'Companies law changes to improve ease of doing business': CA. Sunil Patodia, Chairman, WIRC of ICAI

The main aim of the conclave is to disseminate the recent amendments in the auditing arena in context with Companies Act 2013.

 ‘The changes in The Companies Act, 2013 will create ease for Small and Medium size businesses. We welcome these amendments from the government. Lots of fresh changes in the act will encourage different businesses and promote their interests’, stated CA. Sunil Patodia, Chairman, WIRC of ICAI on the occasion of the Audit Conclave organized by the management committee of the WIRC, Pune branch on behalf of ICAI.

The Managing Committee of Pune Branch of WIRC of Institute of Chartered Accounts of India (ICAI) has organized two-day Audit Conclave in Pune. The two day regional auditing conclave aims to debate and understand the landmark bill which bid adieu to old archaic law of 1956 ‘The Companies Act 1956’ that served corporate India for about 57 years. The changes which make the new law futuristic, sustainable and largely aim to corporate Governance environment need better understanding and debate. The main aim of the conclave is to disseminate the recent amendments in the auditing arena in context with Companies Act 2013, Non-profit making Organizations, and various new schedules introduced for more effective reporting by chartered accountants/auditors. The eminent distinguished speakers and experienced faculties conducted eight knowledge sessions in conclave.

CA. Sunil Patodia, Chairman, WIRC of ICAI inauguratedthe conclave  having the graceful presence of CA. S. B. Zaware, Central Council Member- ICAI, CA. Dilip Apte, Vice Chairman, WIRC of ICAI, CA. Sushrut Chitale, Secretary, WIRC of ICAI, CA. Priyam Shah, Treasurer, WIRC of ICAI, CA. Hardik Shah, Chairman, Students Association of WIRC, CA. Sarvesh Joshi, Regional Council Member- WIRC, CA. S.G. Mundada, Regional Council Member, WIRC, CA. Yashwant Kasar, Chairman, Pune ICAI, CA. Sachin Parkale, Vice Chairman, Pune ICAI, CA. Radhyesham Agarwal, Secretary, Pune ICAI, CA. Anand Jakhotiya, Treasurer, Pune ICAI along with CA. Rajeshkumar Patil, Immediate Past Chairman, Pune ICAI and CA. Jagdeesh Dhongde, Past Chairman, Pune ICAI and Managing Committee members Pune ICAI.

On the occasion CA. Sunil Patodia, Chairman, WIRC of ICAI expressed his thoughts, “The fresh amendments to the Companies Law will go a long way in improving ease of doing business” We welcomed the government's decision to set up an expert committee "to look into nitty-gritty and iron out creases". 

“The proposed panel will also look into other areas of the Companies Law to ascertain whether further amendments are required.” He added further. It would not be wrong to say that this law is completely renewed.

 From time to time, the Institute of Chartered Accountants of India (ICAI) had submitted suggestions about the Act "to create conducive environment for functioning and growth of corporate houses including Small & Medium Size Companies ". These changes have been taken into account by the Act.

In this two days regional auditing conclave experts from CA fraternity expressed their thoughts on  the subjects like important provision of companies act 2013 pertaining to loans and advances, deposits and related party transactions, consideration and schedule II depreciation under companies act, important issues in audit vis-à-vis applicability of various accounting standards, commonly observed shortfalls in financial reporting schedule III( revised schedule VI) and audit documentation, SA 700 and CARO 2013( new forms of audit report), issues in tax audit, reporting requirements for charitable trusts, relevant provisions of cooperative act pertaining to audit.

On this occasion, Honorable Chairman, Pune ICAI, C.A. Rajesh Kumar Patil launched their first ever Mobile App (for three platforms viz. Android Platform, Windows Platform, & IOS (Apple platform). Also Pune ICAI launched their new website to be in tandem with the latest technology for providing user friendly facilities for effective communication and further comfortable platform for members and students.

Pune ICAI Secretary, CA.Radhyesham Agarwal presented a formal vote of thanks.


Categories: Commercial Law, Business

Tags: Audit amendments, Companies Act 2013, ICAI, Website and App launch


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