A chartered accountant can play a vital role in the agricultural and rural development of our country. A chartered accountant is bestowed with highly appreciated qualities of integrity, technical excellence, knowledge, analytical skills and leadership with consistency of purpose.
This professional initiative requires the help of Government by conducting awareness programmes on accounts, audit and taxation matters in rural areas with assistance from ICAI. The Government also has to ensure it does take up necessary measures to encourage the agriculturist for maintenance of accounts and frame the rules in various statutes in this direction.
His Excellency, the then President of India, Dr A.P.J Abdul Kalam in the International Conference held in 2005 under the topic “Chartered Accountants are partners in National Development had rightly pointed out the following key areas where Chartered Accountants can make a difference as partners in nation building. While he did applaud the contribution of ICAI in the manufacturing and services sector, the following areas in the agriculture and rural sector where identified where Chartered Accountants can make a difference.
- “Creation of a productive linkage between the National Rural Employment Guarantee Bill 2005 and the Rural Development Programme.
- Preparation of business plan for the PURA complexes spread in different parts of the country in consultation with the district authorities for execution by local entrepreneurs.
- Training the local talent in basic accountancy practices through village knowledge centres being established in village Panchayats and provide consultancy to the village enterprises.
- Take up the mission of upgrading few SSI units and bring them back to normalcy through a revival package using local entrepreneurs.
- Also, development and implementation of IT based simplified accounting systems for the small entrepreneurs in the rural sectors.”
It is time we seriously look back on our contribution to the agricultural sector as a profession.
Listed below are some of the services Chartered Accountants can perform as their contribution towards agricultural accounting and rural development
- Establishing the double entry accounting system in local bodies
- Training local talent on maintenance of proper accounting records
- Assisting in the reparation of financial statements Profit and Loss Account and Balance Sheet
- Examining the accounts, records and documents of village local bodies
- Auditing of Cooperative Credit Societies
- Preparing and Certifying the true and fair view of the financial statements prepared from accounting records prepared according to rules of accountancy and detect frauds and errors
- Auditing of funds spent through various Government Schemes for development of rural in particular agricultural sector keeping the welfare of agriculturist in mind
- Conducting physical verification of various assets created out of Budget allocations by the Government for development of rural sector
- Auditing accounting transactions, records and documents through internal checks and internal controls
- Offering strict checks against collusion and fraud.
- Revision of systems, procedures and methods for internal controls and checks.
- Provide assistance in the set up of computer systems for accounting
- Offering support and assistance in computerising areas such as collection of taxes, disbursement of pensions, maintenance of records of development works/welfare schemes, etc. in the village administration offices and ensuring their internal control checks are in place
- ICAI can conduct training programmes for youth in rural areas offering them introduction to the system of accounting, project preparation, working capital management and also educating them on export opportunities.
It is very clear that ICAI has already envisioned the role Chartered Accountants can play in the agriculture sector in particular and rural development in general. It all depends how we will take it forward and be equipped in offering the requisite services in the rural areas and what model can we as professionals generate that will enable value addition in the business of agriculture and rural development.
To Read More Please Download the free e-Book in PDF Format Written By CA Rajkumar S. Adukia
Download E-Book on Agriculture & Allied Sectors & their Accounting & Role of a Chartered Accountant
E-Book Have Following Contents
2. History of Agriculture
3. Agriculture, United Nations and the Millennium Development Goals
4. FAO – Food and Agriculture Organization of the United Nations
5. Introduction – Indian Agriculture
6. Indian Agriculture – Some FACTS
7. Administration of Agriculture and Allied Sectors as per Allocation of Business Rules
8. Legislations Regulating Agriculture and Allied Sectors
9. Overview of Agriculture and Allied Sectors
- Agricultural Inputs
- Agricultural Produce and Pricing
- Animal Husbandry, Dairying and Fishing
- Agricultural Credit and Insurance
- Agricultural Marketing
- Food Security and The National Food security Bill 2011
10. Accounting for Agricultural Operations
11. Major Schemes/ Programmes in Agriculture Sector
- National Food Security Mission (NFSM)
- Rashtriya Krishi Vikas Yojana (RKVY)
- National Horticulture Mission (NHM)
- Horticulture Mission for North East and Himalayan States (HMNEH)
- National Mission on Micro Irrigation (NMMI)
- National Bamboo Mission (NBM)
- Macro Management of Agriculture Scheme (MMA)
- Integrated Scheme of Oilseeds, Pulses, Oil-palm and Maize (ISOPOM)
- National Project on Organic Farming
- National Agricultural Insurance Scheme (NAIS)
- Pilot Weather Based Crop Insurance Scheme (WBCIS)
- National Mission on Agricultural Mechanization (NMAM)
- National e-Governance Plan in Agriculture (NeGP-A)
12. Foreign Direct Investment (FDI) in Agriculture
13. Impact of Climate Change on Indian Agriculture
14. Role of a Chartered Accountant
15. Important Organizations and Websites
- National Bank for Agriculture and Rural Development (NABARD)
- Agricultural and Processed Food Products Export Development Authority (APEDA)
- National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED)
- Indian Farmers Fertiliser Co-operative Limited (IFFCO)
- Indian Council of Agricultural Research (ICAR)
- National Centre for Agricultural Economics and Policy Research (NCAP)
- Food Safety and Standards Authority of India (FSSAI)
- Agriculture Insurance Company of India Limited (AIC)
Click here to Read/Download Other Articles/Books written by CA Rajkumar S. Adukia