G Ramaswamy has taken over
from Amarjit Chopra as the president of the Institute of Chartered
G RamaswamyAccountants of India (ICAI). Jaydeep Shah has been
appointed vice president and will take over the presidency in a

In his first initiative as president,
Ramaswamy called for a change to India’s corporate law so that
fines up to INR10m ($220,143) can be imposed on erring audit firms
in response to the Satyam Computer Services fraud of 2009.

At present, the ICAI has the power to punish
individual auditors but can not take action against audit

The ICAI is one of the most powerful national
accounting bodies in the world. In addition to its qualification
activities, the ICAI is also an audit regulator and national
standard setter. In 2010, the body had 166,258 members and 726,578

Ramaswamy qualified as a chartered accountant
in 1984 and has experience in tax, company law, audit, internal
audit and management consultancy. He is also a fellow member of the
Institute of Company Secretaries of India (ICSI).

Shah is the ICAI Ethical Standard Board
chairman, ICAI Financial Reporting and Review Board chairman and
vice chairman of the ICAI Capacity Building and Small & Medium
Practioners Committee.

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Meanwhile, at a recent ICAI annual conference,
Chopra said the ICAI achieved a lot in the past year, including
completing the convergence process with IASs and IFRSs and being
designated as the nodal agency for IFRS education in the

Other highlights are:

  • Strengthening the accounting and financial
    system in different tiers of the Indian Government including
    providing training to the officials at Central and State
  • Strengthening the accountability in various
    Government schemes;
  • Launching live virtual classes for providing
    quality education to CA students;
  • Launching an e-Sahaayataa facility to provide
    prompt services to members and students; and
  • Issuing a unique code for members in