The President of the Institute of Chartered Accountants of India ( ICAI ), CA Naveen ND Gupta said that the professional opportunities of the Chartered Accountants had increased last year due to the unfolding of events in our economy as well as due to our consistent efforts of the ICAI.
“Many professional opportunities emerged in this Council Year due to the unfolding of events in our economy as well as due to our consistent efforts and brought advantage to our members,” he said.
Recently, the State Bank of India decided to get the concurrent audit done by Chartered Accountants in its Branches which was earlier being performed by its retired/ bank employees in the past.
Further, the Securities Exchange Board of India (SEBI), for the first time, sought a panel of CAs/ CA firms from us to engage in the assignment of regulatory inspection of mutual funds. As you may be aware, we have submitted the panel.
“SEBI also decided to make the payments to CAs/ CA firms itself, which was earlier done by mutual funds,” he added.
Section 35(5) read with Section 44 and Rule 80(3) of Central Goods and Services Tax (GST) Laws provides that all registered persons, whose aggregate turnovers during a financial year exceed 2 crores, are required to get their accounts audited.
With regard to this, the ICAI President, whose tenure is going to expire this year said that “As you know there are over one crore registered taxpayers under GST and, as per our estimate, around 10 lakh taxpayers are required to get their accounts audited (i.e. GST audit), which has opened another big window of opportunities for our members this year. Additionally, a special audit under Section 66(1) may also be assigned to the Chartered Accountants. Further, certification regarding the correctness of input tax credit and refund under sections 18 and 54 respectively is also required to be done by Chartered Accountants.”
