Arjun: Hari
Om Hari! Hari Om Hari! Hey Bhagwan, when is this lockdown going to
end? When will this Corona go away?
Shrikrishna:
Arjun, open your eyes. You are chanting my bhajan and murmuring
something. Hope everything is fine at home?
Arjun:
At home? I am fed up of this house arrest. Both Draupadi and Subhadra are
making me do all the household work. Sweeping the floor, cleaning the utensils,
helping in cooking…
Shrikrishna:
But you are familiar with all this!
Arjun:
What do you mean?
Shrikrishna:
You yourself keep saying – in office, you have to clean up the mess in the
clients’ accounts, you have to window-dress them and make them presentable…
Arjun:
Ha! Ha! True. But tell me, when are our offices going to restart functioning?
Shrikrishna:
Why? Do you think that you cannot function from home? You people talk of Work
from Home, don’t you?
Arjun:
Yes, but there is a limit to that. Work cannot be completed sitting at home.
Our staff is not available, clients’ data is not coming since their accountants
are also not attending work. Everything is paralysed.
Shrikrishna:
But in your management studies, you talk of converting problems into
opportunities. Now why don’t you implement those great ideas?
Arjun: All
that is all right in seminars in posh hotels. In practical life, it is
difficult.
Shrikrishna:
But have you even applied your mind to what fruitful things could be done?
There are many new things coming up in the field of ethics. Those are all very
essential for you to understand.
Arjun:
Really? How can I know them? Tell me some highlights at least.
Shrikrishna:
Arjun, during this lockdown, I have been meeting people almost every day and
telling them the principles of ethics.
Arjun: Don’t tell me! Then why
didn’t you come to my house?
Shrikrishna:
Arjun, on your television sets I am coming so frequently in different forms and
characters, Vishnu, Ram, Krishna, Yudhishthira, Bhishma through all those
serials. There I teach nothing but ethics.
Arjun: Yes.
But those serials are meant for children and retired people. Practical life
mein uska koi fayda nahi!
Shrikrishna:
You are mistaken, Paarth. Now, even internationally your ethics are
getting strengthened. Finance field mein paap bahut badh gaya hai. It
was you peoples’ job to control it, but instead you encouraged it. In
Mahabharata you Pandavas fought against the Kauravas; but now you are acting
hand-in-glove with them.
Arjun: Just
as you preached me the Geeta in the Mahabharata war, please explain to
me what is the new Geeta in our Code of Ethics.
Shrikrishna:
For this, you should know that your Institute has come out with three new
volumes of books on New Code of Ethics. The First Volume covers the
International Ethical Standards adapted by the Institute. It was earlier known
as Part A.
Arjun:
And the other two volumes?
Shrikrishna:
The Second Volume is the old Part B, but significantly revised. It contains
your CA Act, Rules, Regulations, ICAI pronouncements, notifications, guidelines
and so on, on ethics. And Volume 3 is the compilation of case laws.
Arjun:
Oh! So much new literature! But tell me any single item which is very
important.
Shrikrishna: One point
directly relevant to you is that now you can communicate with the previous
auditor on email. Earlier, only registered post was allowed or recommended.
Arjun:
But which email ID?
Shrikrishna:
The ID which is registered with the ICAI. In case you mail on his
ID known to you, but the previous auditor does not respond to your email, you
can get the ID from the ICAI.
Arjun:
Anything more important on this formality?
Shrikrishna:
This is not a mere formality. It is to protect your own interest. Further, if
the incoming auditor inquires about any negative findings in the audit, the
previous auditor is duty-bound to supply the important points to the incoming
auditor.
Arjun: Oh!
Shrikrishna:
Are you aware that during the lockdown the focus of all your
webinars has been on Ethics and Standards on Auditing (SAs). This has become
mandatory in your CPE hours.
Arjun:
I heard of this. But who has time to listen to all these things!
Shrikrishna:
Arrey! Just now you were saying you are sitting idle at home. Then why
don’t you listen to these useful presentations? You people ‘manage’ even your
CPE hours by just joining the webinars but never seriously listening.
Arjun:
Yes, Lord. What you say is right. But in our next few meetings please tell me
the highlights of this new Code of Ethics.
Shrikrishna:
Yes, Paarth. It will be my pleasure to do so.
Om Shanti
This
dialogue is based on the basic idea of the New Code of Ethics which is expected
to be effective from 1st July, 2020. The next few write-ups will be
on important contents of the New Code.
