Learn the Truth by approaching a spiritual master. Inquire from him with reverence and render service unto him. Such an enlightened Saint can impart knowledge unto you because he has seen the Truth. – Bhagavad Gita 4:34

Dear Colleagues,

The Chartered Accountancy profession is based on knowledge and skills and for whom continuing education is an essential part of professional life. The Bhagavad Gita reinforces this by praising the pursuit of knowledge. The verse mentioned above inspires us to learn from esteemed teachers and strive to improve ourselves with focused dedication.

Lord Krishna encouraged Arjuna to approach his teacher to learn the truth, in an obedient manner, while rendering service to him. He also gives the confidence that “self-realized” souls will impart knowledge to improve the student because of their experience. This is exactly how we encourage learning in our profession and by keeping this shloka at the forefront we will always be able to gain knowledge from what we know. We need mentors to teach us to grow and expand.

The Bhagavad Gita reminds us that while the pursuit of external achievements often drives our ambitions, true progress lies not in the accumulation of things, but by honing our inner strength, aligning our actions with purpose, and finding the warrior within. May this year be a journey of mindful action, unwavering dedication, and the discovery of lasting progress that resonates at the core of our being. As we step into this year, let us take a moment to reflect on the insight given by the Bhagavad Gita on making progress in our personal and professional lives.

As we embark on this New Year, I want to personally extend my warmest wishes to all WIRC members and students. May 2024 be a year of immense success and fulfillment for each of you. Let's leave behind the triumphs and challenges of the past year and step into 2024 with unwavering determination. The WIRC Region is brimming with potential, and I have no doubt that we will collectively achieve even greater heights in the months ahead.

37th Regional Conference of WIRC of ICAI

"Chaitanya – Igniting Knowledge, Engineering Excellence," the theme of WIRC's 37th Regional Conference, resonated strongly as members and stalwarts from across India explored solutions to today's challenges.

Inaugurated by ICAI President CA. Aniket Sunil Talati and Vice President CA. Ranjeet Kumar Agarwal, the two-day event drew over 2,100 members from across the Region and the nation. We were privileged to have Ms. Jahanzeb Akhtar, Principal Commissioner of Income Tax and Mr. Deven Choksey, MD, DRChoksey Finserv grace the occasion with their presence. WIRC's commitment to knowledge and excellence was furthered by the presence of RCMs, CCMs, and fellow members, fostering a vibrant space for collaboration and problem-solving. We take this opportunity to thank CCM CA. (Dr.) Rajkumar Adukia, CCM CA. Durgesh Kabra, CCM CA. Vishal Doshi and CCM CA. Piyush Chhajed and all the other members and staff who made the 37th Regional Conference of WIRC of ICAI a grand success.

World Record for the Largest Human Mosaic

Your WIRC of ICAI soared into the record books by claiming the World Record for the 'Largest Human Mosaic'. During the 37th Regional Conference and National Conference for CA Students, 5,032 members and students came together and proudly formed the letters 'ICAI' to form the world's largest human mosaic which was officially recognized by the World Book of Records, UK. This incredible feat, fueled by the tireless efforts of WICASA students, CA. members, CCMs and RCMs is a testament to the WIRC Region's dedication and brings immense pride and glory to our Institute and the WIRC Region.

Conference on NBFC

A one-day Conference which exhaustively covered a range of topics highly relevant to the current NBFC sector. Seventeen speakers provided their insights on eight individual subjects and a panel discussion ensuring that participants received thorough knowledge and solutions into contemporary NBFC issues.

AQMM & Implementation Issues

Audit Quality is a vital aspect of the Profession and with changing business dynamics and in this advanced digital era, auditors today need to reinvent themselves and keep current. While the profession is well aware of the Audit Quality Maturity Model (AQMM) as an amalgamation of well-researched set of Audit Quality Indicators (AQIs), implementation issues need to be addressed. To bring members up to date on this topic WIRC organized this seminar which specifically focused on resolving the various queries of members on implementation of AQMM.

Program on Standards on Auditing

WIRC organised this one-day program jointly with the Ghatkopar CPE Circle of WIRC to ensure that members were aware of the latest Standards on Auditing and more importantly resolve professional queries on the same. Large number of members took the benefit of this program and those in attendance appreciated the information disseminated at this seminar.

Commonly Observed Errors in Ind-AS / AS / Schedule III / CARO 2020

A much needed seminar to highlight the most common errors in the areas of Ind-AS and CARO, the topics covered included the Recent International Developments in Accounting World and the Commonly Observed Errors in the various implementations of Ind – AS, AS, Statutory Audit Reports, Report under CARO 202 and in Preparation of Annual Accounts under Schedule III. Taken together, the seminar highlighted common errors observed across these core topics and helped to increase members’ awareness.

Seminar on Auditing Standard

WIRC organised this half-day program jointly with the J.B. Nagar CPE Circle of WIRC. Providing clarity across a host of topics, this Seminar covered in detail SA 210, SA 230, SA 260, SA 505, SA 570 and SA 58. Attending members were appreciative of the topics and the details covered in the course of this seminar.

Seminar on Code of Ethics

WIRC took members into a deep dive into ethical excellence through its 'Code of Ethics Program’. The full-day event covered the gamut of topics related to the ‘Code of Ethics’ right from ‘Amendments after revision of code of ethics’ to ‘Insights on Ethical Standards and Threats’, ‘Case Studies in Disciplinary Proceedings’ and a panel discussion on ‘Practical Aspects’ with inputs by Past-Presidents of ICAI on the panel.

Practical AI for CA Office

A workshop on Artificial Intelligence on the theme 'Practical AI for CA Office' was organized by WIRC to help members unlock the potential of AI in their respective offices. The workshop shared insights into leveraging AI for enhanced efficiency and productivity. This was of great benefit to all members and we at WIRC look forward to continuing with similar themed seminars in the near future for the benefit of all.

Seminar on Standards of Auditing, Professional Ethics, and Essential Soft Skills

Strong Auditing and Ethics form the foundations of a capable professional. The addition of soft skills take the professional from being capable to evolving into an accomplished practitioner. The Mira Road CPE Study Circle of WIRC organized a Seminar on ‘Standards of Auditing, Professional Ethics, and Essential Soft Skills’ to add all essential qualities together and help members develop into higher level professionals.

Workshop on Artificial Intelligence

Detailed insights were provided on Artificial Intelligence and its various forms and formats at this workshop. Members were provided information into the various pros and cons of the new AI applications, risk and benefits as well as how members can build their own basic AI applications without programming by using alternative softwares thus providing a thorough overview of AI, its uses and levels of implementation for professionals.

Conference on विशेषग्य से विमर्श

This two-day Conference, was organised by WIRC and hosted by the Ahmedabad Branch of WIRC of ICAI delved deep into topics ranging from comprehensive discussions on Real Estate GST, The Art of Will and Succession Management, The Art of Financial Statement Analysis and other topics of professional relevance. The expert insights provided by stalwarts of the profession impressed all members in attendance.

RRC on a Cruise – 2023

WIRC’s unique Residential Refresher Course on Cruise – 2023 was highly successful. The high quality information in a relaxed atmosphere enabled the members to have an overall better experience. The positive takeaways and the enthusiastic response from the members indicate that we will be organizing similar RRCs in the near future.

Interaction with Universities and Colleges

• WIRC Office Bearers visited Pune and had a fruitful interactive session with Dr. Anjali Sane, Dean of the School of Economics and Commerce at MIT-World Peace University. She was apprised of the educational programs and outreaches organized by WIRC to provide more stable career choices for students across Maharashtra, Gujarat and Goa.
• I am pleased to announce the inauguration of 'Accountancy Museum' at Garware Commerce College. These museums are visionary and far-seeing in that they consciously and sub-consciously create an interest in accountancy and the advantages of a profession in accountancy and finance to all visiting students.

The WIRC team recently had the opportunity to visit the Bharuch, Satara, Pune and Nanded Branches of WIRC as well as the Parbhani CPE Study Chapter of WIRC. I am pleased to announce that during the visit to the Nanded Branch of WIRC of ICAI, we also had the opportunity to inaugurate the Accounting Museum at Nanded.

As stated at the beginning of this communication, the pursuit of knowledge which is the bedrock of our profession, finds profound resonance in the Bhagavad Gita. The scripture extols the value of continuous learning, urging us to seek wisdom from respected mentors and dedicate ourselves to self-improvement. Like Arjuna receiving Krishna's guidance, we too must approach our teachers with humility and service, trusting that their experience will illuminate our path. Through this constant striving, we strengthen our mind and spirit, transforming it from a potential liability to our greatest ally. This dedication to perpetual learning empowers us to fulfill our professional duties with clarity and conviction, ensuring that our minds remain ever aligned with the highest ethical standards and service.

Even Sant Dnyaneshwar gained knowledge by serving his guru Nivruttinaath. He says “योगराज विनवणें मना आलें वो माये ॥” which means “I gained realization by serving my guru yogiraaja Nivruttinaatha”.

Together, let's make 2024 a year of collaborative success. Let's support each other, share our knowledge, and push each other to reach new heights. I am confident that together, we can make the WIRC Region a beacon of excellence.

CA. Arpit Jagdish Kabra

Chairman