TASK FORCE REPORT – HOW THE NEXT 50 YEARS
LOOK FOR JACB
“It is tough
to make predictions, especially about the future.”
Your journal
celebrated its golden jubilee anniversary this March. Like any other
responsible, accountable institution, we do understand that one cannot take
value-creating decisions without forecasting and modeling the future. Your
Journal Committee therefore deliberated the matter and accordingly decided to
set up a Task Force comprising of experts to prepare a report on what the next
50 years look like.
We present herein below extracts of the Task Force’s Report.
a) Approach
And Methodology Used By The Task Force
Basis Vaangmay1 created by JACB over the past fifty years, big
data, intensive research, field study, empirical methods, qualitative insights
and scientific forecasting methods.
Guiding
Principle The task force was guided by the
principle – “The old rule of forecasting was to make as many forecasts as
possible and publicise the ones you got right. The new rule is to forecast so
far in the future, no one will know you got it wrong.” – Breakout Nations:
In Pursuit of the Next Economic Miracles.
1 Citation:767 (2019) 50-B/JACB
b) The Task Force’s Report
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Task Force Report: How the Next 50 Years look like for JACB
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2020
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2030
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2040
|
2050
|
2060
|
|
2021
|
2031
|
2041
|
2051
|
2061
|
|
2022
|
2032
|
2042
|
2052
|
2062
|
|
2023
|
2033
|
2043
|
2053
|
2063
|
|
2024
|
2034
|
2044
|
2054
|
2064
|
|
2025
|
2035
|
2045
|
2055
|
2065
|
|
2026
|
2036
|
2046
|
2056
|
2066
|
|
2027
|
2037
|
2047
|
2057
|
2067
|
|
2028
|
2038
|
2048
|
2058
|
2068
|
|
2029
|
2039
|
2049
|
2059
|
2069
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FROM UNPUBLISHED ACCOUNTS
Provisions
Provisions are made
for all foreseeable personal expenditure of the founder directors and their
family members including the exorbitant costs of funding a destination wedding
of the third child of the second promoter who post the event, will no longer be
classified as promoter from next quarter.
ETHICS AND U (TURN)
(Cloudy morning)
ACA Arjun (A) – Krishna, a pleasure talking to you again. Looking forward to more
valuable insights from you.
FCA Sri. Krishna
(S) – My blessings to you as usual. But wait, I see
your mind seems agitated!
A – My duties that is….. I am seriously contemplating withdrawing
from audit engagements of listed companies.
S – Tch.Tch! I was afraid you would say so one of these days. Go
ahead and immerse yourself in the audits and let the truth come out in your
report.
A – I fear the consequences. To be specific.…. the unintended
consequences.
S– Consequences? Remember, no one who does good work will ever
come to a bad end, either here or in the world to come.
A – I wish to resign from audit engagements. You don’t seem to
appreciate the risks that I am facing. Don’t I have the right to resign? Of
course, I do have. Now, do you want me to quote the relevant sections?
S – Remember, your right is only to perform your duty. You do not have
right to expect any consequences there of.
A – The consequences are grave. I am totally honest and abide by
values but what appears as a good company, a good balance sheet may just blow
away. True and fair! An illusion? Maya?
S – You signed up to give a report – Unmodified or qualified, you need to
report. You were not appointed to quit.
A – Now, listen to me and understand. I am talking about
floundering management value systems, flouting of corporate governance norms,
internal controls on paper, serious accounting issues, financial
irregularities, non-disclosures, withholding of information necessary for
audits, blatant violation of rules and policies, lack of oversight by
independent directors, management override, no credible risk management,
misappropriation and what not. The consequences are…what do I say…. humongous
risks in audits….
(Dark clouds start gathering in the background)
S – (with a heavy heart) Then Resign.
A – (In trauma)
S – Resign Arjun! Resign!!
A – What are you saying? Oh No!
What’s happening? Have you given up on me? You are the one who lifts my
mood and spirits. You the upholder of values, want me to resign? If I resign
from all engagements, what will I bill?
S – I reiterate,
resign. The only solution to your dilemma is to resign.
Ahem! I meant resign
to your fate.
Resignation is as
sure for that which is appointed, as birth is for that which is dead.
Therefore grieve
not for what is inevitable.
(Background sound effect – conch shell blowing)
THE
LIGHT ELEMENTS
CA M.S. Badnaam1
(Kam Se KAM2)
Capitalistic as may be the World,
In a world
Where governance
does not matter…
Regulations do not
matter…
Respected Kam
Hi Kam (2)
In a world
Where audits do not
matter
Tax, internal or
external,
Lo! The need to
share Key Audit Matters! (2)
Kam Se KAMs?
Audit Committee;
Do not mind (2)
Ultimately, It’s my
Mind over your Matter,
The Key Audit
Matter
As they say
Those who matter
don’t mind
Those who mind,
doesn’t matter!
Kam Se KAM
Itna kaha hota!
(The Builder and the Home Buyer)
Fully I paid
?Tis Five longeth
years
Foundation, tis
still not laid
Woh Ghar (2)
Na Mera, Na Tera
umeed
shayad ab RERA3
1 CA Main Shayar Badnaam
2 KAM – Key Audit Matter
3
RERA – Real Estate Regulatory Authority
