Monday, November 27, 2023

Mega Confluence Of Global Accountants Concludes In Ahmedabad With A Roaring Success

·         3-day Conference deliberated on invaluable insight, profound networking and layout an indicative roadmap for development of professional accountants

The Institute of Chartered Accountants of India (ICAI) marked the successful conclusion of Day Three of the Global Professional Accountants Convention (GloPAC). The event continued its tradition of delivering a platform for profound discussions and learning, showcasing the commitment of ICAI to advancing the global accountancy profession. The event featured engaging sessions and expert insights, reinforcing GloPAC as a pivotal event for accounting professionals worldwide.

The Finale of the Global Professional Accountants Convention (GloPAC) started with a Special Session on Wellness Insights for Finance Professionals. This impactful session set the tone for a series of enlightening sessions running parallel on broad topics - Technology & Start up, Emerging Avenues, Global Connect and Professional Excellence. These subsequent parallel tracks covered various crucial aspects that resonated with the interest of the delegates. Special sessions on Global Connect offered a unique chance to interact with Chairmen of ICAI Overseas Chapters, exploring opportunities for professional accountants globally.

Each session witnessed players from respective industries and thought leaders sharing their thoughts and ideology on the key topics.

In addition to the insightful session, the event witnessed session on how Professional Excellence can be achieved focusing on "Strengthening Public Financial Management: Building Trust through Accountability and Transparency," and highlighting effective strategies and best practices that build trust and promote sustainable socio-economic growth.

Post lunch the afternoon session started with a Keynote Address on Tax and Technology - Recent Developments by CA. (Dr.) Girish Ahuja an Eminent Tax Expert followed by Plenary Session on Elevating Assurance Quality: Regulator’s and Practitioner’s Insights addressed by Mr. Debashis Panda, Chairman Insurance Regulatory and Development Authority of India, Mr. Ram Mohan Johri, Deputy C&AG (Central Revenue Audit).

Eminent speaker, Mr. Debashis Panda Chairman Insurance Regulatory and Development Authority of India, while addressing the dignitaries said, “Chartered Accountants, as financial stewards, illuminate the path of prudence, uphold institutional stability, and shape our nation's trajectory. Their precision in the transformative insurance sector positions them as architects of financial prudence, ensuring sector stability and efficient asset management. With ICAI's GloPAC event, Chartered Accountants are poised to revamp institutions, playing a key role in upholding financial prudence, as the Indian insurance sector aims to become the 6th largest globally by 2030.”

Further Mr. Ram Mohan Johri, Deputy C&AG (Central Revenue Audit) added, “In the era of rapid transition to e-governance, where even a single error can erode faith in the system, Chartered Accountants stand as guardians of accountability. Their role is pivotal, ensuring strict adherence to accounting standards, embracing full disclosure, and serving as auditors to verify compliance, thereby safeguarding the integrity of financial statements. In the global realm of multinational corporations, where stakes are high, regulations act as a vital mechanism to harmonize with the broader public interest. The shift from rule-based governance to oversight by regulatory bodies marks a significant stride towards a more balanced and transparent regulatory landscape.”

The second day of GloPAC witnessed distinguished speakers, including Shri Nitin Gadkari, Hon’ble Union Minister of Road Transport & Highways, CA. Mahaveer Singhvi, Jt. Secretary, Ministry of External Affairs, India, Shri Nilesh Shah, Group President & Managing Director, Kotak Mahindra Asset Management Co. Limited, and CA. Anil Singhvi, Managing Editor Zee Business. The day featured insightful sessions, including 'Leveraging Technology: Accountants as Catalysts for Digital Transformation' and 'Diversify to Maximise: The Art of Wealth Creation.' These discussions explored the evolving role of accountants in the digital era and highlighted intricacies in wealth creation

Shri Nitin Gadkari emphasized the vital role of chartered accountants in India's growth during his keynote address on 'Amrit Kaal: Innovation in India’s Growth Story.' Day 2 afternoon sessions comprised parallel tracks covering Technology & Start-ups, Emerging Avenues, Global Connect, and Professional Excellence, offering a comprehensive understanding of generative AI, business valuation, global opportunities, and practice management in the digital age.

Mr. K Rajaraman, Chairperson of the International Financial Services Centres Authority, underscored the pivotal role of IFSC, stating, “IFSC stands as the gateway for India's financial services, boasting full convertibility and a globally benchmarked tax regime. Its competitive advantages, including cost-effectiveness, position it as a prime destination for diverse financial activities. As India targets becoming the second-largest GDP by 2047, IFSC plays a crucial role in facilitating seamless financial operations, offering opportunities for growth and development”

These sessions collectively contributed to the rich tapestry of discussions, embodying GloPAC's commitment to excellence and innovation in the global accountancy profession.

Reflecting on the success of the convention, CA. Aniket Sunil Talati, President, ICAI, stated, “As GloPAC concludes, we celebrate the unwavering resilience of the global accounting community. The resonance of active participation and the enthusiasm of delegates underscore the pivotal role of platforms like GloPAC in shaping the future of our esteemed profession. The invaluable shared insights and collaborative spirit witnessed during this event serve as the driving force behind the continuous evolution and innovation within the dynamic landscape of accounting.”

The event was concluded with a closing ceremony and a closing remark from CA. Ranjeet Kumar Agarwal, Vice-President, ICAI, added, “GloPAC 2023 has been a testament to the dynamic spirit of the global accounting community. The wealth of knowledge shared and collaborative energy witnessed during the event exemplify the critical role platforms like GloPAC. As we conclude, the dedication to excellence and innovation displayed reaffirms our commitment to advancing the global accountancy landscape”

As GloPAC concludes, successfully with over 4500 delegates from 25 countries participating in the convention. The event was a hub of insightful discussions and innovative ideas, providing a platform for networking and global collaboration. Beyond its impressive numbers, GloPAC's triumph lies in the rich exchange of knowledge and the lasting impact it leaves on the global accountancy community. GloPAC is not just an event's end; it marks a significant milestone, symbolizing the profession's united pursuit of excellence on the global stage.

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