Indore (Madhya Pradesh): CA Manoj Fadnis, past national president of the Institute of Chartered Accoutants of India (ICAI) has said that, with the growing size of the economy, the role of CAs is also going to increase. Thus, they must be ready to contribute to its expansion.
Fadnis said this while inaugurating a two-day National Conference of CAs organised by the CA-Indore Branch here on Saturday. More than 500 CAs from different cities are participating in the conference.
Chief guest Fadnis said that, in the present times, there is a change in the way business is done, due to which the work of CAs has become very challenging. At present, the Indian economy is the world’s fastest-growing economy with a 8.2% growth. Hence, the role of chartered accountants has become very important.
CA- Indore Branch chairman CA Anand Jain said in his welcome address that CA- Indore Branch, understanding its social responsibility, would educate commerce students of various colleges in financial literacy and to promote a start-up eco-system in Madhya Pradesh. This year, CA- Indore Branch will promote various classroom courses for its members and students.
CA Kirti Joshi said chartered accountants would have to be very careful while conducting audits for banks in April, because, in the past two years, due to Covid-19, the Reserve Bank had given many relaxations and, this year, the audit was completed with the utmost seriousness.
CA Asim Trivedi said the role of CAs had increased a lot in the present context. Nowadays, we need to work keeping in mind the code of ethics of ICAI, he said, and added that the qualifications prescribed by the RBI in the appointment of bank auditors were very stringent and, in view of the increasing number of cases of technology and fraud, CAs had to act very cautiously.
CA Ashu Dalmiya, who came from Delhi to attend the programme, said that, if a taxpayer fights and wins a case in his favour, the government changes the law. The GST department had started audits for the financial years 2017-18 and 2018-19. But the department was not ready to hear and accept the GST law that came into force in 2017; and, at that time, neither the department, nor the taxpayer had clarity regarding the various provisions of the law. Due to a lack of proper explanations at that time, there were some mistakes from the dealers. The purpose of the trader was not to evade tax, but the department started taking action against the taxpayers under Section 74, which was wrong.
