ICAI to set up 100 reading rooms, five accountancy museums

VADODARA: The Institute of Chartered Accountants of India (ICAI) will set up 100 reading rooms and at least five accountancy museums across the country this year. ICAI's vice president chartered accountant (CA) K Raghu said this here on Friday.

Raghu was in the city to attend the two-day regional conference for CAs on the theme 'Riding the Winds of Change' organized by Baroda branch of ICAI's Western India Regional Council, which was inaugurated by minister of energy and petrochemicals Saurabh Patel.

"We have decided to set up 50 to 100 seater reading rooms to provide students a conducive environment. While it is proposed to set up 227 reading rooms in various cities of the country, 100 such reading rooms will be set up this year itself," said Raghu, adding that the institute is getting overwhelming response from students after the introduction of direct entry scheme to CA course.

"Earlier, clearing the common proficiency test (CPT) was must for entering into CA course. Now, graduates or post graduates with specified percentage of marks have been exempted from the CPT. We are hoping that one lakh students will join the CA stream through this scheme," he said, adding that CA will remain the most popular and most affordable profession in the country.

ICAI has set up an Accountancy Museum in Noida, which is recognized by Government of India as Accountancy Museum of India.

"In order to communicate to the stakeholders regarding accountancy profession, about the profession's heritage, we have decided to open Accountancy Museums at all our regional headquarters and main offices in the country," he said.

Talking about collaborations with government ministries, Raghu informed that ICAI has entered into a MoU with the Department of Posts to help the department in switching over from cash based accounting to accrual based accounting.

"We are organizing series of training programmes on accrual basis of accounting in the offices of postal accounts offices of all 22 circles on pan-India basis. Programmes have been organized at a few circles and are scheduled to be organized in the balance circles in the months to come," he said.

Also, the institute has formulated a standard auditing format on use of government funds under MGNREGA schemes in panchayats and gram panchayats across the country.

"There are over 2,50,000 panchayats across the country. The use of government funds in these panchayats are being audited by independent auditors at present. With a view to put in place a uniform system of auditing for a clear database, we have worked out a standard auditing format," he said.

Source : http://timesofindia.indiatimes.com