Dear Members,

"Leadership is about taking responsibility, not taking credit." – Nelson Mandela.

As we navigate the ever-evolving landscape of finance and business, it's vital to remember the cornerstone of our profession: integrity. The words of Nelson Mandela, resonate amongst us all. We, the Chartered Accountants of WIRC, embody this spirit by upholding the highest ethical standards in all our tasks.

Our journey, however, cannot be one of stagnancy. As the great scientist Marie Curie said, "One never notices what has been done; one can only see what remains to be done." Let us continue to push boundaries, embrace innovation, and equip ourselves with the skills needed to thrive in the digital age.

Our collective strength lies in collaboration. Through active participation in WIRC events, knowledge sharing, and mentoring our younger colleagues, we build a vibrant and resilient community. To take this forward in a concrete manner, WIRC organised some highly relevant and interesting events last month.

National Conference on Capital Market

WIRC was privileged to host this two day Conference on Capital Markets which was organised by the Committee on Financial Markets and Investor Protection of ICAI.

Present on the occasion was Smt. Meenakshi Lekhi, Minister of State for External Affairs and Culture of India as Chief Guest along with Shri Om Birla, Speaker of the Lok Sabha. We were also honoured with the presence of our esteemed torch-bearers CA. Ranjeet Kumar Agarwal, President, ICAI and CA. C.S. Nanda, Vice President, ICAI. Amongst these stalwarts, the National Conference saw the members from across the country in attendance to gain deep knowledge from renowned Capital Market authorities.

Digital Assurance in the field of Fraud & Forensics

The Seminar took participants on an interesting journey in the field of Fraud & Forensics from the digital assurance perspective. Covering all pertinent aspects ranging from concepts and tools to application of techniques and case studies, the seminar provided members a 360 degree view on ‘Digital Assurance in the field of Fraud & Forensics’.

Recent EAC Opinions under Ind AS Framework

Organised by the Expert Advisory Committee of ICAI and hosted by the WIRC of ICAI, this seminar saw multiple sessions providing insights on Ind AS 16, ‘Property, Plant and Equipment’ and Ind AS 115, ‘Revenue from Contracts with Customers’ in the presence of ICAI Past President, CA. (Dr.) Debashis Mitra and other renowned speakers. Expert insights gave members in attendance clear roadmaps for the way ahead on these subjects under Ind As.

Conclave on Trusts and NPOs

This full day conclave covered multiple topics on different aspects of Taxation and FCRA related to Trusts and NPOs to present a comprehensive understanding of the same. Members were pleased with the content on Amendments in Trust Taxation, Registration u/s 12AB, 10(23C) and other amendments - Analysis of Recent Amendments, Issues in filing of ITR 7: In Depth analysis of circular and presentations on Critical Issues in FCRA - FCRA certification and relevant records/ audit reports.

Program on Ind AS

To provide granular details of some of the vital aspects of Ind AS, this one day conference allowed attending members to get a deeper understanding of the topics at hand. The seminar speakers presented their insights on Ind AS 32 and Ind AS 109- Key Impacts from SHAs; Ind. AS 113 - Fair Value Measurement; Ind AS 102- Key Impacts from ESOP Schemes and on Commonly found errors in Ind AS financial statement. Taken together, these four subjects covered the necessary subjects essential for compliance of all stakeholders.

Workshop on System Audit

System Audit ensures data integrity, safeguarding the organization’s assets, studies operational efficiently to help the organization in achieving its goals and objectives while evaluating inefficiencies or loopholes to provide solutions to overcome such lacunae. The workshop made members cognizant of the various procedures, practices and planning needed as well as the guidelines to achieve the same with respect to requirements by regulators as well as overall risk and security framework and compliances to be taken into consideration for successful system audits.

 

FRIDAY FUNDAS:

• Small Steps towards ESG - Opportunities for CA in ESG monetization: While ESG initiatives are often seen as an additional cost, CAs can turn this into a lucrative opportunity as highlighted by this workshop which provided a roadmap for monetizing ESG as a new array of services by CAs.

VIRTUAL KNOWLEDGE

• Internal Audit Symposium: Organised and conducted over a period of 5 days, this symposium discussed relevant standards, their planning, adoption and implementation as well as risk based internal audit plan development, the IA process, required tools and technology, reporting results and the overall communication. Members were pleased with the learning provided via short courses over a period of days as it allowed them time for work as well as to assimilate the information easily.

• Ind AS Series: As part of the ongoing series on Ind AS, we organised a virtual class focused on ‘Decoding IND AS 115 with Practical Case Studies’ for finer details and clarifications related to revenue from contracts with customers.

• Recent key changes in Ind AS and ITFG: There have been a number of bulletins and issues brought forward by ITFG in recent times and to keep members aware of these changes as well as their nuances, we organised a webinar on ‘Recent key changes in Ind AS and ITFG’ which was attended in large numbers.

• Practical Challenges in Audit of Renewable Energy Sector: Auditing renewable energy provides its own set of challenges ranging from remote project locations and cutting-edge technologies with complex financing schemes to offsetting carbon credits and assessing grid integration all demand a unique skillset which was highlighted in this informative session.

• Concurrent Audit of Banks: To bring members up to date as well as clarify on some of the nuanced aspects of concurrent audit of banks, this event focused on ‘Practical aspect of concurrent audit’ and ‘Handholding on CBS’, both of which attending members found highly relevant.

Tech Edge Series

• Beyond Chat GPT: A Journey into LLMs: Organised to expand members’ understanding beyond ChatGPT to other options such as Large Language Models (LLMs), this event gave an outlook of the process behind LLM creation, reasons for recent boom in LLM, comparison between different models, key differences between open-source and proprietary options to enable members to make informed choices when interacting with these powerful language tools.

WOW Series

• Thought Leadership and Networking skills for Women: For women CAs, establishing themselves as thought leaders and building a strong network are key ingredients for career advancement. Hence, this lecture focused on the ingredients required to develop into a thought leader and also tips into improving skills needed to meet others and develop the right connections.

• Leadership Communication - Effective Communication Skill, Active Listening, and Asking Effective Questions: Effective communication is the cornerstone of strong leadership, and for women CAs, honing these skills is crucial for success. This session highlighted the importance of ensuring clarity, concision and confidence in your communications coupled with active listening techniques and following up with questioning for knowledge as well as clarity.

Workshop on Global Etiquette Mastery: Elevate your Professionalism

A two-day workshop was conducted for members looking to develop their soft skills as per international standards. The first day provided guidelines on nuances of professional and business etiquette focusing on body language, vocal training and image building. Day 2 focused on strengthening intra & interpersonal communication skills for a more confident and leadership-based approach.   

WIRC office bearers visited the Nagpur Branch of WIRC to interact with the highly passionate members and students of this Branch. Nagpur witnessed a heartwarming development as WIRC signed a MoU with a local institute training blind students in Tally. Recognizing the immense potential of these students, WIRC pledged its support in empowering them for successful accounting careers. This initiative has the potential to significantly impact the lives of visually impaired children, paving the way for a more inclusive future in the accounting profession.

The journey of a Chartered Accountant is a lifelong pursuit of self-improvement and continuous learning. The WIRC is committed to empowering you on this journey of growth. We will continue to offer a robust platform for knowledge sharing, professional development, and networking. In the words of Henry Ford, "The only mistake is the mistake from which we learn nothing." Let us learn from every challenge, every triumph, and continue to push the boundaries of our profession.

CA. Ankit Rathi

Chairman