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Press Release
May 14, 2009
The Professional Development Committee of the Institute of Chartered Accountants of India organized Joint Workshop for statutory auditors of Public Sector Undertakings (PSUs), today, on 14th May 2009, at Sovereign Hall, Hotel Le-Meridien, Delhi. The workshop was inaugurated by Ms. Pravin Tripathi, Dy. C&AG (Commercial).
CA Anuj Goyal, Chairman Professional Development Committee in his opening remarks highlighted the objective of tripartite interactive workshop i.e. to provide an opportunity of interaction and experience sharing amongst representative from office of C &AG and statutory auditors of PSUs and to disseminate information about recent developments in accounting standards and specific issues relating to audit planning in the specific context of PSU audits.
Shri K.P. Sasidharan, Director General (Commercial), O/o C&AG highlighted that convergence with IFRSs which has gained momentum in recent years all over the World. He further stressed that there is a strong need to disseminate the information among the auditors of PSUs about latest developments in the accounting and auditing standards field particularly in the context of current economic environment.
CA. Amarjit Chopra, Vice President, ICAI,in his key note address emphasized that in the wake of recent corporate turmoil, the organization of the workshop is of great importance. He also stressed that the best auditing practices should be followed in the audit of public sector enterprises in order to enhance the quality of audit. He also touched upon certain issues pertaining to specific industrial sector of the economy.
CA. Uttam Prakash Agarwal, President, ICAI in his address deliberated upon importance of organizing the workshop. He also deliberated that in order to maximize the benefit of such workshops, they are being organized at six places all over the country viz Delhi, Ernakulam, Mumbai, Kolkata, Lucknow & Jaipur .The programme aims to deal with the latest developments in the fast evolving field of Accounting and Auditing Standards particularly in the context of current economic environment. He raised certain issues in the wake of Satyam fiasco like audit of foreign branches of Indian Companies, time constraint for conducting the audit and stressed the need of continued dialogues among the regulators.
Ms Pravin Tripathi, Dy. C&AG appreciated the efforts of ICAI for organizing series of tripartite interactive workshops at major cities of the country associating statutory auditors of PSUs in the area, representatives of ICAI and officers of the C&AG of India with an objective to improve the quality of audit and its reporting. She emphasized that these joint workshops will provide a platform to address the concerns of the statutory auditors of PSUs and bridge the communication gap between the Government auditor and the statutory auditor which is common concern for both O/o C&AG and ICAI.
CA. Vijay Kumar Gupta, Member, PDC in his special address highlighted the importance of PSUs in the context of Indian economy. He stressed that functioning of PSUs is altogether different from the other corporations so the auditors of the same are embedded with higher responsibility which is very important for the betterment of the society at large.
CA. B D Gupta, Chairman, Northern India Regional Council of ICAI, host of the programme welcomed all the dignitaries and participants of the programme and emphasized that it is necessary to have close interaction between the auditors and regulators so that they could share their experience and resolve the issues.

About ICAI

The Institute of Chartered Accountants of India (ICAI), set-up by an Act of Parliament viz. The Chartered Accountants Act, 1949 to regulate the profession of Chartered Accountancy is the second largest and prominent accounting body in the world. It has been taking various proactive measures from time to time, aligned with the changing facets of the Indian economy, for continuously raising the standard of quality of accounting and financial reporting.

ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi and 118 branches spread all over the country. In addition, it has also set up 21 chapters outside India and an office in Dubai. Currently over 4,50,000 students are pursuing the Chartered Accountancy course and the total membership of ICAI is more than 1,50,000. It is only professional body in the country which has made compulsory Professional education mandatory for its members.

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