Published On : Mon, Aug 10th, 2020

“Impact of Covid-19 on Accounting & Audit Services” need to be effectively understood –CA. Amarjit Chopra

Nagpur Branch of WIRC of ICAI recently organized a Virtual Continuing Professional Education (CPE) Meet on “Impact of Covid-19 on Accounting & Audit Services” in association with Akola & Amaravati Branches of Western India Regional Council of ICAI.

Professional Services in the Area of Accounting and Audit, this year are required to be dealt with more cautiously and efficiently, as well. This is because, because of COVID Phase, industries and business houses are struggling to find their businesss cycles getting normalized, as lock down, disruption of supply chains, labour issues  because of the same having migrated back to their native places, etc. are the unique factors, that need to be addressed effectively. Consequently, accounting standards, reporting requirements, etc. are going to be modified suitably to calculate the unfavourable temporary impact on operational profits and report the profits that are expected in normal working conditions. With this in mind, Nagpur Branch of ICAI, organized the webinar.

  1. Amarjit Chopra, New Delhi (Past President ICAI, New Delhi)along withCA. Archana Bhutani, New Delhi, guided the professionals over the impact of Covid-19, on books of accounts and audit services.
  2. Amarjit Chopraraised various concerns on following set of areas like – Inventory, Going Concern, Business Receivables, Impairment of Assets, Reporting of Exceptional (abnormal) items in Profit & Loss due to Covid-19. CA. Chopra then covered all the aforementioned areas by putting it in a form of dialogue with CA. Bhutani. CA. Chopra also highlighted the fact that the auditor should understand business of the auditee thoroughly and both internal and external information about the auditee should be considered during such times.
  3. Archana Bhutani (New Delhi),in addition to discussing the aforementioned areas of accounting and how to go further with auditing and testing of controls covered the other areas such as – Revenue Recognition with reference to Ind AS-115, Concept of fair value, force majeure clause, litigations on account of force majeure clause, estimates and budgets, disclaimers that an auditor can give, concessions in heads of expenses like rents, discounts, professional skepticism, management assumptions, industry outlook, credit risk, etc,
  4. Lalit Bajaj, Chairman, WIRC of ICAI, graced the occasion and shared his Key Note remarks on the occassion. He shared the initiatives being  taken, at Western India Regional Council of the ICAI, for the sake of serving the members and students of CA Fraternity.  He was happy for Nagpur Branch efforts, to find best ever faculty for extending knowledge to members, with respect to prevailing conditions in view of health crisis and the revised reporting requirements, in the form of very renowned CA Amarjit Chopra, Hon. Past Presient, ICAI. He congratulated CA Kirit N. Kalyani, Chairman Nagpur Branch of WIRC and his team for working relentlessly, even in these testing times for the purpose of serving the cause of profession. He wished all good luck for future endeavours of Team Nagpur, before concluding his words of wisdom on the occssion.

  1. Kirit Kalyani, Chairman, Nagpur Branch of WIRC of ICAI in his welcome address recognized the gracious and inspirational presence of CA. Amarjit Chopra and pleasant presence of CA. Archana Bhutani both from Delhi on the virtual forum of Nagpur Branch of WIRC of ICAI. Chairman CA. Kalyani welcomed the members and expressed gratitude towards the Chairman & Managing Committees of two branches including Akola & Amaravati in joining hands for hosting this webinar. He shared his satisfying experience as regards back to back effective webinars from the forum of Nagpur Branch of ICAI, in view of the messages and positive feedbacks from the members.

  1. Kalyanibriefed about the list of virtual programs planned in near future. He appealed the members to take benefit of deliberations and ensure leading edge at all times. As regards the program on hand, he conveyed that members are going to be benefitted the most, due to the way this webinar is planned, in the form of panel discussion amongst the two speakers and thereby providing invaluable insight to participants, in the most practical manner.

  1. Akshay Gulhane, WICASA Chairman, coordinated the session and question and answer session. Formal Vote of Thanks was proposed byCA. Jiten Saglani, Secretary of the Nagpur Branch. Prominently present on this occasion were Chairman of co-host branchesCA. Jalaj Baheti (Akola), CA. Vipul Patel (Amravati). The VCM was very successful as it was attended by nearly 200+ CA members across the cities of Vidarbha.