Sunday, September 14, 2014

ACCOUNTABILITY SERIES > hither or thither or whither (nowhere?)

Top-up
 DEc 29

 



timesofindia.indiatimes.com › Business





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The Comproller &Auditor General of India (CAG) has issued a report No. 32 of 2014 setting out the results of the performance audit of “Appreciation of Third Party (Chartered Accountant) Certification in Assessment Proceedings of the Department of Revenue”.


Nov 22
BL

PMO forces DoT to rethink strategy on broadband project

Personal experience with 'airtel' broadband service is terrible. With a 3G Dongle facility, acquired a few months ago, -though no small sum paid for the Dongle,then a fancy monthly charge,- the speed is not that as assured or expected. Within a fortnight it gets slowed down considerably; having to wait for the next monthly cycle for improvement, A common user has a strong feeling that the service provider, with a growing popularity, is indulging in some sort of irregular practice, probably resorting to some incomprehensible technique, tampering with the quality of the speed off and on; suspected to be motivated , and only to induce users to go in and pay more for upgrading. 
What is the common experience of the rest , and have any useful clue?Will the empowered authority care to have a thorough investigation made and get the suspected irregularity, if found prevalent, set right,- sooner the better?! 

????

Accountability vis a vis CA

< look @ new corporate law,  et al

 Nov 22

WHERE ‘CARO’ HAS GONE? ( Will new NACAS bring it back?)

It appears that the additional responsibilities in the 2013, Act relating to financial controls is no substitute for the requirement to comment on areas of propriety covered under CARO.
Now Vide S.O. 2425 (E) dated 18.9.2014, National Advisory Committee on Accounting Standards, has been constituted by the Central Government in exercise of powers conferred under Sec 210 A (1) of the Companies Act 1956. (Section 210 A is still operative !)
It seems that the absence of CARO has left a void in the reporting responsibilities of the Auditors of companies. Let us hope that the newly constituted NACAS under the chairmanship of CA. Amarjith chopra, will perceive this void and consider initiating the issuance of a new order to replace the CARO, 2003.
- See more at: http://taxguru.in/company-law/caro-nacas-bring.html#sthash.ZppIMhSX.dpuf
It appears that the additional responsibilities in the 2013, Act relating to financial controls is no substitute for the requirement to comment on areas of propriety covered under CARO.
Now Vide S.O. 2425 (E) dated 18.9.2014, National Advisory Committee on Accounting Standards, has been constituted by the Central Government in exercise of powers conferred under Sec 210 A (1) of the Companies Act 1956. (Section 210 A is still operative !)
It seems that the absence of CARO has left a void in the reporting responsibilities of the Auditors of companies. Let us hope that the newly constituted NACAS under the chairmanship of CA. Amarjith chopra, will perceive this void and consider initiating the issuance of a new order to replace the CARO, 2003.
- See more at: http://taxguru.in/company-law/caro-nacas-bring.html#sthash.ZppIMhSX.dpuf


........
< It appears that the additional responsibilities in the 2013, Act relating to financial controls is no substitute for the requirement to comment on areas of propriety covered under CARO.
Now Vide S.O. 2425 (E) dated 18.9.2014, National Advisory Committee on Accounting Standards, has been constituted by the Central Government in exercise of powers conferred under Sec 210 A (1) of the Companies Act 1956. (Section 210 A is still operative !)
It seems that the absence of CARO has left a void in the reporting responsibilities of the Auditors of companies. Let us hope that the newly constituted NACAS under the chairmanship of CA. Amarjith chopra, will perceive this void and consider initiating the issuance of a new order to replace the CARO, 2003. >



<> Looking back, at the point in time when MAOCARO happened to be changed and replaced by CARO, the pros and cons of the change was subjected to a critical /analytical study in interested circles. In a published article –, The Hindu Business Line : MAOCARO to CARO its writer wrote saying, in effect, that the opportunity could have been seized and exploited to “simplify” the auditor’s report. May be, that is an angle sounding attractive hence may have to be borne in mind , if so minded, before the new proposal is given a shape and finally brought into being, for whatever it is worth. Provided that is believed to help in any improvement, as aspired from circles having independent and impartial outlook towards the widely and loudly clamored for,- the ultimate aim of ‘good governance’ in corporate sector. 

G S Rao Related News, Articles & Information - TaxGuru

taxguru.in/tag/g-s-rao/


Nov 3




Beena Parmar
 “At least I hope my own bank does not charge me. I will not withdraw and keep money for... »



PREV.

ICL (CSR)

 CSR in Government Companies

<> Origin  (Doubting Thomas):
"St. Thomas, apostle who doubted Jesus’ resurrection until he had proof of it (John 20:24–29)
First Known Use: 1883"

Now, having traced the origin, and given to know what that idiom means, still not minding to take the possible risk of self being dubbed as one:
The  CSR spending , given a statutory shape, and made mandatory for some, and not so for the rest in the corporate world, is referenced to 2 % of yearly profits ; and subject to a cap of average profits for a 3 year period. The points of basic doubt that instantly surfaces are mainly these:
Does that necessarily mean, and inevitably imply, that for any company to  be hauled up and/or being called upon to explain in case of non compliance , the empowered authority may have to wait for the qualifying profits to be quantified  much after the end of each year, also for the 3 year period end  and the audited final accounts are made available ?
Has the government already thought of, and truly effective machinery is in place, so also have formulated  equally effective measures  to keep a satisfactorily good, if not foolproof, track / monitoring  of the actual spending, apart from quantitatively, for only the permitted / envisaged purposes?
On the premise that as emphasised in the write-up, in cases of PSUs the aim is also to achieve the avowed objective of “good governance”, to what extent the ultimate responsibility and related answerability of  CAG, statutory auditor(s) , the internal management and internal audit/controls , and the like are envisaged/covered in the road map ?
Perhaps, hopefully, some sort of answers must be available, and forthcoming, if and when so inquired into or warranted.

Revisit (old blog) .

http://vswaminathan-vswaminathan-swamilook.blogspot.in/2012/11/csr-ca-writes-on.html?view=sidebar

BL

Skewed approach to bad debt(3)
The debt recovery system is as much of a problem as bad debts. The need to protect the value of assets is often overlooked





Mohan Lavi
Normally, laws in India are passed and amendments are made to take care of changed scenarios and... »

<>The writer has chosen to go on a merry-go-round, without usefully even touching upon the glaring weaknesses in the form of report lastly prescribed by the governing professional body, and, as could not have been expected otherwise,  being adopted by statutory auditors of companies uniformly by simplistically sticking to the recommended format. Going by wisdom which ought to have been gathered -but not so done, from past experience, the newly prescribed adopted format in general, some of the newly adopted wordings in substitution of the erstwhile format /wordings do not even prima facie seem to be adequate to anywhere meet the very basic objective and purpose of audit, much less to sub-serve and ensure, if not vouching for, ‘good-governance’, thereby to safeguard and keep protected the lawful rights and interests of all types of stakeholders.
For a sample, consider the seemingly hollow wording of assertion that, - “the financial statements are free from material misstatement”, occurring in the opening of the format for audit report, on which “the auditors responsibility” is intended to be anchored . To be precise, what the term “material misstatement" really signifies, or its intended ideal import is, has been left open to the individual auditor’s interpretation as referenced to his  personal  intelligence, intellect,and more so, level of integrity.   

                         <  TO EDIT
                              >>>>>>>>>>>>>>>>>>

AccountSpeak@thehindu.co.in 
< A REvisit


Regaining audit’s credibility

The CAG model, where the auditor has no links with the firm, is worth following. »

The later developments , particularly in the wake of and directly relatable to the enactment of the new corporate law, if viewed closely, seem to strongly indicate, rather go to illustrate, a rapid deterioration in the stoutly canvassed for 'audit's credibility' but that has remained a pipe dream. The clinching clue, no denying, lies in failing to, deliberately , or refusing to realize/recognize the rudimentary fact that any hope, however remote that be, for the long aspired  'audit's credibility' has to go hand in hand with, and is entirely dependent on, the inseparable hope of 'auditor's credibility'. Simply involving CAG, one firmly thinks, might not prove an effective solution by itself.

Why is one provoked to so think ?- Even a cursory glance over the new format(s) for audit report(s) to meet the requirements of company law ( so also  taxation and other laws) that has come to be lately prescribed, and currently being adopted, with no second thought or even mild whisper of protest, may be found to provide the clear-cut answer.   

For a ready specimen , a typical one of its kind, look up HERE (in public domain):

 
 More Stories on : Accountancy | Account Speak


Tail Piece:

Worthwhile to read intelligently and try and get a true grip of the soulful wisdom/helpful clue for guidance underlying the popular Episode , - FOR WHOM THE CHURCH BELL TOLLS !

(cross refer OLD BLOGS; e.g. http://vswaminathan-swamilook.blogspot.in/2014/07/bl-exclusives.html)
AT

Co-operative Housing Societies are not subject to RTI Act

xtract

"Co-operative societies do not fall within the ambit of Right to Information Act, the Supreme Court has said while quashing a Kerala government circular to bring all such societies within the scope of the transparency law." ?????!!!!!


<> YES? Yes! By any thinking, rationale, or logic, the view handed down IS, from the viewpoint of the impacted vested interests, being the Society members, prima facie "a retrograde judgement"; especially so, in to-days context* in which their genuine bona fide grievances, and unsavory experiences are faced, at the behest / in the hands of the by and large narrow minded and extremely short- witted, mostly self-elected / -selected office bearers from among them. One thinks, even with no RTI Act, the members , even as per the mandates of the governing law / standard bye-laws, have the inherent right to seek and secure all such information as vitally affect /pertain to their common affairs. For that matter, as held by the Madras HC, the person officiating as "secretary", let alone the rest of the managing body,  is a "public servant" in its ordinary and legal meaning, with all its attendant /inherent consequences, for or against. Sooner any such view gets reviewed and revised by the judiciary itself, and / or officially clarified by the government(s),  the better for housing societies in any part of the Nation.


*< ...
Appointment of Administrator in Housing Society

....The cases of appointment of Administrators in Co-Operative Housing Societies are now rising. Generally the Deputy/Assistant Registrar of Co-Operative Societies (“the Registrar”) appoints an Administrator upon complaints from Members of the Society, if he finds that it is a fit case to expel the Managing Committee of the Society.

B/F All related >


BS
consumerresourcesin.files.wordpress.com/.../how-to-question-your-housi...
Oct 15, 2012 - vati Housing Society in Mumbai and exposed their ... decision everyone knew of before the renovation contract ... Those of us who live in apartment ... and regulations. ..... compensate any victim of negligence, the Delhi High Court ruled. ... bearers under Section 109 of the Karnataka Cooperative Societies.

Case Law
http://www.indiankanoon.org/doc/87900744/

(Add. of KCSR, etc.)







CD
Not Unrelated These (in reference to THIS BLOG ?! >




 >>>
 In any WAR, not being a WAR of WITS or Turf War of the kind, an unintended casualty , of a much bigger magnitude, is the class/cross section of the humans, who do not even have an inkling of how- or why-  their rights or interests are /happen to be, albeit in the ultimate analysis, impaired / impacted. 

Open to 'experts' to further explore; do so in the light of, having in the backdrop the turf/ ego war covered in the write-ups @



About 5,570 results (0.40 seconds) 

Search Results

SEBI V IRDA – Unfolding Turf War” - TaxGuru

Cross Refer (related previous blogs) >


TG

High Court advices restraint In-friction between ITAT Bar And Bench, Expunge ...

Impromptu (Requiring to explore) :

"Expunge" :
 
1.  Power to - Unbridled or subject to limits / parameters, governing norms, or the like ?

2.  Legal or social repercussions/ consequences, -undesirable / avoidable - that entails - in relation to adjudicatory (before a judicial or quasi judicial authority), - same way as off and on noted to happen even in relation to Parliamentary / State (s) Legislature Proceedings 

3.  Purpose or Result , if any, in the event of ...



High Court advices restraint In-friction between ITAT Bar And Bench, Expunge ... - See more at: http://taxguru.in/chartered-accountant/appearance-cas-ntt-unconstitutional-sc-quashes-law-setting-national-tax-tribunal.html#sthash.eakquuxJ.dpuf

BL
Sept. 27



From the common viewpoint of both the company and its shares- and other -stake holders, let alone personal, by any standard, his career , in one's perspective,  deserves  to be regarded as no 'small' achievement  but a mission accomplished. Especially, if were to be  looked at bearing in mind the not-so-commendable state of affairs largely prevailing in today’s corporate world- to be precise, in the matter of 'good governance' in its profound sense.

Incidentally, apart from the two hitherto well known concepts of "IQ" and "EQ" , has come to be mooted lately yet another- known as "?” mooted anew and propagated through the media. That shows there is no dearth of scope for exploring further, - the “spiritual “ aspects of life and to learn the “art of living”; and extending it to the mundane world in general, the corporate world in particular.

Listen for enlightenment HERE:


(?) = “Pygmalion”

Read> What is your organization's Pygmalion Quotient? | Business ...






 TG


Tags: Indian Accounting Standard, Indian Accounting Standards,

Editorial

Regulate drugs and doctors too

The problem of unethical and anti-competitive pricing practices by drug-makers, which had promote... »

<> Crux of IT ALL ?
"public interest", self-regulation X external < regulatory, super-regulatory, so on....
vs Arbitration- a speed ed-up mechanism; same way as consumer interests, grievances and an effective but expeditious machinery/mechanism to tackle


Guidelines on implementation of suo-motu disclosure under RTI Act, 2005


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