Auditor General of Bhutan graces the ICAI Awards

The Hon’ble Auditor General of Bhutan Tshering Kezang led a three-member delegation for ‘ICAI Awards for Excellence in Financial Reporting’ held in Kolkata, India on February 6, 2016. The Auditor General was invited to grace the occasion as the Chief Guest.

With the objective to recognize and encourage excellence in preparation and presentation of financial information, the Institute of Chartered Accountants of India (ICAI) through its Research Committee, organized the annual competition ‘ICAI Awards for Excellence in Financial Reporting’. For the year i.e. 2014-15, a total number of 175 entries were received across the 13 categories in which the competition was held. A meticulous evaluation process was followed and unless the stringent criteria/minimum threshold norms were met, no entity was recommended for an award. The emphasis was on going beyond the normal reporting requirements. Thus, the awards were bestowed only upon those select few who have gone the extra mile in their financial reporting requirements.

For the year a total of 12 awards i.e. one gold shield, 7 Silver Shields and 4 plaques were given at the award function to honor the awardees.

The Chief Guest in his address thanked the ICAI for extending invitation for such a distinguished award ceremony. He highlighted the importance of auditing and accounting in promoting greater transparency and accountability and shared how two Institutions, i.e, the RAA and the ICAI, can mutually benefit through sharing of information and common knowledge. He also commended the ICAI for producing highly professional Chartered Accountants that has not just benefitted India but many other countries, including Bhutan and for its increasing global presence.

The central message of his address was that in the increasingly changing environment and presence of diverse and highly knowledgeable stakeholders, the reporting system calls for more integrated and comprehensive reporting so as to provide the stakeholders and other users with all-inclusive and holistic picture of the audited companies. Furthermore, information on corporate sustainability, environmental compliance, political and economic aspects and corporate social responsibilities are some of the emerging concepts that need to be incorporated in financial reports for informed decision making.

He also shared some of the initiatives of the Royal Government of Bhutan in regard to the implementation of the International Financial Reporting System (IFRS). In addition, he also made a mention about the new initiative of the RAA on Financial Resources Management Accountability Index (FRMAI) and its modus operandi of implementation.

Besides witnessing a highly professional panel discussion on financial reporting, the delegation also engaged in interaction with eminent members of the ICAI, including the current and past presidents, partners of Chartered Accountants firms and many other professionals present during the ceremony. Such exchange of ideas and information would go a long way in not only enhancing the professional knowledge of the RAA but also to build on the excellent relations shared by the people of two friendly countries.

Hon’ble Auditor General concluded his remarks by highlighting the cordial and exemplary bilateral relations between two countries and how each country has benefitted mutually from such an excellent relation.

The event ended with ICAI expressing their deep gratitude to the Hon’ble Auditor General of Bhutan for gracing the occasion as the Chief Guest.

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