Chartered Accountants are backbone of our Economy and ICAI has developed various standards to bring uniformity in reporting as well as analysis under the faceless assessment era. To make the members aware about the changing scenario’s Nagpur Branch had hosted Full Day Seminar on Issues in GST, Faceless Assessments and Issues related to conversion of Partnership which was organized by WIRC, ICAI and hosted by Nagpur Branch.
“Auditing & Assurance Standards should be embraced and learned by all CA professionals” said CA Nihar Jambusaria, Hon’ble President, ICAI while speaking as Chief Guest at the Full day Conference. President emphasised on the initiatives taken by ICAI for equipping professionals with latest technology inculcating Artificial Intelligence, Data Analysis, Block chain etc. Expectations of Stakeholders have changed beyond True and Fair view and Chartered Accountants being the watchdog should be equipped with latest technologies to perform the functions effectively. ICAI has developed Audit tools to be used by Chartered Accountants for various Audits at Banks, Corporate and non corporate audits. President also informed that ICAI is the only Institute in the World who has developed Standards on Forensic Audits which is being used by Government Departments as well while doing the Forensic Audits. CA Nihar Jambusaria also expressed the view that expectation from Auditor has increased manifolds and they should detect every fraud and give 100% assurance which is very difficult but ICAI is in continuous communication with RBI and other Government Authorities. Auditing and assurance standards developed by ICAI are sufficient to detect fraud as well as ensure effective reporting. With this new scheme of faceless assessments and appeals different skill set is required for professionals. CA Nihar mentioned about Finance and tax literacy drive by Institute of Chartered Accountants of India targeting knowledge updation of general public including house wives, retired personnel etc. President welcomed initiative of Nagpur Branch led by CA Saket Bagdia for his Nagpur Model of organizing seminars in morning from 8 am to 11 am.
CA Nihar Jambusaria mentioned about inauguration of Accounting Museum at Nagpur Branch premises which glorifies the development of accounting system in India since inception. Inauguration of “Proud to be CA” icon at Nagpur Branch premises is a moment of pride and privilege for every Chartered Accountant.
Guest of Honour on the occasion CA Manish Gadia, Chairman, WIRC updated about various initiatives of WIRC for the benefit of members. A unique program of “Learn from the Legends”, “Women on Wednesday – The WOW Series”, “Train, Earn & Learn – TEL Initiative” organized by WIRC as well as interesting seminars on topics of interest has been highly acknowledged by members all over the region. Chairman WIRC CA Manish Gadia praised the initiatives of Nagpur Branch Chairman CA Saket Bagdia for out of the box ideas for benefit of members.
“A task well begun is half done” remarked CA Jaydeep Shah, Past President ICAI while praising the vision and efficacy of initiatives at ICAI, New Delhi led by Hon. President, ICAI CA Nihar Jambusaria. The thinking and the manner in which things has been taken up by the President have set new standard protocols for the members to follow in this dynamic changing scenario.
“A Chartered Accountant cannot limit oneself and thus updating, understanding, interpreting and complying the provisions of law is key requirements for all Chartered Accountants” said CA Saket Bagdia, Chairman of Nagpur Branch while welcoming President ICAI, CA Nihar Jambusaria on his maiden visit to Nagpur City after assuming charge in February’21. Chairman also welcomed first lady of ICAI Smt. Jagruti Jambusaria on the occasion. Bagdia appreciated the various initiatives of ICAI started by Hon. President CA Nihar Jambusaria. Bagdia apprised members about various activities undertaken by Nagpur Branch during the year 2021. He welcomed all the participants of this Tax Conclave from all over Vidarbha Region. Chairman placed on record thanks to Maha metro Office for providing their convention hall at Airport South Metro Station for the event. He thanked sponsors of the event M/s Sandeep Dwellers Private Limited (SDPL) and M/s NSDL for their support in making this event a big success.
Effective and learned Speakers for the Tax Conclave were CA J. K. Mittal from New Delhi who spoke about GST Departmental Audits and issues in fake invoicing, CA Krupa Gandhi from Mumbai who spoke about E-assessments in Income Tax and CA Kapil Bahri from Nagpur who updated about changing tax provisions in case of reconstitution of partnership firm and latest TDS/TCS issues.
President CA Nihar Jambusaria was also felicitated on this occasion by CPE Chapters of Wardha, Yavatmal and Chandrapur as well as CS Chapter of Nagpur led by CS Khusboo Pasari & CS Rashmi Mitkary.
The Inaugural session was coordinated effectively by CA Kirit Kalyani, Immediate Past Chairman. CA Jiten Saglani, Vice Chairman & CA Akshay Gulhane, Treasurer introduced the dignitaries while CA Sanjay M. Agrawal, Secretary proposed a formal vote of thanks. The first technical session was coordinated by CA Suren Duragkar, Past Chairman & CA Pravin Dhiran, Convenor Wardha CPE Chapter. The second Technical Session was coordinated by CA Anjum Gaus , Convenor from Chadrapur CPE Chapter and CA Girish Bakhtiyar, Convenor Yavatmal CPE Chapter.
Prominently present on the occasion were CA Satish Sarda, Past Chairman, CA Sandeep Jotwani, Past Chairman, CA Kunal Ekbote, CA B M Agrawal, Past Chairman, WIRC, CA Amrita Bagdia and a large number of Chartered Accountants.