‘Audit of co-op sector from CAs will ensure financial discipline’
| Date :19-May-2019 |
Business Bureau:
Speaking at the seminar organised recently by the Nagpur Branch of WIRC of ICAI, Chairperson of Samruddhi Cooperative Bank Ltd., Nagpur and wife of Union Minister Nitin Gadkari - Kanchan Gadkari - said cooperative societies need to be analyzed differently as compared to the other financial institutions. “Besides, because of various constraints driving the operations of societies, discipline need to be maintained in the matter of day to day affairs of the society,” she said inaugurating the seminar. “In true sense chartered accountants are one of the major partners in nation building.
Banks, financial institutions, cooperative societies and entities like self-help groups need to be equally recognised for their crucial roles to cater to the financial needs of various entrepreneurs,” she said adding that accountants play important role in guiding and ensuring financial discipline in cooperative societies. Kanchan Gadkari, went further to mention that the importance of chartered accountants in recent past has been enhanced greatly.
The reason for the same being remarkable decisions of the Government of India with respect to demonetization, implementation of GST, cash less economy, etc. Cooperative societies play a very vital role in the matter of catering to unorganized sectors. Fast pace of development of Indian economy because of steps of Indian Government is being recognized by the other prominent countries as well. Such pro-economy scenario coupled with the need to ensure compliance with various provisions of the Act, has necessitated the increased role of chartered accountants, Gadkari added. Kanchan Gadkari, who is heading the bank since last four years, is committed enough to achieve an enviable benchmark in the cooperative sector.
She shared her knowledge in the field and appealed the members present to help bring discipline in the financial affairs of the society, they are auditing. She also appreciated the efforts and working of Nagpur Branch and congratulated for organising the knowledge sharing seminar for the practicing CAs. CA Suren Duragkar, Chairman of the Nagpur Branch of ICAI, in his remarks welcomed Gadkari and appraised her about the events organised by the Nagpur Branch. He said that CA’s are enduring their professional services in different roles to co-operative sector.
He said that timely submission of audit reports by CAs enables the department to take proper decision to control and monitor the co-operative sector. He assured that the CA professionals will help Government in implementing their policies in future too. He expressed and appealed to all members present to consider recent amendments in co-op Act and circulars while finalizing their audit report this year. CA Tusharkanti Dable, speaker on the occasion dealt with recent amendments and circulars related to cooperative audits right from the ones concerning meetings, quorum, minutes, etc. of a society to the circulars having impact on the mode of verifying and reporting the audit findings.
CA Shailesh Dahake, another Speaker, guided the members present with respect to applicable Audit Formats and online Report Submission. CA Sanjay M Agrawal, Chairman WICASA, Nagpur Branch, coordinated the event. CA Julfesh Shah, Member of Committee on Management Accounting, ICAI, New Delhi, welcomed the guest. CA Kirit N Kalyani, Vice Chairman, presented memento to the chief guest. Saket Bagdia, Secretary of the branch, proposed the vote of thanks. CA Harish Rangwani, Executive Committee Member, CA Sudhir Dabir, CA S U Sharma, CA Satish Laddhad, CA Lalit Chauhan, CA Anand Apte, CA Sanjay Pathak, CA Jaydeep Patel and CA Preeti Khandagale were present.