Dear Members,

“No Dream is Ever Chased Alone.” – Rahul Dravid

We witnessed this first hand last month as our victories on the cricket field can largely be credited to the consistent efforts by our bowlers. In a sport where explosive batting is the decider, it was our bowlers who repeatedly carried the team to victory and most often in high pressure situations. As we navigate our ever-evolving professional world, remember these words by one of the best players and coaches of the Indian Cricket Team who made it clear that success is possible only through collaboration.

This year we completed 75 years of CA Foundation Day and it gives me great pleasure to wish all members a very happy CA Foundation Day. The WIRC fosters a community where cooperation in thought, word and deed is not just encouraged, it's the foundation of our collective strength. By valuing each other's unique experiences and perspectives, we create a wellspring of knowledge and innovation. This positive spirit can be clearly perceived in the events organised across the Region last month.

Independent Directors’ Conclave

Organised by the Corporate Laws and Corporate Governance Committee of ICAI along with the Women Members Excellence Committee and hosted by the WIRC of ICAI, this full day Conclave was organised in the presence of our esteemed torchbearers ICAI President CA. Ranjeet Kumar Agarwal and ICAI Vice President CA. Charanjot Singh Nanda. Based on the theme ‘Shaping the Future for Effective Corporate Governance’ the Conclave discussions centred around the roles, effectiveness and importance of being impactful supported by the vast experiences of the speakers. Members in attendance appreciated the expert insights as well as the networking opportunities at this Conclave.

Sub Regional Conference at Nashik

Organized by the WIRC and hosted by the Nashik Branch jointly with the Sambhajinagar, Dhule and Jalgaon Branches of WIRC, this two day Conference was a perfect blend of insightful sessions, expert speakers, and valuable networking opportunities. I take this opportunity to acknowledge the efforts put in by all the members of the host Branches to ensure the success of this Conference.

Sub Regional Conference at Goa

This two-day Conference was organized by the WIRC and hosted by the Goa Branch of WIRC on the theme ‘Purnatva – Holistic Professional Education’. Members attending this Conference were witness to discussions on key industry trends, received valuable insights and connected with colleagues and peers dedicated to excellence in the profession.

CA Women Leadership Conclave

Organised by the Women Members Excellence Committee and hosted by the WIRC of ICAI, this full-day Women Leadership Conclave was based on the theme ‘Falcon – Brave Boundless Beyond’. The focus was on subjects which would help women members not only manage work-life balance better but also re-ignite their passion for the profession as well as the upcoming opportunities to be accessed by them. The Women Portal for Flexi & Part-time work was re-launched and all those in attendance were urged to help each other by informing others to register on this site for a more remunerative and rewarding future.

Auditing Standards

Constant education leads to excellent service. To ensure that our members are at the cutting edge of knowledge with respect to Auditing Standards, WIRC organised a full day seminar which focused on various subjects including Key Learnings for Auditor from NFRA orders; Practical aspects of audit in specific situations; Auditor Report - Practical Considerations while drafting report/opinion and also the importance of thorough & precise documentation. We look forward to organising similarly focused events in the future to ensure our knowledge remains relevant to the times.

Income Tax Relearn Series

Amendments, addition of clauses and other changes are the norm. This makes it almost mandatory for WIRC to make sure that our members are also well informed of the latest modifications to be made professionally. This series focused on ‘Practical Issues in Capital Gains in IT Returns, Disclosure of Foreign Assets & Income, Key Elements in ITR and Practical Issues in ITR in the Head of Salary & Other Sources. The ‘Relearn Series’ will be taken forward during the course of the year for the benefit of all.

Opportunities in MSME

Highlighting the critical role of MSMEs in economic growth, the seminar dove deep into the evolving business landscape, providing strategies to navigate this fluid ecosystem. The seminar provided insights on how CAs can leverage their skills to support MSMEs to succeed, case studies and most importantly explored opportunities existing in this sector.

Direct Tax Refresher Course 2024

Renowned across the Region, DTRC 2024 continues to cover all the relevant topics required to bring professionals up to date in Direct Taxation. Covering the complete range of additions and amendments, discussions included Facing Faceless Assessments and Appeals; Succession Planning, Private Trust, Wills and HUFs; Penalties under Section 270A/ 271AC/ 271AAD - Show Cause Replies Drafting - Do and Don't; Issues in Section 56, 43 B (h); HNI Taxation; Important ITAT / HC / SC Judgements; International tax Planning Including Pillar 2, MLI and GAAR Consideration and Gift City - Tax & Regulatory Issues, thus empowering members to offer the most informed services to all stakeholders.

Project Finance

Organised by the Professional Development Committee of ICAI and hosted by WIRC of ICAI, this seminar presented core aspects of project finance, from a CA's role to the technical and financial considerations within project proposals. Providing deep understanding on working capital assessment and the creation of feasibility studies, this seminar was an enriching experience for all CAs looking to expand their skill set.

Workshop on Ind AS in Practice

Industry professionals sharpened their skills at the "Workshop on Ind AS in Practice." This intensive session tackled critical areas like Leases, Revenue Recognition, Financial Instruments, and Business Combinations & Consolidations. Participants gained valuable insights through a combined approach: exploring the topics from an Ind AS/AS perspective and reviewing recent NFRA orders and circulars. This practical workshop ensured attendees not only understood the technical aspects of these standards but also learned how to interpret and apply them effectively in light of current regulatory expectations.

MSME

MSMEs are a significant contributor to the Indian economy and as such form a large portion of members’ patrons. This makes it obligatory for members to have absolute clarity in all matters MSME. Hence, WIRC organised this event which covered relevant topics including ‘Significant scheme for MSME Exporters; SME IPOS - Everything you need to Know and Recent developments & scheme of SIDBI’. This event provided a macro and micro view of the current MSME scenario to assist members provide high quality services to their MSME stakeholders.

Virtual Knowledge

• AUDIT & IND - AS Series: The WIRC of ICAI organized a series of virtual webinars on Audit & Ind - AS focused on improving auditing practices and understanding of Indian Accounting Standards (Ind AS). Members gained valuable insights on common errors identified from both auditor and company perspectives, effective audit planning with templates, and challenges specific to the automotive sector. The series also covered proper reporting of audit findings in CARO reports. This comprehensive program equipped WIRC members with the knowledge and skills to excel in their auditing careers.
• Responding to Section 207 Notices from MCA as an Auditor: This event looked to empower members in navigating complex situations by equipping them with the knowledge and best practices to effectively address notices issued by the Ministry of Company Affairs under Section 207 of the Companies Act.

 

Tech Edge Series

• Mastering Prompt Engineering & Custom GPT Creation in ChatGPT: The AI engines currently in use are proving to be helpful but for optimum results they need to be trained with the correct prompts to increase their learning speed. This event provided information and instructions to create more impactful prompts to help increase the learning arc of AI and to obtain more accurate results.

WOW Series

• Role of Finance in Hospitality sector: This event gave an overview of the dynamic hospitality industry while also highlighting the role and importance of financial management crucial to the hospitality industry's success.
• Opportunity for CFO Services - How Role of CFO is Evolving: To empower its women members, WIRC organised this program focused on the growing demand for CFO services and how the role of a CFO is transforming in today's business landscape. It equipped women with the knowledge and insights to navigate this evolving field and further explore exciting career opportunities.

10th International Yoga Day

Holistic balance is necessary in our lives. On the occasion of the 10^th International Yoga Day, WIRC organised a program which provided guidelines to members on the practice of Yoga, Pranayam and Meditation. The objective is to promote mental clarity, emotional stability and overall well-being in the lives of our members to enable them to lead healthier, happier personal and professional lives.

CA Run for Viksit Bharat

The CA Run for Viksit Bharat is our way of showing we care about helping India become a stronger economy, increase transparency and ensure good governance. To raise awareness about the importance of working towards ‘Viksit Bharat’, WIRC jointly with WICASA of WIRC organised a fun 5 km run/walk for members. Everyone who joined got a certificate with trophies awarded to the winners. I am pleased to see the enthusiastic participation by members and I take this opportunity to congratulate all the organizers and everyone who ran or walked for making it a great success.

Successful people build each other up. They motivate, inspire and push each other. Let us build a culture of genuine respect and humility within our WIRC family. When we make others feel valued, collaboration flourishes.

Michael Jordan, the basketball legend said, “Talent wins games, but teamwork and intelligence wins championships.”

It is clear that no single individual possesses the totality of knowledge, talent and experience needed to achieve truly remarkable things. But when we work together, united in purpose, our collective strength becomes an unstoppable force. Let us continue to inspire and empower each other, for together, we are stronger.

CA. Ankit Rathi

Chairman