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Significant Achievements - Professional Development Committee : 2009-10

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I. Professional Development Committee after several meetings, follow-ups, sending several representations was ultimately successful in achieving in following:
  • Ministry of Finance and Reserve Bank of India agreed not to open the complete list of eligible Central Statutory Auditors for the banks to select their auditors. Accordingly, list of auditors was released in the ratio of 2:1 as compared to number of available vacancies.
  • NABARD agreed to delete the clause pertaining to negotiation of audit fee from the policy circular regarding fixation of the fees of the auditors of State and District Cooperative Banks to be made applicable from next year onwards.
  • State Bank of India initiated the process to appoint single tax auditor in terms of RBI circulars issued in July, 2007 and December, 2009 allowing all Public Sector Banks to appoint at the Branch/Head office level, any chartered accountant firm as their tax auditor at a reasonable fee with the approval of their Board /ACB. The matter was resolved so as to ensure that the tax audit remains in the domain of branch auditors only.
  • Pursuant to meeting held with Dr. Sudhir Kumar Goel, I.A.S, Principal Secretary, Government of Maharashtra, the Office of Commissioner for Cooperation and Registrar of Cooperative Societies, Pune agreed to take a panel of Maharashtra based CA Firms for conducting the audit of Urban Cooperative Banks and Credit and Other Cooperative Societies for the state of Maharashtra from ICAI as per the criteria and point system provided by them.
  • Diversified Agriculture Support Project (DASP), Uttar Pradesh made amendments in their invitation for EOI from CA firms for the Internal Financial Audit of DASP for the period of year 2007-08, 2008-09, 2009-10 and issued a corrigendum in the newspaper, as a result of representation to Project Coordinator, DASP.
  • As a result of successive representations and follow up seeking general extension to obtain and submit the U P VAT Audit Report, the Audit Reporting Forms were revised and notified along with other amendments in Rules.
  • State Bank of Patiala suitably increased the auditor fees for income audit depending upon category of branch and volume of business at the branch on representation sent by the Institute.
II. As an effort to continuously provide a conducive environment to the Chartered Accountants and to take up issues which affect Chartered Accountants in someway or the other, PDC has sent representations to various authorities.

Representations were sent to
  • Planning Commission for introduction of audit of various Government schemes on the basis of predefined scope of work and scale of fee.
  • The Office of the Comptroller & Auditor General of India to defer the implementation of the new policy of empanelment of CA firms and selection of auditors of PSUs for one year;
  • A presentation was made on “Enhancing Effectiveness of Chartered Accountants’ Role in Banking Sector” focusing on contemporary areas like Migration to IFRS, XBRL in Banking Sector apart from traditional areas like ISA, Revenue Audit, Stock Audit, Debtor’s Audit, Credit audit, Checking of documentation etc while emphasizing the importance of reporting by auditors under CARO for bankers in Managing Committee Meeting of IBA held in Mumbai.
  • Bihar Mahadalit Vikas Mission, Patna regarding removal of clause relating to earnest deposit money in the EoI for statutory audit of various offices of Bihar Mahadalit Vikas Mission;
  • Bhubaneswar Development Authority regarding removal of clause relating to earnest money deposit in the RFP for appointment of CA firm as an internal auditor.
  • The Commissioner of Income Tax Mumbai City regarding Empanelment of Chartered Accountant firms for conducting Special Audits under section 142(2A) of the Income Tax Act, 1961.
  • The Executive Director, Reserve Bank of India regarding Revival of Category of Part C auditors for audit of Public Sector Banks.
  • The Additional General Manager (F&A), CSPDCL, Chhattisgarh State Electricity Board regarding their invitation for tender to outsource revenue audit of Distribution Centers of CSPDCL to CA firms;
  • The Chief General Manager, Department of Payment and Settlement Systems, RBI regarding their Directions for submission of system audit reports from CISA qualified Auditor only.
III. Continuing our drive to explore newer areas for the profession, meetings have been held in Ministry of Railways, Human Resource Development, Panchayati Raj, Labour & Employment and Planning Commission.

Meetings were held with
  • Ms. Divya Malhotra, Principal Director (Railways); Shri Ranjanesh Sahai, ED, Accounting Reforms, Railways;
  • Mr. Samar Jha, Additional Member (Budget), Railway Board, Government of India.
  • Shri Puneet Kansal, Deputy Secretary , National Rural Health Mission (Finance);
  • Shri Rajeev Kumar Agarwal, Member, Forward Markets Commission;
  • Shri Tarun Bajaj, Joint Secretary (Insurance and Pension), Ministry of Finance
  • Ms. Sudha Pillai, Member Secretary, Planning Commission.
  • Shri D.K. Jain, Joint Secretary, Ministry of Panchayati Raj.
IV. In order to truly achieve the essence of professional development, Committee this year organised following seminars and conferences:
  • Workshop for Auditors of Regional Rural Banks at Lucknow and Kolkata;
  • Programme on “Enhancing the Effectiveness of PSU Audits” at Mumbai;
  • CPE Seminar on Audit of Public Sector Undertakings at Chennai, Indore, Hyderabad;
  • Seminar on “Audit of Public Sector Undertakings –Enhancing their Effectiveness” at Bangalore;
  • National Seminar "Way to Professional Development - Direct Taxes & Company Law" at Hubli;
  • Interactive Meeting of the Independent CA Directors on the Board of Public Sector, Private & Foreign Banks at Hotel Le Meridien, New Delhi.
V. Panels were submitted to
  • Reserve Bank of India
  • Centre for Good Governance, Hyderabad.
  • Hamdard Wakf Laboratory, New Delhi,
  • Axis Bank Ltd;
  • Dena Bank, Mumbai;
  • UP Power Corporation Limited, Lucknow;
  • Additional Registrar of Cooperative Societies, Chennai.
  • M/s Financial Transaction House, Saudi Arabia.
  • Oriental Bank of Commerce;
  • Tamil Nadu State Society for Consumer Protection and Empowerment
  • The Regional Officer, All India Council for Technical Education, Kanpur.
  • Financial Services Commission, Mauritius
  • MEPZ- Special Eco Zone, Ministry of Commerce & Industry, Government of India.
  • Central Bureau of Investigation, Bhilai, Chattishgarh.
  • Central Excise & Customs, Belapur, Mumbai
  • The office of the Chief Commissioner of Income tax, Indore and
  • Central Bureau of Investigation, Anti Corruption Unit-VII, New Delhi.
  • The Addl. Commr. Of Income Tax (HQ) (Admn), Chennai-600 034 and
  • Victoria Technical Institute, Chennai-600 002.
VI. Following matters are in progress:
  • Pursuant to submission of Report on Concurrent Audit of Banks to RBI and IBA, a meeting was held with the concerned officials of RBI, IBA and those of member banks wherein it was decided to form a Working Group to suggest measures to make Concurrent Audit more effective. Moreover, as suggested by RBI & IBA and approved by the Council, work has already started to prepare Study material for the “Participation Certification Course on Concurrent Audit of Banks”
  • Audit Manual for Central Cooperative Banks
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