Ca signed the following balance sheet-horrible

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2015 i have seen a CA who has signed the balance sheet without taking care of following deficiency and the fact is the organisation of which balance sheet is signed is running for 30 years...then what is the use of taking pain to follow the norms of revised schedule vi or companies act 13...

1. Secondary & higher education cess of excise duty is written as service tax in balance sheet.
2.Contingent liability is shown in the balance sheet.
3.Negative value of asset is shown in the fixed asset schedule..and this is done in the current financial year when schedule II was brought.
4.Profit from discontinuing operation is shown in the balance sheet while there is no discontinuing operation.(AS-24 voilation)
5.Trade payables includes sundry creditors as well as current liabilities.(Schedule III violation

Please tell me after seeing above mistakes dont you think that there is no need of following any rule....we can commit any mistake and if it is gets signed by a CA no harm to our business it can long survive...

Our ICAI should take pain to punish such CA this is the only reason that CAs just for the sake of money sign any balance sheet and deserving candidates are denied by the industries.....because they have no fear of being caught......shame on icai

Amol S Joglekar

Amol S Joglekar (Expert)
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19 September 2015 Assuming what you are writing is true and correct, the situation is GRAVE. Let GOD only save the concerned signer.

Vis a vis, I do not agree with your contention "Deserving candidates are denied by industry"

I think our industry is smartly MATURED enough to distinguish between KNOWLEDGE and passing of exam. A knowledgable CA is still very much preferred by our industry to others

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2015 I dont think so.......in our organisation i used to ask my vice president ki sir ye mistake he wo mistake he but he dosent bother as he knows that their balance sheet is signed by CA who is cousin of our director and moreover past president of ICAI....and nothing happened to our organisation and that CA firm...so our organisation dosent take care of my advise as they are fearless...

Amol S Joglekar

Amol S Joglekar (Expert)
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19 September 2015 Since you are earning your bread and butter from that organisation, I am sure you MUST be having your own limitations to disclose the name of that CA, isn't it?

I can sense your anger as well as helplessness. I would like to help you out. Tell me how I can help you?

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2015 I just want to tell all the young professionals that how the job situation is so drastic....due to such CAs organisations get their balance sheet signed and hence no value left for any obligations and hence no ca is required in the organisation or they are equipped with the very unprofessional work and package just the way i am doing and earning...

ICAI must took some efforts to save the profesion......

Amol S Joglekar

Amol S Joglekar (Expert)
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19 September 2015 Young population, rightfully so, believe in hard core EVEDENCE. Unfortunately, due to your own limitations, you are not able to DISCLOSE the name of that past president. Please come forward and share the name. ICAI elections are due in very near future. If you are desirous of doing good to profesion, please come up.

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2015 Publically i can not do so....i just want to ask how an organisation and CA firm is safe and running smoothly without following any rule and regulation no companies act 13 no revised schedule vi nothing

Amol S Joglekar

Amol S Joglekar (Expert)
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19 September 2015 I can understand your LIMITATIONS.
If you are serious, sms me on my cell 93712135540.
Unfortunately, the one who is caught and punished is regarded as THIEF.

We have come a long way to accept the fact that even the one who is caught raid handed is also not called as thief unless declared so by the court.

Few such cases might take place before they are punished by ICAI.

Amol S Joglekar

Amol S Joglekar (Expert)
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19 September 2015 I am sorry, my cell number is mis stated.
It is 9371235540.

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2015 I just want to ask all CA professionals whether is it really possible that without following any norm an organiation can survive if yes then what is the use of CA and icai...please throw light on the same

Amol S Joglekar

Amol S Joglekar (Expert)
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19 September 2015 No it is NOT possible to survive without following the NORMS.