Program Coordinators:

CA KS Lakshminarayanan : 9840275916

CA Mahesh Krishnan: 9840332523

About the topic:

Apart from a Management Letter, the only structured deliverable arising out of a Statutory Audit is the AUDIT REPORT. Many a time, the updated requirements are not met therein due to knowledge gap and poses a risk on expected reporting quality levels - especially in Peer Review scenarios.

Statutory audit reporting has different facets like when to use qualification, other matters, emphasis and also how to cater to India specific requirements on Regulatory Reporting. The audit procedures towards these are numerous and are to be done in a timely manner requiring extensive client communication and enhancing their understanding as it is a collaborative effort (e.g. Reporting on Other Information). This Programme also covers other aspects of the audit report that is specific to India viz. Regulatory Reporting u/s 143 of the Companies Act, 2013. The important topic of Issuing Certificates as per ICAI Guidance, wherein Members face disciplinary action if the standards are not met, is also covered.

The Training rounds off with approach discussions on CARO, IFC Reporting and allied matters and concludes with enhancement of Auditors role & approach in the areas of Fraud and how to ensure “reasonable assurance” is met in substance & form.

About the Speakers:

The speakers for the sessions are experienced chartered accountants who bring to the table rich professional expertise in the area of Statutory Audit Reporting.

Who should attend:

Articled assistants & Paid assistants. CA Freshers can leverage this training also. Unstructured CPE may be claimed by CAs as per ICAI Rules.

About the program:

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024 is a program introduced by the Indian government to resolve pending income tax disputes. Announced in the Union Budget 2024-25, it aims to reduce litigation, generate revenue, and provide taxpayers with peace of mind by offering a way to settle disputes without lengthy and costly legal battles. The scheme covers appeals pending as of July 22, 2024, relating to various direct tax matters, including income tax, corporation tax, and wealth tax. Taxpayers can settle disputes by filing a declaration and paying the disputed tax amount. The scheme offers several benefits to taxpayers, including:

· Waiver of interest and penalty on the disputed tax.

· Immunity from prosecution for tax offenses related to the settled dispute.

· Certainty and finality in resolving tax disputes.

The scheme came into effect on October 1, 2024, with the Central Board of Direct Taxes (CBDT) issuing rules and forms for its implementation.

· The scheme is a voluntary initiative, and taxpayers can choose whether to participate.

· Declarations made under the scheme are not considered precedents for future cases.

· The CBDT has issued guidance notes and FAQs to clarify various aspects of the scheme.

Overall, the Direct Tax Vivad Se Vishwas Scheme, 2024, offers a valuable opportunity for taxpayers to resolve pending tax disputes efficiently and amicably, benefiting both taxpayers and the government.

Speaker profile:

CA P Selvamoorthy, [DISA, CISA ,DISSP, CEH, AFCEH, PG Diploma in Cyber Crimes & Information Forensics from Madras University] is in Practice for almost Four Decades. He has a rich experience in Systems Audit for 20 years and is a Tax Consultant for a few PSUs. He is a visiting faculty for DISA / CISA courses and a resource person in XBRL workshops conducted by SIRC of ICAI & ICAI. He has served in few committees of SIRC of ICAI including Information Technology committee of ICAI and he is also a Peer Reviewer. He was President of Vellore Chartered Accountants Association during the year 91-92.

Program Details:
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Contact Details:

Roopa Ramachandran
GST Sub-Committee,
The Society of Auditors

Mob: +91 9444036805

Email: thesocietyofauditors@gmail.com.
roopa@vncindia.com

About the program:

One of the primary objectives of auditors is to serve the public interest. Regulatory enquiries are to be expected in the aftermath of any corporate collapse and these collapses are becoming more common nowadays. Control environments are constantly changing in the dynamic world, given the technological advents. The nature of evidence gathered is also evolving - this changes the risk profile of any audit particularly in relation to fraud. Moreover, the expectations from an audit are also increasing, resulting in the “Expectation Gap”.

Challenges and Recent Scrutiny

· The National Financial Reporting Authority (NFRA) has intensified its scrutiny of auditors, particularly in the areas of audit planning, execution and documentation. NFRA's observations highlight concerns such as:

· Auditors not exercising adequate professional scepticism to assess the risk of material misstatement due to fraud.

· Failure to obtain sufficient appropriate audit evidence to support audit conclusions.

· Non-evaluation of fraud risk in critical areas like revenue recognition, estimates and judgments.

· Instances of Engagement Partners failing to adhere to responsibilities concerning fraud/suspected fraud as required by SA-240.

· Relying on routine queries instead of in-depth analytical procedures to detect fraud indicators.

With this, a “status quo” on the Auditor’s approach to audits is not sustainable. This applies equally to small and medium audits as well as large audits. Attending this Seminar will enable the participants to listen to experts, veterans who have experience in the arena of Corporate Frauds and deliberate on how the Audit Process would need to metamorphosize to downside the Auditor’s Reporting Risk.

This program will be useful to Senior Team Members of the Statutory Audit team, Internal Auditors as well as Other Professionals.

Focus Area

This programme will delve into the challenges auditors face in detecting fraud and equip participants with the knowledge and tools to effectively address fraud risk factors. Key topics include:

· Understanding the auditor's responsibility in fraud detection and communication with those charged with governance

· Identifying and assessing fraud risk factors

· Designing and implementing effective fraud risk responses

· Recent NFRA pronouncements and their implications for audit practice

· Best practices for documenting fraud risk assessment and responses

Speaker profile:

Prof. Narayanaswamy Part-time Member, NFRA

Professor R. Narayanaswamy was in IIM Bangalore from 1986 to 2021. His qualifications include B. Com. from St. Joseph’s College, University of Madras, Chartered Accountancy, Cost Accountancy and Company Secretary, the ICAI’s Post-Qualification Diploma in Management Accountancy and PhD in Accounting from the University of New South Wales, Sydney.

His work is in accounting, auditing, and corporate governance. He has published research papers in national and international journals. His book Financial Accounting: A Managerial Perspective 7e (2022), an MBA-level text, is followed in business schools and universities in India. He has served on company boards and audit committees and government committees.

He has presented evidence on accounting and auditing regulation to the Parliamentary Standing Committee on Finance. Currently, he is a Part-time Member of the National Financial Reporting Authority, the independent regulator of accounting and auditing in India. He chaired the Reserve Bank of India’s Working Group on Expected Credit Losses.

Ms. Vidya Rajarao Founder Fraudopedia

Ms. Rajarao is the founder of a startup venture, Fraudopedia, that aims to equip young professionals with knowledge, training, and tools to combat, detect and prevent fraud in India. Ms. Rajarao was the first Indian to be elected to the Board of Association of Certified Fraud Examiners (ACFE), the world’s largest anti-fraud organization and was Vice-Chair during 2018.

Ms. Rajarao was one of seven members of the Technical Advisory Committee, National Financial Reporting Authority (NFRA) during 2018-20.

Ms. Rajarao holds substantial investigative, forensic and risk consulting experience in USA and India. She has testified before eminent Supreme Court justices in both domestic and international arbitrations and at the International Court of Justice, Hague.

She brings over 25 years of investigations, forensic accounting, and risk consulting experience often working in multi-cultural environments from teams across countries.

Ramakrishnan S Co-founder PKF Sridhar & Santhanam LLP

Ramakrishnan, Co-founder of the PKF Sridhar and Santhanam. He is a certified SAP FICO Consultant. He has been in-charge of quality and knowledge management of the firm and has handled various types of assurance and consulting assignments across six continents of the world for major industrial houses.

His skill set encompasses M&A assignments (International), Attestation Functions and Strategic Consulting. He is currently the vice-chairman of the firm, and has assumed a more strategic directional role in the firm's next innings.

He continues to mentor the partners and staff of the firm. He is an avid LinkedIn contributor on a variety of subjects mainly on frauds.

Program Details:
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Program Highlights:

- Comprehensive coverage of audit applicability, documentation & audit evidences

- Insights into recent changes

- Practical tips and strategies from experienced auditor

- ⁠Relevant Notification & Circulars

Bank Details For Online Transfer

Bank Name : Canara Bank

Bank Address : Gopalapuram, Chennai

Account Name : The Chartered Accountants Study Circle

Account No : 0930101004830

IFSC Code : CNRB0000930

Nature of Account : Saving account

About the program:

Budget 2024, presented to the Parliament on 23/07/2024 saw several changes with respect to the Capital Gains provisions under the Income Tax Act. These changes, which include the much-discussed indexation benefit on real estate transactions were crystallised by the Finance Act,2024 (No.2). This meeting is a walk-through these provisions and an attempt to understand their true ramifications for tax professionals and assessees alike.

Speaker profile:

Hailing from a family of Chartered Accountants S. Krishnan completed his Chartered Accountancy course in the year1974 and immediately set up his office in Chennai. In the last 50 years, he has handled Statutory Audit, Tax Audit, internal audits of banks, hotels and other industrial concerns. However, his specialization and interest has always been on Capital Gains in Direct Taxes and Works Contract in Indirect Taxes. Capital Gain tax planning is his area of specialisation. He advises his clients on capital gain tax planning and spends more time in this special area by contributing to various Tax Advisory Magazines. He has been doing a lot of analytical research and keeps himself updated on various Court decisions relating to Capital Gain tax issues. He has been writing for Taxmann's Publications pertaining to Capital gain Issues arising under various sections of the Income-tax Act, like joint development of property, Taxation of Income of NRIs with special reference to withholding of tax under section 195 of the Income - tax Act, Family Settlement / Family Arrangement, Transfer of Property for inadequate consideration etc. He has recently authored a book on Capital Gains and it has been published by Taxmann group of publications for the third year in succession.

Program Details:
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About the topic:

Most needed topic of the hour to understand and take the steps next to be compliant and to avoid the huge cost of non – compliance.

About the Speakers:

They are experts associated with a lead organisation exclusive for Labour Law Compliance – PAN India.

What to expect:

Thorough insight on what, why, how and what next about the notices received and the missed compliances.

Bank Account Details:
The Society of Auditors
Savings Bank Account Number: 006001000038406
Indian Overseas Bank, Mylapore Branch
IFSC Code: IOBA0000060

Link for registration:
https://forms.gle/9SqvE1iREF6f1MzA8
Please note that registrations will close by 1 pm on Tuesday, Nov 19th 2024. The webinar link will be shared with registered participants only.

For further details see the brochure or contact:
Program Coordinators:
CA Subashini Ganapathy : 9962266620
CA Mahesh Krishnan: 9840332523

Program Details:
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I FOR INDIVIDUAL REGISTRATION:

Step 1: Make the payment through NEFT / IMPS or Direct Deposit in favour of:

The Society of Auditors
Savings Bank Account Number: 006001000038406
Indian Overseas Bank, Mylapore Branch
IFSC Code: IOBA0000060

Step 2: Save the acknowledgment/ proof of payment (this shall be uploaded while filling the google doc).

Step 3: Click on the link and fill in the details

https://forms.gle/Q7VCvsnZa43RVVme8

Step 4: In addition to Step 3, please send an email to the Coordinators, attaching the Payment Reference and also mentioning your Name, email & Phone/Whatsapp number.

In case of Group Registrations – you may upload an excel containing the details of the delegates (name, email, contact number) in the google form.

About the Subject:

The DPDP Act provides for the processing of digital personal data in a manner that recognizes both the right of individuals to protect their personal data and the need to process such personal data for lawful purposes and matters connected therewith or incidental thereto. This is the first time such legislation has been introduced in India, and it has wide ramifications.

This virtual program will help the participants understand the Act's objectives and the various compliance measures required. Attending this program will also expose us to some practical case studies illustrating how this Act will affect our lives in various situations. As a professional, the session will also throw light on the opportunities available in this newly charted arena.

Speaker profile:

Mr. Muralidharan is a GRC Professional with over three decades of experience in Cyber Security & Risk Advisory services, covering Middle East, Singapore and India. He has vast experience spanning a variety of industries and projects spanning geographies like Cayman Islands, Poland, Kazakastan, Czech Republic & Dubai. He is a Certified Information Security Management professional / Certified Information Systems Auditor, Certified Ethical Hacker, ISO 27001 Lead Auditor, Certified Internal Auditor, BS-10012 - Certified Lead Implementer, Data Protection & Privacy as also a Privacy Lead Assessor (DCPLA) and a Certified Information Privacy Professional (CIPP), Europe.

About the Subject:

Expected Credit Loss (ECL) has brought about a significant change in recognition of provision for doubtful loans, advances and trade receivables. ECL is all pervasive and is equally applicable to entities outside banking and financial services sector.

This program aims to bring out the concept of ECL as well as methodologies for implementation. Moreover, ECL is a significant accounting estimate which makes it a focus area for auditors, audit committees and regulators. The programme will also cover examples of gaps in implementation which could be an area of regulatory scrutiny for companies and auditors alike.

This program is best suited for heads of finance and accounts, statutory auditors and internal auditors.

Speaker profile:

Prateek is a Chartered Accountant with over 15 years of experience in financial reporting and risk consulting. His experience includes statutory audits of leading banks and NBFCs as well as accounting advisory in a leading accounting firm. He has worked on several Ind AS / IFRS conversion for banks, NBFCs as well as manufacturing and services companies.

He is currently the Co-founder of World of Financial Reporting, a boutique consulting firm, founded in 2020, that also works on ECL modelling and advisory

Transfer Pricing was introduced in India in the year 2001. Many aspects like TP Documentation, Masterfile, CbC report, Advance Pricing Agreements, dispute avoidance measures developed over the years and has become a very vast area today. In this meeting, the speaker will be covering the following vital matters, which we feel will help our members in their practice and knowledge updation.

1. Budget 2024- Key TP takeaways

2. Focus on Industry specific challenges

• Manufacturing- Loss scenarios , Economic Adjustments, inter unit transfers & SDT etc.
• Services- Intra Group Services, outstanding receivables etc.
• Distribution- AMP Expenses, use of TNMM Vs RPM etc.

3. Controversy Management – Alternate dispute resolution mechanisms to explore - Key to robust Transfer Pricing

Nithya Srinivasan has more than 19 years of experience with over 15 years in Transfer Pricing with Big4s, advising multinational corporations and providing practical transfer pricing solutions. She has extensive experience managing transfer pricing compliance, litigation, APAs, complex planning assignments for High profile MNCs. She also specializes in dealing with tax authorities on wide variety of transfer pricing issues including marketing intangibles, share valuation, risk adjustments, start-up losses, adoption of statistical techniques to address transfer pricing problems. She was involved in development of dynamic transfer pricing policies for clients, including supply chain structuring, business model conversions. She has led Base Erosion Profit Shifting (BEPS) initiative for major India HQs.

Nithya has authored articles for publication in International Fiscal Association (“IFA”) journal, International Tax review, Tax sutra, NDTV, co-authored a book titled “Transfer Pricing Law and Practice in India including BEPS” published by CCH and also co-authored for the BCAJ Journal on “Transfer Pricing in the Automotive sector”

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 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.

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.

The above aspect was emphasized by the ICAI announcement dt. 19th August 2023 by way of a “Clarification Regarding Authority Attached to Documents Issued by the Institute”.

Clients and stakeholders need to be sensitised and also educated of the same to ensure compliance in the coming financial years.

Understanding of “Level" of Non-Corporate Entities / Non-Profit Organisations is essential as different levels have different compliance requirements.

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.

Sashank Srivatsan S, B.Com, LLB(Hons.), FCA is a Chartered Accountant in Practice for the last 5 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 Expert Advisory Committee of ICAI. He was part of Task force of ICAI representing to 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.

Cost records maintenance, cost accounting, cost audit have several touchpoints in a financial statement statutory audit. Audit teams need to be aware of the same - right from the maintenance and applicability perspective. As you know recently, ICAI (Disciplinary Committee) imposed penalty on a CA for failing to verify cost records while certifying CARO.

This programme will help statutory audit team members appreciate better on how Cost Accountants approach Cost audit, what constitute cost records and Cost Audit etc so that a dip stick study is done prior to compliance reporting / CARO as part of statutory financial audit reporting.

Another area of common interest is the Inventory Valuation wherein Cost Accounting Standards give more detailed guidance which is exceptional. Inventory values signed off by the statutory financial auditor is also used as an input by the cost auditor whose audit closure is simultaneous with or post statutory financial audit. The interplay needs to be understood well. This study circle meeting lends to this facet also.

CMA Jyothi Satish, Partner in J S L V & Associates, a Cost Accountant firm and is the First Woman Chairperson (2019-20) &, the first Woman Regional Council Member (2015-19 & 2019-23) of the Southern India Regional Council of the Institute of Cost Accountants of India. At present she is a Member of the Cost Accounting Standard Board of the Institute of Cost Accountants of India. She is also a qualified Independent Director & Social Auditor. She has more than 15 years’ experience in the field of Cost Audit, Internal Audit, GST & Legacy issues, Income Tax, Stock Audit, Certifications for Anti–Dumping / Anti-Profiteering, Designing and developing costing system for start-ups & SMEs Consultation - Product Costing/pricing/ cost reduction techniques. Her industrial experience includes Automotive & Automobiles, Fertilizer, Insecticides, Pharmaceuticals, Chemicals, Textile, Steel & Aluminium, Trading etc. She is a Resource Person/ Guest Lecturer at Loyola Institute of Business Administration (LIBA) and Natesan Institute of Co-Operative Management (NICM), Chennai.

The Ministry of Corporate Affairs (MCA) on 31st March 2023 notified the Companies (Indian Accounting Standards) Amendment Rules, 2023, whereby certain vital changes have been made to Indian Accounting Standards (Ind AS). All these changes are applicable from annual reporting periods beginning on or after 1 April 2023. This means that the Financial Statements for the year ending 31 March 2024 shall reflect these changes. We expect that some of these changes will require companies to re-evaluate the accounting currently followed and incorporate consequential impact carefully. Apart from accounting, disclosure aspects would also have to be re-examined - especially those pertaining to Accounting Policies.

This virtual study circle programme will introduce us to these changes at the basic level and with practical examples. Insights on possible strategic action plans would also be shared. Kindly attend this programme to enhance your perspectives & towards better compliance on Financial Statement preparation.

CA. Prateek has a PGPM from IIM, Bangalore apart from being a Chartered Accountant. He has had extensive experience in Financial Reporting advisory, Auditing listed NBFCs and Banks. Earlier, he has over a decade experience in a Big-4 Firm. He has also been facilitating the Training requirements of fellow professionals through various forums. He trained over 40 Companies’ executives and is a Trainer in “Diploma in IFRS” & many IND-AS workshops. He has trained staff at Indian Banks’ Association, National Institute of Bank Management and at a Securitisation Summit. Currently, Prateek is the co-founder of World of Financial Reporting, a firm focussed on financial reporting and Ind AS related advisory.

Payments to MSME's are monitored seriously over the last few years, started from regulations under the MSME Act, specific disclosure under the Companies Act 2013, and today The Income Tax Act 1961, Beware! MSME payments to be made on time! Delays would invite Disallowance.. 43B(h) effective FY 23-24

Classification, Coverage, Payments, Due dates, Tax implications and much more... Here's a session to discuss exclusively on this important topic, which every business enterprise should know.

CA.Vinamar Gupta, Practising Chartered Accountant specialist in Direct and Indirect Taxes, Most sought after speaker in ICAI, has played a great role in training GST officials in Punjab and Himachal Pradesh and has conducted number of outreach programmes for stakeholders organized by the state of Punjab and state of Himachal Pradesh. He has also delivered lectures in Income Tax Bar Association, Indirect Tax Bar and ICAI forums in Amritsar, Jalandhar, Ludhiana, Hissar, Sirsa, New Delhi, Gurgaon, Chandigarh, Jammu and various other professional forums.

A popular Blogger, Author of various books on GST for ICAI and Universities, handles sessions at with Guru Nanak Dev University, Amritsar; KLSD College for Commerce at Ludhiana, SSCMT Amritsar, Global Institute, DAV College, GNDU Extension College and Khalsa College."

High tea at 4.30 PM. Inauguration of the Study Circle Meeting of our Society for the Calendar year 2024. Followed by presentation By the speaker.

Today, the vintage of a Firm can no longer be the only factor to determine its position in its own lifecycle as well as a reference factor. India is perhaps the only country where our institute has introduced the Audit Quality Maturity Model - a way in which Firms can be referenced on their standing based on qualitative factors rather than usual metrics like their turnover, profitability or age.

AQMM is now part of Peer Review mandate. It will help all firms to perform and work upon in developing their practices, processes in line with Global multinational firms. Peer Review itself is being expanded to cover many layers of Audit Firms now. Hence, this meeting has been organised to discuss the practical means by which Firms can aspire to do well in these audit quality parameters with strategy & plan execution.

CA Karthik Srinivasan has more than 19 years of experience in the field of statutory audit, tax audit and risk advisory. He has worked extensively on IND-AS convergence projects and with with manufacturing, IT, ITES, Chemical, Automobile, retail/trading, BFSI clients belonging to large domestic and multinational business groups including listed entities, both domestic & overseas.

He has also worked on analytical tools such as IDEA and has taken internal trainings on use of analytics on large engagements including BFSI audits/training on auditing standards/IND AS/CARO 2020 and Schedule III including case studies on various IND AS in various firms.

Decode Recent MCA Penalties: Understand intricacies, ensuring corporate officials and auditors are well-versed in specifics and practical implications.

Mandatory Compliance Awareness: Stay informed on recent penalties as a signal for mandatory adherence to evolving regulatory changes.

Governance Alignment: Identify and rectify governance lapses highlighted by recent penalties, aligning discussions with best practices.

Proactive Risk Mitigation: Develop strategies to proactively mitigate risks signaled by recent penalties, fostering a culture of risk management.

Enforcement Trends Insight: Gain insights into enforcement trends and emerging risks for anticipating and addressing potential challenges.

Financial Ramifications Clarity: Understand the financial repercussions of recent MCA penalties, guiding effective risk management and financial planning strategies.

CA Sri Vignesh, a partner of M/s Venkatesan & Sri Vignesh, based in Tirupur, practices audits of corporate & non-corporate entities, specializing in direct and Indirect taxes. He has has practical experience in various corporate audits, incl. Internal audits, IFCoRs, and SOX assignments.

For meeting ID and Password please see mail sent.

About the Subject:

Tamil Nadu Government has come out with a “Samadhan Scheme”, on settlement of arrears is TNVAT Regime, which will be in force for a period of 6 months from 16/10/2023. For the first time the TN Government has waived fully the demand up to Rs.50,000/-. Since the country has migrated in to GST regime the state government is liberal in settling the pending demands. By attending the webinar, the participants will understand the nuances of the scheme as well as the procedure to be followed to file the application in the web portal.

About the Speaker:

Ms. Renuka Murali has specialized in TNVAT Act when the same was in operation. She has a thorough knowledge of the Act, practical experience, and knowledge in filling the application in Web portal.

For meeting ID and Password please see mail sent.

About the Subject:

RBI has introduced new Master Directions on classification, valuation & operation of Investment Portfolio in Banks. The Classification principles have been updated substantially. The gap between i-GAAP & IND-AS have als been aligned largely and this has several implications and practical challenges.

Another important aspect is with regard to the timelines - these directions are effective 1 April 2024 which is less than 6 months away and hence there is an urgent need to assess and implement the changes by the Banks. Auditors also need to assimilate the changes required - in their role as Statutory Auditors / Advisors / Independent Directors.

About the Speaker:

Prateek has a PGPM from IIM, Bangalore apart from being a Chartered Accountant. He has had extensive experience in Financial Reporting advisory, Auditing listed NBFCs and Banks. Earlier, he has over a decade experience in a Big-4 Firm. He has also been facilitating the Training requirements of fellow professionals through various forums. He trained over 40 Companies’ executives and is a Trainer in “Diploma in IFRS” & many IND-AS workshops. He has trained staff at Indian Banks’ Association, National Institute of Bank Management and at a Securitisation Summit. Currently, Prateek is the co-founder of World of Financial Reporting, a firm focussed on financial reporting and Ind AS related advisory..

For meeting ID and Password please see mail sent.

About the Subject:

Members are well aware that numerous changes have been made in the forms 10B and 10BB of the Income tax Act to be filed by Trusts. The form has to be filed before the extended due date of filing the tax return. In order to understand the implications of the changes made and ensure compliance of the requirement of filing forms 10B and 10BB, the Society of Auditors has organised a meeting on the subject to be addressed by a Senior member of the profession with vast experience in audit of Trusts.

About the Speaker:

Dr. CA.PHALGUNA KUMAR is a Practicing Chartered Accountant with more than Four decades of experience.

He presented more than 450 technical papers in Income-tax in the past in various CPE seminars in all the four Southern States -CA branches. On GST he has delivered more than 50 lectures across southern India. He is a classical flute player also.

For meeting ID and Password please see mail sent.

About the Subject:

The training is about the Income Computation and Disclosure standards (ICDS)-Practical issues and implications/considerations with special emphasis on topics such as Construction contracts, Revenue recognition , Borrowing costs, forex gains or losses including derivative transactions, Provisions / Contingencies.

About the Speaker:

CA Karthik Srinivasan has more than 19 years of experience in the field of statutory audit, tax audit and risk advisory including 11 years with Big 4 firms and for 5 years with a leading audit firm. He has rich experience in statutory audit, group audit, IFRS /IND AS and tax audit. He has worked extensively on IND AS convergence and has a good knowledge of Auditing standards and accounting standards. He has worked extensively with manufacturing, IT, ITES, Chemical, Automobile, retail/trading, BFSI clients belonging to large domestic and multinational business groups including listed entities, both domestic & overseas.

This topic is very relevant to the Chartered Accountant who renders professional services related to tax audits - especially to corporate clients and other large non-corporate entities. We sincerely believe that attending this programme will help us all “DE-RISK” our methodology and process of conducting the tax audit.

Please refer to the brochure for topics and speaker details. Kindly use the attached google link to Register your self after effecting the payment to the indicated bank account.

Google Form Registration Link

We request you to kindly enrol before August 12th, Saturday so that the hosts would be able to arrange the logistics accordingly.

For meeting ID and Password please see mail sent.

Need for a Study Circle Program on Corporate Social Responsibility.

1. Necessity for Company officials as well as Audit Staff to understand the law thoroughly - right from the basics to the nuances and handle practical scenarios

2. Mandatory compliance under Companies Act combined with Disclosure requirement

3. Part of Financial Reporting Process & Internal Control Processes can be designed only by “field-level” understanding of the compliance requirements

4. CSR Rules have scope for certain judgement calls - risk of mis-interpretation / mis-use

5. Emerging Fraud Risk area

6. Penalties in case of non-compliance - whether intended or not

About the Speaker:

C S Jayan is a Fellow member of The Institute of Company Secretaries of India (ICSI) and a Bachelor of Commerce & Law. He has successfully completed the Certificate Course of CSR Impact Assessment conducted by ICSI. He is a Member of the Expert Group on Secretarial Standards of the Institute of Company Secretaries of India. He is an expert on expertise in the set-up, governance and management of NGOs. CA Jayan is a committed lecturer having more than 14 years of experience in teaching and mentoring budding professionals and has wide exposure to audit, finance and budgeting functions and years of advisory experience on financial planning and management. He was the Chairman, Institute of Company Secretaries of India, Kochi Chapter in 2013.

For meeting ID and PW please refer WhatsApp message or email.

About the Subject:

Dyslexia is a general term for disorders that involve difficulty in learning to read or interpret words, letters and other symbols. Children with dyslexia are those with average or above average intelligence, whose potential and academic achievements don’t often match. Common characteristics of the disorder include imperfect spelling, bad handwriting, letter and word reversals, inconsistent spellings for the same word etc. Early identification of the disorder is essential to ensure quick remediation, so that the child is put on the path to achieve its potential fully. The children also require the full understanding and support of not only the parents but also larger circle of family & friends – and for this, acceptance of the condition is the first step. Most children with dyslexia can succeed in school with tutoring or a specialised education programme.

Please join this programme to get awareness of this subject.

Auditing Related Party transactions has become a very vital part of any assurance engagement. It is important that auditors plan this area well having understood the scenario (which differs from client to client). It is equally important that the auditors consider all auditing risks associated with these transactions and are also demonstrate ably, later, that the procedures were indeed followed.The discussions will centre around these practical aspects.

New Section 194 R has been introduced in the Income tax Act with effect from 1st July 2022. The Section provides for deduction of TDS on benefits or perquisites provided in respect of business or profession. Lot of issues on the applicability of Sec 194R have been faced by many stakeholders. In this context, SOA is organising this panel discussion which will cover different issues arising out of Sec 194 R. The distinguished panelists shall give their personal views on the same which will be moderated by CA T G Suresh.

About the workshop
The main objective of Peer Review is to ensure that in carrying out the assurance service assignments, the members of the Institute (a) comply with Technical, Professional and Ethical Standards as applicable including other regulatory requirements thereto and (b) have in place proper systems including documentation thereof, to amply demonstrate the quality of the assurance services.

The decision of the Supreme Court in the context of partnership law in the case of Mansukh dyeing has changed the fundamental understanding of taxation of partnerships in the context of capital gains. It is important for us to analyse and reflect on the ruling in order to be able to structure and advice on partnership reconstitutions.

Partnership structures have being used in the past to optimise on tax positions and they were great vehicle for avoidance of tax in the past. In fact, the Supreme Court had many years back sounded a word of caution on the structuring of transactions using partnership. It will be good to reflect on the prescient warning by the Supreme Court and how it connects to codified form of anti-avoidance under the law – the GAAR provisions.

Action has started in the GAAR provisions. Notices are now being issued by their tax officers for variety of transactions and for different kinds of taxpayers, small and large. It is be time to take stock of what this new regime of proceedings holds for taxpayers and tax professionals.

All are welcome High Tea - 6.00 PM

The practical issues / challenges faced by our members pursuant to the investigation of financial and other professional matters by National Financial Reporting Authority (NFRA), representation by the members, its order, appeal against the said order etc., will be discussed in detail by the learned speaker who has hands on experience on the said topic. This session will be interactive and also guide our members to face these challenges.

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About the Subject:

The practical issues in filing GSTR 9 and 9C will be discussed in detail and the speaker will clarify the queries if any of the members in connection with these forms. This will be useful for all members who are involved in filing the Forms GSTR 9 & 9C and also for their clients in connection with the filing.

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About the Subject:

ONDC is established by the Department for Promotion of Industry and Internal Trade (DPIIT) of Government of India to develop open e-commerce. It is a set of specifications designed to foster open interchange and connections between shoppers, technology platforms, and retailers. ONDC creates a level playing field mainly for small retailers; lower the barrier of entry and discovery online.

This meeting will be useful to practicing Chartered Accountants for advising their clients and also to the members in the industry to understand the nuances of this new development.

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About the Subject:

E-invoicing is proposed to be rolled out by the Government of India for tax payers having turnover of more than Rs. 5 crores. This new system promises to change the way we deal with the country’s largest tax reform, the Good & Service Tax. This meeting will help us understand, on a practical note, how to implement this change and how this change will impact us all.

This meeting will be useful to practicing Chartered Accountants for advising their clients how to implement e-invoicing in their accounting system. Members can also advice their clients, who will be covered under e-invoicing very soon, to participate in this meeting and leverage the knowledge gained.

About the Subject:

Charitable Institutions play a significant role in Society. While Trusts are formed for education or relief of the poor, etc., one other category is advancement of general public utility. The definition of charitable purpose went through various changes which opened up the pandoras box of litigation. However, thanks to many High Court Decisions, the Charitable Institutions continued to enjoy the exemption. The recent Supreme Court on Charities has changed everything. This meeting will analyse the journey and the decision in detail and future implications for various associations and charities.

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About the Subject:

In a time when transfer pricing has gained immense importance throughout the world, it is essential to be practically ready to resolve the TP challenges faced by businesses. Ahead of the upcoming tax filing season, this session will cover various transfer pricing case studies on the common intercompany transactions and business models used by multinationals operating in India. Drawing from extensive experience, we will share practical insights on the transfer pricing implications and the points to be kept in consideration while approaching similar situations faced by clients. The session will also briefly highlight the trigger points which would get raised at the time of TP scrutiny on various transactions. This would help to create more awareness amongst clients in terms of readiness for a detailed TP scrutiny which can stand the test of time.

For meeting ID and PW please refer WhatsApp message or email.

About the Subject:

Business Responsibility and Sustainability Reporting also widely known as ESG Reporting. To make the planet a better place to live in and ensuring equity and fairness in treating our people, community and society at large with good governance as well, the United Nations brought in 17 Sustainable Development Goals (SDG). The Govt. of India has issued guidelines wherein these 17 SDG have been made 9 principles which is required to be reported by specific companies. ESG Reporting, though restricted to top listed companies, will soon permeate to other listed companies and thereafter to public and large private companies. So, it is essential that Practicing CAs (statutory auditors), advisors and Members in Industry get acclimatised to the requirements. ESG reporting has its implications on:

• a. Financial statements
• b. Corporate governance;
• c. Risk Management;
• d. Costing the products or services;
• e. Business Strategy and Planning, etc.,

For meeting ID and PW please refer WhatsApp message or mail.

About the Subject:

Tax audit due date is fast approaching and Chartered Accountants (‘CAs’) are bracing themselves for the same. The Income-tax Department also heavily rely upon the information furnished by the CA in the tax-audit report. More particularly in the era of faceless assessment the importance of information submitted in the tax audit report has increased.
It becomes imperative for a CA to understand the requirement of reporting under various clauses of the tax audit report in this increasing complex environment involving ICDS, GST etc. Further, the challenges faced by professionals on account of clause 44 makes the tax audit assignment more challenging and invite different approach to conclude the audit efficiently and in a timely manner.
With a view to refresh ourselves and also to address the challenge of collecting details for audit, the Society of Auditors has organized a workshop on important issues of the Tax audit with special focus on Clause 44 and documentation.

For meeting ID and PW please refer WhatsApp message or mail.

About the Subject:

As the automation is increasing day by day, the way books of accounts are prepared and maintained are becoming more Technology dependent and The Institute has prescribed several audit steps around the IT System and this requires specialized skill sets. Hence, it is important that the Practicing CAs and their team have clear awareness on the IT Controls, its functionality, Auditing approaches and taking the support from technical experts on the right time (under the provisions of Using the services of Technology professionals), etc., as part of the Statutory Audits. It would also be a good approach for the astute statutory auditor to equip himself and his team with the necessary IT skills - this study circle meeting is towards discussing the first steps in this direction.

For meeting ID and PW please refer to WhatsApp message or mail.

About the Subject:

Sec 194R has just been introduced and it will cover a wide range of assesses since the threshold limit has been kept at a minimal level. There are several practical challenges that will be discussed in the Study Circle meeting. The interplay of Sec 194R with provisions of GST will also be deliberated.

For meeting ID and PW please refer WhatsApp message or mail.

About the Subject:

Income from Business or Profession is THE Core revenue stream that generates numerous tax assessment challenges. Recent case laws have brought about different perspectives that the tax practitioner needs to be aware of. These will be dealt with by the experienced and senior speaker.

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About the Subject:

Documentation is no longer related only to large transactions; it is as inevitable even for individual returns and normal Tax returns. Why is this gaining importance now? Information today is available at every level, and it becomes important to document every number in the tax returns simply because it is the documents which are going to speak for us in assessments.

To understand more on the topic please do attend the study circle meeting (zoom platform)

For meeting ID and PW please refer WhatsApp message.

About the Subject:

The Prevention of Sexual Harassment (PoSH) at Workplace Act of India mandates every organisation to define their sexual harassment policies, prevention systems, procedures and service rules for its employees. However, most Indian employers have not implemented the law despite the legal requirement. There is a lack of understanding about the subject matter as well as the approach strategy for the same.

Recent reports claim a rise in the number of cases registered for sexual harassments at the workplaces. Hence, it was felt that a Study Circle meeting to bring awareness and sensitiving on this topic is essential. We are sure, that with an expert and experienced speaker, the Study Circle meeting will address these objectives

While on one side the honest taxpayers are honoured and intended to be protected, measures are continuously being taken to ensure there is proper compliance. One such measure was the notifications for expanded scope and timelines for reassessment.

There have been lots of discussions/ issues around the validity of such extensions and its effect on taxpayers.

While this is around, we will have lots of questions on the reassessment notices received/ first response provided etc. the validity of those notices.

Should we honour or ignore?

To get answers to all your questions please do attend a threadbare analysis on the issue!