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Remodelling the finance landscape

Filed on August 24, 2020 | Last updated on August 24, 2020 at 01.15 pm
Neeraj Ritolia, Chairman at ICAI, Abu Dhabi Chapter

ICAI-AUH is helping businesses transform through adoption of newer technologies

Khaleej Times spoke to Neeraj Ritolia, Chairman at ICAI, Abu Dhabi Chapter, on how the Chapter is part of the economic goals of the nation

Developing professional enhancement
The Abu Dhabi Chapter of the Institute of Chartered Accountants of India (ICAI) has been a key player in the growth and development of the profession in Abu Dhabi since its inception in October 1984. Since January 2020, the Chapter has undertaken 20 professional events with 45+ hours of knowledge sharing and 11 social events. The Chapter also collaborated with other GCC Chapters and had done two events together.
Initiatives for betterment of CAs and students
The Chapter does placement drives where members were connected with companies in the UAE to explore advancement in their career, liaising with the Ministry of Education to see how members and CA students can become a partner with them in the field of education. The Chapter has also liaised with National Qualification Authority, Abu Dhabi getting the ICAI Qualification benchmarked through UK NARIC. ICAI Abu Dhabi Chapter has also been with CA students with coaching classes, model exams, scholarships, accommodating exam centre, article assistance, etc.

Challenges for organisations while transforming finance functions
Convincing the management to spend money for the full-fledged digital and analytics.
Organisational redesign involving transition in the culture of the working environment being huge, posed an issue in adapting to the new and different culture. Lack of information on how companies can define the scope and objectives of their Finance Transformation is added up with the constraints in skilled people to perform robust analysis.

VAT reshaping the economic landscape of the Middle East
Tax reform is gradually reshaping the Middle East's business landscape. Companies have started maintaining proper financial records and structured their systems for easy reporting. Tax revenue of the Government has widened, and it helped to lessen dependence on oil revenue.

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