ETHICS AND U

Shrikrishna: Yes, my dear
Arjun, you seem to be in a relaxed mood today. All tension over?

Arjun: Hmm! I wish I could be
really relaxed. But in our profession there is no room for relaxation. It is
not in a CA’s destiny at all.

Shrikrishna: Why are you so
sceptical? All professions, or rather, all people are sailing in the same boat
today.

Arjun: That is true. But almost
all practising CAs I know are fed up with practise. Many are giving up their
COP. Their next generation is keeping itself away from traditional practice.

Shrikrishna: I am told even
the large firms are shying away from assurance function. Then who will do the
audits?

Arjun: That is really a problem.
Government should think about it seriously. Many of us feel that all small and
medium entities should be exempted from audit. That the turnover limit should
be respectably high. Other criteria also should be liberal.

Shrikrishna: Arjun, you
feel so because you are staying in a metro city. Have you thought of your
professional brothers staying upcountry? They will literally starve if audit
work is gone.

Arjun: Yes. That’s a point. But
then, what’s the solution? We slog so much even for a small audit and take so
much tension, but there is no proportionate remuneration. The regulations are
too strict for a small entity to comply.

Shrikrishna: I agree. For
this I feel you should be more serious about collective thinking and action
among your members. In your study circles, you brainstorm only on academics.
Instead, you should devote more time to think about how to tackle this chronic
issue. Think of the fate of the profession.

Arjun: True. And on the top of it,
the sword of disciplinary action is always hanging on our heads. I don’t see
any ray of hope. Everything is gloomy.

Shrikrishna: That’s another
problem. You people are very keen to learn all other laws that you are dealing
with in the practice but you are not that serious about knowing and updating
yourself about your own CA Act!

Arjun: Why? What happened? Is
there any change?

Shrikrishna: Yes. There is
a change in both the parts of your Code of Ethics.

Arjun: Both the parts? I didn’t
even know that there are two parts! I only know that COE is very frightening.

Shrikrishna: Ha! Ha! Ha! Arey,
Arjun, Part A is more about principles applicable internationally. New
concepts, new thinking, new principles which are universally recognised. Our
Indian Code is expected to be in tune with this international thinking. That’s
in Part B.

Arjun: Ahh! Who is bothered about
such philosophy? Let them change Part A as many times as they like. Tell me
what matters to me.

Shrikrishna: That’s the
problem! You are not awakened enough about your profession. Part A has already
been changed and your Institute has already published it a few months ago. Now,
they are changing Part B – i.e., your Indian Code of Ethics.

Arjun: Where is that new thing?
When is it applicable?

Shrikrishna: They have
already circulated the Exposure Draft for your comments. The Institute cannot
change the provisions of law or the schedules. That is to be done by
Parliament. The Institute expresses its views and interpretations in its
commentary. That is sought to be changed.

Arjun: I will see when it becomes
applicable.

Shrikrishna: Arjun,
this approach is wrong. You are sleeping over such things. Not awakened about
the proposed changes. And then you keep
crying after it becom-es applicable – when it is too late! You need to be
proactive.

Arjun: I agree.
So what should we do?

Shrikrishna: You
should sit in a group and study the proposed changes and their impact. And send
representations to the Institute.

Arjun: Let me
first study it for myself. I’m sure none of my friends would know about it. But
next time we will discuss the changes so that I can take more care.

Shrikrishna: Sure.

Om Shanti.

(This dialogue is based on the need to study
the exposure draft on changes in the Code of Ethics – Part B. Details will be
discussed in the next write-up)