President’s Message | April 2023

Dear Readers,

As we embark on a new financial year, I would like to extend my heartfelt greetings to each and every one of you. The past year has been a challenging one, and we have all had to adapt to a rapidly changing landscape in our profession. However, I am confident that with the resilience and determination we have shown, we will continue to excel in the coming year. The advancements in technology have brought significant disruptions to our profession, and we must remain vigilant and stay abreast of the latest developments to remain relevant. With Artificial intelligence, Machine Learning are at our doorstep, we are witnessing an unprecedented era of transformation that requires us to adapt to the new realities of our profession. As members of the accounting industry, we have a responsibility to keep ourselves informed about the latest advancements and to equip ourselves to embrace them.

While the thought of technological disruption may be daunting, it also presents opportunities for growth and innovation. By integrating new technologies into our operations, we can increase efficiency, improve accuracy and provide more value to our clients. As an association, we are committed to helping our members stay abreast of these changes and incorporate them into their daily operations. We will continue to provide opportunities for training and professional development, so that we can embrace these new technologies with confidence and expertise.

RBI has kept the interest rates unchanged until the end of fiscal year and after frequent hikes in interest rate, this is in the background of inflation hovering higher than normal.

I must thank all the members who came to the 35th KSCAA Annual Conference held at White Petals, Palace Grounds. I am delighted that Annual Conference was a resounding success. The conference was held under the theme of “order and Chaos” with over 1,000 attendees and a diverse range of speakers. The insightful speeches covered areas and interest on traditional topics like taxation and on contemporary topics like Business Frauds, moulded in multiple panel discussion to bring varied perspective on the subjects. The networking opportunities provided our members with a platform to exchange ideas and experiences. We also had an Experience Centre in the venue to showcase the talents of our members who have exceedingly done well outside profession and those who have succeeded in profession in spite of their physical and mental limitations.

The SVB disaster showed the vulnerability of big and renowned financial institution which can succumb and create economic pressures to all its dependents. The Indian context of the same is equally scarry to imagine, especially to small deposit holders and it can be counterproductive in creating the eco system of reliability on financial institutions.  The greatest lesson is that of insurance on small deposit holder, the DICGC insures all bank deposits up to a maximum amount of Rs 5 lakh. This implies that you will have access to deposits up to Rs 5 lakh if your bank fails. Any amount above it will be lost.

As Chartered Accountants, we are entrusted with a great responsibility to provide accurate and reliable financial information to our clients. We must ensure that the information we provide is transparent and trustworthy. As members of this association, we have the opportunity to lead by example and set the standard for ethical behaviour in our industry. Beyond technological advancements and ethical practices, we have a collective responsibility to participate in the democratic process. The upcoming state election in Karnataka is a vital opportunity for us to exercise our right to vote and shape the future of our state.

In conclusion, I would like to reiterate my best wishes to all our members for the coming year. As an association, we are committed to providing you with opportunities for professional development and growth, so that we can stay ahead of the curve in this rapidly evolving industry. Let us work together to uphold the highest ethical standards, embrace technological innovation, and promote the welfare of our community.

As we move forward, it is essential to remember that our focus as an association extends beyond technological innovation. We have a duty to uphold the highest ethical standards in our profession. As Confucius once said, “The will to win, the desire to succeed, the urge to reach your full potential… these are the keys that will unlock the door to personal excellence.” We must strive for excellence in our work, including maintaining our commitment to ethics and integrity.

Happy reading!

Yours’ faithfully,

CA. Pramod Srihari

President