Bank branch audit 2011-12

yesterday i hv recd the following sms....

CaRockers

Standing Committee on Finance recommends inclusion of Cost Accountant in the defination of  "Accountant"

{ KYA AB COST ACCOUNTANTS BHI TAX AUDIT KIYA KARENGE, IF ABOVESAID APPROVED}

one more additional confusion

Digital certification is required from this year

see this PNB letter to a CA firm in CA news site

https://canewsbeta.blogspot.in/2012/03/bank-audit-2012-reply-from-pnb.html

Silent please .....

"the profession speaks with one voice"

now it is silent from 5th Mar-12

ARE WE THE MEMBERS  TOYS IN THE HANDS OF  THE BUREAUCRACY       WHY CAN'T ALL OF US KEEP AWAY FROM ACCEPTING  BANK AUDITS TILL THE REPRESENTATIONS MADE  ON BEHALF IS ACCEPTED 

The word " accountant" will include " cost accountant" also for all purposes

This change in system is waiting for approval before parliment standing committee

If passed Tax audit u/s 44AB shall be done by Cost accountant also

Tax audit limit also be raised to 1 cr.

This year 2012 is not a good year for SME firms

ICAI president gave an interview to all yesterday - 16th march addressing  bank branch audit problem

taken on webcam and posted in facebook of Mr.Amresh vashist

those who have facebook account can check and listen from following link

https://www.facebook.com/photo.php?v=10150681075609510

he says ICAI has not still accepted 20 cr..proposal.. and waiting for news within 3 days

Still we are breathing...

forget about bank audit. just enjoy.

they will save costs by putting a stop on bank audits etc  but will not save cost by stoping corruption  like CWG, 2G  to name few 

pals time has come to come out and change the system 120000 CAs with families is a big vote bank for the rulling dispensation

time is rolling out..

warch is rolling out of  " Watch Dog"......

From hereon... even if allotted the show will be very hectic....

Time has come to prove that branch audit is indispensable.Let's see how the Council tackles.

BAD NEWS -

CA amresh vashist face book has declared now that FM has apporved 20 cr proposal and rejected ICAI claim

Dear Friends. One of our professional colleague has reacted like below when I posted about the approval of Finance Ministry as has appeared in the wall of CA.Amresh Vasist ji's facebook Account.

Prakash Das Don't react to the garbage news. I have confirmed from PDC-New Delhi and also from CA.Sumantra Guha, Central Council Member that no decision has been taken on the bank audit. Pl don't hear rumour or spread rumour. Let us wait for the decision that will posted by ICAI/RBI or Finance Deptt.

Then ... what was the reason to keep us in dark room for so long time....... meeting with RBI officials / directors by FM was already over . see the link below.

https://rbi.org.in/scriptts/BS_PressReleaseDisplay.aspx?prid=26145

They have already decided ... want to test the phycology and tempo of members for quite some time....

Diplomatic people will handle the issue with diplomacy. We have to keep patience to " represent in one voice" for already known result.

I agree with what colleague CA Manoj writes-Let us be patient and see what comes last. Let us not go by opinions and suggestions.Let us control our emotions.We shall join together if the final result is not in the inetrest of majority of small firms/individual members.

K.RAMANATHAN-F.C.A