Chartered Accountants, in real sense are one of the major partners in Nation Building. Banks, Financial Institutions, Cooperative Societies & other self-help groups need to be equally recognized for their crucial roles to cater to the financial needs of various entrepreneurs. Cooperative Societies need to be analyzed differently as compared to the other financial institutions. Because of various constraints driving the operations of societies, discipline need to be maintained in the matter of day to day affairs of the society. Chartered Accountants play an important role in extending guidance and ensuring financial discipline in Cooperative Societies, said Kanchan Nitin Gadkari, Chairperson of Samruddhi Cooperative Bank Ltd., Nagpur.
Gadkari, went further to mention that the importance of Chartered Accountants in recent past has been enhanced greatly. The reason for the same being remarkable decisions of the Government of India with respect to demonetization, implementation of GST, cash less economy, etc. Cooperative Societies play a very vital role in the matter of catering to unorganized sectors. Fast pace of development of Indian economy because of steps of Indian Finance Ministry, is being recognized by the other prominent countries as well. Such pro economy scenario coupled with the need to ensure compliance with various provisions of the Act, has necessitated the increased role of Chartered Accountants, conveyed Gadkari.
Gadkari, proved to be an apt person for the inaugural of the Seminar on Cooperative Audit, held by the Nagpur Branch of WIRC of ICAI. Gadkari, who is heading the Bank since last four years, is committed enough to achieve an enviable benchmark in the cooperative sector.
She shared her knowledge in the field and appealed the members present to help bring discipline in the financial affairs of the society, they are auditing. She conveyed that the provisions of RTI enable a person to get prescribed information from a society. This in effect necessitates the need of Audit and in many cases Internal Audit of the societies during the concurrence of transactions, to enable the concerned entity, stay ready with the duly verified data. This effectively will also lend opportunities to take timely corrective measures, she opined. She concluded her effective deliberation by quoting that the mission of Hon. Prime Minister to bring remarkable transparency in the financial transactions, by moving towards cashless economy, can be effectively accomplished with the help of professional excellence of Chartered Accountants.
She appreciated the efforts and working of Nagpur Branch & congratulated for organizing such knowledge sharing seminar for the practicing CA’s.
CA Suren Duragkar, Chairman of the Nagpur Branch of ICAI, in his remarks welcomed Sau. Kanchantai Gadkari and appraised her about the events organized by the Nagpur Branch. He said that CA’s are enduring their professional services in different roles to co-operative sector. He said that timely submission of audit reports by CA’s enables the department to take proper decision to control & monitor the co-operative sector. He assured that the CA Professionals will help Govt. in implementing their policies in future too. He expressed & appealed to all members present to consider recent amendments in co-op Act & circulars while finalizing their audit report this year.
CA Tusharkanti Dable, Speaker on the occasion dealt with Recent Amendments and Circulars related to Cooperative Audits right from the ones concerning meetings, quorum, minutes, etc. of a society to the circulars having impact on the mode of verifying and reporting the audit findings. The Maharashtra Co-operative Societies (First Amendment) Rules, 2018, which guides about the prescribed procedures to conduct business of the regulatory board, were discussed. The speaker guided the members present with his rich knowledge in the subject. His rich treasure of knowledge was evident from the fact that the queries of members present were resolved in the seminar itself.
CA Shailesh Dahake, Speaker, on the occasion guided the members present with respect to applicable Audit Formats and online Report Submission. He appealed that an Auditor should ascertain how far the objectives, for which the Co-operative society is set up, have been achieved in course of its working. The speaker guided the audience with the matters to be taken care of while finalizing Statement of Income and Expenditure Account & the Balance Sheet. Further, Audit Report with audit objections, provisions concerning Audit memorandum viz. Form No. 1 & Form No 28, observations & general remarks & other mandatory details of the society viz Table 1, 2 & 3, were discussed and effectively deliberated.
CA Sanjay M. Agrawal, Chairman WICASA, Nagpur Branch, coordinated the event. CA Julfesh Shah, Member of Committee on Management Accounting, ICAI, New Delhi, welcomed the guest with well – wishes bouquet. CA Kirit N. Kalyani, Vice Chairman, presented memento to the Chief Guest.
The Vote of thanks was presented by CA. Saket Bagdia, Secretary of the branch.
Prominently present on the occasion were CA. Harish Rangwani, Executive Committee Member, CA. Sudhir Dabir, CA. S. U. Sharma, CA. Satish Laddhad, CA. Lalit Chauhan, CA. Anand Apte, CA Sanjay Pathak, CA Jaydeep Patel, CA Preeti Khandagale around 100 CA Members.