Business Bureau ;
Nagpur Branch of WIRC of Institute of Chartered Accountants of India (ICAI) recently organised a webinar on ‘Standards on Auditing.’ CA Dr Debashis Mitra, Chairman Board of Studies (Academic), ICAI, was the chief guest. He said, ICAI has got publications ready for guidance on auditing standards, because of situations emerged from COVID-19. He conveyed that because of lockdown during March end, physical verification of stock in majority of cases was done through virtual mode. He shared many practical cases with respect to issues and intricacies in the matter of interpretation and implementation of standards on auditing (SA). He shared about the four different types of audit reports that can be used to convey true and fair view or otherwise of the financial statements. CA Kirit N Kalyani, Chairman of Nagpur Branch said, SA are termed as yardsticks against which quality of audit is duly ensured.
He said that dealing efficiently with subject like standards on auditing is need of hour. He appealed members to take maximum benefit from all deliberations. CA Durgesh Kabra, Mumbai, Central Council Member said, COVID-19 is resulting in significant operational disruption and presents an existential threat for many businesses. He dealt with the subject very well and conveyed that members need to know about 38 standards on auditing and 8 other standards, as well. He briefed about the standards in his unique style with the logical placing of the same for due reference by members. He appealed the members to exercise due caution as the standards are now mandatorily to be followed. He said, standards are either converged or adopted from International Auditing Standards Board.
“Role of ICAI has changed, because now the same are recommended in the form of exposure draft. After getting comments, the same are duly discussed in Council. Once approved, it is recommended to NFRA and at last the same gets due nod, when Ministry of Corporate Affairs notify the same,” he said. He resolved queries of members. He concluded by conveying all good luck to Team Nagpur and very relevant quote of Viktor Franki, “When we are no longer able to change a situation, We are challenged to change ourselves.” CA Sanjay Agrawal, Treasurer of the Nagpur branch of ICAI, co-ordinated the webinar.
CA Akshay Gulhane, WICASA Chairman, introduced the dignitaries while CA Kirit N Kalyani proposed the formal vote of thanks. Prominently present were CA Errol Dsouza, CA Akash Bhojwani, CA Raunak Chandak, CA Kamal Patel, CA Karan Popli and around 200 CAs.