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WCOA 2022 - ICAISG Delegation

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ICAI Singapore Chapter - WCOA 2022 Update

The 21st World Congress of Accountants 2022 was held from November 18-21, 2022 at Mumbai, India. WCOA, often referred to as the Olympics of accountants, this year was hosted by ICAI India & IFAC (International Federation of Accountants) and was a spectacular event with record 6,500 delegates attending in person, including 1,800 foreign delegates, and another 3,000 virtually. ICAI leaders President CA Dr. Debashish Mitra and Vice President CA Mr. Aniket Talati were the two stalwarts of the event ably assisted by the Central Council members, Past Presidents, senior Regional members, International chapters leaders and staff of ICAI.

Theme of WCOA 22 was “Building Trust Enabling Sustainability” keeping in mind the important role of the accountancy profession. Over 150 accounting bodies and professionals from across the world participated in this event and also held various key meetings.

WCOA22 had a list of star studded speakers like Finance Minister Mrs. Nirmala Sitharaman, Minister of Commerce Mr. Piyush Goyal, Lok Sabha Speaker Mr. Om Birla, Industrialist Mr. Gautam Adani, HDFC Ltd Chairman Mr. Deepak Parekh, Yogi and Guru Baba Ramdev, MP and ex Minister Mr. Suresh Prabhu, Zoho founder Mr. Vembu, Harvard Prof G Narayan, eminent Past Presidents (“ICAI), IFAC Incoming President Asmâa Resmouki, IFAC outgoing President Mr. Alan Johnson and popular music, entertainment and Bollywood artists.

The unique feature of WCOA Mumbai was the outstanding event organisation, top list of speakers, finest hospitality, brilliant entertainment and heart-warming personal attention & hosting by Chairman, Vice Chairman, Central council members, Past Presidents, International chapters office bearers & other members and above all the wonderful Staff members of ICAI India. Every delegate and visitor who attended WCOA22 went back with a sense of admiration, awe, appreciation & gratitude for having experienced the WCOA22 in Mumbai!

ICAI Singapore Chapter had a strong presence and valuable contribution at WCOA 22. Prior to WCOA22, ICAI Singapore Chairman, Vice-Chairman & Committee Members have engaged with Institute of Singapore Chartered Accountants (ISCA) and Singapore Accounting Commission (SAC) to invite them to WCOA22 and provided clarifications and support. We were delighted to welcome & host a high powered senior delegation from Singapore comprising ISCA, SAC, CPA Australia & other Singapore delegates to India for WCOA22. Provided below is a summary of key highlights and contributions of ICAI Singapore Chapter at WCOA22 in Mumbai.

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Key Highlights

ICAI Singapore Chapter presence & contribution to WCOA 2022 Mumbai

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Singapore was one of the largest international delegations with a total of 22 attendees. It comprised 12 members from the ICAI Singapore Chapter (Comprising Chairman Ramky Subramanian, Vice-Chairman Somnath Adak, Patron P S Somasekharan, Past Presidents Alagappan Periannan & S.V. Padmanabhan, energetic vounteers Kushal R. Jaju, Shweta Mahesh, Avinash Shekhar, Khyati Dharia, Vivek Chhabra, Piyush Chaplot & Rajiv Singhi), 5 members from ISCA (President Teo Ser Luck, CEO Fann Kor, Divisional Director, Members Experience and Communications Soh Suat Lay, Divisional Director, Professional Standards Kang Wai Geat, Council Member J Balasubramaniam), 1 member from SAC (CEO Mr Evan Law), 1 member from CAANZ (Singapore Country Head Samantha Chan) and 3 from InCorp Global (Group CEO Edmund Lee, Group CFO Celine Ooi, COO Alton Neo).

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ICAI Singapore Chapter’s Chairman CA Ramky Subramaniam moderated the key session on “How Fintech is shaping the Financial Ecosystem”. Speakers for the event were Mr. Nakul - Paytm, Mrs. Deena Jacob - Open financial tech, Mr KK Tan - Oracle and Mr. Jinand Ahah - PSB Digital online.

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ICAI Singapore Chapter’s Chairman CA Ramky Subramaniam was responsible to Invite and confirm participation of HDFC Chairman Mr. Deepak Parekh, Chairman of HDFC (India's leading housing finance institution) and successfully invited him as a Key Note speaker for the session “Future Ready [email protected]”.

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A meeting at the highest level was held between ICAI, ISCA and SAC at Mumbai on Nov 20, 2022 as part of WCOA. The meeting was attended by ICAI President CA Dr. Debashish Mitra, Vice President CA Mr. Aniket Talati, ISCA President Mr. Teo Ser Luck and Singapore Accounting Commission CEO Mr. Evan Law and ICAI Singapore Chapter Chairman Mr. Ramky Subramanian. The meetings were held to discuss formulation of a strategic partnership in the nature of MRA/MOU (Mutual Recognition Agreement / Memorandum of Understanding) between ICAI India & ISCA Singapore. Earlier in July 2022, meetings were held in Singapore between ICAI President, VP and ISCA CEO & team along with ICAI Singapore Chapter Past Chairman Mr. Alagappan, VC Mr. Somnath Adak during the ICAI senior visit to Singapore. In addition ICAI Singapore Chapter senior team has had many working meetings with ISCA Singapore, SAC Singapore to discuss areas of collaboration and other matters of mutual interest and regular follow-ups.

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ICAI Singapore Chapter’s Member and Past-Chairman CA SV Padmanabhan was one of the key Panelist at the session “Emerging Avenues for Professional Accountants & ASEAN Investment” moderated by Past President CA Manoj Fadnis.

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ICAI Singapore Chapter conducted professional meetings with several Central council members and past Presidents of ICAI (including Mr. Atul Gupta, Mr. G Ramaswamy, Mr. R Bupathy, Mr. Nilesh Vikamsey, CCM Mr. Dayaniwas Sharma, Ms. Sripriya Kumar, CCM Mr. Dhiraj Khandelwal, CCM Mr. Sanjay Agarwal, CCM Mr. Charanjit Singh), Committee Members of Foreign and Regional Chapters, Eminent personalities & dignitaries who attended the conference as speakers, Foreign Accounting Bodies, and many India Chartered Accountants and discussed areas of common interests and concerns.

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ICAI Singapore Chapter was credited with an innovative move to design a WCOA special Jacket for its delegates with ICAI logo and Singapore Chapter embroidery. This blazer was a unique standout in the big crowd of delegates and much appreciated by many. It was the only international Chapter that organised common blazers for all its member delegates, specifically tailored for the purpose of WCOA. The unique label helped other delegates in easily identifying ICAI Singapore Chapter members and helped improve ICAI Singapore Chapter’s visibility in WCOA.