June 2019

ETHICS AND U

CHANDRASHEKHAR VAZE
Chartered Accountant

Shrikrishna — Arrey Arjun, I am waiting for you for a long time. Why so much delay?

 

Arjun — What to tell you, Bhagwan! A most disorganised client who has no discipline at all was with me.

 

Shrikrishna — He must be in financial stress.

 

Arjun — Exactly. He wants to apply for some loan and wanted his balance sheet of 31st March, 2019 instantly!

 

Shrikrishna — But are the accounts ready?

 

Arjun — That’s the main problem. Somehow, he has got it done. Volume is not much and it is a private limited company.

 

Shrikrishna — Have you signed his balance sheet?

 

Arjun — Yes, I was helpless.

 

Shrikrishna — Did you obtain signatures of at least two directors?

 

Arjun — It was a fire-fighting situation. I have signed in good faith. One of the directors has signed. The other one will sign it later.

 

Shrikrishna — This good faith is very dangerous. There are cases where the other director refused to sign due to dispute between them. Result – the auditor was held guilty.

 

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