BCAS Vice President CA Manish Sampat's Message for the Month of January 2019

Date
January - 2019
Title
BCAS Vice President CA Manish Sampat's Message for the Month of January 2019
Details:

My Dear Members,

We are now in 2019 and I hope the year will be happy, healthy and prosper-ous for all of us!

Eventful Beginning at BCAS

It has been a busy and eventful period for our Society so far and the new year has began with a bang with respect to the quality of programs and events. The year 2019 got off to a flying start with the 52nd Residential Refresher Course (RRC) at Agra held in the first week of this month. 180 participants from 28 different locations attended this RRC with age group ranging from 26 to 73 years. Besides the traditional technical topics of direct and indirect taxation and auditing, for the first time at a RRC, an entire day was reserved for prac-tice management, where 6 sessions on different topics related to development and management of a CA firm dealing with client relationships, human rela-tions, use of technology, networking & mergers, ethics and succession plan-ning were discussed. This was very well appreciated by all the participants specially the younger participants and there was demand for more. This was an excellent opportunity for interacting and networking amongst the partici-pants from across the country.

Immediately after the RRC, the Society had organized a lecture meeting on the Changing Risk Landscape for the Audit Profession especially after the enact-ment of NFRA. Shri N.P. Sarda, a veteran of our profession, warned on the various risks associated with our profession and decoded the provisions and provided an insight on the working of the NFRA.

17th Residential Retreat of the HRD Committee

The HRD Committee of our Society has planned its annual residential retreat from February 8 to 10, 2019. This is the only BCAS event where spouses are allowed and encouraged to attend. The Theme of this year’s retreat is “Princi-ple Centred Leadership Spectrum”. This program aims at providing a chance to introspect and have clarity of vision, help in determining a mission and in-culcate values for family, professional and social behaviour. It will also aid in preparing a blueprint for success for personal and professional relationships. All the members will have to see it to believe it, how effective, inspiring and life changing

GST relief for small businesses

After the extension granted for the GST audit, the new year also brought some good news and major relief to small and medium businesses on the GST front. The GST council announced major sops like doubling the GST exemption lim-it, increasing the turnover limit for availing composition scheme for goods, in-troducing composition scheme for services and certain GST exemptions for north eastern and hilly states. Although these provisions will come into effect from April 1, 2019 onwards but these relief measures are expected to bring considerable and much needed respite for small businesses who have suffered from the disruption in the early days of GST implementation. This move is estimated not to result in major revenue loss for the government but provide relief by way of ease in compliance to a large number of small businesses. GST is slowly stabilizing and hope it settles down soon in the near future so that it can provide a huge thrust to the ease of doing business in India initia-tive and contribute to the Country’s growth.

Implementation Guidance on Resignation/Withdrawal from an audit engagement

Last year has witnessed a large number of mid-term resignations by statutory auditors particularly of listed companies. This has raised a lot of controver-sies and speculation amongst various stakeholders including the regulators. To address this and to guide its members, the AASB of the ICAI has come out with an “Implementation Guide on Resignation/ Withdrawal from an Engage-ment to Perform Audit of Financial Statements”. This Implementation Guide contains guidance on various aspects of auditors’ resignation like circum-stances leading to withdrawal/ resignation, procedure to be followed by audi-tors in case of resignation, auditor’s responsibilities and professional obliga-tions to be complied with by auditors. ICAI has considered various provisions of the Standards on Auditing, SQC 1 and its Code of Ethics while dealing with the subject. Members are requested to be aware about the auditors’ re-sponsibility, obligations and reporting requirements before withdrawing from an audit engagement.

Contributions to the Society

The Indian Institutes of Technology (IITs) are one of the most prestigious and well recognized premier educational bodies of our country. All these institu-tions have illustrious alumni who have done well in their professional life and owe a lot of their successes to the education and training that they receive from them. Over the recent years, it has been observed that such prestigious and highly admired institutions have approached former students for funding. Alumni are not hesitant to loosen their purse strings and contribute financially by giving back to their alma maters. An increasing trend has been noticed where successful former students are contributing/donating huge sums of money back to educational institutions who have contributed and played a major role in their success. Such funds and donations are then used by the ed-ucational institutions to build world class infrastructure for education, re-search and newer niche areas. Total annual donations, in some cases could be in crores. Contributions need not necessarily always be in cash, one can also contribute in kind by devoting time. I would like to take a que from this and urge all our members to contribute and pay back to the institutions, organiza-tions and society at large who have contributed to our success and played a critical role in our progress and development. We can contribute in cash, in kind by devoting time, by participating and serving our organizations like BCAS. Our contribution will go a long way in building and strengthening in-frastructure of our organizations and create a vicious cycle of imparting excel-lence to the next generation of professionals.

Life Membership

The managing committee of our Society, at its recently held meeting has ap-proved a revision in the life membership fees from Rs.10,000 to Rs,15,000 (excluding GST) effective from April 1, 2019. This has been done merely to keep up with the inflation and to maintain the same level of service to its members.

India Down under

The India cricket team recently toured Australia to play a series of Test matches, One Day Internationals (ODIs) and Twenty20 International (T20I) matches. Team India created history by winning a test series for the first time on Australian soil. It drew the T20I series and also went on to win the ODI series, in the process recording their first bilateral ODI series victory in Aus-tralia. This series witnessed the coming of age of a new Indian cricket team lead by an able and aggressive captain and outstanding all-round performanc-es from both, the senior as well as young players of the team. Congratula-tions to the ‘men in blue’ on this memorable victory against the traditional ri-vals and all the best for the World Cup later this year.

Republic day

On January 26, 2019, the nation will be celebrating its 70th Republic Day. It is a day when India's constitution came into force on January 26, 1950, com-pleting the country's transition toward becoming an independent republic. Our Constitution states in its preamble that India is a sovereign, socialist, secular, democratic republic. A Republic state is a state in which supreme power is held by the people and their elected representatives, and which has an elected or nominated president and not a monarch. So by virtue of this we the people of India have the ultimate power to choose our leader and our government is of our people, by our people and for our people.

A very happy Republic Day to you all.

With best regards,

 

CA. Manish Sampat

Vice President.