CA. Bhat Shivaram Shankar
My Dear Esteemed members,
योगः कर्मसु कौशलम् ! Skillfulness at work is called yoga. Skill is nothing but the creativity contained in the work we are doing. If we are skillful in what we do, we can deliver best of the best quality work.
Quality matters everywhere!. In the Today's era of globalization, people care more for quality rather than the cost. Corporates and business entities are always more quality conscious than cost conscious. Every entity has its own quality parameters, specialized quality assurance team, quality control lab etc.
Chartered Accountants's Audit and Assurance practice is not an exception to this. In fact, we being the professionals, expected to be pioneer in setting and continuously improving our quality standards. But, if we ask ourselves, how many CA offices have well defined quality standards, setup QA lab, introduce matrix driven quality indicators and actual QA test reporting system to test the quality of services rendered by us, answer may not be impressive!. I think, though there is no competition for CA in doing the Statutory Audit, it cannot be taken for granted for ever. The environment around us is changing. Time is up for radical change in order to be in the race for relevance. We have to take a fresh look at the quality standards, quality parameters more frequently.
Emerging Quality indicators
A half day seminar on Audit Quality concern globally and quality Indicators handled by CA Abdul Majeed, Sr Partner of PWC was an eye opener about the changes happening globally in our profession. We also need to compare our quality indicators with that of global practices on emerging quality indicators and ensure that we are on top of the global practice standards.
We have timely closed the books of accounts for the year ended 31st March 2019 and also the Auditors have completed their audit.
57th Annual General Body meeting will be scheduled in the month of June subject to approval of MC meeting and the date will be communicated separately in due course
Status update on our new initiatives
1. Inauguration of additional 80 systems Lab in VVN, Basavanagudi
As part of our new initiative to add additional facility for ITT training, we have applied for approval of 150 systems from HO. Pending approval of the same, as a stop gap arrangement, in order to timely meet the requirement of students, we have tied up with Vasavi Vidya Nikethana Trust Basavanagudi and inaugurated the additional 80 Computer systems lab and it is expected to accommodate ITT classes for additional 2,000 students per year. I thank CA I S Prasad, the Secretary General of VVN and the management of VVN for the timely support in this regard.
2. Branding and awareness program
We learnt based on the visit to colleges for career counselling program that, the level of awareness about CA as a professional course is very week in many colleges among students and also the lecturers. Therefore, as part of our branding and awareness program, we have distributed brochures more than 20,000 students in the PUC, B Com and CET Exam centers in and around Bangalore. It has created significant impact. Number of calls to our Branch for enquiry is increasing. No of personal visits and enquiries are increasing. Number of hits to our website is increasing.
3. Extended office hours for new admissions
To handle the increased traction due to branding and awareness program, we have made short term arrangement to keep the office open from morning 8.00am till evening 9.00pm for all enquiries and new admissions. Interesting, it is appreciated by many students and parents. After the office hours, parents are able to bring their kids to our branch for course related enquiries. So, we deem it a good success.
4. Additional Telephone lines
As part of enhancing the service capability to meet the increased telephonic enquiries due to branding and awareness program, we have added additional mobile telephone lines. This has helped us to track the missed calls also. Now, missed calls to the mobile phone are being attended by call back arrangement. With this, the long pending concern of members and students about attending telephone calls isresolved.
5. Functioning of Grievance Cell
The grievance cell initiated last month is functioning. 45 for students & 38 for members grievances are received by the Branch in the first month and are being attended by the DCO staff and also monitored by CA Geeta AB, the elected representative of SIRC from Karnataka
6. Missed opportunity feature in website
As mentioned in the previous month’s news letter, missed opportunity feature is enabled in the website where members can submit details if the online booking for program in the website is closed. This is a great use of technology. Many members appreciated after being benefited out of this.
Based on the submissions in this column, we have quickly shifted VIDWATH SABHA, Seminar on GST Annual Return to FKCCI premise and accommodated more than 140 additional members. This feature is really helpful to both Branch and members. Small change, but big impact. Development of many more feature using technology are in progress and expect to go live in the days to come.
7. Online faculty invite feature in website
As you are aware, we have opened the online faculty invite column in the website in order to bring in transparent system and equal opportunity to all in selection of faculty and invited application to become faculty in ICAI for various programs of students and members. We have received very good response. More than 30 applications are already received. This is really helpful. We will be completing the screening and short listing of the same through a screening committee soon.
In line with our mantra for the year- Race for Relevance, Ready for Radical change and Unleash the potential, apart from regular study meetings, we witnessed few major programs as under:
1. VIDWATH SABHA, One day Seminar on Recent changes in GST impacting real estate Industry was held in FKCCI premise, the President of FKCCI inaugurated the same and more than 130 delegates attended and was a grand success.
2. VIDWATH SABHA, One day Seminar on Labour Law Practice opportunity was inaugurated by Commissioner of PF and attended by more than 181 members and was a grand success.
3. VIDWATH SABHA, One day Seminar on GST Annual Returns was held in FKCCI Auditorium, inaugurated by JCCT. Dr Muralikrishna and attended by more than 330 members and was a grand success.
4. Half day seminar on Taxation on Co-operatives in Tumkur jointly with Tumkur District CA Association was attended by many members and students and was a memorable event. I should thank CA Vasudev, CA Ram Murthy and the entire management team and members of Tumkur District Chartered Accountants Association for their whole hearted support.
1. VIDWATH SABHA, 1 day seminar on Changes in Audit Report and impact of changes in Co Act on Auditors is scheduled on 10 th May 2019 in Pai Vista Convension Call, Jayanagar. Eminent speakers will be sharing their knowledge and experience. Kindly register for the same.
2. SAMARTHA 16 th Karnataka State Level Conference is being scheduled on June 7th and 8th in Jnana Jyoti Auditorium. Eminent speakers from India and also from Australia are going to share their knowledge. Online registration is open. Kindly register at the earliest as the number of seats are limited.
3. Before signing off my message, my personal appeal to each and every esteemed member of our branch as under:
4. Kindly make it a point to visit your college where you studied and conduct career counselling program, Bangalore branch has plans to support up to 100 counselling programs in 100 colleges and ICAI will reimburse cost up to Rs 5,000/- per college at actuals.
Kindly cover all the articles under medical and personal accident insurance, available on our website also.
Kindly ensure that article students are not working beyond ICAI’s prescribed working hours.
Kindly give continued attention and focus on continuous improvement of quality in the assurance practice and develop matrix driven quality indicators and set internal and external benchmarking to achieve ever changing demands of the stake holders. I feel, this is needed in order to be in the race for relevance in the fast changing world. Statutory Audit season is started again. Do your best. ||कर्मण्येवाधिकारस्ते मा फलेषु कदाचन। || (meaning, focus at work, do at its best and do not worry about the result, it is assured and left to the God) .
Wish you all the best.
Also, my best wishes to your article students who are taking exam in May /June 2019.
CA Bhat Shivaram Shankar