Compliance Referencer from ICAI on CCBCAF & SMP

 The Committee for Capacity Building of CA Firms and Small & Medium Practitioners is a non-standing Committee of the Institute of Chartered Accountants of India formed under regulatory provisions of The Chartered Accountants Act, 1949. This Committee was formed in the month of February,2010 under nomenclature ˜Committee for Capacity Building of CA Firms and Small & Medium Practitioners™ (CCBCAF & SMP) by combining previously formed Committees, Committee for Capacity Building of CA Firms and Committee for Small & Medium Practitioners.

 Initially, Committee for Capacity Building of CA Firms was thought to establish for facilitating consolidation and capacity building of CA firms in order to address various problems faced by CA firms and to conceptualize and implement various means for strengthening their capacity as well as providing comprehensive guidelines for consolidation of CA firms. Similarly, Committee for Small & Medium Practitioners was formed in 2009 to empower Small & Medium Practitioners to assimilate and apply ways for carrying out their profession in efficient manner. Thus the ultimate objective of the Committee is to strengthen CA firms as well as Small & Medium Practitioners to rejuvenate their practice portfolio.

 Bearing above objective, the prime duty of the Committee is to create awareness amongst CA firms on capacity building through consolidation by networking, merger & setting up management consultancy services firm and popularizing the concept of union by arranging workshops, symposia and summit on the benefits of consolidation and endurance to better accounting, auditing and ethical standards. The Committee assists Small & Medium Practitioners in improving their visibility amongst the business community and also attempts to create additional professional opportunities for them.

 In tune to vision of ICAI which is ˜The Indian Chartered Accountancy Profession™ will be the valued trustees of world class financial competencies, good governance and competitors, the Committee has its motto for Capacity Building of Indian CA firms through consolidation and empowering small & medium practitioners by developing and upgradation of their professional competence. Accordingly, the Committee has following issues to deal with;

1. Preparation of code for consolidation of CA firms.

2.Identifying means and ways for empowering SMPs.

3. Upgrading and updating the knowledge and skills set on standard practice.

4. Developing practice areas for SMPs.

5. Identifying role of SMPs in emerging areas.

6. Developing technical material to facilitate practice in new areas of profession.

7. Facilitation on IT savvy office management and audit tools for CA firms & SMPs.

  Further on this read: Quick Insights from ICAI