I, Sahil Goel, a student of Chartered Accountancy Course – Intermediate (Result Awaited), am presenting a summary of the points discussed by the great luminaries of the esteemed Profession of Finance and Accountancy from across the Globe, in Live Google Hangout Organised by ICAI for the Students and Member, on July 1, 2014 from 11:00 to 12:09.

2. I, Sahil Goel, a student of Chartered Accountancy Course –
Intermediate (Result Awaited), am presenting a summary of the
points discussed by the great luminaries of the esteemed
Profession of Finance and Accountancy from across the Globe,
in this conference held on July 1, 2014 from 11:00 to 12:09.
Please Note : The words expressed may not be verbatim, however they convey the same meaning as per
the best understanding of the maker of this presentation.

3. • Welcomes Mr. Warren Allen, President International Federation
of Accountants (IFAC) and Ms. Sylvia Wei Yen Tsen, Delegation
IFAC
• States that ICAI is looked upon with great eminence not only in
India but across the Globe.
• Informs about the launch of the following:
1. Cloud Campus for ICAI Students
2. E-Learning Portal for Students of ICAI across the
world
3. Audio and Video Lectures online
4. Articleship Training Resources Online
5. Digital Library for ICAI Members
6. ICAI Publications

4. •Said he was excited to be in India
•States that the World is Watching India (referring to
Importance of Indian Economy to the World).
•States that ICAI is an important organ of India’s growth
story and needs to strengthen its partnership with the
Center.
•States that the coming 5-10 years are the most important
for the Indian Economy. The world is expecting high
growth in this part of the world.

5. Speaker 3: Ms. Sylvia Wei Yen Tsen, Delegation IFAC
• Felt proud to be at the Program
• Applauds the initiative of ICAI to launch the FLEXI WORK
PORTAL FOR WOMEN MEMBERS OF ICAI.
• Wishes for a brighter future.
Speaker 4: Chairman, Committee of Members of
Industry- ICAI
• States that the Gap between the Profile requirements by the business houses and the
availability of profiles in the market – meaning that Job providers are not getting good
employees.
• Emphasizes on the importance of CAs in Business; said CA have important role to
play in Top Management of almost every Business
• Urges member and students to nominate themselves and others for ICAI Awards.

6. •Exciting times in India
•New Government has given new horizon for growth.
• ICAI has 50% Young Members out of all the Members – fact promises
innovation, modern ideas and greater efficiency to flow in the profession in the
coming times.
• Emphasizes on the importance of ICAI for National Development

7. •States that ICAI has got 85000 new members in past 5 years and still the industry
needs more quality CAs.
•Stressed on the importance of updating the knowledge base for existing members.
• Said that Members have been experiencing difficulties in the field of
International Taxation therefore ICAI has worked out Training Programs for
International Taxation – urges members to participate in the same.
• ICAI working on leveraging technologies for Students.
• Emphasizes on the importance of Articleship Training and urged students to
be sincere about Articleship.

8. •Reminds of the Glorious History of ICAI:
1. First Woman Member - Ms. R. Shivabhogam and
her achievements
2. The Daughter of the Auto-Rickshaw driver who
Topped in CA Final Examination – CA Prema
Jayakumar
• Applauds the initiative of ICAI to launch the FLEXI WORK PORTAL FOR
WOMEN MEMBERS OF ICAI.
• Said that Chartered Accountants become inspirational examples for the
society.
• Explains more about cloud campus launch.

9. • Tells about the presence of ICAI and its members across Globe.
• Said that we need to build strength to meet not only national but Global
Challenges.
• Hopeful about the steps to be taken by new Government and the Budget.
• More than 2,40,000 member of ICAI in Present – is half the actual requirement
of the Industry.
•No economy can grow without proper Accounting and Financial Management
system.
•Reiterates the importance of Articleship Training for Students.

10. • Said the ICAI has requested that Members of ICAI should be the only official /
Authorized arbitrators in Financial Matters. (referring to the areas of practice where
only Chartered Accountants are allowed by the Law.)
•Urges to practice ethics.
•Urges everyone to do at least 1 new thing and learn at least one new think each day.
• Concerned about CA Benevolent Fund.
• Urges members to contribute to the Fund for development of the Institute and
Profession – “Time to Repay the Institute.”
• Said that it is targeted to collect Rs. 25 Crore by Next CA Day Celebration

11. •States that lots of changes are to come in the coming times:
1. Companies Act 2013
2. Direct Tax Code
3. Goods and Services Tax
4. Changes in FEMA
5. And Others
•Members should take these changes as opportunities.
•Applauds initiatives by ICAI.
•Urges members to devote time improving knowledge base.

12. •Said Chartered Accountants enjoy the trust of Stake Holders and Government
•Increase focus on Cyber Security and Accounting with Information Technology.
• CAs not only specialists of Audit and Accounting but also the experts in Taxation,
Management and other Financial Aspects.
• States that time has come to revert back to strengthen the basics (referring to
Audit and Accounting) in order to deal with and prevent accidents like Satyam
etc.
• We need to unlearn the old aspects and learn the aspects of Modern Law and
Economics.

13. • Entire Audit reporting format will be undergoing changes – requires preparation
and updating.
• Need to define various undefined terms to prevent intended and unintended
misinterpretation of rules.
• Hopeful about flow of Investment to India.
• Suggests students and member to get specialization in specific areas of their
choice.
• ICAI largest statutory accounting body across the world.
• Targets at reducing the number of litigations pending and reduce the number of
fresh litigation related to Taxation and BusinessLaw.

14. • Urges students and members to attend the seminars and other events organized by ICAI.
Queries:
After all the speakers had spoken, the President Mr. K Raghu discussed some of
the queries of the member received in advance, the crux of it has been given
below:
1. Knowledge Portal Launched wherein expert would take up queries of the
members.
2. CA Chapters present in countries like Nigeria too. More initiatives would be
launched for Global reach of ICAI. Technological advantages to be taken.
3. Projects with Government and Chartered Accountants to be given preference
in Revenue Departments of the Government and other Government
departments in the near future.

15. Made By: Sahil Goel , Student IPCC (Result Awaited)
Phone: +91-9891516946