My dear Professional Colleagues, |
As the poll season reaches its climax, the stage is all set for festival of democracy in India. In the 17th Lok Sabha elections, the biggest democratic elections in the history of mankind, about 900 million people will participate. Being harbingers of growth and partnerin- nation-building, we Chartered Accountants have an important role to play in this mega exercise. To me, the first and sure way of participating in the process of nation-building is to go out and vote. Democracy is not just about elections it is about the way of our life. Robert Kennedy says: Elections remind us not only of the rights but the responsibility of citizenship in a democracy. We need to conduct ourselves responsibly, as it’s our right, our interest and our freedom that is on stake through medium of the ballot. For us, regardless of who wins, election is a time for new hopes and new approaches. |
In our own way, we also help in bringing transparency in the political system of our country. Playing a crucial role, we have released the Exposure Draft of the second edition of Guidance Note on Accounting of Political Parties, thereby raising the bar on the quality of financial disclosures. Aiming to enhance transparency, governance and public accountability, the proposed Guidance Note is more elaborate and clear, incorporating the provisions of various Acts relevant to political parties of India and guidelines issued by the Election Commission of India. |
Renewal of MoU with ICAEW Approved |
Union Cabinet on 7th March 2019 has approved the renewal of the MoU between ICAI and the Institute of Chartered Accountants in England & Wales (ICAEW), under which ICAI members in good standing will be eligible to apply for ICAEW membership by passing the Advanced Level examinations and Ethics Learning Programme of ICAEW. This MoU will help us establish a mutual cooperation framework towards the advancement of accounting knowledge, professional and intellectual development, advancing the interests of their respective members and positively contributing to the development of the accounting profession in England & Wales as well as in India. |
IFAC and Other International Meetings |
I attended the IFAC’s SMP Committee meeting on 25th- 26th February 2019 in the capacity of the Chair of SAFA SMP Committee, where I highlighted the capacitybuilding initiatives of SMPs (small and medium practitioners) being taken up at SAFA and at ICAI. I along with ICAI immediate-past President CA. Naveen N. D. Gupta also attended the IFAC Board meeting on 28th February 2019, which took the decision of awarding the 21st World Congress of Accountants (WCOA) 2022 to be held in Mumbai on 18th-21st November 2022. |
ICAI-CAPA’s Joint Roundtable Stakeholders’ and CAPA’s PSFM Committee Meetings Held in New Delhi |
The need to improve the quality of financial management in public sector has been on the agenda of economies across the globe. This helps nations achieve fiscal discipline, transparency and accountability, and effectively manage their resources. Apart from assisting them in enhancing economic growth, this also helps decision-makers in bringing good governance to the system. |
Submission of Accrual-Based Financial Statements of Indian Railways for 2015-16 and 2016-17 |
I am happy to inform that the ICAI Accounting Research Foundation (ARF) has recently submitted the accrual-based financial statements of Indian Railways for the years 2015-16 and 2016-17 comprising the Statement of Financial Position and Performance, Cash-Flow Statement as on 31st March 2016 and 31st March 2017. The accrual-based financial statements as submitted by ICAI-ARF have been approved by the competent authority in Indian Railways. I acknowledge the efforts of ICAI-ARF team that had been led by the ICAI Vice-President CA. Atul Gupta. |
RBI’s Annual Conference for SCAs |
I along with ICAI Vice President CA. Atul Gupta and my other Central Council colleagues CA. Jay Chhaira and CA. Prakash Sharma, attended the Annual Conference for SCAs (Statutory Central Auditors) organized by RBI on 5th March 2019. RBI Deputy Governor Shri M. K. Jain highlighted the fact that RBI was in the process of institutionalising a mechanism of structured meetings at quarterly intervals between senior supervisory managers at RBI and SCAs to build an effective relationship to further enhance the quality of banking supervision. We were informed that our recommendations as submitted to RBI’s Expert Committee on NPAs and Frauds, constituted under the chair of ICAI past President Shri Y. H. Malegam, were being examined for future actions and suitable advice to banks. |
Software for Allotment of Statutory Auditors at PSBs |
This year, the automated application developed by Professional Development Committee of ICAI for the selection of Bank Branch Auditors has been used by 7 public-sector banks, i.e. Punjab National Bank, Central Bank of India, Bank of Baroda, Dena Bank, United Bank of India, Punjab & Sind Bank and Oriental Bank of Commerce. I am sure, this will address our concerns regarding the autonomy of banks towards their selection of Bank Branch Auditors, while making the process of allotment uniform, fair, transparent and equitable. I am confident, in the time to come, more banks will adopt this software. |
Growing Popularity of UDIN |
Unique Document Identification Number (UDIN) has been made mandatory in a phased manner, i.e. on certification done by practising Chartered Accountants with effect from 1st February 2019, on GST and tax audit reports with effect from 1st April 2019, and on all other attest functions with effect from 1st July 2019. Since 1st February 2019, more than 3.68 lakh UDINs have been issued. I request my professional colleagues to take note of the above schedule of mandating UDIN and adhere to the same while discharging their attest functions. |
Meeting of Technical Advisors of GASAB |
A meeting of the Technical Advisors of Government Accounting Standards Advisory Board (GASAB) was held on 22nd February 2019, to discuss cash-based International Public Sector Accounting Standard (IPSAS), wherein support from ICAI has been sought in the formulation of certain guidance. |
Women’s Day Celebrations |
Considering women the real architects of society, ICAI organised many programmes across the nation showcasing women’s strength and ability to face challenges of their times, on 8th March 2019 coinciding with the International Women’s Day, attracting overwhelming response from our women members. Former UN Secretary-General and Nobel Peace Laureate Mr. Kofi Annan has rightly said that the empowerment of women is the best tool for development. |
Jodhpur Branch Building Inaugurated |
Union Minister of State for Law, Justice and Corporate Affairs Shri P. P. Chaudhary and Union Minister of State for Agriculture and Farmer’s Welfare Shri Gajendra Singh Shekhawat inaugurated the building of Jodhpur Branch of CIRC of the Institute on 6th March 2019. I along with ICAI Vice-President CA. Atul Gupta and my other Central Council colleague CA. Durgesh Kabra, among others, were also present on the occasion. I am sure, the building will help the Branch in extending better and more effective services to our members and students. |
Campus Placement in February-March 2019 |
49th campus placement programme for the newlyqualified Chartered Accountants was organised during February-March 2019 at 17 centres across the nation, wherein more than 9000 registered for the programme. As on 22nd March 2019, a total of 141 organisation and 269 interview teams participated in the placement and they are expected to hire about 5,000 candidates across the nation. A total of 3,297 offers have already been made. I am happy to note that this placement programme has attracted the highest ever participation from recruiters offering highest number of positions since the inception of the Institute. |
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Following the Preamble of the holiest of all holy books for Indians, the Constitution of India, it is the duty of WE, THE PEOPLE OF INDIA, to maintain the SOVEREIGN, SOCIALIST, SECULAR, DEMOCRATIC and REPUBLIC character of our nation which secures JUSTICE, LIBERTY, and EQUALITY, so that our dignity and our nation’s unity and integrity continues to flourish. |
CA. Prafulla P. Chhajed President, ICAI New Delhi, 24th March 2019 |
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