The Chartered Accountant

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FROM THE PRESIDENT www.cpeicai.org. In case, you find any discrepancy in the actual number of CPE hours earned by you and those appearing on the CPE Portal, please contact the concerned Programme Organising Unit. Your suggestions for inclusion of some newer topics/areas under the CPE Programmes will always be welcome. Revival of Lapsed Membership Friends, as you may have noticed, the Institute has taken several initiatives to bring all its members closer to it. I find that names of many members stand struck off due to nonreceipt of fees. This could be due to nonreceipt of communication from ICAI consequent upon change of address etc. Realizing the importance of the fact that the CA qualification is a coveted qualification, having been acquired after hard work and passing through rigorous system of examinations, the Council has approved an Amnesty Scheme to enable such members whose membership stands cancelled as on 13.05.2008 due to non-payment of membership fees, to get their membership restored with retrospective effect upon payment of membership fee for the entire period of removal and submission of Form 9. This scheme is currently in force and will remain valid up to 31st December, 2008. It is satisfying for me to note that this scheme has evoked a very encouraging response and about 1000 members have already availed themselves of the facility of the retrospective restoration of their membership. I urge all the remaining professionals whose name has got removed from the ICAI membership list due to non-payment of membership fee to benefit from the Amnesty Scheme. All such members can visit www.icai. org and click the link ‘Restore Your Membership’ for online submission of Form ‘9’. May I also request you to help in identifying such members whose names stand struck off and pass on this message to them! Your help can be crucial because this message will otherwise not reach them as they do not receive the journal. CAs are the Best Internal Auditors. Internal audit is an area where CAs are by far the best professionals available. The independence, integrity, transparency, accountability, skill, competence and ability which chartered accountants possess are best suited for internal audit. A CA’s flair to grasp the intricacies of an entity gives him an edge in the area of internal audit. The ability to deal with numbers and the skills acquired during the course of practical work experience puts a chartered accountant way ahead of others to carry out the internal audit. To further enhance this competence, the Institute has come out with the Standards on Internal Audit and has set up an Internal Audit Standards Board. This will further enhance the visibility of chartered accountants and at the same time ensure top quality work being done by the chartered accountants. Forensic Accounting Forensic Accounting encompasses the use of accounting/auditing, investigative skills, data mining and the use of the computer as an audit tool. Chartered accountants, with their sound grounding in accounting/auditing, are the most appropriate professionals to offer forensic accounting and fraud detection services. Realizing this, a Certificate Course on Forensic Accounting and Fraud Detection is being started. The course will help members in acquiring investigative skills required to uncover corporate/business frauds, measure result damage and provide support/counsel by applying accounting and auditing principles for the detection of frauds. The details of this course are available on the Institute website. Meanwhile, work on starting a Certificate Course on Corporate Governance as well as a Certificate Course on Enterprise Risk Management is going on and I will be sharing more details of it in my next communication. Friends, a number of other initiatives are also underway that are meant to add to the capacity, capabilities and skills of our professionals with the overall objective of making them the best in the world. I look forward to receiving your guidance and help in achieving this objective. CA. Ved Jain New Delhi, November 25, 2008 THE CHARTERED ACCOUNTANT 949 DECEMBER 2008
READERS WRITE DECEMBER 2008 950 THE CHARTERED ACCOUNTANT READERS WRITE Good Contemporary Articles It is heartening to come across a story on corporate environment management in the June 2008 issue of The Chartered Accountant. Environment management is a means by which companies and governmental departments act to identify their impacts on the environment and improve their performance in this area, and encourage their suppliers, customers and partners to do the same. Environmental issues impact both our personal as well as corporate health. I appreciate the ICAI’s efforts for publishing articles on such a pertinent issue, and I wish all success for its succeeding exclusives. – Shri Amar Singh, MP (Rajya Sabha) Congrats for the engrossing article on Corporate Governance published in November issue of the Journal, dripping with dharma needed for corporate karma. All that corporate czars need to do is to read to become the breed to start encouraging value innovation. It is not at all easy to dress a vast literature with past blenders and still impress in such a blending article of management & spirituality. – CA. M Sivaraman, Chennai Admiration for ICAI Initiatives I appreciate the initiatives taken up by the Institute like the e-learning courses, tie-ups with management universities, new certificate courses in Forex & Treasury Management, Derivatives, IFRS, etc. Integrity and commitment towards the profession and keeping up the high standards can be the contribution of each member to the profession and the Institute. I feel extremely proud to be a member of the esteemed Institute. I find a great visionary in the President of our Institute. – CA. Pradip Kaodkar, Goa I really appreciate Members' Helpdesk, a recent initiative. I congratulate our President for such an innovative initiative. Use of internet will increase the speed of communication between the Institute and its members and also among members. I have really benefited from this Helpdesk. Firm-name approval normally takes about one and a half month besides postal delays, but I got my firm’s name approved within 3 days. Credit goes to this Helpdesk. I would also like to appreciate the timely responses to my queries from the authorities concerned. – CA. Vinayak A. Aamale-Patil, Nashik I do agree with the President that practical training of articles must be taken more seriously, and that there has been a three-fold increase in the enrolment for articleship since 200-05. Under the present system of CPT, plus 2 students with 17 years of age lack basic theoretical knowledge and reasonable maturity to do audit. PE-II should be part of CA curriculum and not an entry requirement. – CA. M.C Joseph, Kochi I am very happy to know that our institute has started certificate courses in Forex & Treasury Management and Derivatives. It is necessary for us to understand international finance and money market. The article on corporate finance was very educative. I am really proud that a street has been named Auditors Street in Salem and it is one more milestone of recognition. – CA. Kaushalendra Pandey, Kanpur Attractive Cover Page I am happy to see our Journal carrying a beautiful cover page. Please try to incorporate more case studies on finance banking and economy so that we may be benefited more. – CA. Neelesh Gupta, Shahdol Use of Unstructured Learning Activities The unstructured CPE learning activities introduced by the Institute is one of the best steps for members in industry for fulfilling CPE Credits and benefitting from it. – CA. N. Syed Nafiz Ahamed, Chennai Build CA Parks! My idea for celebrating the Diamond Jubilee year in a fitting manner would be by establishing CA parks the way we have IT parks. – CA. R. Suresh, Pondicherry Write to the Editor ‘Information is Power’ and our ever-evolving rofession needs more and more of that today than ever before. Do you have any relevant points to make, experiences to share, and views to spread among the CA fraternity? If yes, e-mail us at eboard@icai. org/nadeem@icai.org or write to: The Editor, The Journal Section, ICAI Bhawan, C-1, Sector 1, Noida (U.P.) 201 301. - Editor
Page 1 and 2: Volume 57 No. 06 December 2008 THE
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forcing otherwise healthy banks to
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The real question is, given the rec
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etained in LLP Bill - 2008 and some
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If the partners do not execute the
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of Accounts and a Solvency Statemen
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Section 57 of the LLP Bill provides
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e converted into a LLP by following
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DECEMBER 2008 1026 THE CHARTERED AC
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y misrepresenting their earnings. I
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US$ Million USD 48.86 48.68 48.83 S
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1. What are my professional objecti
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The Committee for Members in Indust
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) 25-35 c) 36-45 d) 46-55 e) 56-65
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& Icai news If yes, which areas ___
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& is 15 th December 2008. Icai news
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& a) Yes b) No Comments, if any ___
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& Comments, if any_________________
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IASB Exposure Drafts on: Icai news
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Icai news NEW PUBLICATIONS From the
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Icai news OFFICE OF THE COMPTROLLER
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Icai news Requirements The student
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(This Accounting Standard includes
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counts the nominal amount of the in
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accounting treatments set out in pa
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inspection are complete. However, r
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(This Accounting Standard includes
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Some loans may be interest-free or
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Standard for Local Bodies: (i) Inte
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the business, to an entity’s abil
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l Ensuring employees are properly t
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own legal counsel as to whether a c
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cial statements (in other cases tho
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Legal or Regulatory Restrictions on
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strategies, and the related busines
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Entities A35. In the case of audits
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with governance is not adequate and
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in the preparation of financial sta
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asis but, in the auditor’s judgme
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further into the future, in conside
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Introduction 1. The purpose of this
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Introduction 1. The purpose of this
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for which controls are being assess
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erised applications or over the ove
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