ICAI-CAPA jointly held Roundtable Stakeholder’s meeting on Public Sector Financial Management

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The Institute of Chartered Accountants of India ( ICAI ) in collaboration with the Confederation of Asian and Pacific Accountants (CAPA) organized a joint “Roundtable Stakeholder’s meeting on Public Sector Financial Management” in New Delhi on March 11, 2019. The event was inaugurated by Chief Guest Shri Shashi Kant Sharma, Former Comptroller and Auditor General of India and attended by the delegates from more than 8 countries. The Roundtable gave the attendees an overview of the Public Sector in India and the role that the accountancy profession plays in improving its financial management.

Prafulla P. Chhajed, President, ICAI said “This event has brought together professionals from all areas including the World Bank, ADB, CAG, CGA, GASAB, CAPA, Ministry of Finance, Ministry of Railways, Ministry of Communications and many others. I am certain, this sharing of views and discussions of the learned participants will aid in empowering financial management in the public sector.” He further added, “ICAI supports every endeavour of the Govt. that is directed towards improving Public finance and financial reporting in our country.” CA. Chhajed also briefed about the important projects undertaken by ICAI for Accounting Reforms in Public Sector including in Indian Railways & Department of Posts, among others.

Speaking on the occasion Chief Guest Shri Shashi Kant Sharma, Former Comptroller and Auditor General of India said “Accountancy professionals have a great responsibility on their shoulders to make sure that public money is utilised in the right manner.”  He further added “Earlier, India was not even among the 10 major economies but by the turn of the millennium it came amongst the top 10 economies. Today, it is 6th largest economy and most projections show that it will be the 3rd largest economy in the next decade. While welcoming this we must also be aware of challenges in financial management and this will need transparency and audit from the Accountancy professionals.”

While giving the vote of thanks ICAI Vice-President CA. Atul Kumar Gupta said “Accountancy Professionals are fully geared to take up the challenges ahead as they have in the past.” He also mentioned “ICAI through its Research wing, Accounting Research Foundation is playing a pivotal role as a Partner in Nation Building to improve Public Sector Finance in India.”

Other key speakers at the event included Mr. Harish Srivastav (ICAS), Joint Controller General of Accounts (CGA), Ministry of Finance, Dept of Expenditure, Mr. R. M. Johri (IAAS), Director General, C&AG of India, CA. Manoj Fadnis, President, CAPA & Past President, ICAI, Mr. Anwaruddin Chowdhury, Chair, Public Sector Financial Management Committee of CAPA, Ms. Meenakshi Gupta,(IAAS), Member Secretary, National Commission for Women, Mr. Naresh Salecha, Principal Executive Director (Finance), Ministry of Railways and Mr. Tanuj Mathur, Senior Financial Management Specialist, World Bank.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The strength of Chartered Accountant fraternity has grown to about 3 lakh members. On the education front, the ICAI began with mere 259 students and today about 8 lakh active students are part of ICAI. The Institute has its headquarters in New Delhi and 5 Regional offices in Mumbai, Chennai, Kanpur, Kolkata and New Delhi. It presently has 164 branches spread all over the country. In addition, it has also set up 34 chapters outside India and an overseas office in Dubai.

The Confederation of Asian and Pacific Accountants (CAPA) is a regional organisation representing 33 national professional accountancy organisations (PAOs) operating in 24 jurisdictions in Asia and the Pacific. These PAOs, referred to as CAPA’s members, represent over 1.7 million Accountants across the region.