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Sunday, April 27

ICAI to ban 3 auditors in Satyam Case

Accounting regulator ICAI will soon officially bar three of its members - Srinivas Talluri, S Gopalakrishnan and V Srinivasu - from practising as chartered accountants after being found guilty in the fraud perpetrated at erstwhile Satyam Computer Services.

The Institute of Chartered Accountants of India (ICAI) began looking into the role of auditors since 2009, the year when the Satyam scam, one of the biggest corporate frauds in the country, came to light.

ICAI President K Raghu today said the three have been barred from practising as chartered accountants for lifetime and their names would be removed from the institute's register of members soon. The same would be gazetted.

Talluri and Gopalakrishnan were part of Price Waterhouse and Company of India at Bangalore - the statutory auditor of Satyam from 2000 till 2009. Talluri was signing partner and engagement leader of the audit team while Gopalakrishnan was partner.

V Srinivasu was then senior vice president and director at Satyam.

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A disciplinary panel of the institute had found them guilty of professional misconduct in carrying out the audit of the books of Satyam.

The name of another ICAI member Prabhakar Gupta, who was also found guilty with regard to Satyam fraud, has already been removed from the register, according to Raghu.

In the case, the accounting regulator had barred two other members - P Sivaprasad and Chintapatla Ravindernath - for professional misconduct.

Their cases are now pending before court, Raghu told reporters here.

The founder chairman of Satyam Computer B Ramalinga Raju had fudged the company's accounts to the tune of more than 6,000 crore over a period of nine years starting from 2000. The misdeed was disclosed by Raju himself in January 2009.

Source -
Financial Express

Famous among students - Padma Shri T. N. Manoharan - Famous CAs (Part 6)

Padma Shri (CA.) T. N. Manoharan is an Indian Chartered Accountant and a former president of Institute of Chartered Accountants of India (ICAI).

Manoharan was born in April 1956 in a freedom fighter's family with agricultural background. He obtained a post graduate degree in Commerce from Sri Venkateshwara University and a law degree from Madras Law College. He became a Chartered Accountant in 1983 and set up his public practice in the same year. He is the founding partner of the accounting firm Manohar Chowdhry & Associates, Chennai. He was elected to the central council of ICAI in 2001 and its Vice President in 2005. He remained as a Central Council Member till 2007. He has also chaired various committees of the Institute. In 2006, he was elected as the President of the ICAI (for a one year term). He is also a notable freemason.
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In 2009, Manoharan was one of the four members (as representatives of Government of India) appointed to the board of the scandal hit information technology company Satyam Computer Services for restructuring the company. As of 2010, he continues to be a member of the company's board. He has been a visiting faculty for Taxation at the Southern India Regional Council (SIRC) of ICAI and the Reserve Bank of India's staff college and has authored text books on Taxation. He is very popular amongst CA Students and he is very much involved with students. In 2009, he won the CNN-IBN "Indian of the Year" award (along with his fellow board members of Mahindra Satyam) in the business category. He was awarded the Padma Shri (India's fourth highest civilian honour) in 2010. He is also a board member of a number of organisations including Nani Palkhiwala Foundation, Alpha Capital Management and Sahara India Finance Corporation. He is very popular among students of Chartered Accountancy course, as he completed the course himself after a lot of struggle.


How T. N. Manoharan & Team Mates saved Satyam


Source:
1. Wikipedia
2. Youtube Channel of Moneycontrol (CNBC)

India, Switzerland looking at ways to share info on black money : PC

India and Switzerland are discussing ways to share information on specific accounts relating to black money stashed in the European nation, Finance Minister P Chidambaram said here today.

The Minister further said that he received a reply on his letter from his Swiss counterpart and will send India's response in the next few days.

"This is a matter where Swiss Minister and I are discussing with each other how information into specific account (relating to black money) can be provided by the Swiss government to Indian government," Chidambaram said while replying to a media query at the AICC headquarters.


On his letter to Swiss Finance Minister Eveline Widmer- Schlumpf for revealing information on bank accounts in Switzerland, he said, "We have got a reply. I got a reply a week ago and we are working on a further letter now.

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As regards content of the letter, he said, "it's long reply and the Minister has defended the Swiss position in some matter. The Minister has made conciliatory statement in one of the matters. The reply is being studied very carefully and we will send further letter in the next few days."


In his two-page letter to Swiss Minister in March, Chidambaram had threatened to drag the European nation to multilateral foras like G20 for continuing to block its requests.

Chidambaram also reminded her of the April 2009 declaration adopted by G20 leaders stating that the "era of bank secrecy is over."

In a strongly worded letter, he said India might examine further steps like declaring Switzerland a non-cooperative jurisdiction if non-cooperation continues.

Chidambaram also reminded her of the April 2009 declaration adopted by G20 leaders stating that the "era of bank secrecy is over."

In a strongly worded letter, he said India might examine further steps like declaring Switzerland a non-cooperative jurisdiction if non-cooperation continues.
Chidambaram had said Switzerland did not honour the terms of the Double Taxation Avoidance Agreement (DTAA) between the two nations, under which information about Indians with accounts in Swiss banks has been sought by the tax authorities.


Source:
Economic Times

Saturday, April 26

From a CA to President (Former) FICCI and Padma Shri Awardee - Naina Lal Kidwai - Famous CAs (Part 5)

Naina Lal Kidwai, a chartered accountant by profession, is an Indian banker and business executive. She is currently the Group General Manager and Country Head of HSBC India.She is the Former President of the Federation of Indian Chambers of Commerce and Industry (FICCI). She also holds a Bachelors degree in Economics from University of Delhi and an MBA from Harvard Business School in 1982. Kidwai was the first Indian woman to graduate from Harvard Business School and also the first woman to guide the functioning of a foreign bank in India. She has also completed her Bachelors of Arts in the year 1977.

Naina Lal Kidwai is the Immediate Past President, FICCI. Naina Lal Kidwai has also received the Padma Shri from the Government of India for her contribution to Trade and Industry.


Early Years
From 1982-1994 she worked ANZ Grindlays, where her assignments included Head of the Investment Bank, Head of Global NRI Services and Head of the Western India, Retail Bank. From 1994 to 2002, Mrs. Kidwai served as the Head of Investment Banking in Morgan Stanley India and JM Morgan Stanley. She also served at Standard Chartered Bank from the year 1982 to 1994 and as Chief Manager of Retail Bank from 1984 to 1991. From 1989 to 1991, Mrs. Lal was the Chief Manager and Head of Investment Bank India and as Manager of North India of Investment Bank from 1987 to 1989. Naina Lal has also served as the Manager of West India of Investment Bank based in Bombay from 1984 to 1987. From 1977 to 1980, she worked at Price Waterhouse & Co.



Current Positions
Along with serving as the Chairman of HSBC Asset Management (India) Pvt Ltd and HSBC InvestDirect (India) Ltd, her other positions include being a non-executive director on the board of Nestle SA, Chairwoman, City of London's Advisory Council for India, Global Advisor, Harvard Business School. She is on the Governing Board of NCAER, Audit Advisory Board of the Comptroller and Auditor General of India, and on the National Executive Committee of CII and FICCI.


Career Highlights
Mrs. Kidwai serves as a Group General Manager of HSBC Holdings Plc since 1 October 2006. She also serves as the Chief Executive Officer of HSBC India of HSBC Holdings Plc since 5 May 2006. Since 15 April 2009, Mrs. Kidwai also served as the Country Head of HSBC India. She also served as the Head of Corporate & Custodial Services of HSBC Bank. Naina also served as the Group General Manager of HSBC India until 15 April 2009. Mrs. Kidwai also served as the Deputy Chief Executive Officer of HSBC Holdings Plc since 21 May 2004. Besides, she also served as Managing Director of HSBC Securities and Capital Markets India. She has also served as Deputy Chief Executive Officer of HSBC from November 2002 to 5 May 2006.



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Naina is married to Rashid Kidwai who runs an NGO named Grassroot Trading Network for Women. She is also the mother of 2 children, who is maintaining between home and work. Mrs. Naina is the daughter of an insurance company CEO. Her mother comes from an industrial family being the sister of industrialist Lalit Mohan Thapar. Her interests include microfinance and livelihood creation for rural women and environment. Naina, also supports the world's largest youth driven organization - AIESEC as a National Advisory Board Member to AIESEC India. Naina Lal is very fond of Indian classical and the western music. She also loves to go on trekking tours to the Himalayas. Mrs. Kidwai is also a nature lover and also has keen interest in observing the wildlife. Kidwai has repeatedly ranked in the Fortune global list of Top Women in Business, 12th in the Wall Street Journal 2006 Global Listing of Women to Watch ad listed by Time Magazine as one of their 15 Global Influentials 2002.

For her praiseworthy work, Naina has also secured many accolades. Naina Lal has secured the distinguished Padma Shri award for her contributions in the areas of trade and industry.She has also received ASSOCHAM Ladies League's Delhi Women of the Decade Achievers Award 2013 for Excellence in Banking .

Naina Lal is very fond of Indian classical and the western music. She also loves to go on trekking tours to the Himalayas. Mrs. Kidwai is also a nature lover and also has keen interest in observing the wildlife. For her praiseworthy work, Naina has also secured many accolades. Her commendable work has been given the due recognition by honoring her with Padmashri award. The Fortune magazine declared Mrs. Naina as the third most powerful businesswoman in Asia in the year 2000.





Sources:
1. Wikipedia
2. stockmarketdigital.com
3. NDTV Profit's Youtube Channel

Friday, April 25

A CA and a lawyer leads Vodafone to win the Most talked about taxation case - Harish Salve - Famous CAs (Part 4)

Harish Salve is one of India's leading lawyers, who primarily practices at the Supreme Court of India. He also appears in various high courts and in international arbitral disputes, sometimes as a counsel and other times as an adjudicator. Salve served as the Solicitor General of India from November 1, 1999 to November 3, 2002. He succeeded Santosh Hegde, after the latter was appointed as a judge to the Supreme Court. Salve is a well-known practitioner of constitutional, commercial and taxation laws.As a young boy, Salve wanted to be an engineer though by the time he was ready for college, he was deeply interested in Chartered Accountancy thanks to his father’s roaring practice. His father, however, had given up accountancy and did only income-tax matters which brought him in close proximity to Nani Palkhivala. Palkhivala used to do a number of matters for N. K. P. Salve and Harish was a part of that environment. Inspired by Palkhivala, Harish Salve discovered that while accountancy was boring, he thoroughly enjoyed income-tax and he decided that if he were to practice income-tax, he might as well do it as a lawyer. The big turning point in Harish Salve’s career came in 1975, when he was still preparing for the CA-Inter exam. On his father’s behest, Harish Salve had prepared a note on some complicated point on the settlement commission’s proceedings which raised some new issues for interpretation. When that note was shown to Nani Palkhivala, he was very impressed and immediately asked Harish Salve “So, when are you joining the profession?”. “The die was cast that day” says Harish Salve with a gentle smile on his face.

Salve qualified as a Chartered Accountant in the CA Examination, and practiced on the taxation side before qualifying as a lawyer and moving to the legal profession. He was inspired by Nani Palkhivala, an eminent tax lawyer from Bombay. Salve was later designated as a Senior Counsel by the Delhi High Court. He began his career at J. B. Dadachandji & Co first as an intern in and later as a full-time lawyer by 1980. During this time he assisted Palkivala in the Minerva Mills case (case citation: AIR 1980 SC 1789). Salve worked with former Attorney General, Soli Sorabjee from 1980–1986. He declined to be nominated for a second 3-year term due to "personal reasons" when his first term ended in November 2002. He later clarified that his wife was unhappy about him bringing work home and continuing to be worried as he watched the evening news. He was appointed Amicus Curiae by the Supreme Court in cases mostly relating to the preservation of the environment. However, in 2011, he recused himself from this position during a hearing on illegal mining, on the grounds that he had previously appeared for one or more of the parties.


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Salve frequently represents large corporations like Mukesh Ambani's Reliance Industries Limited in big ticket cases like the Krishna Godavari Basin gas dispute case against the latter's brother Anil Ambani's Reliance Natural Resources Limited.

Salve's other noteworthy clients include the Tata Group and ITC Limited whom he has represented on various matters. He has appeared for several Tata group companies, including for Ratan Tata himself in a privacy petition concerning the leakage and publication of the Niira Radia conversations which exposed an alleged politico-corporate crony capitalistic nexus, causing a huge scandal in late 2010 (see Radia tapes controversy). He appeared for ITC's famous 803 cr excise matter as well as several other matters successfully.

Salve represented Vodafone in its $2.5 billion tax dispute with the Indian government. He initially lost the case in the Bombay High Court, but later won it at the Supreme Court. Salve has been extremely critical of the Indian government for passing a retrospective clarification to the Income Tax law in the 2012 Union Budget, which nullified the Supreme Court's decision. "I think this is morally obnoxious," said Salve in an interview, adding "This is waging war on foreign investment. If a client asked me ‘should I invest in India today?’ I would say ‘no’."

Salve appeared for Bilkis Bano, a victim of the Gujarat Riots, at the behest of the National Human Rights Commission in 2003.

In 2009, India Today magazine ranked him the 18th most powerful person in the country.


Harish Salve - Background & Formative Years





P.S.


Harish Salve in public life has attracted many controversies. We are not mentioning the same in this post keeping in mind the motive of our post, which is to show the journey of some famous CAs.



Sources:
1. Wikipedia


2. ITAT Online (My Name is Harish Salve -By VELLALAPATTI SWAMINATHAN IYER)
3. IIFL Youtube Channel

Thursday, April 24

The name is enough - KUMAR MANGLAM BIRLA - Famous CAs (Part 3)

Kumar Mangalam Birla is an Indian industrialist and the Chairman of the Aditya Birla Group, one of the largest conglomerate corporations in India. The group is India's third largest business house. He is also the Chancellor of the Birla Institute of Technology & Science.

He has B.Com degree from University of Bombay & Chartered Accountant from Institute of Chartered Accountants of India & an MBA from London Business School, London, UK, where he is also an Honorary Fellow.

Kumar Mangalam Birla took over as Chairman of the Aditya Birla Group in 1995, at the young age of 28, after sudden death of his father, Aditya Birla, after whom the group is named. Many doubts were raised about his ability to lead the group with varied interests in textile and garments, cement, aluminum,fertilizers etc. but Kumar Mangalam Birla not only proved his skeptics wrong, but also has grown to become one of the most respected industrialists in the country. Under his leadership the Aditya Birla Group has expanded to Telecom, Software, BPO and other areas while consolidating its position in existing businesses.




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Mr. Birla has held and continues to hold several key positions on various regulatory and professional Boards. An erstwhile Director on the Central Board of Directors of the Reserve Bank of India, he was also Chairman of the Advisory Committee constituted by the Ministry of Company Affairs and served on The Prime Minister of India's Advisory Council on Trade and Industry.

As the Chairman of Securities and Exchange Board of India (SEBI) Committee on Corporate Governance, he authored the First Report on Corporate Governance titled "Report of the Kumar Mangalam Birla Committee on Corporate Governance".  
The idea of Audit Committee, Remuneration Committee, etc. was suggested by the same committee.Its recommendations were path breaking and became the basis of corporate governance norms. Furthermore, as the Convener of the Prime Minister's Task Force on Administrative and Legal Simplifications, the extensive recommendations made by him in his report, have been implemented in totality. Mr. Birla also served as Chairman of SEBI's committee on Insider Trading, which formulated Corporate Governance principles for Indian corporates.

He is on the National Council of the Confederation of Indian Industry and the Apex Advisory Council of the Associated Chambers of Commerce and Industry of India.

Sources:
1. Wikipedia
2. SEBI
3. Aditybirla.com

Wednesday, April 23

From a CA to India's Warren Buffet - RAKESH JHUNJHUNWALA - Famous CAs (Part 2)

Rakesh Jhunjhunwala (born 5 July 1960) is an Indian investor and trader. He is a qualified Chartered accountant. He manages his own portfolio as a partner in his asset management firm, Rare Enterprises. Jhunjhunwala was described by India Today magazine as the "pin-up boy of the current bull run" and by Economic Times as "Pied Piper of Indian bourses". He is also known as India's Warren Buffet.

He admits to having been a bear in the Harshad Mehta days and believes that investors should be like chameleons. He has said that the markets are temples of capitalism and believes that they are the ultimate arbiters.

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Excerpts from an interview given to the Economic Times (Published on October 23, 2009) -

When you first ventured into the stock markets, it must have been a huge gamble 20 years ago. You qualified as a CA, what made you take that step?

My father was also interested in stocks. When I was a young child, he and his friends would drink in the evening and discuss about the stock market. I would listen to them and one day I asked him why do these prices fluctuate. He told me to check if there is a news item on Gwalior Rayon in the newspaper, and if there was Gwalio Rayon's price would fluctuate the next day.

I found it very interesting and I got fascinated by stocks, I self-taught myself. My father told me to do whatever I wanted in life but at least get professionally qualified.

I was always a reasonably good student so I took up chartered accountancy. In January 1985, I completed my CA. I told my father I wanted to go to the stock market. My father reacted by telling me not to ask him or any of his friends for money. He, however, told me that I could live in the house in Mumbai and that if I did not do well in the market I could always earn my livelihood as chartered accountant. This sense of security really drove me in life.

Like the Fake Steve blog, there is a popular parody blog called The Secret Journal of Rakesh Jhunjhunwala that humorously parodies the Investor's life.

On June 7, 2012 the authors were revealed by The Economic Times to be two people . For the first year, Forbes columnist and American Mark Fidelman and for the remaining years Aditya Magal from India. Jhunjhunwala was reported to have had a meeting with Magal in his Mumbai office (ET).


In 2010, Forbes rated him India's 51st and the world's #937 richest man with wealth running into billions. As of today his forbes rating is -
#1372 Billionaires
#45 in India
#1161 in 2013
#61 India's Richest

Sources:
1. Wikipedia
2. Economic Times
3. Forbes

Tuesday, April 22

Interview of CA. K. Raghu, President, ICAI by Business World


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Source :ICAI Website News Section

ICAI to launch dedicated TV channel for CAs from 15th August

Dainik Bhaskar National Edition






















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Source:
ICAI Website News Section

From CA rank holder to Treasurer of BJP & Minister - PIYUSH GOYAL - Famous CAs (Part 1)















1st in our series of posts about famous CAs. We are bringing you a famous TV face of BJP. To everyone's surprise, he was a 2nd National Rank Holder in CA. Read Ahead to know more about him.

Piyush Goyal is a Member of Parliament (Rajya Sabha) and National Treasurer of the Bharatiya Janata Party (BJP), the principal opposition party in India. He also heads BJP's Information Communication Campaign Committee that oversees all outreach efforts of the party via web, mobile and social-media.

He is seen to be the mind behind BJP's social media outreach and which is a major part in its probable success in the elections. He is also a mind behind Modi's Chai Pe Charcha.

He has had a strong academic record - all-India second rank holder Chartered Accountant and second rank holder in Law in Mumbai University. He has participated in Leadership Programs at Yale University (2011), Oxford University (2012) and Princeton University (2013) and is currently pursuing the Owner / President Management (OPM) Program at Harvard Business School.

A well-known investment banker, he has advised top corporates on management strategy and growth; also served on the Board of India’s largest commercial bank, the State Bank of India and Bank of Baroda.


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Piyush is a member of the Parliamentary Standing Committee on Finance and the Consultative Committee for the Ministry of Defence. An active member of the Managing Committee of Indian Merchants Chamber, he is also involved with NGOs in diverse fields such as tribal education and welfare of the physically challenged (Jaipur Foot).

During his 27 year long political career, he has served on the National Executive and held several important positions in the BJP. He was also nominated by the Government of India to the Task Force for Interlinking of Rivers. He was the Dy. Campaign In-charge for the Parliament elections in 1991 and played a key role at the central level in all elections since 2004.

As a Chartered Accountant, he is showing his skills at his best as a Treasurer for India's one of the largest political parties of India, ranging from procuring the finances for the party, liaising with corporates for the same, and wisely using the same for campaigning for the party. He is a brain behind funding for Massive Rallies of BJP in recent, and also BJP's Chai Pe Charcha. His interest in Information technology is evident from his track record for his party, he is the one of those who is leading his party on web and social media. He is definitely one face to be given credit for a "social media win of BJP" much before the General Election 2014 even started.

Piyush Goyal has sworn in as minister of state, for power, coal and renewable energy recently in newly elected Govt. of India, under leadership of Shri Narendra Modi.

With excerpt from Media Reports.
Sources:
1. Wikipedia
2. piyushgoyal.in

CAs, CS' & CWA object to notification of Companies Act

Chartered accountants,cost accountants and company secretaries—three classes of professionals recognized under the statute— have protested against the notification of the new companies law, with each saying that they will be hurt by it in various ways.

While chartered accountants are worried about increased responsibility and accountability under the new Act, cost accountants and company secretaries say they will be rendered superfluous at more than 90% of companies, putting corporate governance at risk. However, others are of the view that the new rules will lead to the opening up of fresh opportunities and ensure that audit quality rises.

Chartered accountants are outraged about mandatory joint audits that force one to take responsibility for the other's faults, company secretaries are furious about the ministry having scrapped the requirement for them in private companies, leading to job losses.

Judicial pronouncements in the past have held that auditors are not bloodhounds, said chartered accountant KS Mehta of SS Kothari Mehta & Co.

"It is practically not feasible for an auditor to make his audit more extensive within the limited timeframe allowed by Sebi (Securities and Exchange Board of India) for adoption of annual accounts than it is already doing," he said. "Companies want to release accounts within 30 days. While joint auditors for the same account may solve the problem to an extent, it is not acceptable by companies as it increases expenses as well as makes coordination more complex."

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The new rule making the entire body of partners responsible for any act of negligence by one will have a deleterious effect, he said. "The new rule will only encourage taking up of non-audit work by firms which are not registered and therefore, not subject to the discipline of the ICAI (Institute of Chartered Accountants of India)," said Mehta.

ICAI has found fault with the rotation of auditors that's now required. "The auditors' rotation has (until) now been restricted to certain class of companies, leaving close to 90% of the companies outside the scope of rotation of auditors," said ICAI president C A K Raghu.

Company secretaries say they are the worst affected. About 93% of India's 9 lakh companies are private, no longer needing the statutory services of a company secretary under the new rules.

This will hit corporate governance, they warned.

"This has made the future dark for 35,000 members of the CS institute and 4 lakh students. On the other hand, corporate governance of a large section of corporates is going to take a back seat," said SK Jain, a Mumbai-based company secretary.

Cost accountants have been protesting against the rules from the draft stage itself, claiming that the scope of their work has also been curbed. The corporate affairs ministry is yet to notify the final rules for cost audit leading to confusion among professionals.

"The section regarding cost audit and records has been notified effective April 1, 2014, but the rules governing the same are not," said Amit Apte, central council member of the Institute of Cost Accountants of India. "We are advising companies to follow the old rules till the time final rules for cost audit are notified."

S Santhana Krishnan, chairman of the corporate laws committee of the chartered accountants' institute and member of the rules committee of the corporate affairs minstry, admitted that discharging professional functions will become more difficult.

However, the new rules open up new opportunities, he said.

"Some people have looked at the Act as an employment guarantee scheme. It is inappropriate.

Those who believe they have lost opportunities will actually get more opportunities as per the new rules," said Krishnan. For example, cost accountants can now become internal auditors as well.

Company secretaries and CFOs are part of key management personnel. Chartered accountants will get new consulting opportunities such as financial control, corporate governance etc, he said.


Source: Economic Times

Monday, April 21

ICAI to start flexi working portal for women CAs & construct a new building at Ahmedabad

Ahmedabad: At the felicitation function of the President and the Vice President of ICAI, at Ahmedabad, organized by Ahmedabad ICAI, The Institute of Chartered Accountant of India (ICAI) has rolled out it's plans to start women flexi working portal by next week, to facilitate female chartered accountants to work from home and having flexible working hours. Under the plan, ICAI flexi working portal would allow qualified CA women to have flexible working hours and they can work from any location of their choice. 

"The portal will be launched on Monday" said K Raghu, president, ICAI."Currently, there are approximately 40,000 women CA in the country" said Manoj Fadnis, vice president, ICAI, adding that most of the qualified female chartered accountant either get inactive or work on & off in the profession due to their family obligation after their marriage.According to the institute, ICAI is trying to bridge gap between the female chartered accountant by bringing them into the action via this portal. The portal would allow CA firms, individual CA practitioner, audit firms and even corporate to outsource the desk job to the female chartered accountants. Desk job usually include audit, back office work, consultant job, drafting, verification, etc.

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According to Mr Fadnis, it is observed the women chartered accountants after 30's (age) get engaged into family issues, as they give family a priority.The institute would also soon organize training programe for the women chartered accountants across 50 locations in the country to impart training for taking up the position of independent director on the corporate board. The new companies act mandates that a company should have at least one women director on the board. "This portal would also encourage women CA to try for director position in the companies" said Mr Raghu.Mr Raghu also announced that ICAI would set up a new building that would be constructed adjacent to its current ICAI building located on Usmanpura area in Ahmedabad. 

The new building would have modern facilities like two reader hall and one hitech computer lab.According to Dhinal Shah, central council member, ICAI informs that approximately Rs 6 to Rs 7 crore will be spend to set up the new building. The money would be disbursed by the ICAI's infrastructure development fund. "The new building would be operationalized in next 10 months" adds Mr Raghu. 


With inputs from our reporters & Economic Times.

Friday, April 18

ICAI expressed the concern over DTC 2013 proposing to allow tax audit to be conducted by CS and CWAs also

Direct Tax Code 2013 which is not yet passed and effective is making big news in CA profession. The DTC proposes that CS and CWA will also be eligible to conduct the tax audits. As per the new Tax Code the definition of Accountant includes CS and CWA.

As per New Direct Tax Code 2013, Accountant Means

"a chartered accountant within the meaning of the Chartered Accountants Act, 1949 and who holds a valid certificate of practice under sub-section (1) of section 6 of that Act, and shall include-

(i) a company secretary within the meaning of the Company Secretaries Act, 1980 ;

(ii) a cost accountant within the meaning of the Cost and Works Accountants Act, 1959 ; or

(iii) any person having such qualifications as the Board may prescribe, for the purposes specified in this behalf"

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The above definition and allowing CS & CWAs to conduct Tax Audits has created nightmare and a concern for CA profession, and the response of which can be seen even on social media.

A user on social media says:
"I respect all professionals so kindly don't take me wrong and I am not judging or challenging anybody's professional knowledge or skills. My only question is that the way a CA is rigorously taught income tax and accountancy, does the same way is followed in the course of CS, CWA. If yes, then surely CAs monoply wud break and if no then what is the point of allowing other professionals to conduct an assignment of which they don't have indepth knowledge???"

Even Meme like this can also be seen on Social Media:




On the same issue, ICAI has now officially expressed it's concern. The announcement dated 17th April, 2014 by ICAI on it's website read as under -


ICAI expresses its concern on the proposed definition of “Accountant” in DTC, 2013 - (17-04-2014) 
As the members are aware, the Direct Taxes Code, 2013 has proposed to widen the scope of the definition “Accountant” to include other professionals as well. It is a fact that various provisions in the Income-tax Act, 1961 under which chartered accountants have been given the responsibilities to undertake audit and certification of accounts of various entities have the emphasis on “audit” of the relevant accounts which is the exclusive domain of Chartered Accountants.

The Council of ICAI is aware that the proposed change is a cause of major concern to the entire profession. In this regard, ICAI has through a representation to Ministry of Finance, placed on record its concern not only for the profession, but for the country as a whole since issuance of audit certificates by persons having limited knowledge of audit of accounts will not only be professionally incorrect and but will raise many concerns including causing huge revenue leakages.

A meeting in this regard was held with Mr. Rajiv Takru, Revenue Secretary and Mr. R.K.Tewari, Chairman, CBDT on 16.4.2014, wherein CA. K. Raghu, President, ICAI and CA. Manoj Fadnis, Vice President, ICAI emphasized on the fact that there is a very significant difference in the area of expertise of other professionals vis-a-vis Chartered Accountants.

Members be assured that the Council of ICAI is equally concerned and will not leave any stone unturned to save the profession and the nation.


Secretary, Direct Taxes Committee

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Courtesy : ICAI



Thursday, April 17

ICAI's representation to MCA on Sec. 141(3)(g) of The Companies Act, 2013, to consider the ceiling for audit not to apply to Pvt Co. & OPC

Section 141(3)(g) of the Companies Act, 2013 talks about the ceiling limit for an auditor for audit of companies, which reads as under-
''141. Eligibility, qualifications and disqualifications of auditors

(1)...........................

(3) The following persons shall not be eligible for appointment as an auditor of acompany, namely:—

(a) ..................

(g) a person who is in full time employment elsewhere or a person or a partner ofa firm holding appointment as its auditor, if such persons or partner is at the date of such appointment or reappointment holding appointment as auditor of more than twenty companies;''


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As quoted, the above section gives a ceiling limit for an auditor on no. of audit, and only 20 companies are allowed to be audited by 1 auditor. But what has created a confusion in the profession is the use of word "Company" instead of using word "public company". The word company includes every type of company (which even include One Person Company, Private Company, Small Company). Obviously, the intention of the law maker must not be that one auditor can only audit 20 companies, including private co. and OPC.

To avoid this confusion, ICAI has sough the correct view of MCA on the same, and also to stress that even if the intention is to give limit of 20 companies, then that limit must be removed as it will create the hardship on CA profession at large and also audits will cost the companies high. Copy of the ICAI's letter is attatched below.

See the letter: http://ch.cahelpers.in/Representation2MCA

(The original letter is hosted at ICAI's website. This copy of the letter has been highlighted wherever it was necessary for better understanding of the users.)

Courtesy: ICAI

Monday, April 14

Applicability of the Companies Act, 2013 to Auditor's Report to FY 2014-15 and Onwards (Not Applicable to FY 2013-14)


CLARIFICATION 

Applicability of the Companies Act, 2013 to Auditor’s Report to FY 2014-15 and Onward

The Ministry of Corporate Affairs, on 26th March 2014 notified a majority of the remaining sections of the Companies Act, 2013, including sections 139 to 148, relating to audits and auditors. The Act was stated to be effective from 1st April, 2014. 

Accordingly, queries are being raised by a number of members as to whether any auditor’s report of a company being signed on or after 01st April, 2014 would be in accordance with the requirements of section 143 of the Companies Act, 2013.

In this context, it may be noted that the Ministry of Corporate Affairs (MCA) has, on 04th April 2014, vide its General Circular No. 08/2014, clarified that the financial statements (and documents required to be attached thereto), auditor’s report and Board’s report in respect of financial years that commenced earlier than 01st April, 2014 shall be governed by the relevant provisions/Schedules/rules of the Companies Act 1956. This MCA Circular is attached below for the perusal.


Attached Circular:

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Therefore, it is clear from MCA’s aforesaid General Circular that the auditor’s report of a company pertaining to any financial year commencing on or before 31st march 2014, would be in accordance with the requirements of the Companies Act, 1956 even if that financial year ends after 01st April 2014. For example, where the financial year of a company is 01st January 2014 to 31st December 2014, the statutory auditor’s report signed therefor would be in accordance with the requirements of the Companies Act, 1956.

As a corollary to MCA’s General Circular, it appears that the provisions of the 2013 Act would apply only to the financial years commencing on or after 01st April 2014. Thus, for example, the statutory auditor’s report signed in respect of the financial year of the company ended 31st March 2015would need to be issued in accordance with the provisions of the Companies Act, 2013.

Source: