Dear Professional Colleagues,
With the launch of the Chandrayan 2 - India's first moon lander and rover mission, Indian Space Research Organization (ISRO) has provided a sense of pride to all 130 crore Indians. The importance attached to this mission is that ISRO along with other Indians has developed the rover independently when the foreign supplier failed to deliver it. The second Lunar mission has been launched successfully when India is going to celebrate its 73rd Independence Day. On this special day, I take this opportunity to wish every one a Happy Independence Day.
Being independent is also an important value for Chartered Accountants while performing audit, review, or other assurance services. Chartered Accountants are required to apply the conceptual framework to identify, evaluate, and address threats to independence. Independence "of mind" and "in appearance" requires adherence to the fundamental principles of integrity and objectivity. Through my interaction with members across the Region, I understand that CA friends are experiencing shrinking of audit fees due to competitive pressure. The ICAI has prescribed the minimum recommended scale of fees to be charged. An Audit can only be transparent and independent when it is fully priced and it will only be fully priced when it is not crosssubsidized with fees from non-audit services. The Companies Act, 2013, has listed the services which cannot be carried out by Auditors. Last year, the Foreign Direct Investment policy has mandatorily stipulated appointment of “joint auditor” of the Indian investee company in case the foreign investor intends to specify a “particular auditor/audit firm having international network” for the Indian investee company and such joint auditor should not be part of the same network. CAs, whether in practice or industry, should not succumb to any circumstances which lead to a compromise on Independence even though the odds will be against it too.
We celebrated the 70th CA Day on July 1, 2019 and flag hoisting was done by CA. Dr. Niranjan Hiranandani, Joint MD, Hiranandani Group. Various events like Investors’ Awareness Programs, Cleanliness Drive – Swachh Bharat Abhiyan, Marathon, Blood Donation Camps, Organ Donation Awareness, Tree Plantations, GST sessions in girls’ colleges etc., were conducted across the Region as celebrations during Foundation Day Week, as per the guidelines of ICAI. Participants witnessed the talent of our own members, families and students at WIRC’s flagship cultural event - JEET - 14th ‘Mile Sur Mera Tumhara’. Present on the occasion was ‘Miss India 2019’, Suman Rao who is a CA Student and she conveyed that the CA Course helped her to win the ‘Miss India’ 2019’ contest as it trained her to be strong and work towards and achieve success despite facing failure.
When people honour each other, trust is established that leads to synergy, interdependence, and deep respect. Both parties make decisions and choices based on what is right, what is best and what is valued most highly. Taking this forward, we organized a series of programs for Members and students over the past month.
WIRC organized a lecture meeting on ‘Union Budget 2019’ which was attended by a record breaking 3,200 members. We felicitated our Past President, CA Bansi S. Mehta for his dedication to the profession and for sharing his knowledge to the members of the Region on Union Budget – Direct tax proposals for more than 20 years. We celebrated International SMP Day along with 1,500 members in a panel discussion on ‘Networking of Firms’. We concluded DTRC and conducted various programs which were well received by members and students.
Education is the need of the hour as it uplifts the family, society and nation as a whole. Chartered Accountancy is the best course currently in India. To achieve the objective to do career counselling of CA course to students in commerce colleges across the region, we have conducted Faculty Development Program for Career Counselling of CA Course. This has been initiated for the first time in the Region as it will help to take the Accountancy course forward for the next generation.
WIRC has escalated various issues faced by members & students of the Region to President, ICAI, CA. Prafulla Chhajed and Vice President, ICAI, CA. Atul Kumar Gupta at the All Region Chairmen Meeting held recently.
WIRC connected all the Office Bearers of the branches of the Region via video conference to discuss various issues and suggestions. This innovative way to connect all branches was well appreciated. WIRC Office Bearers visited Aurangabad Branch along with President, ICAI.
“Remember that nobody will believe in your idea as strongly as you and by extension, nobody will know what you’re going through to succeed – except you.” – Robert Herjavec.
I welcome you to the Annual Flagship Event of WIRC - 34th Regional Conference - ‘AWAKE’ – ‘Arise With Aim of Knowledge Enrichment’.
With Best Wishes,
CA. Priti Paras Savla