Announcement – Preliminary Expression of Interest for Practice Management Software

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NON-ACADEMIC ICAI UPDATE (NOT RELEVANT FOR EXAMS BUT FOR GENERAL AWARENESS)

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Please find text of the Announcement – Preliminary Expression of Interest for Practice Management Software notification below –

Announcement – Preliminary Expression of Interest for Practice Management Software

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Committee for Members in Practice The Institute of Chartered Accountants of India

11th  March, 2021

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ANNOUNCEMENT

Preliminary Expression of Interest for Practice Management Software

As you are aware, The Institute of Chartered Accountants of India (ICAI) is a statutory body established in 1949 by an Act of Parliament viz., The Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountants in the Country. The ICAI is also an affiliate-member in various International Bodies representing the Global Accountancy Profession. The Institute is in constant pro-active interaction with various Ministries and Regulatory Bodies such as C&AG, SEBI, Reserve Bank of India, Ministry of Finance and Ministry of Corporate Affairs, etc. on matters relating to the Government’s Fiscal, Economic, Corporate and other allied policies.

The ICAI has around 3.15 lakh members and around 90,000 firms specialising in traditional areas of audit, direct, indirect & international taxes including GST and in emergent areas like insolvency, financial services, risk management and corporate re-structuring etc. Many of our members are serving the industry occupying senior positions such as C&MDs in Banks/Financial Institutions, CEOs and CFOs in leading and reputed public/private sector companies.

The Committee for Members in Practice (CMP) of the Institute of Chartered Accountants of India is a non-standing Committee formed under regulatory provisions of Chartered Accountants Act, 1949. This Committee has been established for facilitating consolidation and capacity building of CA firms in order to address various challenges 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. It aims to encourage and enhance close links between the Institute and the Chartered Accountants, so as to provide them, a base of reference in terms of knowledge, expertise, skills and assistance in their professional growth.

One of the major activities of CMP is to develop/ arrange softwares relevant for the Members of the Institute of Chartered Accountants of India (ICAI). In this regard, CMP wishes to develop a Practice Management Software to assist

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The Institute of Chartered Accountants of India

its members and firms to serve their clients and manage their practice. The Practice Management Software, may inter alia, include:

  • Jobs & Billing
  • Capacity Planning
  • Documentation
  • Centralised Client Database
  • Time Sheets
  • Invoicing
  • Attendance etc.

The service providers having the requisite experience and expertise in developing and maintaining the Practice Management Software need to apply. The detailed RFP including Technical and Financial requirements will be uploaded shortly. In the meanwhile, we will request the service providers to send their expression of interest with budgetary quote at [email protected]

CA (Dr) Sanjeev Kumar Singhal,
Chairman, CMP
CA. Prasanna Kumar D
Vice Chairman, CMP

Official Link of Announcement – Preliminary Expression of Interest for Practice Management Software notification can be accessed from below –

https://resource.cdn.icai.org/63469cmp51258.pdf

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That’s all for now. Stay Connected for more such authentic updates.

Jai Hind, Vande Mataram
Team CA Study

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