It is surely a nightmare even to think ahead about the kind of penalties imposeable on professionals inspite of their best efforts to undertake each work with best possible attention, still mistakes are bound to happen. The kind of powers being given to different authorities, Director and ROC, will indirectly lead to arm-twisting in each minor and insignificant matter as well.
The Govt. instead of reforming the system is putting more spanners in the process.
I sincerely hope that ICAI is looking into this all.
OPGarg
On Wednesday, 7 May 2014 9:57 PM, Prarthana Jalan <prarthanajalan@ymail.com> wrote:
Respected Members,
With the mountain of duties and responsibilities casted on the professionals in CA, 2013 and by MCA Circulars ans Notifications, Do you think that professionals would "Venture" to perform audits/certifications. Though professionals should perform their and carry out their duties with full honesty,sincerity, independence, and diligence but with the over-burden of responsibilities casted on Auditors and the penalties on failure to perform as per stipulated provisions is actually a "Third Degree Torture".
Fees that is received, amount of skill people that would be required, management co-operation etc all have been overlooked in framing the stringent provisions.
Even companies will vanish and entrepreneurs would never think of starting company.
Its time that we CA, CS join hands and raise our voices against it. Let us not wait and expect somebody else to put forward our plight.
I would like to request all the group members, moderators, ICAI/CS Branch office representatives and each and every professional to join hands
and to raise voices against the same and let us in a professional and dignified manner put across our situation to Minstry.
Its Every Individual choice to either awake and do something or to sleep and forget audits.
Regards
Prarthana Jalan
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