Yeh CA log saara din x pr baith k konsa audit karte hain bhai ? ๐ค Itna kaam hai toh karo yha kyu baithe ho. Daily I see
#ExtendTaxAuditDueDate trending
@akhilpachori@RajasthanTax Pachori dada one more thing the change in financial statements formats for non corporate entities ia another problem that needs time.
Obviously Auditors will not accept your Tally till you don't reconcile Sales, Purchases, TDS, and give party confirmations.
Auditor koi gadha thodi hai ki wo accept kar lega.
Ab the issue is this that I don't expect any extension. Time is and was really short.
Thik hai kya karenge.
Debashish sir is from Guwahati. I have attended his lectures many times before he became the President of ICAI.
He carries a lot of humour I feel. While delivering his speech and lectures he always use to say
People in the last row now I want to ask you or
People in the the last row now you tell me or
People in the last row you understood what I am saying.
He is deeply in love with us "THE PEOPLE IN THE LAAT ROW" as I was one of them always ๐๐คฃ๐
This year I have seen Chartered Accountants are actually taking lots of time to complete their audits not only because of critical compliances but purely because of change in reporting format as prescribed by the ICAI for Non Corporate Entities. They are working under lots of stress and working under stress might create mistakes on their part unknowingly.
I feel their demand for an extension is totally justified.
Thankfully our ICSI CCMs are totally sensitive and in sync with its members unlike ICAI CCMs.
There are so many hurdles this year
1. ICAI recommended non corporate entities to report in a different format.
2. The period for audit has come down from 2 months to 1 month.
3. There are so many compliances which a professional has to check before authenticating it by applying professional judgement.
But still ICAI is not asking for extension which seems they are totally disconnected from the ground realities.
The work culture in metros is entirely different from the work culture in small cities where professionals has to work even harder to make sure that the compliances are upto the mark.
It is entirely the prerogative of the Finance Ministry and CBDT as to whether they can give extension or not. But the ICAI which is a second largest accounting body in the world are so insensitive to their members demand that they chose not to make even a simple representation. Such a terrible disconnect.
This shows that even the ICAI top brass knows that ICAI is in the bad books of the Govt and even the opposition parties since demonetization. Their politics of removing other professionals from getting tax audit is also not well appreciated by the Govt.
The Govt has seen monopoly of ICAI so it has taken down their rights for GST audit, Statutory Audit beyond a limit and has also considerably reduced bank audits for them.
Given these things ICAI just don't want to make any further representation to mantain it's image which was so badly tarnished during the tenure of Talati ji and Debashish ji and Nanda sir.
@Vedmalik1 It's our fault if we are not dealing spade by spade. Why there was no action against incompetent officers like Maj Gen Budhwar for Kargil fiasco.