President’s Message | June 2024
My dear KSCAA members,
As we step into June, it gives me immense pleasure to address you all with a heart full of pride and optimism. The month ended has been a landmark period for Chartered Accountants in India, marked by significant developments and promising prospects for our profession. The ICAI has proposed a new model of networking, approach III namely as LLP Network Model.
I am able to relate this with the current year’s theme “Recraft Yourself”, we are deliberating on the last “D” to achieve our goal i.e “Deliver”. To achieve professional success, in the modern world networking is very important. As quoted by Porter Gale, “ Your network is your net worth”. Presently, as per the Guidelines for Networking of Indian CA Firms 2021, ICAI provides two models of networking:
- Different firms coming together to form an Alliance with a new name of Alliance and continuing to practice independently and can showcase as an Alliance to the world.
- Different firms coming together to form a Network with a new Network name and practicing in the name of firms belonging to the This Model is sub-divided into the following two options:
- Network of firms in the existing model by practicing in individual firm names.
- Network of firms with a Lead firm acting on behalf of constituent firms of the Network.
Now a new model of networking is proposed named as LLP Firm Network Model which is Registered, Recognized, and Regulated. It is imperative to understand the guidelines prescribed by ICAI. The last date for sending feedback on the exposure draft is 6th June 2024.
In our journey towards personal and professional excellence, the environment we cultivate around us plays a pivotal role. Recently, I had the privilege of listening to an inspiring speech by Mahatria, a renowned spiritual teacher and thought leader. His insights on the profound impact of having good people around us resonated deeply and I felt compelled to share them with you.
“ Buddam Saranam Gaccami, Dhammam Saranam Sangam Saranam Gacchami”
Mahatria eloquently emphasized that the company we keep significantly influences our thoughts, actions, and ultimately, our destiny. He explained that when we
surround ourselves with positive, uplifting individuals, we are naturally propelled towards higher aspirations and achievements. These individuals act as catalysts for our growth, inspiring us to strive for excellence and maintain high ethical standards.
In the professional realm, especially in our field of Chartered Accountancy, the benefits of such an environment are manifold. Collaboration with like- minded, principled colleagues fosters a culture of trust and innovation. It enhances our ability to deliver exceptional service to our clients and stakeholders, reinforcing the credibility and reputation of our profession.
Events at KSCAA:
- Technology Committee organised a joint program with Bagalkot District CA Association on Empowering CAs with AI, a practical use case based approach to embrace Our heartfelt thanks to the President and Committee members of Bagalkot for this joint initiative.
- Women Empowerment Committee organised a two days webinar on a unique topic “ Issue of Shares to NRI ,Valuation and FEMA Regulations”
Upcoming Event:
- Income Tax for the real world
Direct Tax Committee organises a online 5 days workshop on practical approach to enable Article Students and office staffs of CA firms.
Let me conclude with a note, professional networking is not just about exchanging business cards or attending events. It is about building meaningful, lasting relationships that foster mutual growth and development. As members of the Karnataka State Chartered Accountants Association, I encourage each one of you to actively engage in networking opportunities. Let us harness the power of our collective knowledge and experience to grow individually and as a community, driving our profession forward.
Thank you
Best Regards,
CA G Sujatha | President