Challenges facing accountants and auditors were probed at a key seminar on 'Emerging opportunities and challenges' held at the Gulf Hotel in Bahrain.

More than 300 people attended the event organised  by The Bahrain Chapter of the Institute of Chartered Accountants of India (BCICAI).

Addressing the gathering, Indian Ambassador Mohan Kumar emphasised that the environment was increasingly getting dynamic with reduction of field autonomy and increase of state intervention in the form of regulations.

He said that all the stakeholders like the accounting bodies, the business community and civil society should engage in a process of dialogue to meet the present day challenges.

Prominent businessman and Bahrain India Society chairman Mohammed Dadabhai, lauding the role of Indian chartered accountants, said accounting was a noble profession.

Bahrain Accountants Association chairman Abbas Al Radhi pointed out that the accountants and auditors were facing great challenges in the areas of compliance, corporate governance and independence, and urged them to equip themselves adequately.

Institute of Chartered Accountants of India (ICAI) president G Ramasamy said major initiatives were being taken to gear up members in the areas of integration with global accounting standards, regulations in financial sector and technology to make the members truly global.

He urged the gathering 'to learn, unlearn and relearn.'

ICAI vice-president Jaydeep N Shah reiterated that its four-pronged approach on academic, practical, soft skills and information technology was enabling Indian chartered accountants to meet the challenges and grab the opportunities.

The seminar was followed by a technical session presented by Gulf Operations of Sage Software Middle East director Reggie Fernandes.

Fernandes said that good business solutions give a cutting edge in competition and empower employees resulting in higher growth for the organisation.

State Bank of India chief executive Bahrain Mohan Ganesan gave a glimpse of the wide range of activities of Bahrain operations of India's largest commercial bank.

"We are privileged to host both the president and the vice-president of the ICAI and are enlightened hearing about the major initiatives taken by our parent body to equip its members to grab opportunities arising out of the challenges," BCICAI chairman T D Balraj said.

"The technical session on business solutions will surely enable us to take objective decisions on choice of suitable options," he added.-TradeArabia News Service