My Dear Professional Colleagues, |
Happy New Year to all of you! May happiness, peace and prosperity never abandon you and your loved ones! May the New Year bring loads of cheers and keep you free from all worries and fears! May your lives be filled with hope, joy and blessings! |
ICAI will soon complete the 70th year of its meaningful existence with excellence, anchoring the aspirations and bringing inclusive growth for its stakeholders ever since inception. Registering a strong presence in India as well as globally, Indian Chartered Accountants have carved out a niche professional standing for themselves contributing to the economies across the globe. With its accounting, auditing, education and ethical standards compliant and benchmarked with the best global standards and practices, ICAI has been producing cutting-edge and competent professionals. Scaling the heights of professional excellence, ICAI and CA profession today is the trustee of public accountability and interest in the country. |
Polling at ICAI Elections Successfully Concluded |
The purpose of Elections is to know the will of the people. Elections are one of the most powerful nonviolent tools of democracy. Basically, you vote for your rights, your freedoms and your interests. When voters put their values into their votes, they help the state achieve democracy at governance level and reiterate the commitment to democratic virtues. |
ICAI Initiatives Acknowledged at SAFA Board Meeting |
As you are aware, ICAI has launched the UDIN (Unique Document Identification Number) facility, using which the regulators/ banks/ third parties will be able to check the authenticity of reports/ certificates. In the recently-concluded SAFA Board meeting in Dhaka on 10th December 2018 my Central Council colleague CA. Ranjeet Agarwal made a presentation on UDIN which was well-appreciated by all. SAFA Board has decided to form a taskforce to implement UDIN among the SAFA member bodies too and CA Ranjeet Agarwal will convene this taskforce. |
Recent Developments in GST |
Considering the unavailability of functionality (online utility) for filing of Forms GSTR 9, 9A and 9C on the portal, due date for filing of GST Annual Return in Form GSTR-9 (normal dealers)/ GSTR- 9A (composition dealers) and GST Audit Report in Form GSTR-9C has been extended to 31st March 2019, which will eventually be helpful for industry. ICAI had also highlighted this issue and submitted a representation on 4th December 2018, requesting for an extension of the due date. |
GST Account Assistant Scheme |
Accountancy and Finance services, one among 12 Champion Services Sectors, have been the core of ICAI’s profile and its contribution to the nation. To enhance the availability of trained manpower in every corner of the country and facilitate GST implementation at an affordable cost, Government of India has recently approved the scheme of creating the cadre of GST Account Assistant under the Proposal of Ministry of Corporate Affairs for ‘Accounting and Finance Services. This scheme will be administered by the ICAI-ARF. |
ICAI Signs MoU with IIMA |
I am happy to inform that an MoU has been recently signed with the Indian Institute of Management, Ahmedabad, which is a 1961- born premier institution globally known for its management education. To establish mutual cooperation between the two institutions for offering and co-hosting of open-enrolment and customised training programmes exclusively for Chartered Accountants, the MoU will benefit the Chartered Accountants in acquiring management and other relevant skills, and help them in achieving leadership positions in the contemporary digital and business environment. This will add a new dimension to the field of accounting and management education in the country. |
Annual AOSSG Meeting in Singapore |
As you know, ICAI’s contribution at various forums and platforms of international accounting standard-setting has been appreciated thoroughly. Recently, 10th annual meeting of Asian-Oceanian Standard Setters Group (AOSSG) was held on 21st- 22nd November 2018 in Singapore. ICAI Central Council member and AOSSG Vice-Chair CA. S. B. Zaware and Central Council member CA. Dhinal Shah, among others, were also present. ICAI representatives made a presentation on Accounting Issues Involved in Bullion (Gold) Lending and Borrowing. Let me assure that ICAI will continue to play a key role in the international accounting standard-setting scenario. |
Ireland (Dublin) Chapter to be Opened |
I am happy to inform that the setting up of a foreign Chapter of ICAI in Dublin, Ireland, has been approved. The Chapter, to be known as Ireland (Dublin) Chapter of ICAI, will be the 34th foreign Chapter of the Institute and the third in the European continent. |
Guidance on Resignation/Withdrawal Issued |
Let me also inform that the Institute has released the Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements in time, which deals with various aspects of auditors’ resignation. As you recall, this year, there have been a number of mid-term resignations by auditors particularly in the cases of listed companies. Considering this, ICAI had decided to examine the reasons and circumstances behind this and constituted a Group, which in turn had decided to create more awareness about the responsibility of auditors in form of issuing the desired guidance. In fact, International Auditing and Assurance Standards Board (IAASB) too had recognised this issue and held a specific conference in Paris in January 2017. |
New Standards on Internal Audit Issued |
I am happy to inform that ICAI recently issued various new SIAs (Standards on Internal Audit) namely SIA 210, Managing the Internal Audit Function, SIA 220, Conducting Overall Internal Audit Planning, SIA 310, Planning the Internal Audit Assignment, SIA 320, Internal Audit Evidence, and SIA 330, Internal Audit Documentation along with Preface to the Framework and Standards on Internal Audit, and Framework Governing Internal Audits and Basic Principles of Internal Audit. As you know, SIAs are critical in ensuring and enhancing quality in audits of financial statements. It is, therefore, necessary that auditors understand and implement these Standards in their audit engagements. |
Upgraded AS 19, 38 and 40 Cleared |
As part of the project of upgradation of the existing Accounting Standards to bring them closer to Ind AS, three upgraded Accounting Standards (AS), namely, AS 19, Employee Benefits, AS 38, Intangible Assets, and AS 40, Investment Property, have been cleared by the ICAI Council recently. Key change in AS 19 is that actuarial gains and losses for post-employment benefits obligations will be recognised in Other Comprehensive Income whereas under AS 15 the same were recognised in the profit and loss. To simplify the accounting, AS 38 does not allow revaluation model under subsequent recognition of intangible assets, AS 40, apart from not allowing use of fair vale model, does not require disclosure of fair values of investment properties unlike Ind AS 40. |
Revised SAs 800, 805 and 810 Approved |
I am happy to inform that the ICAI Council has recently approved the revised Standards on Auditing (SAs)-- SA 800 (Revised), Special Considerations - Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, SA 805 (Revised), Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement, and SA 810 (Revised), Engagements to Report on Summary Financial Statements. The changes are not conceptual in nature and only conforming changes have been made consequent to the issuance of new/ revised SAs on auditor reporting, i.e. SAs 700, 701, 705, 706, 260, 570 and 720. ICAI has also brought out the revised edition of Implementation Guide to SA 230, Audit Documentation which has been written in form of FAQs. |
Mandating UDIN in Phased Manner |
As you are aware that to secure the certificates/ documents attested/ certified by practicing Chartered Accountants and to trace the forged/ wrong documents prepared by any third person misrepresenting herself/ himself as Chartered Accountant, ICAI had implemented an innovative concept of UDIN, i.e. Unique Document Identification number. We wish to inform that for this prestigious project of UDIN, ICAI has engaged Tata Consultancy Services (TCS) who is also automating and will maintain the life cycle of CA Members and Students making them largely online on a digital platform. To enable TCS do the huge data migration and data audit which will require around 30 days before the UDIN Platform becomes mandatory, Central Council of ICAI has decided to mandate UDIN with effect from 1st February 2019 in a phased manner as against the earlier announced date of 1st January 2019. |
DISA Syllabus Revised |
I wish to inform that the Revised Syllabus of Diploma in Information System Audit (DISA) has been approved. It combines technology, information assurance and information management expertise that enables an information system auditor to become trusted Information Technology advisor and provider of IS Assurance services. The updated syllabus has included the recent/ emerging developments in the field of Information Technology and IS Auditing. The focus of revised syllabus is to provide hands-on training, live case studies and practical exposure. A module on Emerging Technology and Assurance Aspects has also been introduced which includes blockchain, robotics process automation and data analytics. |
Training Hours of Diploma in International Taxation Increased |
In view of the existing and ongoing developments in the area of international taxation, and the feedback of our members and participants, we have recently approved an increase in the number of hours of training that is imparted to its participants, i.e. from 120 hours to 126 hours, which will be applicable to the batches of December 2018 and onward. Changes in the structure of course will be decided soon and communicated suitably. |
Survey on State of Internal Audit Profession in India |
I wish to inform our stakeholders that ICAI has recently launched a survey on the State of the Internal Audit Profession in India to capture the views of our members as well as all other professionals working as internal auditors. It will also elicit points of view on the management on the independence of internal auditors, direct reporting to the Board/ Audit Committee, impact of emerging technologies and their expectations from ICAI to serve the needs of various stakeholders, etc. Very soon, ICAI will use this data to develop an action plan, to help auditing profession respond to its challenges and move forward effectively. |
Building of Rajahmundry Branch of SIRC Inaugurated |
I am happy to inform that I along with ICAI past President (and my Central Council colleague) CA. M. Devaraja Reddy, former Central Council colleague CA. J. Venkateswarlu, members of the Branch Managing Committee and other dignitaries, inaugurated the building of Rajahmundry Branch of SIRC, Andhra Pradesh, on 24th December 2018 which was an addition to the infrastructure of Indian CA profession. I am sure, this will go a long way in contributing to the empowerment and providing doorstep services to our stakeholders, especially members and students. |
Responding to Misleading Media Reports |
If you recall, in one of my previous communications, I had mentioned about certain media reports that carried out misleading and misinterpreted information and analyses, putting the ICAI and Indian accountancy profession in a bad light. |
Let’s Join Global Green Drive |
The blatant race of human beings today to exploit the earthly resources in the name of development is fast depleting our Mother Nature, adding to the catastrophe caused by global warming across the world. Global warming is a matter of grave concern for each and every thinking individual globally. We Chartered Accountants, on our part, can support this cause effectively by way of sustainability/ integrated reporting for our organisations/ clients, cutting down on the use of paper, and encouraging our stakeholders to go green. Here, I reiterate my appeal to my professional colleagues to say NO to receiving hard copy of Journal and shift to reading the e-Journal instead. Please check https://www.icai.org/new_post.html?post_id=12763&c_id=240 and support the I GO GREEN WITH ICAI initiative. Let’s join hands for this benevolent global cause, in the spirit of Think Global-Act Local. |
Growing Profession and Rising Responsibilities |
ICAI is committed to work for the welfare of its members and students in every possible way. As you know, ICAI had set up Chartered Accountants’ Benevolent Fund (CABF) in the year 1962 to provide financial assistance for maintenance, education or medical treatment of its members and their families in distress. The Fund, with the contributions of its members, is gradually growing strong. A total contribution of 1,02,35,824/- has been received so far by the CABF and a sum of 73,00,000/- has been granted as financial assistance to the members in distress and to the families of deceased members during 1st April 2018 to 30th November 2018. I would appeal my membership to keep donating to the Fund so that it will always be there to help our members in distress and the families of our deceased members. |
CA. Naveen N. D. Gupta President, ICAI New Delhi, 26th December 2018 |
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