ICAI International Conference 8 th January, 2012 Vision 2030

ICAI has been playing an important role in nation building with a prominent role in the advancement of accounting profession (1/2) 2 ICAI is the second largest professional accounting body in the world … …having strategic alliances with international bodies….. …contributing towards development and convergence of global standards 180,000+ Members 600,000+ Enrolled Students 12,000+ Members working abroad Strategic Partnerships Regional Professional Accountancy Bodies Tie-up with global educational institutions

ICAI has been playing an important role in nation building with a prominent role in the advancement of accounting profession (2/2) …and Partnering in national commerce education system with…..

4 “CA firms need to follow the examples of software companies to go global” “Emergence of Indian multinationals needs to be supported by global Indian professional services firms” ICAI members are extremely proud of what has been achieved but seek to take ICAI to the next level (1/2) “XBRL provides opportunity for Indian accounting firms to offer offshore services” “CAs need to continue to be relevant to society and remain credible” “Indian CAs have the best technical skills and compete well with the best in the world” “CAs are expected to detect all frauds, which is unrealistic” “Our training of CAs needs to include global orientation and soft skills”

5 “Need for strengthening capacity of Indian firms to compete” “ As one of the largest accounting bodies, we need to demonstrate leadership in setting global standards” ICAI members are extremely proud of what has been achieved but seek to take ICAI to the next level (2/2) “Need to graduate from reporting numbers to value addition” “We need to expand our service footprints and not protect traditional turf to grow” “There is growing demand for visible response and leadership in regulation” “We need to consider our profession as service providers with service excellence”

ICAI’s Vision 2030 aims to harness the opportunities and address the challenges presented by the changing environment 6 Leading accounting body Develop capabilities and global partnerships to play a predominant role in setting standards, thought leadership and innovation Trusted Professionals Thrust on highest standards of ethical and professional conduct World-class competencies Holistic education, practical training and continuous professional development to keep pace with emerging practices World’s leading accounting body, a regulator and developer of trusted professionals with world class competencies in accounting, assurance, taxation, finance and business advisory services Draft

ICAI will leverage technology and infrastructure and collaborate with its stakeholders to: Impart world class education, training and professional development opportunities to create global professionals Develop an independent and transparent regulatory mechanism that keeps pace with the changing times Ensure adherence to highest ethical standards Conduct cutting edge research and development in the areas of accounting, assurance, taxation, finance and business advisory services Establish the Indian professionals and companies as global service providers ICAI’s Mission is focused on advancing the accountancy profession and realizing the Vision 2030 Global Professionals Competent professionals with ability to provide business solutions Independent & Transparent Regulation Unbiased, visible, and proactive response Highest ethical standards Uphold values of accounting profession Cutting edge research and development Thought leadership and innovation Global service providers Capability to service clients across the globe Draft 7

In line with its Vision and Mission, ICAI will focus on the following key strategic priorities Revitalize education and training systems and establish an enabling ecosystem to produce globally competitive accounting professionals Create enabling framework for Indian firms and professionals to leverage global opportunities Adapt the regulatory mechanism to the changing times Assume leadership position in national, regional and international accounting fraternity 5 Undertake branding and awareness campaign to enhance public perception of ICAI and professionals affiliated to ICAI 6 Strengthen infrastructure and technological capabilities to improve engagement with all stakeholders Imperative to establish a comprehensive, outcome focused Monitoring and Evaluation mechanism for tracking and reporting progress Draft 8

Question 1: To what extent does the draft ICAI Vision 2030 reflect your aspirations? 9 World’s leading accounting body and a regulator and developer of trusted professionals with world class competencies in accounting, assurance, taxation, finance and business advisory services Draft

Question 2: What are the other key strategic priorities that you would want ICAI to pursue? Revitalize education and training systems and establish an enabling ecosystem to produce globally competitive accounting professionals Create enabling framework for Indian firms and professionals to leverage global opportunities Adapt the regulatory mechanism to the changing times Assume leadership position in national, regional and international accounting fraternity 5 Undertake branding and awareness campaign to enhance public perception of ICAI and professionals affiliated to ICAI 6 Strengthen infrastructure and technological capabilities to improve engagement with all stakeholders Draft

Question 3: What are your views on the unfinished agenda that you want the Strategic Action Plan to reflect? 11

Next Steps Continued feedback from stakeholders Finalize Vision statement, Mission statement and Strategic Priorities Develop Strategic Action items for next 3 years 12

Thank You 13