-
The 226th Meeting of the Council was held on 2nd, 3rd and 4th July, 2002 at New Delhi. One of the most historic events that took place was that amendments to the Chartered Accountants Act, 1949 were discussed thoroughly and thread-bared for substantially long time. It was in 1993 when the Institute sent the amended Chartered Accountants Act, but the Government could not pass the same in Parliament. Now the Ministry has become active and having asked the Institute to send the amended Chartered Accountants Act within three months, all the Council Members worked day and night and having considered various suggestions, sent the final redrafted Chartered Accountants Act, 1949 to the concerned Ministry. I request the members to pray Almighty that Hon’ble Members of Parliament have sufficient time to go through the same and then pass this Bill in the Monsoon Session of the Parliament.
-
A statement on Standard Auditing Practices to establish standards for an Auditor,
whose client uses a Service Organisation was discussed and finalised. This statement should be read in
connection with the “Preface of the Statement on SAP” issued by the Institute. The same will be shortly published in the Chartered Accountants Journal.
-
Guidance for grant of group-wise and paper-wise exemption under new PE-I and PE-II scheme is also finalised and the students would be happy that exemptions of group and paper would be available on the same line and to the extent of the same paper, who have cleared under the old syllabus and balance papers/groups can be cleared under the New Scheme.
-
With regard to the relaxation of Office timing on the line of relaxation allowed to the Foundation passed Article Clerk, the Council discussed the same at length and decided that such kind of relaxation will be allowed by Chartered Accountants in their office timing only for Foundation passed Article Clerks. Such kind of relaxation is not to be made available to the Graduate students because now the students who join Articleship after graduation and PE-II must attend and adhere to the office timing and regularly undertake the training.
-
So as to meet the present demand of the clients as well as need of the time demand new Innovative Networking ideas and thereafter services by Chartered Accountants in most systematic and update manner. A group of countries under the initiative taken by AICPA of U.S.A. and C.I.C.A. of Canada started International Assurance Services Net Work mainly
focusing on the Web Test Services. A concept of International Innovative Network (I.I.N.) thus started in January, 2001 wherein more than 20 countries are now members taking benefit of the Network services and new developments in the field of Accountancy and Auditing. After discussion and debate the Council decided to be a member of this group so that the Institute and in turn members of the profession will be benefited by all latest development and services that will be provided by this I.I.N.
-
A report of the working group for suggesting negotiation strategy in the Accountancy section for consideration by the Government of India in formulating positions and strategy in the ongoing negotiations of Trade in Services was considered. Request was made by the Institute particularly for Indian Chartered Accountants, rendering services outside India and to Foreigners of accounting, auditing and book-keeping and the limitations therein. The draft proposal was also considered by Ministry of Commerce and the concerned Secretaries who remained present in the Council meeting on this Agenda; appreciated various suggestions made by the Council Members.
-
Members must be concerned, and obviously so, because of the various News paper reports appearing with regard to the accounting frauds that have taken place or are being noticed particularly in U.S.A. and Western Countries. But as per the statement of our President, the situation in India particularly is quite satisfactory. A meeting of past Presidents was called and a Committee has been appointed which will assist the Government in looking into various published accounts, which will be chosen or picked up by SEBI/RBI/BSE, wherein they will find out accounting irregularities or fraudulent treatment or incorrect presentation of financial statements etc. Thus our Institute has taken a pro-active step to see that no such accounting frauds take place in Indian Corporate world. Necessary denials, publication and messages of President have also been printed in various Newspapers.
-
With regard to the working of Disciplinary Committee also, Council has considered this aspect and in the revised Chartered Accountants Act number of important suggestions have been made which till reduce the time being taken by the Disciplinary Committee and also the structure and functioning of Disciplinary Committee. A feeling of the members of J.P.C. that I.C.A.I. is not taking action on its members was removed by clarifications and explanations made by Hon’ble President, Secretary and other Council Members meeting them personally.
-
Being a Vice Chairman in the Committee for Members in Industry it is our desire to see that more and more members in Industry and in services take part and involve in the Institute’s activities. Same way Institute also must pay adequate attention and render special services and other information to such members in Industry. A One day Conference is organised at Baroda on 24th August, 2002 and Members in Industry are requested to please participate in this particularly when All India Conference is organised just 100
mtrs. away from Ahmedabad with excellent faculties.
