President’s Message | April 2024

Dear Member,

Entering April not only signifies the start of a new month, but also a new beginning of year “UGADI”  and a new Financial Year. This period brings about new chances, rejuvenated objectives, and the opportunity to redefine our strategies for achieving success. As auditors, it is vital to utilize this transition to set ambitious yet attainable goals and cultivate a collaborative culture within our teams and with our clients.

Setting targets for the new financial year is more than just establishing numbers; it’s about outlining a roadmap that aligns with our vision and values. Whether it’s enhancing audit quality, expanding our client base, or embracing new technologies, each target should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound). By setting clear and measurable targets, we can track our progress and stay focused on our overarching vision.

As per this year’s theme, “Recraft Yourself,” one of the methods to accomplish the goal outlined in the 5 Ds is through “Development,” as detailed in the earlier newsletter. Let us understand how important to develop the skill of collaboration.

Given the advancements in technology, the increasing complexity of amendments in laws, the skills available in the market, and client expectations, it’s imperative to cultivate a mindset of becoming knowledgeable in all domains while at the same time establishing expertise in one subject matter.

In the current landscape, I’d like to refer to the recent statistics published by ICAI, indicating that 72% of CA firms operate as individual practitioners. The key skill required is effective collaboration with other professionals, ensuring clear professional arrangements. This approach can lead to mutually beneficial outcomes for the proprietor, the collaborating firm, and most importantly, the client. I would encourage everyone to initiate open dialogue, celebrate diversity of thought, and create an environment where everyone feels valued and empowered to contribute their best.

Events at KSCAA

  • On 27th March, The Director of Co-Operative Societies, invited us for an open discussion to share our perspectives on the presentation of financial statements and reporting formats of Audit Report. The meeting was led by the Chairman of the KSCAA Co-operative Committee, and professionals from different districts attended in person to contribute their valuable insights.
  • The CORAL (Corporate and Allied Laws Committee) hosted a webinar on Sunday, March 31st, on the topic “Bank Audit using Excel” aimed at equipping members with the skills to conduct their audit tasks effectively.
  • CBDT has proactively notified ITR forms early this year, facilitating taxpayers in avoiding the usual last-minute rush. However, this move requires careful consideration as it does not align with the due date for filing Q4 TDS returns. The Department also conducts e-campaigns to notify about any non-reporting instances.
  • On April 10th, the Direct Tax Committee organized a program focusing on Changes in ITR and Form 3CD. This event received a warm reception and appreciation from many members, serving as a significant energy boost for us.

Upcoming Events in India

We’re deep into the national election season and social media is filled with news of alliances and rifts among political parties. For a common man, daily life reflects numerous challenges like corruption, bureaucratic indifference, and violence. Many opt for the easier path of avoidance, believing that as long as issues don’t directly affect them, they should be ignored, allowing them to carry on with their routines.

We must actively contribute to upholding principles and cannot afford to be passive bystanders. We as educated professionals have a greater responsibility to act as catalysts for change and a great role in participating in elections.

it’s crucial to exercise our voting rights to support candidates committed to change, integrity, and halting the decay in our political system.

Empower Your Voice, Shape Your Future

Happy Voting

Sujatha G