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A proposal sent to the Reserve Bank of India for enhancement of remuneration payable to Statutory Central and Branch Auditors of Banks has been approved by it providing an overall enhancement of 25% of total (basic) remuneration for the year 2000 - 2001 besides a reasonable revision in boarding and conveyance charges payable to statutory auditors. |
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The Committee organised meetings with the Chief Ministers of various States / the Comptroller and Auditor General of India and apprised them regarding various areas in which the services of Chartered Accountants can be utilised including the following :- |
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The ICAI held a detailed meeting with the Hob'ble Minister for Finance of Chhattisgarh and a presentation was also made to him on the various opportunities for the State Government to gainfully avail of the services of chartered accountants. |
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A representation on role of Chartered Accountants in Power Sector and Co-operative Audit was made to the Hon'ble Minsters for Power and seniormost officials of Finance Ministry of the Government of Kerala |
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A meeting was held with Hon'ble Chief Minister of Kerala and the Hon'ble Minster of Industries and IT, Govt. of Kerala in September, 2001 wherein various issues including possible contribution of Chartered Accountants in the economy of Kerala were discussed indepth. |
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Various issues related to the utilisation of the services of chartered accountants by the C&AG and the Government have been discussed with the C&AG of India including matters relating to empanelment auditor's remuneration etc. Response to the ICAI ideas and initiatives in these matters is encouraging | |
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Representations have been sent to various State Governments for utilising the services of Chartered Accountants in the following area: |
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Audit under sales Tax Act. |
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Engagement of Chartered Accountants in the Co-operative Sector. |
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Involvement in Value Added Tax System. |
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Audit of gram Panchyats and Panchyat Samities |
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Role of Chartered Accountans in Forestry Related Activities. |
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Role of Chartered Accountants in Mining Related Activities |
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Other areas in which services of Chartered Accountants can be utilised |
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- End-use Certification for Utilisation of Government Grants
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- Financial and Corporate Restructuring
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- Audit of Educational Institutions
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- Audit of Health Programmes
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- Audit of various Entities Liable to collect Entertainment Tax
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- Environmental Accounting and Auditing
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Preparation of panel of statutory auditors for Insurance Companies at the ICAI Head Office for submission to the Insurance Regulatory and Development Authority (IRDA) and issuance of notification by IRDA to all Insurance Companies for appointment of Joint Auditors from the year 2001-02 onwards |
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The Committee held an International Conference on Globalisation and the Chartered Accountants at Dubai, United Arab Emirates on January 24-25, 2002 in collaboration with its Dubai Chapter. There were 265 delegates from various countries including 14 delegates from India. The deliberations were ofthe highest order and were attended by various eminent persons including the then Chairman, Securities and Exchange Board of India. A lot of queries on the US GAAPs and Indian Accounting Standards were raised and a contentious issue regarding universal uniform GAAPs was also discussed. |
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Organised ICAI - CAG Joint Seminar on Accounting Auditing - Related Issues pertaining to PSUs at Hyderabad wherein inter alia the following issues were discussed in depth with the seniormost officials of the Office of the Comproller and Auditor General of India :- |
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Mandatory Accounting Standardes - Recent Development |
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Recent Amendments in Companies Act and Audit Profession |
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Study on recently issued SAPs by ICAI |
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Synchronization of Audit Approach. |
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Number of chain seminars on the above issues are being organised across the country | |
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The ICAI has committed to the establishment of Centres of Excellence in various parts of the country and has been able to get an in-principle approval for allotment of a plot of 3 acres of land to it for setting up a Centre of Excellence in the heart of the proposed Financial District of Hyderabad |
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MOU signed with Queensland University of Tehcnology, Australia to enable members to obtain qualification of CPA, Australia. |
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At a meeting with the ICAI, the Hon'ble Chief Minister of Andhra Pradesh has suggested for involvement of the ICAI in helping to bring about god financial governance practices in the Government of Andhra Pradesh and the ICAI, has already constituted a Working Group for this purpose. The Working Group will be working closely with the Government of Andhra Pradesh and the Centre for Good Governance which has been established by the Government of Andhra Prade at Hyderabad. The total agenda also includes developing more areas for chartered accountants to get involved ini, as far as Andhra Pradesh is concerned. |
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The Andhra Pradesh State Cabinet had decided to have audits in Panchayat Raj and Mandal Development offices conducted by Chartered Accountans who should be empanelled with the Director of Local Fund Audit. It has also been decided by the State Cabinet that the elected bodies of thos Gram Panchayats which fail to get their accounts audited by the third quarter of the year would be automatically abolished |
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The States of Delhi, Madhya Pradesh, Maharastra, Haryana, West Bengal, Goa, Andhra Pradesh, Uttar Pradesh, Tamil Nadu, Karnataka and Rajasthan have notified draft VAT / VAT Act. The ICAI held a sumposium on Value Added Tax at Hotel Hyatt Regency, New Delhi on 2nd November, 2001 |
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The Committee organised a Round Table discussion on Half Yearly Limited Review of Accounts of Banks wherein the firms of Chartered Accountants on the panel of Central Statutory Auditors of Public Section Banks, all Public Sector and listed Private Sector Banks and Financial Institutions were invited. Seniormost officials of the RBI and a large number of delegates from various Public Sector and Private Sector Banks and financial institutions also participated besides members of the profession |
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The Committee had published a technical guide on Sales Tax Audit in the state of Andhra Pradesh |
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Task Forces have been constituted for all the major States in the country for efectively pursuing the objectives of the Professional Develpment Committee at the local level. Many of them have reported good progress especially in areas of cooperative sector and government bodies. |
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A panel of auditors for audit of branches of Public Sector Banks / Statutory Central and Branch auditors or Regional Rural Banks for the year 2001-02 containing names of 2067 members / firms has be submitted to the Reserv Bank of India / NABARD various issues / difficulties faced by members were discussed / clarified with authorities. |
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A panel has been submitted to Khadi & Village Industries Commision (KVIC) for conducting audit of end-use certifiation of funds |
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A proposal has been submitted to Central Bureau ofr Investigation for setting up a panel of Chartered Accountant firms for investigation financial irregularities. Talks are at a very advanced stage for preparation of a panel for this purpose |
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A proposal has been given to the Director General of Income Tax (Investigation) of various states for preparing panel of Chartered Accountants / Firms to conduct audit u/s 142 (2A) of the Income Tax Act, 1961. The Committee is hopeful that an all India panel would be prepared very soon. |
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In Kolkata and Hyderabad 240 and 100 firms of Chartered Accountants respectively have been given work of municipal audits and related services |
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A notification has been issued by the Commissioner of Cooperation, Maharashtra enabling Chartered Accountants to do audit o all Co-op. Banks in Maharashtra having deposits over Rs. 100 Corres. A panel of Chartered Accounts from Maharashtra was submitted o the Ciommissioner of Cooperations, Maharasthra. |
