[aaykarbhavan] Fw: {Amresh's CA's} Re: CA Practice:"National Financial Reporting Authority Will Kill ICAI"

Important  for all.
Please sign the petition.\
C A Shah D J
USA
I am at 119.

----- Forwarded Message -----
From: Sanjeev Bedi <sanjeevbedi2001@yahoo.com>
To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
Sent: Sunday, 7 April 2013 9:26 AM
Subject: {Amresh's CA's} Re: CA Practice:"National Financial Reporting Authority Will Kill ICAI"

 

Dear San Josh,

 

Thanks for the post. I have signed the petition at change.org. I am the 108^th person who signed it. I request all members reading this to sign up the petition ICAI-Withdraw NFRA by clicking on the following link:

 

http://www.change.org/en-IN/petitions/institute-of-chartered-accountants-of-india-%E0%A4%A4%E0%A4%A5%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%81-icai-withdraw-nfra

 

 

I fail to see where is the need to set up another body to oversee the affairs of the ICAI when the ICAI itself is an autonomous body. If the government does go ahead with its plan and appoint the National Financial Reporting Authority (NFRA), I am sure a few years down the line, the NFRA would either be dismantled or have yet another regulatory authority monitoring its functioning!

 

The NFRA is likely to be peopled by bureaucrats, who have no idea about the technicalities of accounting and auditing. They might have a token chartered accountant or two on their board, but the overall membership would consist of people with non-accounting, non-business background. To judge the "quality" of work of an auditor, you need to understand how business is carried on in India and the constraints that practicing chartered accountants work under. Bureaucrats are genetically indisposed to appreciating the nuances of business.

 

Imagine the GOI appointing a body superseding the Medical Council of India to look into cases of deaths of patients undergoing treatment at hospitals/private clinics. And the doctor being summoned before a bunch of bureaucrats who have never given an injection to anyone, and explain how it wasn't his fault that the patient died!

 

Neither the ICAI nor its members are perfect. But the solution is not to have another regulator sit over our heads with the power to suspend the COP of any chartered accountant indulging in unscrupulous practices. What would instead happen is: the big fish with money power will still get away and the small ones with neither the moolah nor the first-name familiarity with a CC member will find themselves flailing their arms to swim out of the NFRA soup.

 

Dear GOI, please drop the NFRA idea. Let's better the ICAI itself.

 

Regards,

 

Sanjeev Bedi

--- In ICAI_CIRC_MEERUT_CA@yahoogroups.com, "S" <worldsbestca@...> wrote:
>
>
> Dear Suneel Appaji Ji and All,
>
> If you want ICAI not to be killed by a new quasi-judicial body, National
> Financial Reporting Authority (NFRA), then please go to
>
> https://www.change.org/petitions/institute-of-chartered-accountants-of-i\
> ndia-%E0%A4%A4%E0%A4%A5%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%81-ica\
> i-withdraw-nfra
> <https://www.change.org/petitions/institute-of-chartered-accountants-of-\
> india-%E0%A4%A4%E0%A4%A5%E0%A4%BE%E0%A4%B8%E0%A5%8D%E0%A4%A4%E0%A5%81-ic\
> ai-withdraw-nfra>
>
> and sign a petition for:
>
> The government is creating a new quasi-judicial body, National Financial
> Reporting Authority (NFRA), which would look after the quality of audit,
> compliance by auditors as also the disclosures that they make. it would
> be the nodal body to look after all financial reporting. It can suspend
> the licence of auditors when they find something is irregular without
> the consent of ICAI. This shows that ICAI will have no role to play and
> it will be no more an autonomous authority for taking decisions for its
> members.
>
> Transparency: ICAI has been quite transparent in it's working. Once it
> goes to NFRA, it will not be easy to share the details with members of
> the profession unless the details are finalised or decided upon.
>
> Superseding authority: NFRA will become an oversight body with
> quasi-judicial powers and supersede ICAI. Any decision taken by ICAI can
> be reversed /cancelled or advanced by NFRA.
>
> Vulnerability: Every ICAI member will be vulnerable to be charged/
> prosecuted by NFRA on complaints made a common person or corporate
> entity. Anything that goes into reporting of financial statements, this
> body will oversee the quality, the kind of work they are doing and any
> complaints. NFRA can even debar them without waiting for any
> information/action from ICAI. Also lets not forget the undesirable
> political interventions that will be inevitable in functions of NFRA.
>
> Please make appropriate representation to the Government to safeguard
> the ICAI interest for withdrawing NFRA at earliest.
>
> CA Practice:"National Financial Reporting Authority Will Kill ICAI"
>

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