[aaykarbhavan] Fw: [bhilai-ca] Re: {jalgaoncas} NEW WATCHDOG

Waste in our opinion but not in the eyes of the government.

Multiple agencies and delay

and justice denied.

Ramachandran M

----- Forwarded Message -----
From: Dipak Shah <djshah1944@yahoo.com>
To: "jalgaoncas@googlegroups.com" <jalgaoncas@googlegroups.com>; aaykar <aaykarbhavan@yahoogroups.com>; "cacscwaindia@yahoogroups.co.in" <cacscwaindia@yahoogroups.co.in>; New Delhi <new_delhi_ca@yahoogroups.com>; THANECAs GROUP <ThaneCAs@yahoogroups.com>; taxfin <taxfinsoft@yahoogroups.com>; bhilai-ca <bhilai-ca@yahoogroups.com>; "ludhiana-ca@googlegroups.com" <ludhiana-ca@googlegroups.com>; lucknow <Lucknowca_reinvented@yahoogroups.com>; GLOBAL CA GROUP <globalindianCAs@yahoogroups.com>; AURANGABADCAs <aurangabad_ca@yahoogroups.com>; VADODARA CA GROUP <vadodara_CA@yahoogroups.co.in>
Sent: Wednesday, 13 February 2013 8:49 PM
Subject: [bhilai-ca] Re: {jalgaoncas} NEW WATCHDOG

New watchdog and SEBI is waste of investors money. Double chain for collection and corruption only.

Wr

---

From: Ramachandran Mahadevan <ramachandran_ca@yahoo.co.in>
To: aaykar <aaykarbhavan@yahoogroups.com>; "cacscwaindia@yahoogroups.co.in" <cacscwaindia@yahoogroups.co.in>; New Delhi <new_delhi_ca@yahoogroups.com>; THANECAs GROUP <ThaneCAs@yahoogroups.com>; taxfin <taxfinsoft@yahoogroups.com>; bhilai-ca <bhilai-ca@yahoogroups.com>; jalgaon ca <jalgaoncas@googlegroups.com>; "ludhiana-ca@googlegroups.com" <ludhiana-ca@googlegroups.com>; lucknow <Lucknowca_reinvented@yahoogroups.com>; GLOBAL CA GROUP <globalindianCAs@yahoogroups.com>; AURANGABADCAs <aurangabad_ca@yahoogroups.com>; VADODARA CA GROUP <vadodara_CA@yahoogroups.co.in>
Sent: Tuesday, 12 February 2013 10:37 AM
Subject: {jalgaoncas} NEW WATCHDOG

New watchdog

The accounting community should work with the Government in framing procedures for inquiry into professional misconduct.

Corporate Affairs Minister Sachin Pilot was perhaps stating the obvious when he said that the National Financial Reporting Authority (NFRA) as an overarching body to oversee the accounting profession is here to stay. The Companies Bill 2012, after all, has already been passed by the Lok Sabha and should see a smooth passage in the Rajya Sabha, subject, of course, to the vicissitudes of parliamentary functioning that has become the 'new normal'. But what he perhaps left unsaid is that in the Government's view at least, the regulation of the accounting profession, and in particular the quality of services that they render to the business community, cannot be left entirely to the profession itself. The heartburn within the accounting fraternity over usurpation of the privilege of self-regulation is understandable. After all, the notion that 'thou-shall-be-Judged-at-the-bar-of-fellow-professionals' has long been regarded as a salutary principle, going back in time to the formation of guilds of masons, carpenters and the like. Historically, accreditation and regulation went hand in hand. In the case of accountants, the pain has been made worse by the fact that the community of medical professionals and those engaged in the practice of law have, at least till now, managed to preserve their privileges.

But as with everything else, times and mores of the world are changing. The principle of self-regulation is fraying at the edges as misconduct in the rendering of professional service keeps tumbling forth at regular intervals. The medical profession has already begun to feel the heat with the law requiring clinical establishments to register themselves. The day perhaps is not too far off when lawyers too, would be subject to the searching glare of independent third party evaluation of their conduct. In that sense, accountants are fighting against a tide. More so, when in their case the audit work impinges on valuation of financial assets and billions of dollars of international capital are riding on such valuations.

But the Government has not helped its cause by being very coy about its intentions while introducing the legal changes. For instance, in the explanatory memorandum on the clause dealing with the constitution of the NFRA in the Companies Bill 2012, the emphasis was more on its role as a successor to the National Advisory Committee on Accounting Standards, and the objective of overseeing the accounting and auditing services was mentioned in passing as if it was of no consequence. But that is over and done with. In any case, since the Lok Sabha has passed the Bill, it must be assumed that Members of Parliament have applied themselves to the objectives of the new clause and voted on it with full knowledge and understanding, even if the Government did not go out of its way to enlighten them properly. In the event, the accounting community would be better off working with the Government and laying down the procedures for investigation of allegations of professional misconduct so that any member accused thus gets a fair hearing.

(This article was published on February 12, 2013) 

--
--
DISCLAIMER
jalgaoncas is a Google Group for the benefit of CA and other professional. It is especially meant for written discussion & circulate information within group members.The mail may contain such research/advice/opinion/information/fact provided by any member and every contain of the mail or information is always subject to the accuracy and of the description of facts.
The jalgaoncas,its owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts.The transaction based on above mail may not complete without confirming proper statue/authority/person.Any action/transaction taken on basis of this mail do not imply the accuracy or value.Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
To join send email jalgaoncas@googlegroups.com or visit
http://groups.google.co.in/group/jalgaoncas
 
---
You received this message because you are subscribed to the Google Groups "jalgaoncas" group.
To unsubscribe from this group and stop receiving emails from it, send an email to jalgaoncas+unsubscribe@googlegroups.com.
For more options, visit https://groups.google.com/groups/opt_out.
 
 

__._,_.___

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Your email settings: Individual Email|Traditional
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe

__,_._,___