Are you in favour of Centralised Allotment of Tax Audit, Concurrent Bank Audit and Statutory Bank Audit (Please note that power has been withdrawn from RBI. Now the banks appoint their own Auditors, which is a matter of concern) ?
If yes, then please visit www.icai.org.in , Click on Discussion Forum (Audit Section) . Register yourself (right hand upper corner) by creating your own Username & Password. Then Login by using same username & password. Click on Topic "Centralised Allotment of Tax Audit ..............." and Vote as YES , I FULLY AGREE by Clicking on the round button .
Dear Professional Colleagues,
A few years back one of the council members informed that the following proposal is being discussed in the council .The proposal was :-
---Tax audits will be alloted every year by an independent body consisting of members from ICAI and MOF.
--- The client will not have any say in the appointment of Auditor.
---The client will deposit fee ( in challan) with that INDEPENDENT BODY. according to the over slabs ( as decided by ICAI ) depending upon the Turnover.
--- Auditor will receive fee from the Independent Body.
Benefits of Implementing the above Proposal :-
1. -- There will be equal distribution of work.
2. -- The quality of Audit will be ensured.
3. -- Even the juniors/freshers will be getting their due share in the professional work.
4. -- Advocates in the I. Tax practice will not be able to make a joke of our profession.
5. -- Every CA will be getting Minimum standard rather handsome fee.
6. -- No dependency on the client for fee or next year appointment.
7. -- Independence , Integrity and Excellence will be ensured. Till today it is only on the walls.
8. -- We will get a chance to work HONESTLY.
9. -- Juniors/ freshers will not have to do MERCY audits.
10. -- It will be in the best interest of our profession as a whole, especially for the future generations.
11. -- The audit reports will be worth reading and implementing.
12. -- Last minute rush of clients, resulting in total compromise of integrity and excellence, can be avoided. As we will be able to dictate our own time bound schedule of audit work.
13. -- We will be able to get and maintain all the working papers which are needed to be shown when we are called upon to do so.
14. -- The above proposals can be implemented in any type of audit may even be Company Audits through MCA
ABOVE ALL WE WILL ENJOY WORKING PEACE FULLY RATHER THAN UNDER PRESSURE.
QUESTIONs TO BE ASKED FORM OUR own conscience?
Are we Independent ?
Are we not compromising our own Integrity ?
Are we putting in our Excellence with which we have been bestowed upon by the GOD ?
Are we not being made a part , in creating Black money in the country ?
Are we not being made victims for the faults done by the Business community, remember Satyam Episode?
-------One day we all have to face the almighty GOD ? Are we ready for that?----------
Minimum earning of every CA will rise to 12-15 Lacs (Non- Metro Rates). In Metro Cities it will be much more.
Calculation is as follows:
Tax & Vat Audit.....Rs. 9.0Lacs {45 *20000/-(12500+7500)}
Stat. Bank Audit... Rs. 1.5 Lacs { Appx.}
Concurrent Audit...Rs. 1.0 Lacs {Appx.}
Income Tax Work..Rs. 1.5 Lacs { Appx.}
CO.Audit .............Rs. 1.5 Lacs { Appx.}
Misc. work.............Rs. 0.5Lacs { Appx.}
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TOTAL RS.............Rs. 15.0 Lacs
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If we take up the matter unitedly , this will definitely be implemented. This is not only in the best interest of our own profession's survival but the country as a whole.
Please discuss and give suggestions for implementation..
CAclubindia
