Dear Members,
Welcome back after a long and
exhausting tax audit filing season and the refreshing Diwali break.
As per the 2020 edition of World
Bank’s Ease of Doing Business ranking, India jumped 14 places to 63 in the
overall ranking, riding on the sustained business and economic reforms
undertaken by the government over the past several years. India has climbed 79
positions in the last five years and has been among the top ten performers for
the third year running. According to reports, India improved its ranking on
seven out of ten indicators tracked by the World Bank with the highest 56-place
jump to 52 in resolving insolvency. The lowest gain was with regard to starting
a business. PM Narendra Modi had, in 2014, set a target of breaking into the
top 50 by 2020. We are hopeful and confident that this will indeed be achieved.
This will help us in attracting foreign investment, boosting the sluggish
economy and thereby enhancing the country’s overall competitiveness.
On a different note, I also came
across another world ranking on a diverse parameter. According to the Global
Hunger Index 2019 Report, India ranked 102 out of 117 countries in the Global
Hunger Index (GHI) 2019, placed below its South Asian neighbours such as Nepal,
Bangladesh and Pakistan. This report suggests, ‘India is suffering from a
serious hunger problem’. In 2014, India’s ranking was 55 out of 76 countries,
which has worsened in 2019 to 102 out of 117. It is ironical that we are making
all-out efforts on the economic fronts but are lagging behind in taking care of
the basic necessity of life, i.e., food. I am sure the government has taken
cognisance and will take all the necessary corrective steps for the well-being
of our fellow countrymen.
Recently, the ICAI announced that it
had come to its notice that certain members in practice were listing their
services with certain online application-based service provider aggregators,
wherein other business persons, technicians, maintenance workers, event
organisers, etc. were also listed. ICAI cited that subject to fulfilment of
certain conditions and guidelines, publication of name or firm name by
Chartered Accountants in the telephone or other such directories published by
telephone authorities or private bodies is permissible. However,
application-based service provider aggregators are not covered in this
category. Therefore, it is not permissible for members to list themselves with
such aggregators. Members are advised not to be tempted by any such offers and
refrain from listing their or their firm’s name or services on such websites or
mobile applications.
Our society has announced two marquee
events which are open for enrolment. The first-ever Internal Audit Residential
Refresher Course (RRC) is planned for 21st and 22nd
November at Lonavala with the theme ‘Let’s Converge’. It’s for the first time
that such an event is being organised specifically for internal audit
professionals; we have a galaxy of distinguished paper writers on various
topics, which would help them to become better internal auditors. The flagship
53rd RRC has also been announced. It will be held in Tirupati
between 9th and 12th January, 2020. Its theme is
‘Emerging Areas of Practice’, apart from routine papers on direct tax and a
multi-disciplinary panel discussion. Refer to the website and event
announcements for other details. Members are requested to enrol for these
events, which also provide an excellent networking opportunity.
On 21st October, 2019 our
Society lost one of its most respected and illustrious Past Presidents, Kahan
Chand Narang, or Narang Saheb as he was popularly called. He was the President
in 1992-93, but his association with and contributions to its activities go
back decades before that. Apart from other Committees, he was an integral part
of the Accounting & Auditing and Journal Committees to which his
contributions have been invaluable. His ideas and suggestions have also been
vital for the Editorial Board of the BCAJ, of which he was a member for
more than two decades. He was a thorough professional and a perfectionist. A
man ahead of his times, he had a passion for reading and research. He always
had the interest of the Society and inspired many young members to take up
leadership positions. On a personal front, I was very fortunate to have known
and worked with Narang Saheb for almost 25 years; in fact, he was the person
who introduced me to this wonderful organisation. May his soul rest in eternal
peace. We will deeply miss you, Sir.
With Best Regards,
CA Manish Sampat
President
