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September 2024

Contingent Liabilities and MRL – Management Representation Letter

By C. N. Vaze
Reading Time 4 mins

Shrikrishna : Arjun, in past years, during these months of August and September, you used to look worried. But now, you are not only worried but also afraid! What is the matter?

Arjun : Till now, our soldiers used to get killed in terrorists’ attacks. That is why I was worried. But nowadays our CAs are getting killed by Regulators.

Shrikrishna : What do you mean.

Arjun : Nowadays, there is always some news about suspension of membership of so many CAs; and fines of crores of rupees being imposed by the Regulator. That is making me afraid.

Shrikrishna : I understand.

Arjun : Bhagwan, you always say everything is the result of your karma, you have propounded the theory of karma.

Shrikrishna : True. Doing karma is in your hands but giving fruits is my prerogative.

Arjun : Then Lord, tell me, are the karmas of CAs really so bad? Are they sinners?

Shrikrishna : Arjun, these punishments are partly for doing wrong karma; but mainly for not doing the karma

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