- ICAI 2024 elections are just around the corner – scheduled for the 6th and 7th of December 2024!
- Chartered Accountants will be voting to elect Central and Regional Council members who could, in their words, “save the profession.”
- But the excitement is tinged with frustration, disillusionment, and, dare we say drama…many call it a Fast Decay of Central Council Members!
- We have collated thoughts of CAs from Social Media…here is what they have to say!
Why is everyone chasing ICAI elections?
ICAI is the world’s second-largest accounting body, with over 3.75 lakh members and 7.80 lakh students!
Last year, it collected a cool ₹120 crores just in membership fees, pushing its total income past ₹1000 crores.
And the cherry on top? A surplus of ₹300 crores…
Concerns that CAs have about the election…
Established in 1949, the ICAI was once a symbol of professionalism and integrity.
Fast forward to today, and the cracks in its foundation are becoming impossible to ignore.
Many CAs have raised concerns that ICAI, once a pillar of the accounting profession in India, is now struggling with:
- Mismanagement
- Personal agendas
- Political influence
Lavish Expenditures
ICAI elections were once a solemn affair, but now they resemble political campaigns – complete with
- lavish parties
- promises of influence
- reportedly, drinks on the house!
- Candidates throw extravagant parties and distribute gifts to woo voters.
Transparency? Forget about it
Even RTI requests for election expenditure details are denied.
Vinay Ramachandran, a Chartered Accountant (FCA) in Practice says:
“There are no controls around election expenditures.
ICAI asks candidates to submit expenditure details but doesn’t make them public.
Even RTI requests are stonewalled.”
Endless Terms
With the current rules allowing members to contest multiple terms, some have clung to power for over 30 years.
Where’s the room for fresh leadership?
Political Influence
Reports suggest political parties are backing candidates to infiltrate ICAI’s Central Council.
As CA Vinay Ramachandran aptly puts it: “ICAI elections are no longer professional elections; they’re political.”
Industry vs. ICAI Disconnect
A staggering 67% of ICAI members work in industry, yet their voices remain unheard.
Why? None of them stand for elections.
To bridge the gap between industry needs and ICAI’s policies.
Young Professionals
To inject fresh ideas into a stagnant council. If ICAI doesn’t evolve to represent its diverse membership, it risks becoming irrelevant.
Scandals
The tragic death of a young CA at E&Y in Pune raised serious questions about workplace pressures.
Shockingly, ICAI’s council refrained from addressing the issue, allegedly because a council member with ties to E&Y held sway over voters.
NFRA vs. ICAI
The elections are lurking amidst a growing standoff between NFRA and ICAI, centres around key regulatory issues like SA 600, a critical auditing standard governing group audits in India – a move seen as favourable to the Big 4 firms.
The formation of the National Financial Reporting Authority (NFRA) was meant to ensure regulatory compliance, but it’s led to friction with ICAI.
This tension doesn’t bode well for the profession or the nation, believe many CAs.
Unethical endorsement tactics
“ENOUGH WITH THE ELECTION SPAM CALLS ALREADY!” exclaimed a frustrated CA Suyog Narvekar.
CAs are getting bombarded with relentless calls from candidates for the ICAI elections, during work hours.
Questions on Governance and Fund Allocation
A key concern raised by professionals revolves around the use of ICAI funds for seminars and conferences.
Are these initiatives genuinely for the profession’s growth, or are they subtly designed to favour Council members?
While many programs align with the Continuing Professional Education (CPE) agenda and add significant value, the decision-making process behind fund allocation warrants deeper scrutiny.
Opportunities for freshly qualified CAs are on the decline.
The pass percentage has soared, but at what cost? Fresh CAs are flooding the market with limited job opportunities, creating a quality vs. quantity conundrum.
How can young professionals gain the much-needed exposure if they aren’t given a fair chance to begin their careers?
Underrepresentation of Women
Despite women constituting more than 50% of CAs, their representation in ICAI’s Central Council is almost negligible.
Now – What Needs to Change?
Of course, ICAI has done a lot of good for its members and the list is endless…However from various social media posts from Chartered Accountants, here’s what could make a difference:
Transparent Elections: Publish election expenditure details and enforce strict caps on campaign spending.
Term Limits: Cap Central Council members to two terms (8 years) to prevent power consolidation.
Digital Voting: Modernize the voting process to increase accessibility and participation, especially for CAs working abroad or in remote areas.
Ensure fair representation for women, young professionals, and members in the industry.
Audit ICAI’s Operations: Set up an independent committee to analyze spending and prevent waste.
Address Job Market Challenges: Reduce the pass percentage to align with market demand and maintain professional standards.
“ICAI must decide whether it wants to remain a respected institution or a stage for political theatrics,” remarked one disgruntled member.
Career opportunities in Tier-3 cities
Should professionals always migrate to metro cities to succeed, or is it time to build ecosystems that foster local talent and opportunities?
Isn’t it time we shift focus from location to skills, passion, and dedication, breaking free from geographical bias?
Keeping up with the AI-driven world
With the future leaning towards smart work over hard work, what reforms are being planned to keep the profession relevant and future-ready?
Wrapping up…
So, the ICAI elections aren’t just about choosing leaders…They’re about shaping the future of this revered Institution.
Is ICAI all bad? Of course not. There are hundreds of members who work day in and day out to add value and create opportunities and Yes a lot has been accomplished.
But there is no way we can ignore certain things that tend to benefit the elected members and leaders!
With the stakes higher than ever, one has to wonder – are these elections shaping the future of chartered accountancy or merely mirroring the political theatrics we’re all too familiar with?
