President’s Message | March 2023

Dear Readers,

The month of March is a very exciting month for the Executive Committee of KSCAA as we would like to meet and greet many CAs from across the state in the conference. The 35th KSCAA Annual Conference is on the 17th and 18th of March 2023 at White Petals, Palace grounds. The current year’s theme is ‘Order and Chaos’. The whole team of KSCAA is excited to invite and welcome you all to the event. We are introducing a series of ‘Ask an Xpert’ in the conference where members have the opportunity to ask any doubt on topics provided to the speaker and get the doubts clarified, this is a priceless service and opportunity to members where their queries on day-to-day operations/law can be clarified by experts. An organization of this sort needs humongous sacrifice and there are many gems amongst us, there are multiple stories that are not told and known, and to commensurate this we are releasing a book of all the previous events, stories and suggestions of past presidents and secretaries in the conference. We are also researching members who have moved out of the profession and worked extensively and would like to showcase the same to you.

At the professional level, the much-anticipated end of an era of bank audits is at the threshold. I personally believe that the recent RBI circular was the last nail in the coffin that ends the Branch Bank audits. The MCA site has been a cause of pain to many professionals for the smooth functioning of their office work. It claimed to be more technologically faster, relevant and effective but once more there seems to be ineffective testing. The pain of poor testing adds to the inefficiency of the professionals which in turn adds to the cost. The ICAI has mandated an Audit Quality Maturity Model (AQMM) for a certain category of audit firms. This would enable the firms to be quality conscious and move as compete with peers of international firms. This was formed to develop framework for Audit Quality, to work on key elements of Audit Quality, to develop Audit Quality Maturity Model, and to develop and promote Audit Quality Indicators. The conscious effort to qualify the AQMM, would lead the firms more competitive and strengthen the profession of the audit.

The world today is moving into recession and there is danger awaiting the economy of many countries throughout the world, the fragile and vulnerable countries are exposed starkly compared to those who are strong on fundamentals. World leaders today have shown confidence in the Indian story, they believe that we would reap the benefit of demographic dividends and strong domestic consumption as well. They say this generation would live in two India, one before amritkaal and second in amritkaal, which would see India rise to and walk in the corridor of global power.

Today, KSCAA is not restricted as a state organization but has a reach of members from across the country and the number of memberships which is constantly on rise from outside the state is testimony for the same. Today, it is one of the largest, eventful, and resourceful organizations in the country. Members from across the country attend the programs of KSCAA and have beneficiary of it.

Happy reading!

Yours’ faithfully,

CA. Pramod Srihari

President