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Friday, December 30

Latest Manual on Con-current Audit of Banks

Banking Sector is one of the most complicated areas of audit. Bank conducts various audits like Statutory, Revenue,Information & Most Important Con-Current Audit.
We had compiled a ready made solutions of all banking operation related problems & queries.


(PDF ,92 pages,1.02 MB)


OR
Read It Here



Saturday, December 24

Friday, December 23

Important Ques for CS Executive Group II

Important Questions With Answers For CS Executive(Group 2)



Thursday, December 22

Companies Bill, 2011 – Secretarial Audit for All listed companies

Its good to note that the Companies Bill, 2011 which was tabled in 14th Dec in Lok Sabha has few notable developments for the practicing company secretaries in India. The most awaited domain “SECRETARIAL AUDIT” is now near for Company Secretaries, says CScareer.Org Founder, CS. Bilu Balakrishnan, who is also the President of Corporate Intelligence Education & Research which owns Acsec-Inews Network.

The profession of company secretaries are given welcoming recognition in the new Companies Bill, 2011 – he added. As per clause 204 of the Bill every listed company have to conduct a Secretarial Audit and a secretarial audit report has to be annexed to the Board’s report. Further, the board’s report shall also mention about any qualification or observation made by the practicing company secretary in his secretarial audit report. By this move listed companies apart from their regular and traditional audits will have a strict compliance audit by a practisng secretary, thus ensures more corporate governance norms in their company.

The extract of the provision relating to Secretarial Audit is as under:

“Clause 204

(1) Every listed company and a company belonging to other class of companies as may be prescribed shall annex with its Board’s report made in terms of sub-section (3) of section 134, a secretarial audit report, given by a company secretary in practice, in such form as may be prescribed.
(2) It shall be the duty of the company to give all assistance and facilities to the company secretary in practice, for auditing the secretarial and related records of the company.
(3) The Board of Directors, in their report made in terms of sub-section (3) of section 134, shall explain in full any qualification or observation or other remarks made by the company secretary in practice in his report under sub-section (1).
(4) If a company or any officer of the company or the company secretary in practice, contravenes the provisions of this section, the company, every officer of the comapny or the company secretary in practice, who is in default, shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.”

Source: INEWS

Wednesday, December 21

Advance Ruling In Service Tax

Advance Ruling In Service Tax ( Detailed Notes)


Click Here to Download PDF

Read Online
( Right Click on Image & Select 'Save as' for Downloading in Image Format)
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Sunday, December 18

MD / CEO and Company Secretary to be Key Managerial Personnel, as per Cos Bill 2011

MD / CEO and Company Secretary to be Key Managerial Personnel (KMP), as per Cos Bill 2011, as introduced in Lok Sabha. CFOs has not been brought in the KMP bracket. Clause 203 of the Bill states that Every company belonging to such class or classes of companies as may be prescribed shall have the following whole-time key managerial personnel,— (i) managing director, or Chief Executive Officer or manager and in their absence, a whole-time director; and (ii) company secretary.

Provided further that whole-time key managerial personnel holding office in more than one company at the same time on the date of commencement of this Act, shall, within a period of six months from such commencement, choose one company, in which he wishes to continue to hold the office of key managerial personnel:

Provided also that a company may appoint or employ a person as its managing director, if he is the managing director or manager of one, and of not more than one, other company and such appointment or employment is made or approved by a resolution passed at a meeting of the Board with the consent of all the directors present at the meeting and of which meeting, and of the resolution to be moved thereat, specific notice has been given to all the directors then in India. In fact this proviso resembles Section 316 of the existing law.

Further, as per Sub-Clause (4) of 203 if the office of any whole-time key managerial personnel is vacated, the resulting vacancy shall be filled-up by the Board at a meeting of the Board within a period of six months from the date of such vacancy. As per sub-clause (5) if a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every director and key managerial personnel of the company who is in default shall be punishable with fine which may extend to fifty thousand rupees and where the contravention is a continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which the contravention continues.

Self-Assessment Quiz for CPT (Online - Play here)

Go to link (click here) for Self-Assessment Quiz for CPT (ICAI's link)



COPYRIGHT MATERIAL OF ICAI. WHOLE RIGHTS REGARDING THIS ARE EXCLUSIVELY OWNED BY ICAI. WE ARE JUST PUBLISHING IT FOR INFORMATIVE PURPOSE. PLEASE DO NOT MISUSE IT.

Courtesy: icai.org

    Friday, December 16

    War between professions - ICAI v/s ICWAI (ICAI)

    ICAI v/s ICWAI (ICAI)




    Recently ICWAI has demanded to drop the word “Chartered” from the name of Institute of Chartered Accountants Of India. Parliament said it should come from ICAI Itself. ICWAI has strongly opposed respond came from ICAI when ICWAI proposed to alter his name by dropping down word “work”. Parliament has approved it as well as by making an amendment in ICWAI Act. Now ICWAI will know as “ICAI”. And fight begins ICAI V/s ICAI .These both are well known Professional body of India has given very recognizable faces in corporate world.

    But our personal view is that why to fight. both are professional bodies and set up by an act of parliament, there is no need of doing such things. At last both are responsible for society at large.

    >


    The Press Release : ICWAI DEMANDS DROP “CHARTERED” FROM ICAI







    Meanwhile Some ICWAI members including Council Members of the Institute have received some defamatory emails. In response to that, the Institute has already lodged a complaint to the Police authorities through the Advocates. 


    AND also ICWAI removed ICAI's link from their website in the column IMPORTANT LINKS.


    Official ICWAI announcement:

    FIR lodged with Police authorities against defamatory mails sent to members and Council Members of ICWAI.
    Some members including Council Members of the Institute have received some defamatory emails. In response to that, the Institute has already lodged a complaint to the Police authorities through the Advocates. The complaint is uploaded for information of all concerned.
     The FIR





    We convey our message to both Institutes to think about society and do not take this kind of initiatives which may harm society and professionalism.


    - Team CAhelpers

    Thursday, December 15

    Companies Bill 2011 introduced in Parliament; retains 2% CSR spend





    The Companies Bill, 2011, that seeks to make companies more accountable was introduced in the Lok Sabha on Wednesday by the minister for corporate affairs Veerappa Moily. If approved by Parliament, it would replace a 55- year-old legislation—the Companies Act, 1956.

    The Bill enhances the accountability for those incorporating a company, and directors on the board, by framing additional disclosure norms.


    “At the time of incorporation, it is now mandatory to file the consent of directors associating with the company. The director will also have to give particulars of other firms which they are associated with,” said Pavan Kumar Vijay, managing director, Corporate Professionals Group, which advises professionals and companies on corporate governance issues.

    These details are not required under the Companies Act, 1956, and will make promoters and directors more accountable, said Vijay. It will also address the problem of bogus directors on company boards, he said.

    The Government today introduced the new Companies Bill, retaining some contentious provisions like 2 per cent yearly spend on CSR activities and a fix term for independent directors. 

    According to the Companies Bill 2011, every company with a networth of Rs 500 crore or more, or turnover of Rs 1,000 crore or more, or net profit of Rs 5 crore or more in a financial year will have to form aCorporate Social Responsibility (CSR) Committee, consisting of three or more directors, of which at least one director should be an independent director. 

    "The Board of every company shall make every endeavour to ensure that the company spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding years in pursuance of its CSR Policy," the Bill said.

    The proposed Bill has provisions to take stringent action against corporate frauds. “In case of fraud, the defaulter can get an imprisonment of anywhere between six months to 10 years along with a fine,” said Vijay. Currently, these matters are decided by the courts.

    The new Bill also proposes that persons signing the memorandum of association—document that regulates a company’s activities—will have to state upfront that they have not been associated with any fraud or mismanagement or breach of duty under the companies law.

    “With scams such as companies vanishing after raising public monies as also opting for liquidation, the new Bill was designed with the aim of sensing frauds early and, therefore, these provisions have been incorporated. These will ensure that maximum responsibility is put on the companies when they register,” said a senior official at the ministry of corporate affairs on condition of anonymity.

    The Bill also proposes to strengthen the Serious Fraud Investigation Office, a multi disciplinary body constituted by chartered accountants, company secretaries, revenue and corporate law officials.

    It will also introduce concepts that are new to India, including the one-person company and class-action suits. The proposed regulation will also make it easier to start and shut companies.

    The new regulations, if cleared by both houses of parliament, will apply to more than 800,000 companies registered in India.

    Industry lobby, Federation of Indian Chambers of Commerce and Industry (Ficci) said the Bill is a step in the right direction. “The structure of the Bill is contemporary, sound and visionary rather than just an attempt to address shortcomings,” said Sidharth Birla, chairman, Ficci Corporate Law Committee.
    The Bill was first introduced in the Lok Sabha in 2008 but lapsed after the House was dissolved on account of the general election.




    Edited - Some parts are taken from LiveMint.

    The Companies Bill 2011 - Introduction ( Download Draft )

    Companies Bill, 2011, if approved by both houses of Parliament, IT WOULD REPLACE 55 YEARS OLD - THE COMPANIES BILL, 1956.

    Main Glimpse of the bill-

    1. 2% yearly spend on CSR activities
    2. Fix term for independent directors.
    3. Private Companies member maximum limit will be enhanced to 1000 members.
    4. The one-person company.
    5. Class-action suits.
    6. Easier to start and shut companies.
    7. Change of auditor in every 5 years.

    Note: All these glimpse are subject to approval of both houses of parliament and then president. Not any or some point may get disapproved.

    By Team CA helpers

    Wednesday, December 14

    Imp. Instruction for CS Dec 2011 Attempt

    Please visit following link to read & Download Instructions

    Click Here
    (Supports all types of Mobiles-Image Format)

    Exclusively by CA Helpers


    Tuesday, December 13

    GUIDELINES FOR TRAINING OF ARTICLED ASSISTANTS OUTSIDE INDIA

    Provision Relating to Students
    Guidelines for training of Articled Assistants outside India
    • A Chartered Accountant is eligible to train an articled assistant provided his main occupation is the practice of the profession of Accountancy at the time of engaging articled assistants as well as in each of the qualifying years on the basis of which he claims eligibility to train articled assistants.
    • Any member engaged in any other business, occupation or holding part time certificate of practice, is not entitled to train articled assistant.
    • The member in practice shall have a professional address in India in his own charge or in charge of another member.
    • The terms and conditions that may be made applicable for training articled assistant in India from time to time shall mutatis mutandis apply for training of articled assistant abroad.
    • The period of practical training shall be 3 years or 3½ years, as applicable, under a practising chartered accountant abroad. However, the articled/audit assistants should have an option to undergo industrial training in accordance with the Regulations 51 & 72 of the Chartered Accountants Regulations, 1988 during the last one year of training.
    • The Industrial Training may be imparted by the Chartered Accountants working abroad in a financial, commercial or industrial undertaking with minimum fixed assets & minimum total turnover or minimum paid-up capital as may be specified by the Council (whatever the value specified in terms of Indian currency may be deemed as applicable in foreign countries in their respective currencies) or such other organization or institution approved by the Council
    • The terms & conditions contained in Regulation 54 dealing with secondment shall be applicable to the articled assistants receiving training abroad.
    • The Principal shall send training reports as prescribed along with the service certificate to be issued in Forms 109 & 108 as the case may be The principal shall impart training in accordance with the guidelines contained in Training Guide. He shall maintain a record of practical training imparted by him to the articled assistant and report to the Council in the form prescribed in the training guide.
    • The rates, terms and conditions of stipend prescribed as payable to the articled assistants receiving training in India shall be applicable to the articled assistants receiving training abroad except that the same rate of stipend in equivalent terms specified in respective national currencies of the countries concerned instead of Indian rupees.
    • Regulation of training in terms of office hours and working days holidays will be applicable as per local office timings and laws. However, requirements of total training hours will be the same as applicable in India.
    The working hours for the articled assistants shall be 35 hours in a week excluding the lunch break. The office hours of the Principal for providing article training to the articled assistant shall not be generally before 9.00 a.m. or after 7.00 p.m. The normal working hours for the articled assistant shall not start after 11.00 a.m. or end before 5.00 p.m. The working hours for the articled assistants should not exceed 35 hours in a week excluding the lunch break and normally an articled assistant be required to work during the normal working hours fixed for articled assistants. In case of exigencies of work with Principal, an article assistant may be required to work beyond his/her normal working hours. However, under such circumstances, the aggregate number of working hours shall not exceed 45 hours per week. The requirement to work beyond 35 hours in a week should not be a practice but only in exceptional circumstances. Further, where the articled assistant is required to work beyond normal working hours, and aggregate of such hours exceed 35 hours per week, he/she shall be entitled to compensatory leave calculated with reference to number of completed working hours, over and above, 35 hours per week.

    Source- WIRC of ICAI 

    Download CS Admit CARD










    CS Admit card is available now(Before ICSI website publishes it..)






    Sunday, December 11

    CPT Scanners - ALL 4 PAPERS - Download


    Scanners for CPT


    Format
    File
    Size
    Paper 1 - Fundamentals of Accounting
    555 KB

    Paper 2 - Mercantile Laws
    1312 KB

    Paper 3 - General Economics
    1657 KB
    Paper 4 - Quantitative Aptitude
    2124 KB


    Important Study Material for CPT

    Study Material for CPT December 2011




    • Fast Track Notes on Macro Economics             Download Here
    • Fast Track Notes on Micro Economics              Download Here
    • Notes on Mercantile Law                                   Download Here
    • Notes on Quantative Aptitute(Zip file)               Download Here
    • Mock Test for Accounts & Law                        Download Here

    Friday, December 9

    COSTING and FM Formulas (Must download to remember all)

    Wednesday, December 7

    ICAI bars 2 CAs in Satyam Scam, slaps Rs 5 lakh penalty

    Nearly three years after India's largest corporate scam hit the headlines, the Institute of Chartered Accountants of India (ICAI), which also functions as the regulatory authority for auditors, has finally taken action against some of the audit managers who audited Satyam's accounts.

    The CA Institute has taken disciplinary action against two audit managers involved in the audit of the erstwhile accounting fraud-tainted Satyam Computer Services Ltd.

    “The names of two audit managers involved in Satyam audit have been removed from the ICAI's members' register. They cannot now attest financial statements for life. We have also imposed a monetary penalty of Rs 5 lakh each — the maximum penalty permissible under law,” Mr G. Ramaswamy, ICAI President, told Business Line.

    The two audit managers who have been debarred are Mr C. Ravindranath and Mr P. Sivaprasad — both employees of Lovelock & Lewes, an affiliate of Pricewaterhouse India. As employees of Lovelock & Lewes, they had performed the statutory financial audit of Satyam Computers between April 2001 to September 2008 on behalf half of Pricewaterhouse India.

    While Mr Sivaprasad performed statutory financial audit for the period April 1, 2001 to March 31, 2005, Mr Ravindranath did it for the period April 1, 2005 to September 30, 2008.

    Plans are afoot to dispose of all pending disciplinary matters relating to auditors of Satyam Computer Services before the end of this month, sources said.

    This is for the first time – under the new disciplinary mechanism introduced a few years ago – that the CA institute has imposed a monetary penalty as well as removed a chartered accountant's name from the members' register, said Mr Ramaswamy.

    The CA institute's disciplinary committee had met on Monday to consider this matter and the letters informing the disciplinary action have been dispatched to the two members, sources said.

    “We are proactive in taking action against our erring members. ICAI is competent and bold enough to take action. Our disciplinary mechanism is strong. But the cases sometimes take time as they are before courts. There is certainly no case for a separate regulator or oversight board to regulate audit profession as suggested by SEBI,” Mr Ramaswamy said.

    The CA Institute has been criticised recently for its slack approach in taking disciplinary action against erring members and also those partnership firms that conduct deficient audits. There is no specific provision available in the law governing chartered accountants for sanctions against firms for deficient audits.

    The ICAI has proposed to the Government that the law be amended to empower the CA institute to decide and levy penalty in line with the nature of the misconduct. It has also been proposed that CA institute should be empowered to take action against partnership firms and levy penalty on them.

    Source: The Hindu

    Kapil Sibal warns websites; Google says won’t remove material just because it’s controversial

    NEW DELHI: Amid the raging controversy over content regulation online, Internet search giant Google India today said it complies with the law of the land but will not remove any material just because it is controversial.

    "We work really hard to make sure that people have as much access to information as possible, while also following the law. This means that when content is illegal, we abide by local law and take it.

    "And even where content is legal but breaks or violates our own terms and conditions we take that down too, once we have been notified about it," a Google spokesperson said. "But when content is legal and does not violate our policies, we will not remove it just because it is controversial, as we believe that people's differing views, so long as they are legal, should be respected and protected," the spokesperson added.

    Telecom minister Kapil Sibal today asked social websites like Google and Facebook to ensure that uploading of derogatory material online is stopped.

    He said the government does not want to interfere but if social networking sites are not willing to cooperate, "then it is the duty of the government to think of steps that we need".

    The government has met the officials from Google, Microsoft, Facebook and Yahoo over last few weeks after offensive materials, particularly against Congress leader Sonia Gandhi and Prime Minister Manmohan Singh, were put on the Internet.

    Search engine giant Yahoo! refused to comment on the views of the minister, while Microsoft officials were not available for comments.

    Social networking site Facebook, which has more than 25 million users in the country, has said it will remove any content that is hateful, threatening and incites "violence" or contains nudity off the service

    Source: ToI

    Tuesday, December 6

    India Asks Google, Facebook to Screen User Content


    The Indian government has asked Internet companies and social media sites like Facebook to prescreen user content from India and to remove disparaging, inflammatory or defamatory content before it goes online, three executives in the information technology industry say.
    Top officials from the Indian units of Google, Microsoft, Yahoo and Facebook are meeting with Kapil Sibal, India’s acting telecommunications minister, on Monday afternoon to discuss the issue, say two executives of Internet companies. The executives asked not to be identified because they are not authorized to speak to the media on the issue.
    Mr. Sibal’s office confirmed that he would meet with Internet service providers Monday but did not provide more information about the content of the meeting.
    About six weeks ago, Mr. Sibal called legal representatives from the top Internet service providers and Facebook into his New Delhi office, said one of the executives who was briefed on the meeting.
    At the meeting, Mr. Sibal showed attendees a Facebook page that maligned the Congress Party’s president, Sonia Gandhi.  “This is unacceptable,” he told attendees, the executive said, and he asked them to find a way to monitor what is posted on their sites.
    In the second meeting with the same executives in late November, Mr. Sibal told them that he expected them to use human beings to screen content, not technology, the executive said.
    The three executives said Mr. Sibal has told these companies that he expects them to set up a proactive prescreening system, with staffers looking for objectionable content and deleting it before it is posted.
    The executives said representatives from these companies will tell Mr. Sibal at the meeting on Monday that his demand is impossible, given the volume of user-generated content coming from India, and that they cannot be responsible for determining what is and isn’t defamatory or disparaging.
    “If there’s a law and there’s a court order, we can follow up on it,” said an executive from one of the companies attending the meeting. But these companies can’t be in the business of deciding what is and isn’t legal to post, he said.
    Yahoo, Facebook and Microsoft did not respond immediately to calls for comment, and a Google spokeswoman said the company had no comment on the issue. Facebook said earlier this year it has more than 25 million users in India. Google has over 100 million Internet users in India.
    The demand is the Indian government’s latest attempt to monitor and control electronic information. In April, the ministry issued rules demanding Internet service providers delete information posted on Web sites that officials or private citizens deemed disparaging or harassing. Last year, the government battled with Blackberry’s manufacturer, Research In Motion, threatening to shut the company’s service off in India if it did not allow government officials greater access to users’ messages.
    The Indian government also plans to set up its own unit to monitor information posted on Web sites and social media sites, executives said, which will report to Gulshan Rai, the director general of India’s cyber-security monitor.
    A man who answered the phone in Mr. Rai’s office said he did not talk to the press and hung up when a reporter asked for a press contact.
    Some Indian cities like Mumbai have already set up special units to monitor Internet sites like Facebook and Orkut, the social networking site operated by Google, for content considered disparaging or obscene. India has made nearly 70 requests to Google to remove content between January and June of this year, one of the highest request rates of any country though less than the United States’s 92 and Brazil’s 224, according to Google’s transparency report.


    SOURCE: New York Times

    Monday, December 5

    (UPDATED) CPT Maths Most Important Chapters' Notes (Download)




    Server
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    File Size



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    744 KB



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    481 KB




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    831 KB


    Saturday, December 3

    Standards on Auditing (SAs) - I/PCC & Final Auditing (Download/View)


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    -------------------------------------------------------------------------

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    OR

    CHECK IT HERE




    COURTESY : ICWAI

    e-Journal ICAI

    As shown on ICAI's website-

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    Preview of ICAI's website's e-Journal section






    COPYRIGHT MATERIAL OF ICAI. WHOLE RIGHTS REGARDING THIS ARE EXCLUSIVELY OWNED BY ICAI. WE ARE JUST PUBLISHING IT FOR INFORMATIVE PURPOSE. PLEASE DO NOT MISUSE IT.


    Courtesy: ICAI.ORG

      ICAI Awards 2010

      We are bringing stills from ICAI awards 2010 to all of you. Just check out all these videos.




      ICAI Awards 2010: Ode to the Best CA's 1

      ICAI Awards 2010: Ode to the Best CA's 1








      ICAI Awards 2010: Ode to the Best CA's 2








      ICAI Awards 2010: Ode to the Best CA's 3




      Courtesy: Bloomerg UTV
      ------------------------------------------------------------------------------------------------------



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      Friday, December 2

      Study for IPCC to be reduced to 8 months & CA syllabus to be revised - President (Full President's Message Dec2011)

      As shown on ICAI's website-




      President's Message - December 2011 - (01-12-2011)

      Dear Friends,
      While presenting the Annual Budget for 1956-1957, the then Union Finance Minister Shri C. D. Deshmukh had said: It is enough to state broadly my view that by means of the First Five Year Plan we have laid sound foundations for a more massive superstructure in building up the country’s economy. He went on to present the vision of his mission which is relevant even today: The problem is not merely one of raising the statistical average of per capita incomes which could easily be a will of the wisp; it is one of raising the lowest incomes and of opening out to the younger generation avenues of growth and advancement that will bring out the best in them. For this, the present generation has to make sacrifices. It has to work harder and it has to abstain from asking for immediate returns. He always considered our profession a Public Service. He had advised us to follow high ideals amidst an abundance of pressures and temptations, besides carrying out our statutory responsibilities to report on accounts to the shareholders. I keep his advice in high regard: it is essential to be ceaselessly vigilant…because of the greatly enlarged sphere of our activities.
      In fact, when the great philosopher Shri Aurobindo says: The truth sits veiled behind the appearance, selfabsorbed; there is in all things, without exception, “That which is conscious in these conscious & unconscious existences, that which is awake in those who sleep”, we are instantly reminded of our conviction about the consciousness that we must possess while carrying out our professional responsibilities. He informs us about the weaknesses of human beings that we may be a reasoning animal, but our conclusions spring from our preferences, prejudices and passions. It is, therefore, necessary for us to rise above these preferences, prejudices and passions and come up to the expectations of our time.

      We need to be quite watchful about the way we conduct ourselves in profession so that we could augment the public trust in the profession and its performance. Moreover, the profession now needs to be more and more communicative to the public about its roles, duties and responsibilities in the national economy, and members of the profession need to be in strict compliance with the existing Code of Ethics, so that the gap between our image and identity gets reduced. Our motto thatwe have to be awake in those who sleep becomes quite functional in this context, as it demands us to update our technical skills and develop the scope of auditing processes. We must continue our professional journey on this note with a vigilant attitude.

      Let me update our stakeholders now with some recent and important developments in the profession that have taken place in the past one month:
      International Initiatives
      IFAC Council and Edinburgh Group Meetings and ICAI Nominees in IFAC: I attended the IFAC events in Berlin, Germany, recently along with the Vice-President CA. Jaydeep N. Shah, and Additional Secretary of the ICAI. I take pride to inform our stakeholders that our Institute has been able to retain its Board position at the IFAC. My candidature as Board member of IFAC was approved by the Nominating Committee after a detailed interview and was ratified by the IFAC Board as well. The matter, however, came up for election at the recently concluded IFAC Council meeting, wherein out of seven candidates I secured the highest number of affirmative preferences. The Board position to ICAI is a testimony to our growing stature amongst the global accounting fraternity and the international forums and the role played by ICAI in the India’s economic momentum. I also feel satisfied to acknowledge that another ICAI nominee, my colleague and ICAI Vice- President CA. Jaydeep N. Shah has been nominated to the International Accounting Education Standards Board (IAESB) of IFAC. Coinciding with the IFAC events, the Edinburgh Group meeting was also held, focusing on SMP issues. IFAC events provided an apt forum to the ICAI functionaries to discuss our various initiatives with the global accounting bodies.

      Visit of IAASB Chairman and IAASB Executive Director: Recently, Prof. Arnold Schilder, Chairman, International Auditing & Assurance Standards Board (IAASB) and Mr. Jim Sylph, Executive Director, Professional Standards, IAASB visited India. During the visit, the IAASB delegation interacted with regulatory bodies like RBI, SEBI, C&AG, MCA and the ICAI on various issues, including recent global financial crisis and the auditing profession, quality of audits, convergence with international auditing standards, issues relating to auditing standards in India, perspective of the various regulators on the expectations of the stakeholders from auditors, how the regulators and the auditing profession can work together towards a more resilient world economy and protection of the investors. In particular, the delegation met the Minister of Corporate Affairs Dr. M. Veerappa Moily, MCA Secretary Shri Naved Masood and Deputy C&AG Shri A. K. Awasthi to discuss the issues of mutual interests. The IAASB delegation also interacted with the members of the Auditing and Assurance Standards Board of ICAI at the meeting of the Board held on 22nd November, 2011 at New Delhi.

      As a part of the Institute’s initiatives to create more awareness among the members about Standards on Audit, to encourage their compliance and implementation, the first phase of e-learning on Standards on Audit was launched by the IAASB delegation, comprising ten standards. Work on developing e-learning on the remaining standards is in full swing. We also released three publications, “Handbook of Auditing Pronouncements 2011 Edition”, “Guidance Note on Certification of XBRL Financial Statements” and “Guide to Audit of Complex Financial Instruments”, during the visit of the IAASB delegation.

      ICAI Representation in XBRL International: I am pleased to inform you that ICAI Vice-President CA. Jaydeep N. Shah has been appointed a member of the Nominations Committee of XBRL International, while my Central Council colleagues, CA. Abhijit Bandyopadhyay and CA. K. Raghu have been appointed members of the Finance and Human Resource Committee, and the Membership Development Committee of XBRL International respectively. The aforementioned positions have been decided by the Member Assembly of XBRL International at its International Conference held in October 2011. Decision regarding the other two nominations of the ICAI is likely to be taken hopefully in December 2011. Here I also wish to inform you that XBRL initiatives of the ICAI will be showcased in a big way at our forthcoming International Conference.

      SAFA-EFAA Joint Initiative: I am happy to inform that the South Asian Federation of Accountants (SAFA) representing accountancy in the SAARC region and European Federation of Accountants and Auditors (EFAA) representing SMPs of the Europe have decided to come together to share their expertise for the benefit of SMPs of both the regions. A two-day joint Seminar on SAFA-EFAA Alliance was organised recently in New Delhi, where the MoU between SAFA and EFAA was signed in the august presence of Hon’ble Secretary, Ministry of Corporate Affairs, Shri Naved Masood, with an objective to create a common platform for sharing knowledge resources for the benefit of SMPs and help the members of both the regions for establishing a professional network.

      Capacity-Building in Maldives: I take pride in informing you that the Research and Information System (RIS) for Developing Countries, an autonomous research institution established and funded by the Ministry of External Affairs, has approached us and requested us to provide capacity-building programmes for accounting technicians in Maldives. It is important to mention that the Government of India is extending a full-stage services and technology cooperation facility arrangement to the Government of Maldives. In this regard, I called on the Chairman of RIS, Mr. Shyam Saran, former Foreign Secretary, recently and had discussions on our proposed arrangement which could be offered to the relevant stakeholders in Maldives. It was also discussed that these programmes would have an interface and, for this, option of running a part of these courses in India through our Centre of Excellence, etc., would also be explored. We have asked the RIS to indicate the nodal point for recipients of these services, so that focused discussions could be held.

      Submission of Report on Admitting Membership of Overseas Citizens of India: A group had been constituted under the convenorship of my Central Council colleague CA. Sanjay K. Agarwal to consider appropriate steps for identifying a qualification-bridging mechanism in line with the arrangements in place for MoU/MRAs with various international accounting bodies and feasibility of considering provision to be prescribed for admitting membership of overseas citizens of India and to work out the modalities. I would like to inform that the said group has completed its task and its report has been submitted.

      Application of the definition of ‘financial liability’ in IAS 32 to FCCBs: In a meeting of our Accounting Standards Board held recently in Mumbai, IASB member CA. Prabhakar Kalavacherla was invited for a discussion on the carve-outs made in Indian Accounting Standards (Ind AS). He suggested that India would meet greater success in getting its point of view accepted by the IASB if it prioritises the issues to be taken up at a time with the IASB rather than taking all issues at the same time. It was, accordingly, suggested to first send the issue regarding application of the definition of ‘financial liability’ to Foreign Currency Convertible Bonds (FCCBs), to the IFRS Interpretation Committee so that the amendment made by India in the definition as presently done in Ind AS 32, Financial Instruments: Presentation, could be avoided. Further, for greater effectiveness, other carve outs such as that related to giving an option to defer foreign currency gains and losses in respect of long term foreign currency items as provided in Ind AS 21, The Effects of Changes in Foreign Exchange Rates, can be taken up along with other countries such as South Korea. The Accounting Standards Board is examining the suggestions made at the meeting.

      Towards Constitution of Working Groups of AOSSG: A teleconference of the Working Group of AOSSG on the proposed limited revisions to IAS 41, on Agriculture, regarding scoping out Bearer Biological Assets (BBAs) out of IAS 41 and scoping the same in IAS 16, Property, Plant and Equipment, was held recently leading to another teleconference between India, Malaysia, and Japan, during which it was suggested that, in the Issues Paper on Agriculture to be sent to the IASB, two paragraphs on alternative Indian approach should be included, and that a covering letter should be written by the AOSSG to the IASB Chairman in this regard. Accordingly, a letter has been sent to the IASB. Another teleconference was held to discuss India’s suggestion to constitute Working Groups of AOSSG on Rate Regulated Activities and Extractive Activities, where India, Japan and Australia participated and decided to initially constitute taskforces instead of the working groups to carry out research by the interested countries in the AOSSG region. Thereafter, the taskforces can be upgraded to working groups on requirement basis. For this purpose, India would take a lead in the taskforces and few other countries are being identified to join in this endeavour.
      Strengthening Ties
      Meeting with Minister of State: Recently I, along with ICAI Vice-President, met Shri V. Narayanaswamy, Minister of State in the Ministry of Personnel, Public Grievances & Pension, and Prime Minister’s Office. We apprised him of the activities of the Institute and its role in development of accountancy profession in India and globally, and also invited him for our International Conference to be held shortly.

      Meeting with President ITAT: I met the recentlyelected President of Income Tax Appellate Tribunal (ITAT), Shri G. E. Veerabhadrappa, and congratulated him on assuming new office. On this platform, I would like to acknowledge before our accounting fraternity and congratulate Shri Veerbhadrappa, also our member, for bringing yet another glory to our profession in public service of our nation.

      Meeting with CBEC Chairman: I also had an opportunity to meet the Central Board of Excise & Customs Chairman, Shri S. K. Goel, recently along with the ICAI Vice-President CA. Jaydeep N. Shah and my Central Council colleague CA. Bhavna Doshi.
      Initiatives towards Nation-Building
      BANCON 2011 in Chennai: I am pleased to inform that I recently attended the annual bankers’ conference BANCON 2011 – Gateway to a Defining Decade on the themeCatalysing economic growth by unlocking financial savings, successfully and jointly organised by Indian Overseas Bank and Indian Banks’ Association in Chennai. I addressed the august audience on the topic Capturing Opportunities in India’s Gen Next. On the sidelines of the conference, I also interacted with many bankers and the officials of the RBI highlighting the active role that we chartered accountants can play in banking sector in particular and national economy in general.

      Awareness Programmes on Challenges in Public Finance & Government Accounting: I am happy to acknowledge that we are organising awareness programmes on Rising to the Challenges in Public Finance & Government Accounting to identify opportunities for our members in public finance and Government accounting, to assist in developing public finance structure and to ensure appropriate sectoral allocation for inclusive growth and economic development. We have organised such programmes in Dehradun, Ghaziabad and Noida, where eminent faculties exchanged their views on amendments of service tax, problems of indirect taxation, wealth tax policy, taxation of real estate transaction, XBRL, among others, with the participants.

      MSHRC Request for Training in Accounts & Finance: It is satisfying to inform that Shri Mafiul Hussain, Secretary, Maharashtra State Human Rights Commission (MSHRC), recently met my Central Council colleague CA. Anuj Goyal in Mumbai with regard to a proposal from MSHRC requesting to avail our services for capacity building of his officials in maintenance of accounts and improving the financial discipline of the Commission.
      Professional Developments
      Meeting with Secretary, Financial Services, Ministry of Finance: I had an opportunity to meet Shri D.K. Mittal, Secretary, Department of Financial Services, Ministry of Finance, recently along with the ICAI past-President and Chairman of Professional Development Committee CA. Amarjit Chopra wherein we discussed various issues of mutual professional interest. In respect of the issue of managerial autonomy given to Boards of the public-sector banks for appointment of auditors, I would like to inform that the Reserve Bank of India has gone ahead with the Roadmap and as suggested therein, the complete list of eligible Central Statutory Auditors has been sent to banks for the purpose. We are in the process of making suitable representations in this regard.

      Towards a Crusade for Spreading Ethics in Profession: We have been constantly engaged in spreading awareness about the Code of Ethics and preparing ways to familiarise our members with it across the nation. We have been holding programmes, seminars and workshops on various ethical subjects for the members, and we ensure that all Branches/Regional Councils hold at least one such programme in a quarter, i.e. four in a year. So far, 28 programmes have been conducted in the current year. Further, we have also introduced a regular column on Ethics, Know Your Ethics, in our journal.

      Guidelines on Conversion to LLPs: As per the recent Council decisions, guidelines for conversion of CA firms into LLPs and constitution of separate LLPs by the practicing chartered accountants have been finalised which are applicable for conversion of CA firms into LLPs or formation of new LLPs by the members-in-practice of the Institute subject to the provisions of the Limited Liability Partnership (LLP) Act, 2008 and Rules & Regulations framed there under. These guidelines came into effect from 4th November, 2011, and will certainly help the members and CA firms for conversion/formation of LLPs and rendering professional services through LLP Model. The said guidelines are available on the website of the Institute and have been published in this issue of the Journal. The name of the LLP shall be approved by the Registrar for LLP and after issuance of certificate of incorporation of LLP by the Registrar for LLP, the LLP name will be required to be registered with the ICAI like registration of firms with ICAI.

      Filings of Financial Statements in XBRL: As you are kindly aware that the Ministry of Corporate Affairs has switched from normal e-filings to XBRLfilings of financial statements for a certain class of companies from this year. The filings in XBRL mode have started and the due date is 30th November, or, 60 days from the due date whichever is later. I urge the members of profession to complete the certification of their corporate clients at the earliest, so that the filings can be made by the due date.

      ICAI Awards for Excellence in Financial Reporting: For the annual competition ICAI Awards for Excellence in Financial Reporting, this year, a record number of about 225 entities have participated in various categories. As per the procedure, these entities pass through a robust three-tier evaluation process, i.e. evaluation of annual reports on the basis of compliance with accounting standards and relevant applicable laws, etc., evaluation by the Shield Panel and, eventually, that by an independent jury.

      Christ University Offers MPhil/PhD: I am quite happy to inform you that the Christ University, Bangalore, has approved the eligibility of our members to pursue the MPhil/PhD programme in its disciplines of Commerce and Management that include interdisciplinary areas, subject to MPhil/ PhD regulations of the University.

      Support CABF Initiative: This is my appeal to all my stakeholders to come actively forward to support and contribute to the CABF (Chartered Accountants Benevolent Fund) initiative of the Institute towards the cause of the profession and its members. It provides financial assistance to our members in distress for fundamental needs including sustenance. You should know that contributions to CABF are exempted under Section 80(G) of the Income-tax Act, 1961.
      Infrastructure Initiatives
      Auditorium Inaugurated in Bhilai: I recently inaugurated an auditorium at our Bhilai Branch with a capacity for 225 persons and complete soundand echo-proof interior with WiFi. It is a matter of pride for us that this auditorium is currently one of the biggest auditoriums in the state of Chattisgarh.
      Initiatives for Students

      Best Wishes to All 2.5 Lakh Students: About 2.5 lakh students (83000, 131000 and 36000 students for Final Examinations, IPC Examinations and PC Examinations respectively) have appeared in the Institute’s November 2011 Chartered Accountants Examinations at 345 centres including three centres abroad. All the examinations were conducted without any inconvenience or issue. The Examination Department is fully geared up to evaluate the answer books and declare the results in time. I wish all students would pass the examination with flying colours.

      Recommendations for Amendment of Regulation 28E(1)(b): It has also been decided to recommend for amendment of Regulation 28E(1)(b), whereby the study for IPCC would be reduced from existing nine months to eight months to make candidates eligible to appear in the Integrated Professional Competence Examination (IPCE) from the date of Registration for IPCC.

      Review of CA Syllabus: We have taken a muchdesired initiative and formed a Committee as per direction of the Council to review comprehensively our syllabus for CA course curriculum that has not been undertaken since 2006.

      Orientation Content for GMCS I & II: We recently deliberated on the proposed contents of Orientation Programme for GMCS-I and GMCS-II and finalised the same. All the necessary initiatives have been taken to prepare the course material for these courses along with a trainer’s manual as soon as possible.

      Winter is a time for making new promises and finding wayss of keeping up the old ones. We get more time for ourselves in this season. American author Ruth Stout had said: …only in the winter…can you have longer, quiet stretches when you can savor belonging to yourself. I realise, all of us feel that it also is time for creating comfort and warmth for our friends, family and loved ones.

      However, I do realise that concerns of the impoverished of our nation, who are in dire need of resources during winters for survival, must be first on our agenda. We come across numerous incidents how the crises strike these citizens across the nation during winters. According to a Japanese proverb, one kind word can warm three winter months. Think, then, what one kind act can do. For example, in the beginning of winters, we normally discard our old winter clothes. This time, we can hand over those clothes in person to the people on pavements. This gesture of ours will generate warmth literally as well as metaphorically for those fellow citizens. We must do something for our fellow citizens being on the stronger side of our society. This will be our return against our social debt to society. Such acts make our society capable, happy and warm.

      When it is summer, we want rainy season to arrive. When we get bored of the rainy days, we want them to be over. In the peak winter, we yearn for spring. Actually we start missing whatever we lose; we love to have whatever is not with us. This is a basic human instinct. Weather in itself is a lesson, i.e. we should learn from our past, face our present and prepare ourselves for future. I would like to recall the beautiful inspiring lines written by the English poet P. B. Shelley, which exude hope and trust:…O, wind, If Winter comes, can Spring be far behind?

      While we leave our fate to the time to be positive and bright, we can be tough on ourselves to turn our fate positive and bright for the society we live in.

      May we all stakeholders of the profession join hands in this mission!

      Best wishes
      CA. G. Ramaswamy
      President, ICAI


      November 23, 2011
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