ICAI to establish Centre of Excellence in Assam: Former President of the Institute announces

• The Institute of Chartered Accountants of India – ICAI is building a new Centre of Excellence (CoE) in Guwahati, Assam. 
• CA Debashis Mitra, the Former President of the Institute shared the news on his LinkedIn.
• It will provide advanced learning and training to Chartered Accountancy students.

Centre of Excellence ICAI  

Institute of Chartered Accountants of India (ICAI) is about to establish a new Centre of Excellence in Guwahati, a city in Assam, India.

The Government of Assam has allotted 1,44,000 sq. ft. of land for the project.

Assam Housing and Urban Affairs Minister Ashok Singhal first declared this in December 2022.

It was during the opening session of a two-day national conference on the theme ‘Pratibadhata: Committed to Excellence. The Guwahati branch of the ICAI’s Eastern India Regional Council (EIRC) hosted the conference at ITA Machkhowa.

Recently on 15th February CA Debashis Mitra – Former President of ICAI shared a picture of him attending the Bhumi Pujan for the Proposed ICAI Centre.

(Bhumi Pujan is the tradition of offering prayers to Mother Earth before beginning construction work.)

“Heartfelt Thanks to the Hon’ble Chief Minister of Assam Dr. Hemanta Biswa Sarma and also the Hon’ble Minister of Housing and Urban Affairs & Irrigation, Assam Shri Ashok Singhal for this kind gesture.” Debashis Mitra said in his LinkedIn post.

What is CoE ICAI?  

The Centre of Excellence (CoE) by the ICAI is exclusively available to Chartered Accountancy students. 

The CoE is defined by world-class infrastructure that enables excellence in teaching, research, consulting, and other professional activities. It was created to diversify avenues and broaden professionals’ presentation and communication skills.

ICAI’s internal sources provide the fund for opening these centers. 

The Centre’s programs help students develop effective communication skills, business etiquette, presentation skills, leadership abilities, interview skills, group discussions, and negotiation skills.

The residential aspect allows them to create a strong network, as students come from all over India.

The Foundation Stone of the first CoE was laid in Hyderabad, on 24th January 2006.

Cutting-edge computer network with software for training purposes graces the conference hall. Board rooms in the center have modern facilities such as video conferencing and AV equipment. The campus has a state-of-the-art auditorium that is fully air-conditioned and offers seating for approximately 225 people.

Very recently in September 2022 the Hon’ble Governor of West Bengal and Manipur, Shri La. Ganesan formally laid the foundation for the CoE in Kolkata. 

A Bhoomi Pooja ceremony was also performed at Rajarhat New Town, Kolkata where the center was going to be established. CA (Dr.) Debashis Mitra, and then Vice-President of ICAI, CA Aniket Sunil Talati attended the ceremony. (CA. Aniket Sunil Talati has been elected as the new President of ICAI on 12th February 2023)

“The Centre of Excellence, which would be an academic and research hub, is expected to be completed by the first half of 2024, with a capacity to handle five hundred students and other professionals. The CoE complex would be a green building with modern amenities and hostel facilities,” CA Debashis Mitra told the media.

He further added that ICAI is planning to give free auditing tools to the members to combat the challenges of artificial intelligence and go for audit in a situation where the technology has to be changed and put in place a new ecosystem.

Apart from Hyderabad, and Kolkata, there are over 10 CoEs in Jaipur, Bangalore, Mumbai, Chennai, Pune, and New Delhi, among others.

Initiatives by the ICAI

The Institute of Chartered Accountants of India has been proactive in launching various initiatives over the past couple of years.

• In 2020 ICAI launched a new Certificate Course on Arbitration, Mediation & Conciliation (AMC), to create a cadre of professionals who can handle disputes and bring a quick resolution to them.
• ICAI started an e-learning platform called ‘ICAI Digital Learning Hub,’ which provides high-quality online courses and webcasts on various subjects related to accounting, finance, and other related areas.
• The Institute also launched a new course on Data Analytics, which aims to equip its members with skills related to data analysis and to meet the growing demand for professionals in this field.

These initiatives reflect ICAI’s commitment to providing the necessary skills and knowledge to its members and students to keep up with the changing demands of the industry.

What is the brief history of ICAI?

The Institute of Chartered Accountants of India (ICAI) was founded by an Act of Parliament in 1949.

ICAI has established itself as a world-class elite institution dedicated to the values of transparency, accountability, and integrity. It is the world’s second-largest accounting body, with over 3.60 lakh members and over 7.65 lakh students.

The Institute is advancing its objective of inclusive expansion and adding honor to the profession.

Some interesting facts about ICAI:

• The first professional accounting body in India was the ‘Institute of Accountants and Actuaries,’ which was established in 1913 in Kolkata.
• In 1930, this body was renamed the ‘Institute of Accountants in India’ and in 1933, it was granted a Royal Charter by King George V.
• In 1949, the ‘Chartered Accountants Act’ was passed by the Indian Parliament, which created ICAI as a statutory body to regulate the profession of chartered accountancy in India.
• ICAI has its headquarters in New Delhi and regional offices in all major cities of India.
• Today, ICAI has over 350,000 members.