ICAI to host `accountants’ kumbh’ for the first time in India in 2022

Kolkata: For the very first time in its 118 years of history, the World Congress of Accountants (WCOA) would be hosted in India by the Institute of Chartered Accountants of India (ICAI). The prestigious event, popular as the `Olympics of the Accountancy Profession’ or the `accountants’ kumbh’ in Indian parlance, would take place at the Jio World Centre in Mumbai this year from November 18 to 21, President ICAI, CA. Dr. Debashis Mitra informed at the Orientation Programme held in Kolkata where in more than 100 members attended from all the Branches of EIRC of ICAI of the Eastern Region.

The WCOA, a forum for thought leadership and global exchange of views, has been held every four years since it started in 1904. Top professionals and accountancy experts from all over the globe attend the Congress to exchange ideas and views and also take stock of the new developments and challenges to their profession.

 “It is a matter of great prestige and honour for India that Mumbai would host the 21st World Congress of Accountants this year. While six thousand delegates from across the globe would directly attend the Congress, another ten thousand are expected to join in virtually,” said CA. Dr Debashis Mitra, President, ICAI. The theme of the World Congress this time would be `Building Trust Enabling Sustainability’.

Sharing future plans of the Institute, C.A. Dr Mitra said that ICAI, which had played a pioneering role in helping the Government usher in the GST regime, has now geared up in a big way to meet the challenges as well as the early adoption of emerging digital competencies and nascent technologies like artificial intelligence, block chain ecosystem, crypto-currencies and deep data analytics.

 “The Digital Accounting and Assurance Board (DAAB) of ICAI has set up a research group to focus on issues of accounting arising from the high pace of digitization. This includes research into cryptos, block chains, artificial intelligence, big data, deep analytics etc., from the point of audit, accounting and technology. The idea is to develop a knowledge base and make chartered accountants tech-compliant and future-ready,” C.A. Dr Mitra said.

 ICAI has also submitted to the Department of Corporate Affairs (DCA), Government of India, a draft of a new curriculum keeping in mind the advancements of technology and also match the New Education Policy of the government.

Officials, members and students of ICAI’s thirteen branches from the eastern region came together at a conclave in Kolkata to assess the impact of climate change and carbon emissions; face the challenges of disruptive technologies; meet sustainable goals and stay relevant in their profession by catch up on the latest developments in the field of accounting and auditing.