WCOA 2022 concludes: ICAI signs MoU with The Institute of Chartered Accountants of Nigeria and more.
WCOA 2022 reaches its conclusion. Sessions on, India@100, cyber security, among others took place. ICAI signed an MoU with The Institute of Chartered Accountants of Nigeria.
From receiving a record-breaking 9,000+ delegates to witnessing insightful sessions on a variety of topics, WCOA 2022 achieved huge success.
Thanks to ICAI - The Institute of Chartered Accountants of India and The International Federation of Accountants – IFAC for hosting this extravagant 4-day event for accountants worldwide.
But every good thing has to come to an end. And just like that, the last day of WCOA 2022 came upon on 21st November.
WCOA 2022: The Conclusion
It’s been almost three decades since the Internet was created, and over the years it has influenced our lives in every way possible. Throughout the last decade, the advent of cloud computing has taken the business and finance world by storm.
In an interesting session, we looked at the future of connectivity.
CA. Y. M. Kale - Past President of ICAI and Mr Bharat Goenka - Co-Founder and Vice Chairperson of Tally Solutions spoke on how connectivity can change the lives of professional accountants and businesses in the world.
As cyber security threats loom over the world, CA. Y.M. Kale, brought to our attention that Cyber Security has become a business continuity.
Businesses need to ensure that shareholder value remains intact along with the privacy of the corporate intellectual property.
“Competition for CAs in future decades may not be from rival colleagues but more generally from inroads of connectivity driven by technologies into all sorts of competencies,” said CA Kale.
As Independent India turned 75 in 2022, Prime Minister Narendra Modi encouraged us by saying that India would transform into a developed nation by 2047. We would reach there by the time India hits a century.
In a special session, CA. Amarjit Chopra - Past President of ICAI and Mr Deepak Parekh – Chairman of HDFC (Housing Development Finance Corporation), two respected figures in India shed light on the areas that businesses must keep in mind to be future-ready.
Mr Deepak Parekh gave the keynote address.
He believes that by 2031, India will have the 3rd largest stock market with a $10 trillion market cap and will become the 3rd largest economy in the world.
“In my 50 years of working life, I was never so optimistic that I am today,” said Mr Parekh.
Hinting at India’s unstoppable growth so far, CA. Amarjit Chopra mentioned that if things continue to change in that particular direction, we will have more changes in the Accounting Standards, Auditing Standards, etc.
In a LinkedIn Post, he penned his thoughts about the WCOA 2022, "It was historical, Amazing, Superbly organised". He acknowledged ICAI’s leadership, Mr Prafulla Chajjed, Chairman of WCOA 2022, and the council members and staff for this historical event.
“You all CAs have the power to change the rules of the Game. From 'sheerly earning more & more profits' to 'achieve sustainability as the RoI' this transformation can be brought about by you all!” said CA Amarjit Chopra.
Discussions on cyber security and recent changes in corporate laws
In a discussion about the recent changes in corporate, economic, and other commercial laws CA. Priti Savla, Central Council Member of ICAI shared some valuable insights.
CA Savla stated that Non-profit organizations will be listed on Social Stock Exchange, which is under the Bombay Stock Exchange & National Stock Exchange. The rules and the regulations for listing of these NGOs have already been framed.
There is no doubt that technology has the ability to change the world and the way we live.
In a discussion about Technology and the Future, Mr Jeffrey C. Thomson, President & CEO of the Institute of Management Accountants joined the panel, expressing his views on how current technology will impact the accountancy profession globally.
“To win the race for relevance & leverage these technologies in the face of ongoing disruption, our profession must move faster and smarter,” said Mr Thomson.
On Cyber Security in Financial Services: Financial Institutions are increasingly becoming the main targets of cyber-criminals, which shouldn’t come as a surprise.
CA Naveen N D Gupta, Past President of ICAI recommended preparing a budget and strengthening internal control. He asked every nation to form a special task force to ward off such security threats.
Chief Value Officers driving sustainable value creation
Chief Value Officers, CFOs and finance functionaries need to enable an integrated mindset throughout organizations. They have to disrupt information and functional processes to deliver robust decisions, and useful insights for management, boards, and external stakeholders.
According to CA. Sanjiv Mehta, CEO & MD at Hindustan Unilever Limited, CAs should lead for cross-reporting to provide assurance in this area.
Ms Rachel Grimes, CFO of Challenger Limited and Past President of IFAC said that the CFO is there to help educate the Board, senior management and everyone in the business.
Agreeing with Ms Grimes was CA. Raj Mullick, Chief Accounts Officer and Senior Vice President at Reliance Industries Ltd. He claimed that if one can evaluate the plan, the CFO is the most important and suitable person.
Closing Ceremony of WCOA 2022
The closing ceremony started with Shri Devendra Fadnavis, Deputy Chief Minister of Maharashtra opining that Chartered Accountants are neither at the Left nor Right but at the Centre of the Balance Sheet.
CA.(Dr.) Debashis Mitra, President-ICAI, CA. Aniket S. Talati, Vice President-ICAI & Members of the ICAI Central Council thanked the delegates & respective International organisations for their participation at WCOA 2022 & making the event a great success and a memorable event.
“I am proud that this event is going to go down in the history books as one of the most attended and appreciated events in the world,” CA. Aniket S. Talati showed his appreciation.
The blissful event came to an end with Ms Asmaa Resmouki, incoming President of IFAC addressing the delegates and showing appreciation to ICAI and IFAC for showering her with a warm welcome.
“The global profession has received a gracious welcome and tremendous hospitality in India,” she mentioned.
Another memorable moment of the closing ceremony was when ICAI entered into a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of Nigeria, on knowledge sharing and Capacity Building. ICAI also renewed the existing MoU with the Institute of Chartered Accountants of Nepal (ICAN).
India showed the delegates its generous hospitality, leaving an indelible mark in their minds. Until next time!