Thread by @akhilpachori

Thoughts shared by a Senior Chartered Accountant yesterday

The work is slipping out of hands like sand but inaction is at its height.

What an irony that the motto of our ICAI is ‘Ya Aeshu Suptaeshu Jagruti’ which means ‘a person who is awake in those that sleeps’ but..

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but it seems that what is happening is just opposite to it.

In last few years we have been witnessing continuous dent in the traditional practice work. Be it reduction in bank statutory audit work or increase in tax audit limit or introduction of faceless schemes and..

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and at last the removal of requirement of GST audit.

And now encouraged with no/bleek objection from ICAI, the Government seems to be thinking of doing away with audit of companies of certain categories.

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Why is it so that our representatives sitting at Center could not see this coming and why did they not sensitize the members of upcoming threats and why did they not mobilise members against these measures

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Why I am pointing towards the elected representatives is because we elected them just not to sit in council and make policies, but to convey problems at apex level, to look after our well being in profession, to caution us against probable threats and lead us in our protests

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A general member is not expected to gather themselves and protest, it is the leaders on whose call the members unite and rise up for a cause. They are not expected to hide themselves in regulatory veil

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Are we not too complacent! We have been at the receiving hands of all the actions of Govt. in the name of well being of business and which are propogated by political leaders as freeing businessman from the hand of CAs and their high fees

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ICAI is a regulatory body but not like SEBI etc. It has been looking after the welfare of members and representing before Govt./banks/other offices on various matters including Fee

But in recent years its voice seems to be fading away

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The mantra of being self-reliant is OK but there is a large no. of members in the ecosystem who are dependent on traditional practice work and the existing opportunities should at least not taken away

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Moreover the way audit function is being curtailed, many of us may be left acting as accountants only.

Please share your thoughts..

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