ICAI News

The Committee for Capacity Building of CA Firms & SMPs endeavor is to make CA firms large & compete with the best in the world. The committee has taken an initiative to strengthen members hands in the area of Transfer Pricing.

Transfer Pricing is one of the important areas of Value added Services rendered by Chartered Accountants. In order to determine Arm Length Price while dealing with Associated Enterprise, it is important to have comparable data available, for conducting a Transfer Price Audit. Access to comparable data becomes difficult for Small & Medium Practitioners , in view of prohibitive Costs involved in having such access.

The Committee for Capacity Building of CA Firms & Small and Medium Practitioners of ICAI as a part of its commitment to strengthen the Small & Medium Practitioners , has initiated a special scheme with C-MOTS Technology Pvt. Ltd, for providing access to Capitaline TP Corporate Database(Online Version)at a special discounted price of Rs. 10,000/- (Plus Taxes only).

The Database is complemented with powerful analytical software tools to enable extensive Querry  & research.

I am thankful to our President CA. Amarjit Chopra and Vice President CA. G. Ramaswamy who have continuously guided and motivated our committee to have an Out of Box approach.

I am confident that the Chartered Accountant fraternity will significantly benefit by this initiative. Members desirous of availing the benefit of this arrangement may visit http://www.icai.org/ccbcaf/capitaline/Register.html

With Warm Regards,

    * undertake a period of at least three years training with an organisation that is authorised by ICAI; and
    * pass rigorous examinations embracing financial management, financial reporting, auditing, business analysis and strategy, and taxation. This training and experience also ensures that chartered accountants develop communication skills, business awareness and professional judgement.

ICAI members are expected to maintain high standards of ethical and professional conduct. Our scheme of Practice Assurance gives members in practice a framework of quality assurance principles to help them assess and develop their own practices. It demonstrates their commitment to upholding and developing professional standards.

All members must comply with ICAI's scheme of Continuing Professional Development (CPD), ensuring that their knowledge and skills are kept up to date.

Chartered accountants who offer accountancy services to the public must have professional indemnity insurance. Firms must have a complaints procedure but ICAI can become involved if necessary.

Knowing that our members have undertaken a rigorous training regime and have rules to follow and a reputation to live up to means you can rely on the advice you get from them.

What is Practice Assurance?

The Practice Assurance scheme demonstrates to the business community and wider public our commitment to upholding and developing professional standards that command public confidence. Practice Assurance applies to all members who provide accounting services to the public.

Practice Assurance demonstrates that not only do chartered accountants in practice hold the premier business qualification, but that they back this up with the highest ethical standards, professional service and business expertise. It is designed to protect the good name of ICAI members and the profession and to offer practical, independent standards and advice in order to demonstrate commitment to maintain the standard of their professional services to the public. More information on the Practice Assurance scheme.

Looking for a chartered accountant

    * This directory of accountancy firms gives you access to almost 20,000 offices of accountancy firms with at least one chartered accountant working for them* ICAI Directory of Firms or order the latest directory online
    * Look for a firm which is similar in size to yours or has clients of the same size as your business; they will be more understanding of the issues and problems you will face.
    * Do they have experience of your sector and type of business?
    * What is their reputation? Will they be acceptable to third parties e.g. finance providers, shareholders?
    * For audit, investment business or insolvency work, make sure that the chartered accountant is authorised to undertake the work?
    * Check that the firm is practice assured
    * If you're starting a business, find a chartered accountant first.

How to make sure your accountant is chartered

    * A chartered accountant firm may have the ICAI member brand mark on their stationery and the individual chartered accountants in the firm will have the letters ACA or FCA after his/her name
    * The ICAI Directory of Firms gives you access to almost 20,000 offices of accountancy firms with at least one chartered accountant working for them*
    * Call the ICAI Membership enquiry line on
Making contact

    * Invest time in finding the right accountant. It's a long-term relationship
    * Telephone between three and six firms and arrange to meet with at least three of these
    * Check in advance whether the first meeting to discuss their appointment is free of charge; specific advice may be charged for
    * Tell them what you are planning to do and check whether they offer the services you will need to build your business
    * Tell them the accounting records you keep. Can they suggest improvements?
    * Ask for their comments on your business plan. If you need finance, you may need a plan. How much would they charge to do one with you?
    * Establish what the fees will be and when they are payable
    * Establish who at the firm will be dealing with your work - it may not only be the person you are meeting with. Do you get on with this person; is this someone you can work with? Do you feel happy that he/she will be able to help you develop your business?
    * Ask to speak to existing clients - references are always important
    * If you also want advice on investments check whether they can provide this as it can be a complex area. Advice on specific investments (such as pensions) can only be provided by advisers authorised by the Financial Services Authority (which some chartered accountants are). Other chartered accountants may be licensed by ICAI in the `designated professional body' arrangements and can provide a limited range of investment services. But all chartered accountants can give general advice, which may prove a useful basis for subsequent discussion.

After the Appointment

    * After appointing your chartered accountant you should receive a letter setting out their terms and conditions
    * Your chartered accountant should always keep in touch, not just at the year end
    * You must tell your chartered accountant as soon as possible of changes in your business, problems, circumstances, etc
    * After your accounts have been prepared you should receive a letter setting out future tax liabilities
    * Don't be afraid to tap into your chartered accountant's knowledge for help with running your business
    * Review your chartered accountant's charges every three to five years
    * From time to time, assess whether your accountant's services still match your business needs. If you are not getting what you want - ask
    * If you decide to sell your business, tell your chartered accountant - he/she could plan to minimise tax liabilities and even help with the sale.

No. Council Affairs/M-626/2010, 4th June, 2010

To,

All Members of the Council

Madam/ Dear Sir,

This has reference to Circular no. No. Council Affairs/M-626/2010 dated 29th March, 2010 communicating that the Building Committees constituted in the past in Branch, Regional & central levels be dissolved and accordingly all such Committees stood dissolved.

Pursuant to the above, the following decision has been taken on the constitution and composition of Building Committee at Regional and Branches levels:-

    * For Regional Councils - The Building Committee shall include the Chairman, Secretary and Treasurer of the Regional Council concerned. In addition, at least one of the Council Members from that region which shall be with the approval of the President.
    * For Branches - The Building Committee shall include the Chairman, Secretary and Treasurer of the Branch concerned and member(s) of the Council and/or Regional Council(s) hailing from that city, if any.However, in a place where no Central and/or Regional Council Member is hailing from, the President would nominate one member of the Council.
    * In the case of branches, a copy of the resolution for the constitution of such Building Committees be sent to the Head Office and to Regional Council concerned, for their information and records.

This is for you information please.

Yours faithfully,

(T. Karthikeyan)
Secretary

Copy for information to:

1. All regional Councils and their Branches

2. Secretaries to various Non-Standing Committees

3. All Officers and Sections of the Institute including Regional/Decentralised offices

4. President's/ Vice-President's Secretariat

"Sebi has been requested to defer the applicability of the (Sebi's) decision by six months so that there is sufficient notice for not only the audit firms but also the listed entities to plan their affairs accordingly," ICAI President Amarjit Chopra said.

To improve transparency and corporate governance, Sebi on April 5 made it mandatory for all listed companies to publish their annual results within 60 days of the financial year end, reducing the timeline from the earlier 90 days.

The market watchdog had said the decision is aimed at streamlining submission of financial results by making it uniform and to reduce the timeline for submission of the same to the stock exchanges.

Source: Economic Times
ICAI asks Sebi to defer decision on annual results by 6 months

Both MCX-SX and ICAI recognise the importance of developing skill-sets for market intermediaries and sensitising professionals regarding benefits of thefinancial markets . As part of the agreement, MCX-SX and ICAI will jointly conduct seminars, certification programmes, various events, training and research programmes onfinancial markets and corporate governance . This agreement is also in line with the MCX-SX's continual efforts for enabling financial inclusion via financial literacy since its inception. MCX-SX has undertaken various innovative programmes for expanding thefinancial markets. It is the first stock exchange in India to:

• Launch websites in 11 regional languages which had over 2.25 lakh visitors in the first year

• Jointly developed financial literacy programs with Doordarshan

• Entered into several agreements with trade bodies for reaching out to SME, Exporters and Importers across India. (These include FIEO, Set up by Minister of Commerce Govt of India, CII, Assocham, TIE, etc)

• Release 1st Handbook on currency futures

• Provide price updates on currency futures via SMS

• Conduct on an average one education and awareness programme per working day

On this occasion Mr. Uttam Prakash Agarwal, President, ICAI said, "ICAI recognises and appreciates the ongoing efforts by MCX-SX for financial literacy and development of thefinancial markets in India . They propagate the need of high standards of quality and transparency in business operations. As India's premier accounting body, ICAI has also been a harbinger of international best practices andcorporate governance in India . This agreement marks the beginning of a unique programme to educate and train professionals from both corporate and financial industry for developing skill-sets to match global standards."

Commenting on the agreement, Mr. U Venkataraman, Executive Director, MCX -SX, said, "We are happy to partner with ICAI and compliment their vision. Financial education and awareness will be an integral part of the market development strategy of MCX StockExchange that will enable it to support greater financial inclusion and superior standards in compliance and investor protection. This partnership with ICAI marks MCX-SX's constant endeavour to deepen our markets and creating a level-playing field for India's corporate sector and SMEs."

Uttam Prakash Agarwal, president, ICAI told , "We have to reach to a conclusion in case of the Satyam auditors who have been prima-facie found guilty. Now that Talluri has been given bail, we will start our proceedings against him".

ICAI has said that it would give auditors of PricewaterhouseCoop ers in the Satyam scam a chance to present their side before passing any order against them.

The institute also interrogated the two auditors in the jail. Talluri and Gopalakrishnan during the interrogation, told ICAI that they relied on the documents provided by the management and followed theaccounting procedures prescribed by the institute.

According to the ICAI Act, members found guilty of professional misconduct could be barred from practice or fined up to Rs 500,000.

Times and circumstances constantly change for all of us. However, it is how we deal with this constant change is what defines us. I believe that we all have specific missions in life and we have to move on once they are fulfilled. Life is like a relay race wherein we run our part to the best of our ability and then pass on the baton to the next runner. This is true for all of us at all stages in life, be it personal or professional. For me, the time for change has come with the annual change of guard at the Institute. This would be my last message as President of this august and illustrious Institution and I take this opportunity to share with you the passion and zeal that epitomised the Council Year 2009-10.

The results of the Chartered Accountants Professional Education Examination-II (PEE-II), Professional Competence (PCE) and Integrated Professional Competence Examinations (IPCE) were declared recently.

The details of percentage of candidates passed in the above said examinations are given below:

Professional Education Examination-II (PEE-II)
GROUP     No.of candidates appeared     No.of candidates passed    

% of pass
Both Group     3407     43     1.26
Group - I     7025     682     9.71
Group - II     9191     525     5.71

Professional Competence examinations (PCE)
GROUP     No.of candidates appeared     No.of candidates passed    

% of pass
Both Group     37661     5810     15.42
Group - I     46955     12053     25.66
Group - II     58180     15275     26.25

Integrated Professional Competence Examinations (IPCE)
GROUP     No.of candidates appeared     No.of candidates passed    

The results of the Chartered Accountants Professional Education (Examination-II), Professional Competence Examination and Integrated Professional Competence Examination held in November, 2009 scheduled to be announced on 29th January, 2010 will now be announced on 1st February, 2010.

Inconvenience caused is regretted.

http://www.caresults.nic.in

Arrangements have also been made for the students desirous of having results on their e-mail addresses to pre-register their requests at the above website, i.e., http://www.caresults.nic.in from 22nd January, 2010. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

Further facilities have been made for students of Professional Education - II, Professional Competence Examinations and Integrated Professional Competence Examination held in November, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance.

For getting results through message students should type:

i) for Professional Education - II Examination result the following

CAPE2(Space)XXXXX (Where XXXXX is the five digit PE II examination roll number of the candidate)

e.g. CAPE2 00171

ii) for Professional Competence Examination result the following

CAPCE(Space)XXXXX (where XXXXX is the five digit PCE examination roll number of the candidate)

e.g. CAPCE 00197

iii) for Integrated Professional Competence Examination result the following

CAIPCE(Space)XXXXX (where XXXXX is the five digit IPCE examination roll number of the candidate)

e.g. CAIPCE 00297

and send the message to:

52001 - for DOLPHIN AND TRUMP users only

58888 - for all mobile services - India Times

51234] - for Reliance subscribers (Also accessible through R-World and Voice Portal - To call 51234815 from Reliance Mobiles)

Among the losers is Shanti Lal Daga, who was vice-chairman of the fact-finding committee set up by Icai to investigate the role of auditors in the fraud at Satyam Computer Services Ltd, according to an official with knowledge of the election results who did not want to be identified.

The results will be announced on Wednesday. According to a new rule introduced in 2008, the tenure of the Icai council is three years.

The council consists of 32 chartered accountants, who help shape the policy of the institute, and also includes eight government nominees. Any strategic decision taken by the Icai president has to be ratified by the council.

Other important losing council members who were part of the executive committee include Kashi P. Khandelwal from the eastern region and V.C. James from the southern region. Vijay Kumar Gupta and Akshay Kumar Gupta have also lost in the elections.

Icai executive committee removes and restores membership, issues and cancels certificates of practice, issues certificates of membership and prosecutes members based on the findings of the council.

"In the past, one or two council members could lose, but this is for the first time five council members from different zones have lost. They were all closely associated with Uttam (Prakash) Agarwal," said the Icai official quoted earlier.

Agarwal is the current Icai president who invited the wrath of council colleagues over allegations of overspending and a domineering style of management.

Neither Agarwal nor T. Karthikeyan, secretary of Icai, were available for comments.

Daga said, "I don't think too much should be read into my losing the election. Neither my association with the Satyam case nor closeness to Agarwal, as alleged, are responsible. It's just voters' choice." Akshay Kumar Gupta echoed these thoughts.

 Non submission of Form 112

In partial modification of the guidelines as contained in the Announcement dated 14th September 2009, it is hereby notified for the information of all concerned that the Council, in its 291st meeting held on 16th and 17th December 2009, has decided that delay in submission of Form 112 for having done additional / other course alongwith articleship through correspondence mode of study/private student (where there was no requirement of attending any classes at all)early morning classes/evening classes (with no clash/overlapping between office and teaching hours) be condoned by taking a liberal view of the lapse on the part of the studentsconcerned and membership be granted, as an amnesty measure for all such requests already received or to be received upto 31st March 2010.

However, for additional/other course pursued during day time classes along with articleship, two or more courses at a time alongwith articleship and / or where there is overlapping between working and teaching hours, the Council decided that each such case will be individually considered by the Executive Committee in the light of its decision taken at its 486th meeting held on 21st August 2009 and delay may be condoned and membership may be granted by imposing certain condition(s), as it may deem fit, to be fulfilled by the studentsconcerned before enrollment as a member.

It is notified that wherever any statement made by a student or member is found to be false or varying with the facts discovered during the scrutiny process or later at any stage, the student and or memberconcerned will be liable to be proceeded with in accordance with the Chartered Accountants Act, 1949 and Regulations/Rules framed thereunder.

It was further decided that the student / articled assistants who have not yet taken permission for pursuing a course of study - whether academic or professional - alongwith articleship are advised, in their own interest, to submit Form 112 (can be downloaded from www.icai.org) so as to reach theconcerned regional office of the Institute at Mumbai, Chennai, Kolkata, Kanpur or New Delhi, as the case may be, on or before 31st March 2010.

No request for condonation of breach of Regulation 65 & 78 for delay in submission of Form 112 will be considered effective from 1st April 2010.

Joint Secretary (MSS)

The results of the Chartered Accountants Final and Final (New Course) Examinations held in November, 2009 and Common Proficiency Test (CPT) held in December, 2009 are likely to be declared on Sunday, the 17th January, 2010 around 2:00 PM and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank in the case ofFinal Examination and candidates securing a minimum of 60% and above marks and upto the maximum of 10th Rank in the case of Common Proficiency Test) on all India basis will be available on the following website:

    http://www.caresults.nic.in

Arrangements have also been made for the students of Final, Final (New Course) Examinations and Common Proficiency Test (CPT) desirous of having results on their e-mail addresses to register their requests at the above website, i.e., http://www.caresults.nic.in from 11th January, 2010. All those registering their requests will be provided their results through e-mail on the e-mail addresses registered as above immediately after the declaration of the result.

Further facilities have been made for students of Final, Final (New Course) Examinations and Common Proficiency Test (CPT) held in November/December, 2009 desirous of knowing their results with marks on SMS. The service will be available through MTNL, India Times and Reliance.

For getting results through the message students should type:

i) for Final Examination result the following

CAFNL(space)XXXXX (Where XXXXX is the five digit Final examination roll number of the candidate)

e.g. CAFNL 00028

ii) for Final (New Course) Examination result the following

CAFNLNW(space)XXXXX (Where XXXXX is the five digit Final (New Course) examination roll number of the candidate)

iii) for Common Proficiency Test result the following

CACPT(Space)XXXXXX (Where XXXXXX is the six digit Common Proficiency Test roll number of the candidate

e.g. CACPT 000171

and send the message to:

52001 - for DOLPHIN AND TRUMP users only

58888 - for all mobile services - India Times

51234] - for Reliance subscribers (Also accessible through R-World and Voice Portal - To call 51234815 from Reliance Mobiles)

(G. SOMASEKHAR)

[To be published in Part III Section 4 of the Gazette of India,

Extra-Ordinary dated 6th January, 2010]
No.54-EL(1)/20/2010 6th January, 2010

NOTIFICATION
(Chartered Accountants)

No.54-EL(1)/20/2010: In pursuance of provisions of Regulation 134(10) of the Chartered Accountants Regulations, 1988 read with Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006, the Council of the Institute of Chartered Accountants of India is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twentieth Regional Councils of the Institute as given below :

WESTERN INDIA REGIONAL COUNCIL

Sl.No. Names Membership Number  Place

1. CA. Agarwal Vishnu Kumar, FCA 114630 Mumbai
   
2. CA. Apte Dilip Moreshwar, ACA 34624 Pune
   
3. CA. Bhandari Anil Satyanarayan, FCA 104644 Mumbai
   
4. CA. Chhaira Jay Ajit, FCA 103559 Surat
   
5. CA. Gandhi Dinesh Balkrishna, FCA 44008 Pune
   
6. CA. Hegde Nandkishore Chidamber, FCA 40197 Mumbai
   
7. CA. Jain Ashok Chand, FCA 43442 Mumbai
   
8. CA. Joshi Makarand Madhusudhan, FCA, 47196 Nagpur
   
9. CA. Joshi Shriniwas Yeshwant, FCA 32523 Mumbai
   
10. CA. Kabra Durgesh Kumar, FCA 44075 Mumbai
    
11. CA. Khandelwal Dhiraj Kumar, FCA 105591 Mumbai
    
12. CA. Kinare Mangesh Pandurang, FCA 45481 Mumbai
    
13. CA. Lalan Sanjeev Dungarshi, FCA 45329 Mumbai
    
14. CA. Majithia Neel Pankaj, ACA 122626 Mumbai
    
15. CA. Patel Bhailalbhai Kanjibhai, FCA 32199
    

16. CA. Patodia Sunil Kumar, FCA 45489 Mumbai
    
17. CA. Pawar Chandrakant Vasant, FCA 107703 Nashik
    
18. CA. Raval Parag Rajnikant, FCA 44902 Ahmedabad
    
19. CA. Shah Julfesh Madhusudan, FCA 101558 Nagpur
    
20. CA. Shah Rajesh Navnitlal, FCA 44892 Vadodara
    
21. CA. Shah Shardul Dilip, FCA 113860 Mumbai
    
22. CA. Shah Shruti Jayesh (Ms.), FCA 101499 Mumbai

Sl.No. Names Membership Number Place

1. CA. Aruloli P.R., FCA 200468 Chennai
   
2. CA. Babu Abraham, FCA 26973 Kochi
   
3. CA. Gopal Krishna Raju, FCA 205929 Chennai
   
4. CA. Jose V.X., FCA 203068 Kochi
   
5. CA. Murali S., ACA 215636 Coimbatore
   
6. CA. Naresh Chandra Gelli V., FCA 201754 Hyderabad
   
7. CA. Phalguna Kumar E., FCA 20278 Tirupati
   
8. CA. Prasanna Kumar D., FCA 23999 Visakhapatnam
   
9. CA. Rajarajeswaran P.V., FCA 25264 Madurai
   
10. CA. Satyanarayana G.V.V., FCA 24021 Vijayawada
    
11. CA. Shanmukha Sundaram K., FCA 26847 Coimbatore
    
12. CA. Srinivas C.S., FCA 205804 Bangalore
    
13. CA. Sumermal D. Ostawal, FCA 24449 Hubli
    
14. CA. Suresh P.R., FCA 27488 Bangalore
    
15. CA. Viswanath K., FCA 22812 Bangalore

Sl.No. Names Membership Number Place

1. CA. Agarwal Ranjeet Kumar, FCA 59869 Kolkata
   
2. CA. Bhattacharyya Krishanu, FCA 59934 Uttarpara,Distt. Hooghly
   
3. CA. Bhattacharyya Prasun Kumar, FCA 53002 Kolkata
   
4. CA. Goyal Sushil Kumar, FCA 57534 Kolkata
   
5. CA. Rungta Pramod Dayal, FCA 56069 Kolkata
   
6. CA. Saraf Subhash Chandra, FCA 52244 Kolkata

Sl.No. Names Membership Number Place

1. CA. Agrawal Manu, FCA 72814 Kanpur
   
2. CA. Garg Umesh Kumar, FCA 73517 Agra
   
3. CA. Golechha Ankush Prakashchandra, FCA 111980 Raipur
   
4. CA. Khanna Vivek, FCA 75240 Kanpur
   
5. CA. Kushwah Mukesh Singh, FCA 96656 Ghaziabad
   
6. CA. Maheshwari Om Prakash, FCA 73201 Jodhpur
   
7. CA. Parashar Pawan, FCA 73384 Jaipur
   
8. CA. Soni Kemisha (Ms.), FCA 78005 Indore
   
9. CA. Vyas Nitin, FCA 79819 Jaipur

Sl.No. Names Membership Number Place

1 CA. Agrawal Deen Dayal, FCA 48545 New Delhi

2. CA. Agrawal Durga Das, FCA 85575 Delhi
   
3. CA. Agrawal Sanjay Kumar, ACA 506604 New Delhi
   
4. CA. Chugh Hans Raj, FCA 88646 New Delhi
   
5. CA. Garg Vishal, FCA 501557 Ludhiana
   
6. CA. Goel Rajiv, FCA 97431 Delhi
   
7. CA. Gupta Atul Kumar, FCA 97009 Delhi
   
8. CA. Kedia Gopal Kumar, FCA 54629 Delhi
   
9. CA. Khetrapal Rashmi (Ms.), FCA 97683 Gurgaon
   
10. CA. Maheshwari Pramod Kumar, FCA 85362 New Delhi
    
11. CA. Mittal Mohan Lal, FCA 85705 New Delhi
    
12. CA. Sharma Rajesh, FCA 98258 Delhi

6th January, 2010

The Notification of the declaration of results under Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006 was to be published in the Gazette of India dated 6th January, 2010. While the Notification on the declaration of results of election to the 20th Regional Councils is being notified in the Gazette of India dated 6th January, 2010, however, the notification on the declaration of results in respect of election to the 21st Council is withheld arising out of the Stay granted by the Honourable High Court of Judicature for Rajasthan, Jaipur Bench, Jaipur vide its Orders dated 5.1.2010 in Civil Writ Petitions Nos. 157/2010 and 158/2010.

Please wait for the further Announcement in respect of the Notification on declaration of the results of election to the 21st Council.