Dear Professional Friends,
At the outset, I wish to express my happiness and contentment before you all for making our Annual Conference ‘PRERANA’ a grand success through your active participation and support. An event of this magnitude typically takes about two months of toil by the Office Bearers and the Executive Committee to flag off. And there is a very thin line to differentiate and bring through success, thereby margin for error is rather less. A lot of midnight oil is burnt literally and metaphorically to put forth such an event. Time and again, we are able to succeed only due to the immense support and affinity extended by our members and well-wishers. I must acknowledge and say this has been really a monumental and instrumental factor for success of this annual event.
My gratitude list and heart goes to our Past Presidents, Secretaries, well-wishers, Executive Committee members, District Associations and various Branches of ICAI, resource persons for their yeomen services, sponsors, publishers and other stakeholders without whose collective support none of this would have been possible. I would like to harp upon the critical element of belongingness and patronage which is the essential ingredient for long standing association to stand vibrant in the changing times. And, we are really strong on this element!
On the representations front, I am happy to bring to the fore, we have made two representations expressing concerns on the new Request for Proposal regarding financial statements audit of Urban Local bodies and given our suggestions to improve the quality of ULB audits to the Director of Municipal Administration. In the wake of recent developments and irregularities in Punjab National Bank, we have made a joint representation along with Lucknow Chartered Accountants Society, Bombay Chartered Accountants Society and Ahmedabad Chartered Accountants Association on Statutory audit of branches of PSU Banks to the Governor, Reserve Bank of India, The Board of Directors of PSU Banks and the Ministry of Finance highlighting concerns in appointment of branch statutory auditors and other apprehensions in execution of bank branch audits. Copy of the above representations are published elsewhere in the News Bulletin. Alternatively, you can access all our representations at www.kscaa.com.
We request members to write to us giving pointers where they need support and we are more than willing to build around it and populate before right forums.
While speaking to media after the crucial GST Council meeting on 10th March 2018, Honorable Finance Minister announced that the e-way bill system will be rolled out from April 2018 for inter-state movement of goods in a staggered manner and the entire country will be covered by June 2018. Among other key decisions, the tax exemption for exporters has been extended by six months and implementation of reverse charge mechanism has been extended by another 3 months. He said that the Council discussed alternative ways of return filing processes, but no concrete decision has been taken yet. The present system of GST return filing in Form GSTR-3B has been extended by another 3 months i.e. up to 30th June 2018. He also said that the Group of Ministers and IT experts would explore the alternative return filing models discussed and decide on the implementation.
In the wake of recent developments like PNB scam coupled with incorrect media outbursts by bureaucrats and audit increasingly being perceived as an investigation activity, the very stratosphere we were operating from is wobbling. I call upon our members to discharge attest functions with utmost caution and with deft skills, and vehemently disregard any soft corner in such functions. This era is turning out to be a renaissance one for the profession and calls for repositioning and upscaling our work ethos. Especially when bank audit is round the corner, my appeal with our members is to discharge attest functions by exercising due care and diligence by proper plan and execution. Members are well advised to keep themselves abreast with the Guidance Note issued by ICAI, IRAC norms and relevant RBI circulars.
“Proper Planning and Preparation Prevents Poor Performance”
I wish to conclude this message with a provoking thought:
“Every moment is a fresh beginning.” – T.S. Eliot
It is interesting to think that you can start anew with each passing moment. You can let go of the past, let go of whatever is holding you back, and start again, doing whatever it is you want to do. It’s refreshing to know that the present is not entirely enmeshed in the past, and your future is being created moment by moment. If you have been mired in doubt and hesitation to start a new project or to mend a relationship because of things that have happened to you in the past, remember that this moment is totally new, and you can move in the direction you want to go.
With warm regards,