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Financial Report Review Panel
  In July, 2002, the much awaited Financial Report Review Panel (FRRP) was constituted. Provision has been mae to provide for adequate representation to various outside bodies.
  This Panel would suo motu look into the published accounts of different organistions, including Banks and Financial Institutions. If any deficient and / or irregularity is / are observed, as result of the Panel would from the basis for initiating action under the disciplinary mechanism that would be in place.
  In order to make, the Panel more effective and to ensure timely disposal, the Council has sought, by way of amendment in the Chartered Accountants Act, 2949, from Central Government powers as are vested in a Civil Court, e.g., power for discovery and production of any documnet from the organistion concerned.
  Pending amendment in the Act, the FRRP so constituted would start discharging its functions without the aforementioned special power
Annual Function of the ICAI
  The 52nd Annual Function of the ICAI was held on 2nd February, 2002 at Ashok Hotel in New Delhi, Hon'ble Shri Arun Jaitley, then Union Minister of Law, Justice
& Company Affairs was the Chief Guest Shields and Plaques to the winners of the Institute's prestigious awards for the Best Presented
Accounts and examinations conducted by the Institute, shields and certificates of appreciation to the outstanding Regional Council
and Branch of the Institute, were awarded. The function was attended by a very large number of invitees including, senior Government
officers, members, students, officers and staff of the ICAI. The Chief Guest showered flowers of appreciation on the profession of
Chartered Accountants.
Amendments in The Chartered Accontants Act, 1949 and the The Chartered Accountants Regulations, 1988
 
Working Group for Review of Amendments in the Chartered Accountants Act, 1949 and the Regulations framed thereunder:
  As early as in 1984, a set of proposals for amendments in the Chartered Accountants Act, 1949, was forwarded to the Central Government for its consideration and approval. The same was returned by the Government in August, 1992 for making an overall review of the said proposals, in the light of certain developments / discussions.
  At the relevant time, the Perspective Planning Group (PPG) constituted by the Council was in place to examine, among other, the likely increase in member ship during the next decade and steps that were necesary to meet the challenges. The PPG submitted its Report to the Council in December, 1992. Thereafter, the Council in June, 1993, reviewed the proposals submitted to the Central Government in 1984, along with those recommendations of the PPG, which had been accepted by the Council and also required amendments in the Act. Later the amendments approved by the Council were forwarded to the Central Government in October, 1993 for the latter's consideration and necessary action. Subsequent to the submission of proposals in October, 1993, as aforesaid, several rounds of discussions covering the entire proposals were held at differnet intervals between the Department of Company Affairs and the ICAI, from 1994 to the beginning of March, 2001.
  In March, 2001, the Central Government while referring back certain earlier proposals (relating to amendments in the Regulations) inter alia, specified as regards the amendments to the Act that the pending proposals would be taken up without further discussions with ICAI.
  However, in October, 2001, the Central Government requested the ICAI to consider the latter's proposal regarding amendments to the Act afresh and while doing so, the ICAI was asked to keep in view the changed economic scenario, challenges being faced by the ICAI due to other recent developments, such as, the changes being brought about by WTO related developments etc.
  Towards this end, the Council of the ICAI at its meeting held in March, 2002 decided to constitute a Working Group for review of amendments in the Chartered Accountants Act, 1949 and the Regulations framed thereunder. The Group was composed of six members of the Council - 5 elected members (one from each region) and one Government nominee on the Council. The Working Group was asked to make its recommendations in light of -
 
  • Global changes that are takinig place, especially those affecting the profession of accontancy directly and indirectly.
  • Reference received from the Department of Company Affairs in a similar context (thereby necessitating a review of those proposals submitted to the Central Government about 9 years back).
  • Decision already taken by the Council at its 215th meeting held in March, 2001 for appointing a Committee for overall review of the disciplinary mechanism of the Institute
  The Working Group was subsequently asked to review the amendments in the Act in the first Phase and the amendments in the Regulations in the second phase. Accordingly, the Group undertook the task of review of amendments in Chartered Accountants Act, 1949 and submitted its Interim Response to the Council at the said meeting, the Group finalised its recommendations and submitted its Report covering the amendments in the Act on 29th considered the recommendations of the group and finalised its recommendations on the amendments to the Chartered Accountants Act, 1949 for consideration of the Central Government
  The draft amendments in the Chartered Accountants Act, 1949, finalised as a foresaid have been submitted to the Central Government on 3rd August 2002. It is hoped that the Government would take appropriate steps to effect the amendments sought for as early as possible.
Amendments in the Chartered Accountants Regulations, 1988:
 
  • Post Qualification Course on Information System Audit.
    During the year under report, the Central Government, accorded its final approval to the amendments proposed in Chartered Accountants Regulations, 1988, facilitating a new Post Qualification on Information System Audit. The said amendments have been brought into force effective from 29th September, 2001
  • New Post-Qualification Courses Proposed:
    Keeping in view the changes that are taking place in economic scenario of the country in particular and across the globe in general and for equipping the members of the ICAI to face the challenges posed by such developments, the Council of the ICAI has proposed two new Post Qualification Courses to the Central Government. These Courses are on Insurance & Risk Management and Trade Laws & WTO respectively. he necessary amendments in the Chartered Accountants Regulations, 1988 are under consideration of the Central Government and after its in-principle approval they would be exposed to the members at large for comments
  • Other Amendments proposed:
    Keeping in view the difficulties faced by the senior members of the Institute who have attained the age of 65 years and above and those who are physically handicapped, the Council has decided to grant certain concession to such members in the matter of payment of annual membership fee. The amendements in this behalf have been proposed in Regulation 6 to the Central Government. In addition, the Council has also proposed certain amendments in Schedules 'C' 'D' and 'E' seeking power with the Council to fix various fees and decide about the syllabus for these Courses. These amendments are under consideration of the Government and the same after its in priciple approval would be notified for public comments.
  • Past Presidents
    The recent collapse of corporate giants in the US brought to the centre-stage the need for strengthening the mechanism of corporate governance so that is meets the underlying purpose. The matter, is having critical significance to the profession, as the accountants are on of the limbs of the corporate governance framework. The Prime Minister of the country also urged all concerned to take stock of the position in the Indian context in generality, and as a corollary to the same, the ICAI took the initiative to formulate its response to the above. ' Meet

    It was, therefore, decided to seek the advice and guidance of the past Presidents and others who were part of the decision making process of the Council levels in the past. As a first step towards this direction, a meeting of the past presidents out of 32 living past Presidents were present. The detailed deliberations that took place at the meeting endorsed the line of thinking of the present Council. Similar Meets with past Council and Regional Council members at four different locations where the Regional Councils are situated had been held later. The remaining one is scheduled to be held soon.
Central Council Library
  The Central Council Library Provides Books, Journals, Newspapers and Reference facilities to Members, Students and Faculties of differnt Directorates of the ICAI, alongwith a list of Articles compiled from various Professional Journals and Newspapers, a list of which is published every month in the Institute's Journal under the title Reference "Accountant's Browser". Reference service is also provided to the Researchers and Foundation Course Students as a special case. Noida Office of the ICAI, has also been provided with Library facilities by the Central Council Library. Networking through Delnet is Operational and the Computerisation of Library material including Books, Journals, Articles, Members record is available on Enquiry & Webmodule. A storage base of more than 10,000 articles including article including article from ICAI Journal "Chartered Accountant" is also available. Besides above an appropriate Version of LAN is in place providing the most reliable and empowered corporate database of 8000 companies. The database provides financial statements ratio analysis fundsflows, product profiles, return & risks analysis, fundsflows, product profiles, return & risks on the stock markets etc. Library is also providing services to the Institute's Website such as Accountant's Browser, list of recommended books for Foundation, Inter and Final Chartered Accountancy Courses, List of Recent Additions and List of Articles (Chartered Accountant).
  Besides above, Library facilities are also provided ad the regional centers and Branches throughout the Country, Liberal Grants are provided to associations and study circles recognized by the ICAI for development of the Libraries. The Council has taken a decision to provide special grants for strengthening Library facilities available at all Regional Councils and Branches.
Editorial Board
  The Editorial Board is continuously striving to fulfil its mission i.e., to convey regularly to the members, professional knowledge, matters of interest of profession, matters relating to the ICAI and its activities and such other matters as are deemed to be educational / professional value in a structured manner, through the Journal 'The Chartered Accountant' and any other means. 'The Chartered Accountant' continues to focus on further developing the core competencies of the members on the accounting, auditing and allied areas. Based on the feedbacks received from members and other subscribers efforts are put into, to continuously enhance the quality of the Journal to enable it to act as a dynamic carrier of knowledge regarding new profesional skills and other upcoming and ground - breaking professional fields. The Journal continues to maintain high professional standards and was well received throughout the period under report. The reach and impact of the Journal can be gauged by its circulation figure, which is nearly hundred and fifty thousand. Now the Journal is increasingly read by various organizations / corporates who are subscribing the Journal.
  During the period under report following were the significant activities of the Editorial Board:
 
Publication of Journal on the following themes
 
  • WTO and the Chartered Accountant
  • Taxation
  • Mid-term review of the economy
  • Accounting Implications of the Corporate Governance
  • Newly issued International Accounting Standards
  • Re-engineering of Small Accounting Firms
  On the occasion of Chartered Accountant's Day i.e., 1st July 2002, a special issue was brought out Various eminent personalities contributed their articles in this issue alongwith some international renowned experts.
Publiation of various Empanelment Forms
Publication of various Government Circulars and Notifications
Special Issue on Budget during March 2002
Publication of articles contributed by various experts
  The Editorial Board continjues to take appropriate measures to improve the overall quality and appeal of the Journal to make it highly sought after professional magazine among the whole commercial community.

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