Launch of the two-day academic event of the ICAI Jamshedpur chapter
Mail news service
Jamshedpur, May 13: A two-day academic event of the Institute of Chartered Accountants of India (ICAI), Jamshedpur Chapter, was inaugurated at a hotel in Golmuri on Friday.
The program began with the lighting of a ceremonial lamp by the speakers accompanied by the motorcycle song of the ICAI. A welcoming address was delivered by the Jamshedpur Branch President, CA Pankaj Singhari.
CA Kaushal Kumar Agrawal from New Delhi gave a lecture on the first topic of the day “GST Notice and Assessment”. It shed light on response to reviews and better management. The session was chaired by AC Sanjay Goel.
The second topic of the session was related to Practical Aspects of Professional Ethics which was elaborated by ICAI Central Council Member, CA Gyan Chandra Mishra. He said professional ethics had seen a lot of amendments. He said that CAs enjoy the trust of society by following these ethical rules. This session was chaired by CA Prakash Agrawal.
The third topic was the significant changes to the Companies Audit Reporting Ordinance (CARO) 2020. These changes ensure greater transparency in auditing, he said. This session was chaired by CA Jai Prakash Heerwal.
Today’s show was conducted by CA Yogesh Sharma, Secretary of ICAI’s Jamshedpur Chapter. Speakers were introduced by CA Sidharth Khandelwal, CA Bishakha Agrawal and CA Sugam Saraiwala.
Central government issues CARO-2020
The Department of Corporate Affairs has released a Corporate Audit Reporting Order (CARO) 2020 for Chartered Accountants which includes five new laws. When auditing a company, CAs will be required to provide information on five new points, said CA Kamal Garg, a specialist in corporate auditing, on the first day of the two-day academic program organized by ICAI . Garg said auditors are now required to disclose in their report whether the relevant company holds the lease or ownership documents for the land on which it runs in its name and whether the company owns benami property. The auditors must also mention whether or not the bank loans contracted by the company have been used for the same purpose and whether or not the company is able to settle its debts within one year of drawing up its balance sheet. Auditors further require disclosure if the company deliberately becomes a bank loan defaulter, Garg said.
Garg said earlier that the central government requested an audit report from external certification authorities on 16 points. The CAs will have to provide information in this regard in their audit report to be submitted on 30and September 2022, he said.
New amendments to stop tax evasion: Kaushal Agrawal
Goods and Services Tax (GST) specialist, Kaushal Kumar Agrawal of Dhanbad, addressing the ICAI two-day academic program on Friday, said that the central government has introduced changes in the laws on GST to prevent tax evasion. He said merchants would only get credit under 16(2)(AA) when their invoice details were visible in 2B. The government took this initiative to prevent false invoices. He said registered traders expect GST officials to issue a GST notice appropriately so that there is no wrongdoing. If traders and GST officials fully abide by the laws, there will be no tax terrorism or tax evasion in the country, he said.——————–