International Conference for CA Students' at Hyderabad
* Member of Parliament Smt. Kalvakuntla Kavitha, inaugurates the conference
* First time Hyderabad is hosting this conference in ICAI's 67 years of history
Hyderabad, January 7th, 2017: The prestigious two day 'International Conference for CA Students' being hosted by The Institute of Chartered Accountants of India (ICAI) - A statutory body established under an act of Parliament - was formally inaugurated by Chief Guest Smt. Kalvakuntla Kavitha, Hon’ble Member of Parliament on Saturday at Shanti Sarovar, Brahmakumaris, Gachibowli. CA. Devaraja Reddy M, President, ICAI; CA. Babu Abraham Kallivayaalil, Chairman, The Board of Studies, ICAI; CA C. Venkatram, Chairman, SICASA, Hyderabad & CA Naresh Gelli, Senior Chartered Accountant, were also present on the occasion. Hyderabad is hosting the Conference for the first time.
Speaking on the occasion Smt. Kavitha said, we are very proud of CA Devaraja Reddy for being the first Telugu in the 67 years of independent India to adorn the coveted national president ship of ICAI and for bringing this prestigious conference to Hyderabad. Hyderabad has been destination for several International conferences and such an intellectual conference adds more star value to our city. I begin by quoting Albert Einstein, he once said, the hardest thing to understand is Income Tax and I am so proud to look at so many youngsters here, who understand Income Tax better than Albert Einstein. Since the implementation of demonetisation, everybody has been discussing how hard the bank employees have been working, how hard politicians are working, nobody is speaking about CAs, but what I believe is after demonetisation, CAs of this country are true rock stars, she said amidst huge applauds from the gathering.
She went on to add, but then of course only after Mr Modi, you can never share his spotlight, he is the new rock star, after demonetisation everybody is chanting Modi, Modi, Modi and that became demo, demo, demo. But in this critical stage one should really think of our country very deeply. In the last couple of years we have seen great change, very very big ticket reforms, huge tax reforms like GST is on the cards and the Planning Commission of this country was abolished, which was there to guide us since the independence till date and then we shifted the budget presentation from March to February.
We are slowly trying to sink ourselves with the International norms and of course completely changed the format of budget presentation, now there is no plan, non-plan, it is only going to be revenue versus capital expenditure and then of course India is a country which traditionally did not focus much on business, but now in the last couple of years the focus is on the business. We have made many reforms in our taxation system to attract more and more of FDI, particularly I would like to mention the Insolvency code, the black money bill that we brought, the benami transaction bill that we passed in the parliament and of course many changes and redistribution of powers between the RBI and the political system has also happened in this country, which we never thought of earlier. When RBI can control inflation, the interest rate, the politicians or the political system had to completely depend on the RBI, now of course there is a change, in the Parliament too I said the same thing. Sometimes when a incident happens you don't know which way the country or which way the whole situation turns. Some policies we make, like now we have created called Monetary policy committee, this has six members with RBI representation, this is the sharing of power between political system and RBI.
I am a little worried also, may be some populist policies can play around with the monetary policy, but yet I am confident now the political leadership is looking forward and trying to sink India's attitude of business with the international attitude, so probably it's a positive move. But this is a very important juncture, especially for politicians and Chartered Accountants to understand these change. I know it is not easy to comprehend, as Mr Devaraja Reddy mentioned there are many discrepancies in the policies, many new things to be understood.
My sincere advice to aspiring CAs here is, anybody can get a degree, but only one who understands the subject can thrive in the profession, so I sincerely request you all to understand the subject, take it to heart. I also would like to mention that out of 8.5 lakh students pursuing the CA education in this country 8% were women students, but now it's gone up to 16% and I truly hope it will go up to 50%, because we women are rightful owners, we have to masters such complicated subjects like finance, we have to fight our way in such issues, so I would like to request the honorable ICAI Board members to encourage more and more women students to take up the CA course. What interests me being of the new generation is the new things, I read that about $40 BN or about Rs 2.7 crores every year across the world is siphoned away in financial fraud, that's a whole new area where CAs can think of working, there is a new concept called Forensic accounting which helps companies, governments track the money siphoned away, you can be instrumental in bringing the money back into the system, which is something more interesting to do.
Doing a regular course is good but add value to your qualification and job, try and pursue courses related to evolving aspects. The best think about being a CA is you can be your own boss, like we politicians, you can open your own firm, but to do that two core values have to be imbibed, you should be able to gain the trust of your clients and you should be hard working, a CA should while winning the confidence of the client, also ensure that clients comply with the law and efficiently manage their accounts. I appreciate ICAI for hosting such conferences where our students can understand the global phenomenon and the global best practices and get the best out of it.
But to conclude I would like to mention, that in this country when we utter the word politician what comes to our subconscious mind is corruption, when the word election is uttered, one is reminded of black money and illicit liquor and one mentions Chartered Accountant the immediate word one is reminded of is tax evasion, but as youngsters and as a young politician I would like to elicit a promise from all of you, you and I can change this perception about our professions, we could be truthful, more open minded, corrupt free and can change the perception of our professions, I am about to do that, I want to be a corrupt free truthful politician of this country and I hope tomorrow as CAs you will enhance the image of your profession and of your country, because your profession and mine are related to people both have a lot to share with people, both have a great responsibility towards the building of this nation, so as students, career professionals I would only urge you to be truthful to your profession, put in a lot of hard work and I am sure you will be very successful.
CA. Devaraja Reddy M said, it's a momentous occasion for Hyderabad, Telangana and Andhra Pradesh to have this prestigious conference here. The world has become a small global village and business has become complex, that presents enormous opportunities for Chartered Accountants. Ours is noble profession we want people to flourish and develop.
Indian CAs are most sought after because of better language skills than Chinese CAs, our hard work and truthfulness beats Pakistanis, as against Europeans our commitment is unmatchable, that's why Indian CAs are accepted, 30000 Indian CAs are working abroad and have 28 chapters there. Therefore your decision to take up CA course is appropriate, pursue the course and don't deviate by simultaneously doing other courses like ICWA, CS, Law etc. Erase the impression that the CA course is tough, it's a perception spread by Coaching institutes for their benefit.
CA is a easy course, it's just that you should have passion for it, you need to be confident in writing the CA exam, prepare well for the exam and you will qualify in CA exam quite easily. On behalf of students from Warangal and Karimnagar and the Institute, I requested Ms Kavitha to put a word to our honorable CM to grant a place in for the Institute in Warangal and Karimnagar, students from there need not come all the way to Hyderabad to pursue the course, he added. He said, article ship is key to success in CA profession, therefore pursue the course from ICAI, do article ship and don't fall prey to the false propaganda of the coaching Institutes.
ICAI organizes the 'International Conference for CA Students', annually, under the aegis of Board of Studies (BoS), ICAI. The Conference is being held in Hyderabad for the first time. ICAI hosts the Conference for the benefit of students in pursuit of their professional education and its commitment to share the knowledge in accountancy, auditing, taxation and allied areas. More than 2000 CA student delegates from India as well as from the Asian countries are participating in this prestigious annual event. This platform provides a great opportunity for the students to interact with fellow participants from other regions and branches and share their knowledge and experiences.
The Conference will have six technical sessions, where students will present subject papers and two very interesting the special sessions spread over the next two days. The topics being focused on are GST: Impact and Assessment, E-Commerce and GST; Auditing Standards: Relevance and Applicability; Cashless economy – Possibility, Feasibility & Acceptability; Denomination of notes of Impact on Indian Economy; Global Opportunities for CA Professionals; Big data and data Analytics; Cloud Computing etc.
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