Western India Regional Council of
The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

Chairman Communication

CA Lalit Bajaj

Dear Members,

In the words of Martin Luther King Jr, “The ultimate measure of a man is not where he stands in the moments of comfort, but where he stands at times of challenge and controversy.”

It is true that currently we are facing one of the most challenging business environments of all times. Stakeholders including government, investors, entrepreneurs, professionals, employees, and customers are trying their best to navigate the unchartered waters and reach the shore safely. Organisations are focused on survival rather than growth. The impact of pandemic is evidently visible at each stage of supply chain right from manufacturer, distributors, retailers, and customers.

However, hoping that things will be back to what they were before the pandemic once the impact reduces will not be correct. It is estimated that Covid 19 will have long term impacts on the way business were conducted till date and organisations whether big or small should adapt them sooner rather than later.

As Chartered Accountants we are guardians of capital and finance and we need to be at the forefront in these times. The confidence we impart to our clients, the solutions we provide and the morale improving support from our side can make a huge difference in the way the industry functions.

Transition into digital business environment for members

We understand the technology has unprecedented and profound impact in how we provide services. Technologies like cloud computing, online collaboration and data sharing are rapidly changing the manner in which accounts and finance professional carry out their obligations towards their clients.

It is time that we rapidly adapt ourselves with the skills that will assist us in performing, alongside with the technology and at the same time provide services which are yet not provided by us.

With a view to promote the interests of our members, WIRC has organised Virtual CPE Meetings on ‘Smart Rooms VDR Platform & Tools & Technology for Small & Medium CA Firm’ and ‘Data Analysis for Auditors using IDEA’. The session was highly appreciated by the participants and shall help the members in easily adapting to technological change and develop a competitive edge while providing services to the clients.

Virtual CPE Meetings

Moving forward with our aim to continue sharing knowledge and develop the skills of the members, irrespective of the conditions and challenges, WIRC has successfully organised several virtual CPE meetings in July 2020.

It is a moment of pride for me to state that our Virtual CPE Meetings are seeing renowned speakers illuminating the fraternity with their expertise and experience.

The virtual CPE Meeting on “Benami Law” was graced by the presence of CA. Ashwani Taneja, Ex-ITAT Member.

Further WIRC’s Virtual CPE Meeting on “Pharma Industry” saw the presence of key management personnel from top pharma companies. Their presentations gave a much better insight into the pharma industry as a whole to our members. For more industry specific interactive sessions, members can send their suggestions on wirc@ icai.org

Apart from above, WIRC has organised a Virtual CPE Meeting on ‘Registration and Taxation of Charitable Trusts, Institutions’; ‘Tally Summit 2020’ and ‘Workshop on Excel: An Intelligence Tool for Financial Modelling’ which were actively participated and appreciated by the members.

Members and Students can access the upcoming Virtual CPE meetings from https://wirc-icai.org/ members/registration-cpe-programmes

Refresher Course

In addition to Virtual CPE meetings, WIRC has been actively organising Refresher courses to help members revisit and revise their knowledge in existing areas of service. The refresher course has been widely popular with the members as they continue to join in large numbers.

During the month we had the honour to host CA. Sachin Patil, EOW Director for the “Refresher course on Forensic Audit”; and CA. Sushil Solanki, Ex-Commissioner Service Tax for the “Refresher Course on GST”.

Further “Refresher Course on Accounting Standardscase studies, disclosures and impact on Audit Reporting of SMEs” was graced by presence of CA. N. P. Sarda, Past President – ICAI

WIRC Research forum

At WIRC we are always looking to construct a stronger present for a more solid future. To that end, we organised a Virtual CPE Meeting on “Research-Techniques & Career Prospects”. This was attended by the doyens of not only the profession but also education professionals in order to create a more holistic approach. Our esteemed Vice President ICAI, CA. Nihar Jambusaria was present along with CA. Sangeeta Pandit, HOD Finance - Sydenham Institute of Management (SIMSREE), Dr. Paritosh Basu, Senior Prof. & Chairperson of MBA (Law) - NMIMS University School of Business Management and Prof. (Dr.) Ketan R. Upadhyay, Dean, Department of Accounting and Financial Management, The Maharaja Sayajirao University of Baroda. Their insightful guidance was highly appreciated by all in attendance.

Further, in order to promote, create and enrich members to engage under subject specific research activity, WIRC has started with an initiative of “WIRC Research Forum”. As a part of the activity of the Research Forum, we will have an elaborate discussion on Research activity and will decide the areas, methods, and procedures of research at WIRC in consultation with ICAI.

Interested members can join the research forum, by filing the form at https://forms.gle/wDGw7iWVQdMxpSZv6

Recording for Webinars/Virtual CPE Meetings

With an aim to assist members to revisit the Virtual CPE Meetings and Refresher courses at any time in future, WIRC has created a repository for Virtual CPE meeting and Refresher Courses recorded videos

The videos can be accessed by members at https://wircicai.org/notice-board/1249-recording-of-webinar-series. I highly recommend members to make the most of the opportunity if they could not attend the Virtual CPE Meetings/ Refresher Course at scheduled times.

Live Career Counselling Help Desk

It is a pleasure for me to announce that the Career Counselling Help Desk, designed to help the prospective students of Chartered Accountancy course know more about the prestigious course is now live.

The portal can be accessed at https://careercounselling.wirc-icai.org/. The students at Secondary School, Higher / Senior Secondary School, Graduation / Post Graduation Level & Others shall be able to post their queries and the same will be resolved by an expert committee at WIRC.

Further, students will also be able to access articles published on the platform and search the knowledge portal.

Members and students are requested to share the link and details of Career Counselling help desk to all students desirous of pursuing Chartered Accountant course.

Help desk for members and students

In order to cater quickly and efficiently to doubts of members and students, WIRC has launched a live helpdesk wherein members and students can visit and raise their queries. The queries are channelized to concerned person for necessary action/ response.

I am happy to share that the portal is live and members and students can share the queries at https://helpdesk.wirc-icai. org. For Live Helpdesk please write to wirc@icai.in

Referencer on GST Annual Return and Audit- To be released on 4th August

With the objective of providing one stop guidance for members on GST Annual Return and GST Audit for FY18- 19, WIRC has prepared a detailed referencer on GST Annual Return and GST Audit. The same will be released by us on 4th August 2020. Members are requested to visit www.wirc-icai.org for further updates.

Reference Manual

I am also pleased to inform that WIRCs most awaited publication, the “WIRC Reference Manual 2020-21” can now be ordered online from the link given below. You can pay online and collect the Reference Manual directly from ICAI BKC or get it couriered to your address (delivery charges applicable)

The WIRC Referencer 2020-21 is available at: https://wirc-icai.org/manuals-purchase/272-purchase-of-publication/ individual-registration

Research group for “Ease of requirements of various registration of foreign company venturing in India”

In order to identify the challenges faced by foreign companies trying to venture in India and suggest measures to remove the difficulties and improve ease of doing business, WIRC is forming a research group for “Ease of requirements of various registration of foreign company venturing in India”

The findings of the research along with suggestions shall be shared with concerned authorities for effective implementation.

I would urge members to contribute in the above initiatives by writing a confirmation mail at wirc@icai.in

I would like to conclude with a message that let us look to the future with confidence and determination that we will overcome and take the profession to greater heights. WIRC has always been there to support all members and students and we will continue to do that for the betterment of the fraternity as a whole.

As always, take care, stay safe and remain healthy.

Yours Sincerely,
CA. Lalit Bajaj