The newly elected President of the Institute of Chartered Accountants of India (ICAI), Charanjot Singh Nanda, has outlined his vision for the year under the theme “VISHWASNIYA”, meaning ‘Reliable.’ His leadership will focus on ICAI’s role as a trusted partner in India’s development, emphasizing key pillars that will drive the institute’s transformative agenda.
The VISHWASNIYA framework is built on 11 core principles:
- V – Vision for Viksit Bharat
- I – Integrity & Ethics
- S – Sustainability & Social Impact
- H – Holistic Professional and Leadership Development
- W – Wellness & Work-life Balance
- A – Accelerating Digital Transformation
- S – Stakeholder Engagement
- N – Nation-first Approach
- I – Innovation & Entrepreneurship
- Y – Youth and Women-led Development
- A – Accountability, Trust, and Transparency
Nanda emphasized that this guiding principle, deeply rooted in ICAI’s values of trust, excellence, and a nation-first approach, will steer the institute towards excellence, independence, and integrity. “VISHWASNIYA reinforces ICAI’s role in shaping a robust financial ecosystem and supporting India’s journey toward becoming a global economic powerhouse by 2047,” he added.
Nanda also asserted that the ICAI theme of being “VISHWASNIYA” does not mean that there is currently any trust deficit on the CA members by clients or the public.
Defending Chartered Accountants’ Role in Tax Audits
In his first address to ICAI members, Nanda also addressed concerns related to tax audits under the proposed Income-tax Bill 2025. He asserted that Chartered Accountants (CAs) are the most qualified professionals to conduct tax audits due to their specialised expertise in auditing frameworks, taxation laws, and financial discipline.
He highlighted that Section 44AB of the Income-tax Act mandates tax audits, underscoring the need for professionals who are rigorously trained, regulated, and governed by a statutory body. “ICAI ensures that its members uphold the highest levels of professional competence and ethics, thereby strengthening the tax ecosystem and enhancing transparency in financial reporting,” he stated.
Nanda firmly asserted that the recognition of CAs as the sole experts in tax audits is essential for maintaining the credibility of financial statements and fostering stakeholder confidence in the taxation system. “Lawmakers have consistently entrusted the profession with this responsibility, and we will continue to engage with authorities to preserve the sanctity of tax audits in the interest of both the profession and the economy,” he said.