Dear Professional Colleagues,

I wish to share some of the significant development related to accounting profession.

Triennial ICAI elections

The ICAI elections for 23rd Central and 22nd Regional Councils will be held at 620 polling booths across the nation on 4th and 5th December, 2015. On the part of the Institute, I would assure that the Institute is committed to hold fair and transparent elections. We all must exercise our power of democracy and give preferences to all candidates to elect the most suitable candidates.

Seminar with Controller General of Accounts

It is really heartening that a “Seminar on Enhancing Effectiveness of Internal Audit – Issues & Challenges” was conducted as a joint initiative with Controller General of Accounts. It clearly laid emphasis on good governance and accountability in the government. This joint program is yet another endeavour of the ICAI to extend it expertise to partner with the Government in nation building.

The Seminar was inaugurated by the Finance Secretary, Shri Ratan P. Watal, who publically acknowledged and highlighted the role of the Institute in providing technical support for the seminar. In the long run creating awareness by way of such seminars will expand the scope of internal audit in government departments and Ministries. It will also create more opportunities.

Companies Law Committee of MCA

As members are aware that in my capacity as President, ICAI I have been nominated as a member of the Companies Law Committee of the Ministry of Corporate Affairs. The committee is looking into the amendments required in the Companies Act, 2013.

The committee has so far held 5 meetings to discuss the suggestions received from the stakeholders at large. I have attended all the meetings and put forth the suggestions in the interest of the profession.

International Placement Programme

As earlier communicated, the ICAI has taken an initiative to provide opportunities to members abroad. It has launched an India-Ireland Placement Programme. 1163 members registered to avail themselves of the benefits of this programme. 738 members have been shortlisted in the first level and, as of now, a total of 37 candidates have been finally shortlisted for final screening. I am happy to share that the quality of the members has been highly appreciated by the prospective Irish employers.

CA Examinations Smoothly Conducted

November, 2015 Chartered Accountancy examinations were held smoothly across 445 centres in India and abroad. About 1,27,100 candidates were admitted to the Final and about 2,01,000 candidates were admitted to the Intermediate (IPC) examinations making it a mammoth exercise. The CA Final examination of Group II Paper 8 (Indirect Taxes) scheduled on 16th November 2015 was proactively postponed in some specified cities to 26th November 2015. This was done owing to the bad weather condition including heavy and incessant rains and thereby a disruption of daily life in the coastal regions of Tamil Nadu and some parts of Andhra Pradesh.

Technical Work in Progress

For the benefit of members, we are considering to finalise different publications in the forthcoming Council Meetings as follows:

  1. Draft Guidance Note on Audit of Banks 2016 Edition – Recommendations of the Auditing & Assurance Standards Board
  2. Draft Guidance Note on Some Important Issues Arising from Schedule II to the Companies Act, 2013 – Recommendation of the Research Committee
  3. Draft Guidance Note on Schedule III to the Companies Act, 2013 – Recommendations of the Corporate Laws & Corporate Governance Committee
  4. Revision of publication “Guidance Note on Report under Section 92E of the Income Tax Act, 1961 (Transfer Pricing)” – Recommendation of Committee on International Taxation

Pre-Budget Memorandum, 2016

To give views and suggestions for the Union budget 2016-17 we have been invited by the Government to make a presentation. A presentation was made to CBDT Chairperson Ms. Anita Kapur wherein suggestions in respect of major issues in both direct and indirect taxes pertaining to different sectors have been put forth.

Based on the inputs that have been collected from the members a Pre-Budget Memorandum is under finalisation and the same would be submitted to the Ministry of Finance for their consideration very soon.

Update on Disciplinary Front

It is important that the Disciplinary system functions in judicious and timely manner. In February 2015, there were 129 cases before the Disciplinary Committee. As on date, 99 cases have been fixed for hearing and 49 cases have been heard and concluded while remaining 50 cases are at different stages of disciplinary proceedings. Similarly, out of 28 cases before the Board of Discipline for hearing, 17 have been heard and concluded and remaining 11 cases are at different stages of disciplinary proceedings.

Implementation of Ind AS in ICAI

You are aware that the implementation of IndAS is being done for corporate India from 1st April, 2016 in a phased manner. The Institute of Chartered Accountants of India, on its own initiative, has taken conscious decision to prepare its financial statements on the basis of Ind AS. Presently we have initiated the process of casting opening balances for the financial year 15-16 on Ind AS basis. Training on Ind AS is also being worked out for the officials of the Institute.

New opportunities by Delhi Government

Opening new opportunities the Delhi Government has cast new responsibilities on the Chartered Accountants. The Chartered Accountants will be engaged by the Delhi Government to verify in private schools that funds have not been diverted through forged bills. It is noble attempt of the government to ensure that the funds collected from the students is spent on them for imparting education.

Best Regards,

CA Manoj Fadnis
President, ICAI

November 25, 2015
New Delhi

Source- ICAI Email

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0 responses to “Significant development related to accounting profession :ICAI”

  1. VUM RAO says:

    Action of Delhi Govt. engaging CA’s to check diversion of funds needs to be appreciated. In the same way all Govts both State and Centre have to engage CA’s for verification and submision of their findings and the same should be made known to public in order to prevent further detoriation of usage of funds for purposes other than it is intended for.

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