The Hindu Business Line : ICAI plans incubation facility for freshers

Mangalore, June 23 In its efforts to build capacity among small and medium chartered accountancy firms, the Institute of Chartered Accountants of India (ICAI) plans to provide incubation facilities for fresh CAs in its premises in the country.

Inaugurating the renovated branch premises of the Mangalore chapter of Southern Indian Regional Council (SIRC) of ICAI here on Monday, Mr Uttam Prakash Agarwal, President of ICAI, said the institute is focusing on making provisions for 10-15 offices of at least 100-150 sq.ft. while developing infrastructure of its branches.

“These facilities should be given to the young incoming CAs to practice at break-even cost,” he said. Those who start practice there should set up their own offices in five years.

Stating that CAs in small cities have hardly established independent practices in the last three to four years, he said they did not have easy access to capital to start on their own..

“In around 20 places, wherever our new buildings are coming up, we plan to have this five to 10 room facility. That is the capacity building measure of the newly enrolled CAs,” he said.

Later addressing presspersons, Mr Agarwal said the ICAI will Webcast talks by noted people in the industry for the benefit of its members. The streaming of talks, which will begin from next month, will be of great help to CAs, he said.

Overseas pacts

ICAI, which has signed MRA (mutual recognition agreement) with the accounting body of England and Wales, will sign a similar agreement with Australia. Also, process is on for signing such agreements with accounting bodies in Canada, Ireland and Singapore, he said.

Apart from this, ICAI has signed MoUs with Bahrain, Dubai and Oman for providing technology to set up their own units in their respective countries.

Speaking on the accounting technician course of ICAI, Mr Agarwal said around 3,000 people have enrolled for this 11-month course. It will create the second tier of accounting professionals in the country.

SATYAM scam

The high-powered committee, which has been formed to look into the Satyam scam, has discussed the draft report in its meeting two days ago. The report would focus on the failing in this particular case, and the measures to be taken to prevent such incidents. The council meeting of ICAI, which will be held in 15-20 days, will finalise the report, he added.

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