,
15 tweets,
5 min read
Read on Twitter
What a treat listening to one of the greatest professionals the country has ever had - Narendra P Sarda, past president of #ICAI at the lecture meeting organised by @bcasglobal. Simply outstanding! 
He spoke today on "Changing Risk Landscape for Audit Profession with Special Emphasis on NFRA and other recent developments."
This was probably the first time Mr Sarda took help of a Power Point presentation to deliver a talk! And he himself prepared each and every slide. Kudos to him.
He made several important and interesting observations. A very strong message that he has sent out to the CA fraternity is that NFRA is not like heavens falling on us. The ICAI will continue to be relevant.
One such observation is in this slide. Clearly shows how biased and uninformed allegations are often made at auditors.
Another set of points made by Mr Sarda
And more !
The ICAI has opposed the setting up if NFRA and is relying on an opinion given by Mukul Rohatgi
Some points about the disciplinary mechanism at #ICAI as explained by Mr Sarda
"Focus is on the police and not on the thief!" What an apt observation while talking about the role of #NFRA
What a strong statement "new talent may become hesitant to enter auditing profession"! Surely when a past president of #ICAI says this, we must sit up and introspect.
Some more very relevant pearls of wisdom from Mr Sarda:
"Bends on the road of business are becoming deeper and more frequent".
He mentioned this in the context of changing environment for business houses.
"Bends on the road of business are becoming deeper and more frequent".
He mentioned this in the context of changing environment for business houses.
And more:
"Many frauds can be prevented if system of reconciliation and confirmations is perfect".
He is of the view that obtaining independent confirmations from banks, debtors and creditors is a very basic audit requirement. Many auditors overlook this. And then frauds occur
"Many frauds can be prevented if system of reconciliation and confirmations is perfect".
He is of the view that obtaining independent confirmations from banks, debtors and creditors is a very basic audit requirement. Many auditors overlook this. And then frauds occur
Another one:
"Good governance & prevention of frauds in corporate sector require a combination of checks & balances. In many situations, all these checks & balances do not play their respective roles & when there is failure, questions are raised against the statutory auditors"
"Good governance & prevention of frauds in corporate sector require a combination of checks & balances. In many situations, all these checks & balances do not play their respective roles & when there is failure, questions are raised against the statutory auditors"
And the last one that I liked:
"Society's expectations are that statutory audit should detect all the frauds in the organisation. But, statutory audits are not designed for this"
So true, unfortunately, many people don't know the scope of statutory audit & then blame the auditors
"Society's expectations are that statutory audit should detect all the frauds in the organisation. But, statutory audits are not designed for this"
So true, unfortunately, many people don't know the scope of statutory audit & then blame the auditors
