The Institute of Cost Accountants of India has opened an office in Washington, D.C., its ninth overseas center.
The ICAI was established as a statutory body under an act of Parliament and is a founding member of the International Federation of Accountants, the Confederation of Asian and Pacific Accountants, and the South Asian Federation of Accountants. The organization develops and regulates the profession of cost and management accountancy in India.
At an event last week marking the opening of the D.C. overseas center, ICAI president Rakesh Singh noted that the Institute is changing its orientation to focus on disseminating information to stakeholders, and plans to open more overseas centers in London and Australia in the future to reach its stakeholders in other countries. He urged members of the Institute to brush up their skills to stay ahead of the competition.
One of the speakers at the event, Dr. Bhaskar Chatterjee, director general and CEO of the Indian Institute of Corporate Affairs, discussed sustainability and social responsibility, and emphasized the role of management accountants in helping companies generate meaningful corporate social responsibility reports. Another speaker, Dr. T.V. Somanathan, director of general services at the World Bank, also described the role of management accountants in sustainability and CSR, urging the members to find ways to reduce net carbon impact on the environment. He discussed legislation stipulating that Indian companies allocate 2 percent of their turnover to CSR-related activities. Somanathan also urged professional bodies to draw up a strong policy framework to discourage scams and corporate fraud around the globe.
Another speaker at the event, M.J. Joseph, Additional Secretary in India’s Ministry of Corporate Affairs, emphasized the need for ethics and CSR. The guest of honor, Sachin Pilot, a member of the Indian Parliament, stressed the importance of standardized accounting, reporting and disclosure to meet the needs of local and international stakeholders.
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