The Society of Auditors, Chennai is India's oldest body of professionals in the accounting & attestation and is senior even to the accounting regulator of the country viz., ICAI nearly by a generation.
The best known names in the Indian accounting professional arena from this part of the country were not only instrumental in the formation of the Society but also in nurturing it to ensure its steady and influential presence to an extent that the body was a precursor and a trendsetter for many such organisations to germinate, grow and flourish across the country. The Society itself was a persuasive force to the Government of India to even formulate the Institute of Chartered Accountants of India under an Act of Parliament in 1949.
The Society is a sagacious, perspicacious and a serene body that has a wealth of experience behind it, thanks to the several doyens and veterans of yesteryears which the current generation is making effective use of - in conjunction with the modern and futuristic tools of learning and dissemination of knowledge. With a hoary past and a vibrant present, the Society is gloriously nearing its nineties.
Even though a nonagenarian organisation, paradoxically enough, with each passing year of the society, the average age of the members is actually going down, as more of the younger members are enthusiastically participating in carrying on the mantle.
Specific mention needs to be made of the way in which the distressing time of Covid 19 lockdown was effectively converted in to a knowledge augmentation opportunity with a series of webinars arranged by the young turks of the Society, with many members eagerly and interactively participating in them.
The Society of Auditors was formed in the pre-independence era, circa 1927 as an informal group of well-known and respected accounting professionals, then known as Registered Accountants. Th same was formally registered as a Society in 1932 (mind you, we are calculating Society’s age only from its formal birth!) and was the only body of accounting professionals (including the wannabe ones) that was a connect between the profession and the Government.
View more| Topic / Speaker | Date / Venue / Fee | Links/remarks | |||
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| Compliance requirements relating to Financial Statements for Non-Corporate Entities
Speaker: CA Sashank Srivatsan CA R G Rajan | 27th February, 2025 (Thursday) at 04.00 PM to 5.30 PM IST On zoom Platform. |
Meeting Joining Link: Click Here Meeting ID: 892 7702 0098 Passcode: 769518 About the program: Compliance with Accounting Standards for Non-Corporate Entities & Non-profit Organisations is the need of the hour, given that many of these entities are quite large and affect different stakeholders. Also, given their commercial or public interest status, it is important that all these entities follow uniform code of accounting standards including disclosure requirements. Towards this, ICAI has come out with Guidance Note on Financial Statements of Non-Corporate Entities as well as a separate Guidance Note for Non-Profit Organisations which have been issued by Accounting Standards Board in August 2023. These need to be compulsorily followed from the Financial Year beginning 1st April 2024 i.e. from FY 2024-25. Professional accountants should always be aware of and consider Guidance Notes applicable to the relevant engagement. A professional accountant who does not consider and apply the guidance included in a relevant Guidance Note should take reasonable and adequate care in performing the alternate procedures adopted by him to deal with the objectives and basic principles set out in the Guidance Note. Professional Accountants also need to follow the Income Computation and Disclosure Standards for all entities as per Section 145(2) of Income Tax Act,1961. Hence, one should also consider the Accounting Policies as per Accounting Standards vis-a-vis ICDS especially in cases where the audit is being conducted purely for tax audit / tax return filing purpose, which is mainly the scope in Non-Corporate Entities. In such situations, a professional accountant should also document the rationale in performing the alternate procedures. Similarly, while discharging his attest function, a member should examine whether the recommendations in a Guidance Note relating to an accounting matter have been followed or not. If the same have not been followed, the member should consider whether keeping in view the circumstances of the case, a disclosure in his report is necessary in accordance with Engagement Standards. Attending this Study Circle Meeting, will ensure preparers of financial statements as well as auditors to understand the compliance requirements, understand the formats, disclosures required as also documentation requirements in audit as part of auditing standards as well as to prepare for future Peer Review resulting in Confidence and Quality Enhancement. Speaker profile: CA. Sashank Srivatsan S, BCom, LLB(Hons.), FCA is a Chartered Accountant in Practice for the last 6 years who has exposure in various Taxation and Audit and Assurance Engagement. He is a co-opted member in Accounting Standards Board of ICAI for the years 2023-24 and 2024-25. He was also a co-opted member in the Expert Advisory Committee of ICAI. He was part of the Task force of ICAI representing the Ministry of Finance and Central Board of Direct Taxes and Infosys for resolving Income Tax E-filing Portal 2.0 Errors : he was the representative from Southern India Regional Council of ICAI. He has also assisted various authors in publication of Books in relation to Accounting and Taxation including Padhuka’s Publication for the last 2 years. He is also a speaker for various Continuous Professional Education (CPE) Programmes conducted by ICAI on Accounting Standards, Indian Accounting Standards and Income Tax. His areas of specialisation are taxation, accounting standards, bank audits & financial reporting. |
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