Changes in Companies' Auditor's Report Order 2020: Bridging the Expectation Gap
The presentation discusses the Companies' Auditor's Report Order 2020, emphasizing the importance of accounting in tax, governance, and investment. It highlights the social purpose and obligation of the accounting profession, focusing on the role of Chartered Accountants in inspiring confidence. The talk addresses the evolving needs of businesses, increased governance responsibilities, and the trust placed on auditors for better governance. It outlines the modifications, additions, and deletions in the clauses of the report, including issues related to transactions, liabilities, remuneration, assets, deposits, cost records, inventory, loans, investments, and more.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Companies (Auditors Report) Order, 2020 Notified on 25thFebruary, 2020 BRIDGING the EXPECTATION GAP 2
INSURANCE !! The views expressed are those of the presenter and, therefore, do not necessarily represent the views of either the Council or any Committee(s)/Board(s) of the Council of the Institute of Chartered Accountants of India (ICAI). 3
INTRODUCTION INTRODUCTION CONTEXT .. CONTEXT .. ( accounting is accountability ) ( accounting is accountability ) ( accounting is base for tax, governance, credit, investment, sustenance) ( accounting is base for tax, governance, credit, investment, sustenance) ( (opinion on FS is a communication: should be ONLY truthful and complete opinion on FS is a communication: should be ONLY truthful and complete) ) 4
Throughout the world, there is a great awareness among citizens in general that every learned profession should develop a sense of social purpose and social obligation and this should be more so in the case of the accounting profession, which because of the present context in the country has assumed considerable importance. The Chartered Accountant is a person on whom every member of the society could rely and rely strongly. His certificate would be one by way of a seal and a hall mark of which would inspire confidence in the minds of all concerned as certificates by a person fully competent and holding a charter from the Supreme Legislature of the country for the purpose. 5
Number of clauses Retained Clauses 7 7 (Retained) + 7 (Modified) Retained with Changes 7 Deleted Clauses 1 Newly Introduced 5 Re-Introduced (2003) 2 7 Newly Added CARO 2020 21 Sub Clauses 47 Changing needs of the business and ensure better compliance and governance. Less Government and More Governance More trust on Auditors by Government for better Governance Powerful tool for Auditors to express opinion 7
Summary of Changes Newly Added (Clauses) ( 7 ) Modified (Clauses) ( 7 ) Retained (Clauses) ( 7 ) Deleted (clause) Transaction Not recorded in Books Ability of Company to meet its Liabilities NTM Managerial Remuneration Fixed assets Acceptance of deposits Maintenance of cost records Inventory Loans ,Investments, securities & guarantee s - Sec 185 & 186 Repayment of Loans granted by company CSR - Transfer of Unspent Amount to Fund Application of funds raised Statutory Auditor Resignation CFS : reference to negative remarks in Subsidiary CARO Internal Audit System (CARO 2003) Default in repayment of dues Related Party Transactions Reporting of frauds Nidhi Company Non-Cash Transactions Payment of statutory dues Registration with RBI Cash Loss (CARO 2003) 8
Clauses & Sub Clauses increased in CARO 2020 Clause No. No. of Sub-Clauses Clause No. No. of Sub-Clauses (i) 5 (xii) 3 (ii) 2 (xiii) 1 (iii) 6 (xiv) 2 (iv) 1 (xv) 1 (v) 1 (xvi) 4 (vi) 1 (xvii) 1 (vii) 2 (xviii) 1 (viii) 1 (xix) 1 (ix) 6 (xx) 2 (x) 2 (xxi) 1 (xi) 3 Total Clauses (21) Total Sub Clauses (47) 9
APPLICABLE FROM APPLICABLE TO NOT APPLICABLE Banking company Financial year commencing on or after 1st April, 2019. Every company including a foreign company as defined in section 2(42)of the Companies Act,2013. Insurance company Section 8 company One person company Government Company Small company under section 2(85) of Companies act,2013* Branch Private companies(subject to conditions) Consolidated Financial Statements: Gate opened report on negative remarks in subsidiaries CARO *Small Company under the Act shall be exempt even if it falls under any other eligible category. 11
Private Company Non-Applicability CARO 2016/ CARO 2020 CARO 2015 Any Private Limited Company Not being a subsidiary /holding of a public company Any time during the financial year a. Total loans outstanding < 100 lakhs, b. Total revenue as per Schedule III including revenue from discontinued operations < 1000 lakhs, and a. Paid up capital, Reserves and Surplus < 50 Lakhs, Total Loans outstanding < 25 lakhs and c. Turnover < 500 lakhs. b. As At the Balance sheet date c. Paid up capital, Reserves and Surplus <100 lakhs 12
Exemptions to Private Company No Change from CARO 2016 A private limited company, not being a subsidiary or holding company of a public company, a. with a paid up capital and reserves & surplus not more than rupees one crore one crore as at the balance sheet date at the balance sheet date b. which does not have total borrowings exceeding rupees one crore from any bank or financial institution at any point of time during the financial year financial year c. which does not have a total revenue as defined in Scheduled III to the Companies Act, 2013 (including revenue from discontinuing operations) exceeding rupees ten crore rupees ten crore during the financial year as per the financial statements. rupees one crore at any point of time during the 13
Terms defined Paid up capital includes Equity and Preference Shares and Shares forfeited, but does not include unpaid calls and share application money. Reserves and surplus includes Capital Reserve and Revenue Reserve including Revaluation Reserve ; adjusted for debit balance in the P&L Account. Borrowing shall include short- term, long term, Non fund based borrowing, bills discounted, term loans, credit cards. Any borrowing from any Scheduled Bank, Cooperative Bank, Foreign Bank, Financial institution (includes NBFC), to be considered for the limit. Revenue is the total revenue disclosed in Schedule III of the Act, including other income and income from discontinuing operations. 14
Deleted (Clauses) Managerial Remuneration Whether managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Companies Act. If not, quantify , examine and report the steps taken by company for securing refund of the same. 16
New Clauses 17
Re introduced from CARO 2003 (Clauses) Internal Audit System: (xiv) (a) whether the company has an internal audit system commensurate with the size and nature of its business; (Re-introduced from CARO 2003) (b) whether the reports of the Internal Auditors for the period under audit were considered by the statutory auditor; (Newly Added) Cash Loss: (xvii) Whether the company has incurred cash losses in the financial year and in the immediately preceding financial year, if so, state the amount of cash losses; (Re-introduced from CARO 2003) 18
Clause on Unrecorded Income (viii) Whether any transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961), if so, whether the previously unrecorded income has been properly recorded in the books of account during the year; Focus Aspects Reconciliation Financial current as well as previous periods (in recorded in current year). with the Statements Review of Tax Assessments 19
Clause on Resignation of Statutory Auditor (xviii) Whether there has been any resignation of the statutory auditors during the year, if so, whether the auditor has taken into consideration the issues, objections or concerns raised by the outgoing auditors; Focus Aspects ADT forms filed Review mentioned for Resignation Documentation Communication Outgoing Auditor Documentation Engagement (SA 220) Initial Risk Assessment and Response to Assessed Risks (SA 330) of reasons of with of Documentation of : Concerns raised by the Outgoing Auditor In the Audit Report, communication before accepting engagement, discussions / communication with TCWG (by the outgoing Auditor), etc. (concerns raised need not be in Audit Report alone). Include specifically in MRL that all material concerns/objections discussed by the outgoing auditor (other than those mentioned in KAM para) are shared by the Management/BOD/AC. Acceptance 20
Clause on capability of meeting its liabilities (xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, the auditor s knowledge of the Board of Directors and management plans, whether the auditor is of the opinion that no material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date; Focus Aspects Opinion On date of Audit Report - the ratios, Mgmt & Board Plan subsequent to the B/S date but before Audit Report needs considered. to be For all Liabilities that fall due within a period of One Year from B/S date. Written representation from Management on: Plan for realization of receivables and other financial assets BOD documentation of review of Liability position (payable within one year) and payment Plans Include specifically that all material events/transactions post balance sheet date but before Report date that could impact the Paying Capacity in the knowledge of the Management/Board has been communicated to the Auditor. Ex. Receivables evaluation after the Balance sheet date till Audit Report (already included in audit process). 21
Clause on transfer of CSR unspent amount to fund (xx) Focus Aspects Applicable to Companies for which CSR provisions apply Review of Board Report - to identify reasons Review of Corporate Responsibility Account (on going Project) transferred Verify Compliance - report non - compliance w.r.t. transfer amount Projects & Otherwise) (a) whether, in respect of other than ongoing projects, the company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act, within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act; Unspent Social (b) whether any amount remaining unspent under sub-section (5) of section 135 of the Companies Act, pursuant to any ongoing project, has been transferred to special account in compliance with the provision of sub- section (6) of section 135 of the said Act;, If of unspent (Ongoing 22
Clause on CARO remarks of other auditors CFS (xxi) Focus Areas Summary Reporting (modified) of all Companies Consolidated FS of CARO Whether there have been any qualifications or adverse remarks by the respective auditors in the Companies (Auditor's Report) Order (CARO) reports of the companies included in the consolidated financial statements, if yes, indicate the details of the companies and the paragraph numbers of the CARO report containing the qualifications or adverse remarks. included in Only Reference to the Clause/Para Number no specific requirement to evaluate the impact. reporting 23
Clause on Fixed assets (i) (a) (A) whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment; Focus Areas Additional Intangibles assets as well Reporting on New* (B) whether the company is maintaining proper records showing full particulars of intangible assets; Additional reported in case property not held in the name of Company (period, in the name of RP, etc.) details to be (b) whether these Property, Plant and Equipment have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same have been properly dealt with in the books of account; Revaluation - Verify basis and report if change more than 10% Verify Registered Valuer was used by Company else, report. the valuation from (c) whether the title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the company, if not, provide the details thereof in the format below (format provided) 25
Clause on Fixed assets (i) New* (d) whether the company has revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year and, if so, whether the revaluation is based on the valuation by a Registered Valuer; specify the amount of change, if change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment or intangible assets; Focus Areas Enquire on proceedings/filing against the Company relating to property under Benami Report in case of any instance identified New* (e) whether any proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, if so, whether the company has appropriately disclosed the details in its financial statements; MRL specifically mentioning that all proceedings/filings against the Company that is in the knowledge of the Company w.r.t. Benami property have been shared 26
Fixed Assets CARO 2016 GN Ref. (1/3) Properrecords not defined in the order; GN guidance: Aggregate original cost, depreciation or amortisation to date and impairment loss, if any, under individual heads to tally with the figures shown in books of accounts Not possible to specify any single form; depend upon, number of operating locations, systems of controls etc. Records in the form of electronic FA register to be accepted by auditor if : The controls and security measures in the company are such that once finalised, the fixed assets register cannot be altered FA register is in such a form that can be retrieved in a legible form Maintain adequate documentation evidencing the evaluation of controls that seek to ensure the completeness, accuracy and inalterability of the register Physical verification is the responsibility of the management: however, the auditor may chose to observe physical verification FA to be verified at reasonable intervals - factors to be considered include the number of assets, the nature of assets, the relative value of assets, difficulty in verification, situation and spread of the assets, etc 2 7
Fixed Assets CARO 2016 GN Ref. (2/3) Term immovableproperties not defined; GN Guidance: Land Benefits to arise out of land Things attached to the earth or permanently fastened to anything attached to the earth The Order is silent as to what constitutes title deeds . GN provides that the following documents mainly constitute titledeeds of immovable property : Registered sale deed, transfer deed, conveyance deed etc., In case of leasehold land/buildings, the registered lease agreement Title deeds-mortgaged, seek confirmation from the lender or verify information online from state records Disclose immovable properties which have been acquired, but the title is in the process of being transferred 2 8
Fixed Assets CARO 2016 GN Ref. (3/3) Where title deeds have been lost, certified copies of documents , details about the FIR and a MR may be obtained In case of disputes, auditor may consider communicating with the legal counsel Reconcile the title deeds with the FAR 2 9
Clause on Inventory (ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management and whether, in the opinion of the auditor, the coverage and procedure of such verification by the management is appropriate; whether any discrepancies of 10% or more in the aggregate for each class of inventory were noticed and if so, whether they have been properly dealt with in the books of account; Focus Areas New* New coverage verification (adequacy (in terms of value), class of inventory, periodicity, etc.) New reporting requirement on 10% or more deviation if identified Review quarterly returns / documents filed with Banks/FI report if discrepancies noted with books: encouraged to prepare Quarterly FS, get the same reviewed by auditors quarterly. reporting - on the of & process (b) whether during any point of time of the year, the company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets; whether the quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company, if not, give details; New* 30
Clause on Repayment of Loans granted by company whether during the year the company has made investments in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured to companies, firms, Limited Liability Partnerships or any other parties. If so, Focus Areas No stipulation regarding the loan being given in cash or in kind. Examine agreements. File Form MBP-4 if Directors are interested. New Requirement provide details of such balance O/s at B/S date to Subsidiaries, Associates and Others Check : Schedule of receipt of principal and interest has been stipulated at the time of sanction and regular . New* (a) whether during the year the company has provided loans or provided advances in the nature of loans, or stood guarantee, or provided security to any other entity [not applicable to companies whose principal business is to give loans], if so, indicate- JV , (A) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries, joint ventures and associates. (B) the aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to parties other than subsidiaries, joint ventures and associates. 31
Clause on Repayment of Loans granted by company (b) whether the investments made, guarantees provided, security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prejudicial to the company s interest; Focus Areas Check : Schedule of receipt of principal and interest has been stipulated at the time of sanction and regular . (c) in respect of loans and advances in the nature of loans, whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular; (d) if the amount is overdue, state the total amount overdue for more than ninety days, and whether reasonable steps have been taken by the company for recovery of the principal and interest; 32
Clause on Repayment of Loans granted by company New* (e) whether any loan or advance in the nature of loan granted which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties, if so, specify the aggregate amount of such dues renewed or extended or settled by fresh loans and the percentage of the aggregate to the total loans or advances in the nature of loans granted during the year [not applicable to companies whose principal business is to give loans]; Focus Areas Check : All loan / advance renewals, extension, issuance validate report the aggregate amount. fresh Check the Agreements/Contract terms check schedule and period report in the absence of any of the above New* repayment (f) whether the company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment, if so, specify the aggregate amount, percentage thereof to the total loans granted, aggregate amount of loans granted to Promoters, related parties as defined in clause (76) of section 2 of the Companies Act, 2013; Report aggregate loan granted to Promoters/ RP 33
T&C- Prejudicial Whether terms & conditions of the loans are not prejudicial to company s interest Terms and conditions - primarily include rate of interest, security, terms and period of repayment and restrictive covenants, if any Determination of prejudicial includes consideration of ability to lend terms of loan borrower s financial standing credit rating, if available the nature of the security rate of interest refer sec 186(7) minimum prescribed interest rate thresholds inquiry under sec 143(1) is also useful 34
Regular- repayment Whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular No loan agreement Report absence Regular implies receipt when due If auditee company is a NBFC refer to Prudential Norms issued by RBI Non-stipulation of schedule of repayment of principal & payment of Interest State the fact and report 35
Past due reporting If the amount is overdue, state the total amount overdue for more than 90 days, and whether reasonable steps have been taken by the company for recovery of the principal and interest. verify repayments compliance with agreement disclose the aggregate of the total amount of overdue for more than 90 days in respect of loans granted to such parties reasonable steps taken by the company consider the facts and circumstances of each case, including the amounts involved not necessary that steps to be taken must necessarily be legal steps ask the management to give in writing, the steps which have been taken 36
Clause on Default in repayment of dues (ix) (a) whether the company has defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender, if yes, the period and the amount of default to be reported as per the format below:- (table specified). Focus Areas Obtain repayments Check repayments are in accordance with the terms and conditions agreement. Obtain balances confirmation. In case of dispute between company and lender , the auditor may give a brief nature of the dispute while reporting. schedule of New* (b) Whether the company is a declared wilful defaulter by any bank or financial institution or other lender? of the (c) Whether term loans were applied for the purpose for which the loans were obtained; if not, the amount of loan so diverted and the purpose for which it is used may be reported. (Reintroduced) (d) whether funds raised on short term basis have been utilised for long term purposes? If yes, the nature and amount to be indicated. (Reintroduced) 37
Clause on Default in repayment of dues (ix) New* (e) whether the Company has taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures? If so, details thereof with nature of such transactions and the amount in each case Focus Areas Obtain details of all funds received Check details of all payments made to Associates or JV in the period and the reason Report if the funds taken vs paid to subsidiaries, etc. are mapped. Obtain details of fund raised by way of pledge report if the same is by way of shares of subsidiaries, JV, etc. New* subsidiaries, (f) whether the company has raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies, if so, give details thereof and also report if the company has defaulted in repayment of such loans raised; 38
Key Terms Borrowings may be construed as the principal amount since it has been used in the context of the word repayment Dues would mean the principal and the interest Default non payment on due date ( last date given) Banks/FIs/ Government Debenture holders Repayment of loan/ borrowings Dues Financial Institution includes a scheduled bank, and any other financial institution defined or notified under the Reserve Bank of India Act, 1934 Government means the department of the Central Government, a State Government and its department and a Union Territory and its department, but shall not include any entity, whether created by a statute or otherwise . . 39
Check list Schedule of repayments of Borrowings - Agreement Review Debenture trust deed. Obtain the confirmation of the concerned bank or financial institution as to the status of the loan account including the overdue position as at the balance sheet date Application for restructuring proposals to the lenders, may be in different stages of processing. Submission of application does not mean that no default has occurred Report lender wise the period and amount of all defaults existing at the balance sheet date irrespective of when those defaults have occurred. Disputes between the company and the lender on certain issues relating to repayments - the auditor should consider the prevailing terms and conditions only 40
Clause on Reporting of frauds (xi) (a) whether any fraud by the company or any fraud on the company has been Focus Areas noticed or reported during the year, if yes, the nature and the amount involved is to be indicated; Examine the reports of the internal auditor. In case if any fraud has been noticed and reported to Central Govt through form ADT 4 the same shall be reported Obtain whistle complaints and evaluate for fraud related compliants action taken, etc. Obtain written representations from management. New* (b) whether any report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government; New* blower (c) whether the auditor has considered whistle-blower complaints, if any, received during the year by the company 41
Fraud on or by the company Auditor to report on frauds noticed or reported during the year Auditor to consider whether frauds reported under sec 143(12) to the CG also to be reported here- only noticed frauds and not suspected frauds Fraud committed during the year and rectified during the year also to be reported Fraud committed by third parties / vendors on the company need NOT be reported if there is no involvement of officers or employees of the company GN for CARO 2016 provides that materiality of fraud to be considered while reporting 42 42
Clause on Nidhi Company (xii) (a) whether the Nidhi Company has complied with the Net Owned Funds to Highlights from GN 2016 Management to provide the computation of the deposit liability and net-owned funds. Deposits in the ratio of 1:20 to meet out the liability; (b) whether the Nidhi Company is maintaining ten per cent. unencumbered term deposits as specified in the Nidhi Rules, 2014 to meet out the Deposit Liability liability; FD, RD and SB account accepted from its members in accordance with the directions notified by the CG. New* (c) whether there has been any default in payment of interest on deposits or repayment thereof for any period and if so, the details Net owned funds thereof; Aggregate of paid up equity share capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet. Obtain the repayment schedule and check for repayment of deposits, interest, etc. Report if default is identified for any period. 43
Clause on Registration with RBI Focus Areas (a) Whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 and if so, whether the registration Examine transaction related to activities covered under RBI Act and directions related to NBFC. has been obtained. New* (b) whether the company has conducted any Non-Banking Financial or Housing Net owned funds as required for the registration as NBFC Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934; New* Report if registration is required under section 45IA of the RBI Act and the same is obtained, if not , the reasons for not obtaining. (c) whether the company is a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, if so, whether it continues to fulfil the criteria of a CIC, and in case the company is an exempted or unregistered CIC, whether it continues to fulfil such criteria; New* Check the products / services / activities carried out by the Company check with requisite criteria/registration as required by RBI report if not complied. (d) whether the Group has more than one CIC as part of the Group, if yes, indicate the number of CICs which are part of the Group; 44
RBI Directives NBFC/ HF need to obtain the certificate of registration. If Registration is not obtained, the reasons should be sought from the management and documented Report existence or absence of registration as the case may be Examine the transactions of the company with relation to the activities covered under the RBI Act and directions related to the Non-Banking Finance companies Examine FS to ascertain whether: Company s financial assets constitute more than 50 per cent of the total assets and income from financial assets constitute more than 50 per cent of the gross income. company has net owned funds as required for the registration as NBFC 45
No profession can aspire to progress unless it has a vision and sets service to the community as its objective. It has also to be free from restraints and allow for the economic advancement of its entire membership. Its resilience and practice to respond to the changing situation and growing demands on it will determine its continued existence and growth. Technical excellence in the performance of its functions and observance of the highest in professional ethics constitutes the foundation on which its future can be built up 46
My take on winds of change ? Data is connected from the source to the ledger via cloud-based applications. Accounting is morphing into what economists call "interaction jobs", where technical applied applied to to a a person's person's ability ability to to interact interact with with internal internal and with with alternative alternative solutions, solutions, determine determine which which are are affordable affordable at at this influence influence to to deliver deliver an an outcome outcome. . technical knowledge knowledge is is assumed and external external clients, clients, identify this point point in in time assumed and identify problems, problems, come time and and communicate communicate and and higher higher value value is is come up up and The successful accountants of the future will be combined combined with with strategic strategic vision Globalisation is the future of accounting as more and more businesses require real-time manufacturing and information, mobile marketing and online tools, including the cloud, to expand their customer base internationally. Thus accounting, auditing and finance professionals with knowledge of international standards and regulations will thrive. be strong strong communicators, communicators, possess will be be devoted devoted to to ongoing possess greater professional development greater IT IT skills development. . skills vision and and they they will ongoing professional ICAI is geared to this reality and 34 overseas chapters of ICAI is a testimony apart International International accounting accounting and and assurance assurance standards rigorous training and enviable forward looking curriculum, possess right insights and foresight to overcome challenges and make the best use of the opportunities. apart from from embracing embracing standards. Indian Chartered Accountants, thanks to the 47
