Shrikrishna: Parth, you are
looking in a cheerful mood today! Quite unusual.
Arjun: Why?
Shrikrishna: Normally, in September
you are always stressed, depressed and nervous. This is the time you are always
busy longing for extension of the tax deadline.
Arjun:
You’re right! But this year, for tax returns the date is already extended. Now,
the company’s AGM dates have also got extended. So, relaxing.
Shrikrishna: And what about staff?
Articles?
Arjun: That is always a problem. But due to Covid
everybody is pretending to be working from home. Normally, we are quite used to
articles remaining at home on exam leave. But this year even the exam schedule
is a big question mark.
Shrikrishna: I think the May exam is
already cancelled.
Arjun: We wonder how to cope with this situation.
Shrikrishna: Actually, this is a good
opportunity to improve upon the quality of audit.
Arjun: How? We are somehow managing the ‘virtual’
audit on scanned documents.
Shrikrishna: That’s OK. But today you
are having some peaceful time to do things which are necessary but you can’t do
due to fire-fighting.
Arjun: Like what?
Shrikrishna: Real updating of
knowledge, not merely CPE hours.
Arjun: What do you mean?
Shrikrishna: See, in your audit text
book you studied many things. How far are you implementing them? All these new
standards of accounting are nothing but an elaboration and refinement of those
basic principles.
Arjun: Give me some examples.
Shrikrishna: You are supposed to have
a permanent audit file of each client. Do you have it? Have you ever read the
basic formation documents like Memorandum of Articles of companies,
constitution and bylaws of societies, Trust Deeds…?
Arjun: I am not sure whether we really have these
basic documents on our record. They might have been taken perhaps decades ago.
Shrikrishna: Have you ever seriously
looked into the secretarial records of companies – like minutes, notices,
attendance records?
Arjun: Ah! That we never see.
Shrikrishna: Fixed assets register?
Arjun: For that we just put a standard remark.
Maintained, but not updated! God alone knows whether that really exists.
Shrikrishna: And third party evidence?
There is a specific SA on that. Writing to banks and debtors, creditors,
lenders for confirmation of balances?
Arjun: We have never done it. But I agree, we
should make a beginning somewhere. But without staff how can we do it?
Shrikrishna: Technology! Prepare a
standard letter and insist on the clients to send them. Everything is possible.
What you lack is will power.
Arjun: What you say is right. These things were
never done before and clients find it difficult to digest such things now. We
were lax in this respect.
Shrikrishna: But it is necessary for
your own benefit. If you contravene the Council’s guidelines, it is misconduct.
Arjun: I don’t know why the Council is putting so
much burden on us!
Shrikrishna: It is for your own
safety. Users of financial statements audited by you are not happy about the
quality. You are losing credibility. The Council does not want that to happen.
Arjun: The future of our profession is really
gloomy. There are very few new entrants, regulation is increasing so much that
it is unbearable. It is not remunerative as no one understands the value of our
services.
Shrikrishna: You’re right. But what
else can you do? So whatever you are doing, try to do it properly,
systematically.
Arjun: Due to Corona, the economy is already
depressed. We are all in very low spirits. So, better not get further
frightened by a discussion on disciplinary cases. Actually, I feel the Council
should declare an amnesty scheme for all misconduct that has occurred so far.
Shrikrishna: You have already gone
away from ethics, that is why your future is gloomy. But make good use of this
time for creative thinking, knowledge upgradation… That will at least help
you in future after Corona goes away. Otherwise, you will repent that you lost
the opportunity to get better organised. Such a time may never come again. Be
positive! Be brave.
Arjun: I agree.
Shrikrishna: So wake up. Think of what
best you can do to perform better in the post-Covid scenario.
Arjun: Yes, my Lord! I will walk on the path shown
by you. Thank you, Lord.
Om Shanti!
(This dialogue is based on the general attitude required to face the
present Covid scenario and take things in a positive manner so as to follow
ethics better.)
