PRESIDENT'S
COMMUNIQUE
My
Dear Fellow Members,
The
celebration of festival of lights in a relaxed mood is the
right way to unwind after the hectic October schedule and
we hope you have celebrated Diwali / Ramzan in a fitting
manner.
Now
is the time to sit back, take stock and plan the future,
keeping track of the way the profession has been charting
its course and set short and long term vision and goal posts.
The
discharge of the increased responsibilities in the form
of CARO 2003, in exemplary manner, stands testimony to our
abilities. Our attest services through the (CARO) Audit
Report will be found very valuable to users.
Auditors
Report is generally addressed to the members / share holders,
who pay us for our services, however such report is used
by one and all, making us answerable to anyone who uses
such report and form their opinion.
There
is an increasing need to define the users of our report.
The good work done by our institute in revising the format
of Audit Report to include the scope paragraph, can be made
to explicitly specify and limit the users of our report.
For others, special purpose reports / certificates incorporating
specific requirements may be made use of, instead of a single
Audit Report addressing all requirements.
Today's
economic growth has opened up new vistas of professional
practice, including and not limited to an analysis and understanding
of the mechanism of financial functions especially in the
emerging post WTO scenario.
The
common complaint, we have been hearing from the powers that
be, is that our profession, inspite of its tremendous abilities,
potential and requisite knowledge, does not spend sufficiently
in the research and development activities or pro-actively
contribute ideas, suggestions and research materials on
fiscal management.
No
analysis of significance or importance on the far reaching
consequences are made, or attempted to be made, by our members
in the nation building process. No inputs are given to either
the union or state governments, towards the budget preparations.
Study of cash flow patterns, financial management of incomes
and expenditures, optimizing tax / other revenue collections
and revenue expenditures, Sources and Applications towards
creation of Long Term Assets and funding thereto by Long
term sources.
It
is in this context, that the networking of smaller / proprietory
firms, and creation of a financial pool for research activities,
will in the long run give credit, credence and status to
individual firms, and collectively our profession.
The
All India CPE Conference, hosted by the Bangalore Branch
jointly with the Belgaum, Hubli, Mangalore, Mysore &
Udipi branches in the state of Karnataka is a reality of
networking, and was a runaway success. The CPE needs of
the members was well and truly met.
CPE
is a means and a beginning for continuous learning and fine
tuning our skills and not an end by itself.
We
look forward to your support and attendence for our programmes
which are part of continuing education with or without CPE.
In
many quarters our professionals are treated as tax experts
and tax planners, whereas tax practice is only a part of
our professional repertoire. The main objective of creation
of our Institute was to perform the attest functions of
the government as its agent, additionally entrusted with
the job of assisting the assessing officers in tax matters
through tax audits.
Being
an agent our role is unenviable, to the auditee's we are
an unavoidable cost of compliance, to others we are complicit
with the auditee's, in reality we are professionals who
stand by our independent set of values, virtue and ethical
code of conduct.
The
council of ICAI has approved of corporate brokership for
members in the area of insurance. The details and conditions
of the same will be put up on the icai website.
KSCAA
day will be celebrated on the 7th December 2004, the details
of the program and the invitation will be sent to the members
shortly.
The
happenings in, around and effecting our profession is published
in page No. 5 for your information and easy reference.
In
hind sight, Aren't we better off, without extension of time!
P.R.
Suresh
President
