Dear Friends, |
Every year we celebrate 2nd October as the birthday of our own Mahatma Gandhi, who is also called the Father of our Nation, as a mark of respect for his selfless contribution to our nation. Mahatma, who sacrificed his everything for the freedom of our nation, has said so many things apart from his core battle, to send across the message of truth, non-violence and love to the world. Most of his thoughts are relevant even today for all of us to observe and follow. He offered his insight on conscience which is the basis for the existence of ethics in our life even today: There is a higher court than (all) courts of justice and that is, the court of conscience. For him, there has to be an essential play of ethics and conscience in our life, particularly in the context of our professional space |
'(With) Hon’ble Union Finance Minister Shri Arun Jaitley...We discussed the matters relating to extension of due date for filing of returns of income and the tax audit reports and also the appointment of the central statutory auditors and the branch statutory auditors during the meeting. The Hon’ble Minister noted the concerns of the profession and has assured to look into the matters.' |
CA. R. C. Cooper, our past President (1963-64) had written in the foreword to the first edition of ICAI Code of Ethics: Ethics is a state of the mind, and there may be some act which, though it may not strictly fall under one of the items of the Schedule, may be one which may not be proper by any moral or ethical standards. It is said where law ends, ethics begins. In the larger interests of all stakeholders of accountancy profession, the Council of ICAI has brought out a Code of Ethics for the members of the rofession to follow, which has till date encouraged the members in looking up to their conscience whenever in doubt professionally, and thereby help in the maintenance of high principles of professional conduct. |
Brand Ambassadors of Swachh Bharat Mission call on the Hon’ble President of India |
The Brand Ambassadors of Swachh Bharat Mission called on the Hon’ble President of India, Shri Pranab Mukherjee at Rashtrapati Bhavan. On the occasion Shri M. Venkaiah Naidu, Hon’ble Union Minister of Urban Development, Housing and Urban Poverty Alleviation & Parliamentary Affairs released a Coffee Table Book on Swachh Bharat Mission and presented its first copy to the Indian President. ICAI represented by its Vice-President also participated in the event. Speaking on the occasion, the Hon’ble President of India said that over the past one year, significant progress has been made in Swachh Bharat Mission. However, much more needs to be done. |
Meeting with Union Finance Minister |
I wish to inform that I met the Hon’ble Union Finance Minister Shri Arun Jaitley in New Delhi recently. I was accompanied by CA Anuj Goyal, Chairman of the Professional Development Committee along with the Chairman of the Direct Taxes Committee, the Vice Chairman of the Direct Taxes Committee and also the Vice-Chairman of the Committee on the International Taxation. We discussed the matters relating to extension of due date for filing of returns of income and the tax audit reports and also the appointment of the central statutory auditors and the branch statutory auditors during the meeting. The Hon’ble Minister noted the concerns of the profession and has assured to look into the matters. |
New ICAI Branch at Bhuj in Gujarat |
I am happy to inform you that the Council of ICAI has approved the setting up of a new Branch of WIRC in Bhuj (Gujarat) with effect from 30th July 2015, whose jurisdiction will include Bhuj, Kutch, Mundra Kutch and Nakhatarana Kutch. Members should note that consequently, the jurisdiction of Gandhidham Branch of WIRC has also been amended since the same earlier had all the aforementioned places under its jurisdiction; now, the jurisdiction of Gandhidham Branch of WIRC will have Gandhidham, Adipur, Anjar, Kandla and Bhachau. |
MCA Nominates C&AG DG (Commercial)-I to ICAI Council |
I wish to inform that the Ministry of Corporate Affairs has communicated the nomination of C&AG Director General (Commercial)-I Shri P. K. Mishra to the 22nd Council of the Institute for its remaining term, in place of Shri P. Sesh Kumar who retired from the services of the Office of C&AG recently. I am sure the ICAI will be benefited from his immense professional experience and wisdom. |
IFAC Board Meeting in New York |
Let me inform you that recently I along with ICAI past President CA. K. Raghu, was in New York to attend the IFAC Board Meeting. There was also a session of Board Members, Technical Advisors and Category A Observers held a little earlier than the Board meeting. On the sidelines, we got an opportunity to meet SAICA (South African Institute of Chartered Accountants) Chief Executive Officer, Dr. Terence Nombembe and discussed a possibility of a collaboration/reciprocal agreement between ICAI and SAICA. We sincerely expect a positive outcome in the near future. |
College of Banking & Financial Studies, Oman, Visits ICAI |
I am happy to inform that Dr. Ahmed Mohsin Al Ghassani and Dr. K. Rajesh Nayak, Dean and Director (Training) of the College of Banking & Financial Studies of Oman respectively, were here at the ICAI, New Delhi, for a bilateral discussion between the two institutions. We discussed among other matters of professional concerns, a possibility of having exchange programme and giving new life to the MoU between ICAI and College of Banking & Financial Studies that has recently expired. |
Workshop on Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 |
As members are aware, the Institute has helped in organising two workshops on the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015, one in New Delhi and the second in Mumbai. These workshops were addressed by the then Revenue Secretary Shri Shaktikanta Das and the Central Board of Direct Taxes Chairperson Smt. Anita Kapur. Senior officials from the Board and many eminent members participated in the workshops. Based on the deliberations the Institute had submitted the issues which required clarifications and I am happy to state that this has resulted in the CBDT bringing out the second set of FAQs in the first week of September 2015. |
Approaching Parliamentary Committee to Strengthen Benami Law |
As you all know, the problem of black money, especially in real estate sector, has been a drain on the Indian economy. We must welcome and support the introduction of Benami Transactions (Prohibition) Amendment Bill, 2015 to plug several loopholes in Benami Transactions (Prohibition) Act, so that the issue of illegal wealth could be addressed effectively. As such, we have recently made a presentation to the Standing Committee on Finance of Parliament and suggested certain changes in the Bill to enhance its efficacy. |
New Guidance Note on Audit of Internal Financial Controls over Financial Reporting |
The Companies Act, 2013 has introduced many new reporting requirements for the statutory auditors of companies, one which is given under the Section 143(3)(i) of the Act requiring statutory auditors to state in her/ his audit report whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls. Therefore, in order to provide appropriate guidance on this section to auditors, the ICAI has brought out a comprehensive and self-contained Guidance Note on Audit of Internal Financial Controls over Financial Reporting, which contains guidance on intricacies involving reporting on internal financial controls. I am sure that the members and other interested readers would find the Guidance Note immensely useful. |
ICAI Elections 2015 |
I am happy to note that the process of December 2015 elections for the 23rd Council of the Institute has been initiated. It is time to demonstrate that Indian chartered accountants symbolise prudence, discipline, integrity, positivism and professional decorum and conduct. Remember, democracy flourishes from lively and healthy debates, and positive development; it endures when people from all backgrounds and beliefs find a way to set aside their differences for the purpose of a greater cause, which, in our case, is our accountancy profession. |
Helping CA Students through CASBF |
I am happy to inform that the Board of Trustees of Chartered Accountants’ Students Benevolent Fund has decided to grant financial assistance to 400 meritorious and needy students, who are currently undergoing articled training. Students may go through the details on the ICAI website, and accordingly apply for financial assistance in the prescribed form by 15th October 2015. I would also request my member colleagues to pass on the information to the needy students in their contact. |
Best wishes, |
CA. Manoj Fadnis President, ICAI New Delhi, September 22, 2015 |
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