FROM THE CHAIRMAN, PROFESSIONAL DEVELOPMENT COMMITTEE – May 2012

“The Professional Development Committee of ICAI has been striving to generate professional opportunities for our members in existing and emerging areas where the professional skills of the members could be utilized”.

Dear friends,

As the ICAI enters a new Council Year, the baton of profession’s leadership has changed hands too. It is an immense honour to serve as Chairman of Professional Development Committee for the year 2012-13.

You would appreciate that it is the responsibility of Professional Development Committee to consider ways and means to provide specific assistance in order to leverage national & global opportunities. The Institute is making all efforts to explore and exploit all available and potential opportunities. As a facilitator also, the committee is playing a pivotal role by making immense contribution through proactive participation of our members in various Government foras including SEBI, IRDA, RBI and C&AG. Taking a next step in this direction, Professional Development Committee is now committed to move for identifying even more potential professional avenues for Chartered Accountants.

The Committee organises various programmes and seminars across the country to enhance the knowledge and skills of members to ensure that their clients and other stakeholders receive the advantage of competent professional services based on current developments in practice, law and business. I wish that the existing opportunities of professional development will be fully utilised and maintained at equitable and growth-oriented levels in the years to come.

Now, let me update you on some major developments pertaining to our Committee over the last 3 months:

Ministry of Finance

Representations were submitted to Shri (Dr.) M. Veerappa Moily, Hon’ble Minister of Corporate Affairs, Shri Yashwant Sinha, Chairman, Standing Committee on Finance, Shri (CA.) K Rahman Khan, Hon’ble Deputy Chairman of Rajya Sabha, Shri Piyush Goyal, Hon’ble Member of Parliament and others explaining the need of extensive branch audit even in CBS. A delegation also met Shri Pranab Mukherjee, Hon’ble Union Minister of Finance, Government of India to emphasize need of extensive branch audit in Public Sector Banks.

o Considering the merit in the case made out by us, the Ministry of Finance has decided to get all branches of Public Sector Banks with advances of Rs 6 crores or above and one third of the rest branches audited.

Ministry of HRD

Following the acceptance of Report on implementation of accounting standards in educational institutions of Department of Higher Education, Ministry of HRD organized a meeting of Financial Advisors of all centrally funded Technical Institutions wherein ICAI gave a presentation on conversion to accrual basis of accounting, fund based accounting, the specific accounting standards applicable to educational institutions and the way forward on March 1, 2012. Further, UGC has convened a meeting of the Registrar and Finance Officers of the Central Universities for Conference – consultations on implementation of new accounting standards issued by ICAI wherein ICAI gave a presentation about the modalities for the implementation of accounting system on March 21, 2012.

Reserve Bank of India:

• Many cases resolved regarding allotment of audit for the year 2011-12.

• Third meeting of the Sub-Committee of the Working Group on Revision in the Norms for Statutory Auditors – Revision of fees on April 25, 2012.

Office of Comptroller & Auditor General of India:

• Meeting with Ms Usha Shankar, Director General (Commercial) to discuss matter of mutual professional interest on February 15, 2012.

• Reply sent to O/o C&AG on frequent change of firm by some members for manipulating the empanelment process on March 30, 2012.

• Many cases resolved regarding On-line empanelment of CA firms for the year 2012-13

• Pursuant to our effort last date for On-line empanelment of CA firms for the year 2012-13 was extended to 29/02/2012 and submission of documents to 31/03/2012.

NABARD:

• Representation sent to the Chairman, NABARD regarding revised norms for statutory audit of Regional Rural Banks for the year 2011-12 on April 20, 2012.

Panels submitted:

• A panel of Chartered Accountants firms based at locations as per list of ICAR units provided and empanelled with O/o C&AG to the Finance & Account Officer, Indian Council of Agricultural Research, New Delhi.

• A panel Chennai based Chartered Accountants/firms having experience in audit U/s 14/14AA of Central Excise Act 1944 to the Additional Commissioner, Large Taxpayer Unit, Ministry of Finance, Government of India, Chennai.

• A panel of Union Territory Puducherry based Chartered Accountants/firms to the Mission Director, Puducherry State Health Mission, Puducherry.

• A district wise panel of Punjab and Chandigarh based Chartered Accountants/firms to the Additional Managing Director, Punjab State Cooperative Bank.

Other Initiatives:

• Representation sent to Chairman & Managing Directors of all Public Sector Banks and Private Sector Banks on 19/27th March, 2012 respectively requesting for Utilization of services of Chartered Accountants / firms for various internal assignments along with a copy of Bank Branch Auditors’ Panel for the year 2011-12. Reply received from:

-Oriental Bank of Commerce – Will further discuss the issue in meeting

– Central Bank- Noted the contents

– HDFC Bank-Will utilise the services when the appropriate opportunity arise

– State Bank of Bikaner & Jaipur- Will consider at the time of next exercise of empanelment

• Meeting with Justice Anil Dev Singh, Committee for review of School Fees (constituted by the Hon’ble High Court of Delhi) regarding scale of fees to be offered to chartered accountants for review of School’s Balance Sheets on February 17,2012. Pursuant to the meeting, considering the scope of work, proposed scale of fee was sent which has been forwarded to Directorate of Education for their approval.

• Representation sent to Shri Ramesh Abhishek, Chairman, Forward Markets Commission regarding Audit / Inspection of books of accounts of Commodity Exchanges and its Members and fees thereof on March 1, 2012.

o Meeting with Shri V.C. Chaturvedi, Director, Forward Markets Commission, Department of Consumer Affairs to discuss issues of mutual professional interest on April 25, 2012.

• Representation sent to Shri. J. S. Mishra, Chief Executive Officer, Khadi and Village Industries Commission regarding utilization of services of Chartered Accountants for various types of internal assignments on March 16, 2012.

• Representation sent to Shri G. P. Patel, Managing Director, Uttarakhand Jal Vidyut Nigam Ltd requesting to waive the requirement of Earnest Money Deposit from the tender document which was hosted on the website of UJVN Limited on March 16, 2012.

• Representation to Smt. Aruna Sharma, Principal Secretary & Development Commissioner, Panchayat & Rural Development Department, Government of Madhya Pradesh requesting to avail Services of Chartered Accountants for Conducting Concurrent Audit of MGNREGS in Madhya Pradesh on March 19, 2012.

I continue to apprise you of further developmental efforts of Professional Development Committee.

With warm regards,

CA. Charanjot Singh Nanda

Chairman, Professional Development Committee

Mob: 98 111 30985, 92127 00353,9311130986

Email: csnanda@gmail.com, info@cacjsnanda.com

New Delhi, May 1, 2012

Please Post Your Views at pdc@icai.in

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