Why is Succession Planning Important?

The succession planning process ensures that an organization recruits and develops employees to fulfil each key role within the company. It is a systematic method of identifying and developing future leaders who will be able to fill in for current leaders when they leave the company due to retirement, resignation, termination, transfer, promotion, or death. It is a modern approach that assures that a company’s most critical personnel move on to new opportunities, retire, or pass away without lowering the efficiency of the company.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

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