President’s Message | August 2024
My Dear Readers,
It is with great honour and a deep sense of responsibility that I address you for the first time as the President of our esteemed Association. As I step into this role, I am reminded of the rich history of our profession, built on the foundation of integrity, diligence, and excellence. Yet, as we look towards the future, it is clear that the landscape of our profession is undergoing a profound transformation, driven by rapid advancements in technology.
This year, we have chosen a theme that truly embodies the spirit of progress and innovation: ‘AIgnite.’ This theme represents not only the advent of Artificial Intelligence but also the spark of interest and the commitment to continuous learning that we, as Chartered Accountants, must welcome. We must embrace Artificial Intelligence (AI), automation, and technological tools to elevate our profession to new heights. This theme is not just about adopting new technologies; it’s about reshaping our mindset, reimagining our roles, and preparing ourselves for the challenges and opportunities that lie ahead. at KSCAA, we believe that every member has immense potential. You are all capable of achieving great things, and sometimes, all that’s needed is that small push- an ignition. Our association is here to provide that spark, to support you in your journey, and to ensure that once you start, you have all the momentum you need to reach new heights.
The world is changing at an unprecedented pace. Industries across the globe are being transformed by AI, automation, and digitalization, and our profession is no exception. As Chartered Accountants, we are uniquely positioned to lead this change. Our expertise in financial management, audit, taxation, and advisory services can be significantly augmented by the intelligent use of technology. However, to remain relevant and continue to provide value to our clients, we must embrace these advancements and integrate them into our daily practice.
Together, let’s ignite our passion for learning, embrace the power of AI, and propel ourselves towards towards future where the sky is just the beginning.
In my address to members after being elected as the president at the AGM, had laid out the action plan for my term, I would like to summarise here for the benefit of the readers:
- KSCAA will join hands with few leading CA firms and a delegation will visit their firm to understand the best practices adopted. The objective of this initiative is to make members aware and embrace of what all it requires to build a top firm. Practice is an age-old recipe of time and patience and many of the firms have done well in their respective areas. The focus on learning in technical and functional areas to improve is available to everyone in plenty and is not absolutely enough to succeed. The learning from the technical knowledge has evened out with the penetration of the internet and A cohort model of peer-to-peer learning, along with a delegation visit, would provide ample learning opportunity for CAs to work well.
- Academic paper on Chartered Accountant fraternity: At KSCAA, we believe that the association has a responsibility to its members and also to CA fraternity as a whole. We propose to come up with topics to provide insight and knowledge to all its members. To strengthen the essence and quality of the publication and to provide in-depth information on the status of the quality of opportunities that are available for CAs in the practice.
- Quarterly meetings of the Association with the departmental officers in both GST and Income Tax.
- Conduct interviews of icons of our profession and host them on the Association You Tube channel
- Programs on Mock GST Tribunal
- Attracting young members to our association who have fresh perspectives, innovative ideas, and boundless energy. these are the qualities needed to drive our association forward in these rapidly changing times.
Economy:
In August 2024, the Indian economy saw notable developments, including the RBI’s decision to keep the repo rate steady at 6.5%, aiming to balance inflation control with economic growth. India’s GDP is projected to grow between 6.5% to 7% in 2024-25. The Sensex and Nifty indices experienced increased volatility, with the Sensex fluctuating between 78,600 and 81,800 points, reflecting both global uncertainties and domestic policy shifts.
Upcoming Events:
A series of webinars on Tax Audit are being planned on 30th and 31st Aug 2024. Please keep an eye on the association’s website and WhatsApp group for further details.
As we stand at the crossroads of tradition and innovation, let’s choose the path that leads to growth and sustainability for our profession. By adopting new technologies, we can enhance our capabilities and deliver even greater value to our clients and society. Henry Ford once said, “Coming together is a beginning, staying together is progress, and working together is success.” Let’s come together, embrace the future, and work towards a year of success and fulfilment for our entire professional fraternity.
Wishing everyone a vibrant Krishna Janmashtami, Ganesh Chaturthi and a happy Teacher’s Day. May these occasions bring inspiration, wisdom, and blessings into our lives.
Happy Reading!
Regards,
Vijaykumar M Patel | President
