Open Letter to ICAI

It is always said that if you want to test anybody's character or strength, watch their action at the time of crisis.

Today in India, there is a huge crisis going on, in the life of the Practicing Chartered Accountant. It is not possible to file Tax Audit Reports and Income Tax Returns before the given due date due to various reasons already known to all. Chartered Accountant is desperately asking for extension of due date. He and his staff are working day and night, without rest. He is tired, fustrated and upset. At this time, he was expecting that his mother body, ICAI will definitely come to its rescue. But it is found that ICAI is totally mum on the issue.

Apart from writing two letters to the department, we have no knowledge of actions ICAI has taken. There is no transparency at all. We don't know what stand ICAI has taken regarding Extension. There is no communication, there are no guidelines from ICAI to its members.

There are hundreds of Auditing Standards, Guidelines given by the Institute for ensuring quality audits. There are hundreds of books on it published by ICAI and its associated bodies. All this material is meaningless if auditor is not given proper opportunity and time to do audits.

Lakhs of Returns and thousands of audit reports are being uploaded in last few days. We wonder what would be the quality of the work done in such haste. If there are any mistakes or errors in the work, who will be responsible? Will institute take action for such mistakes against members? Will such actions be fair?

There are many MNCs in India which file Tax Audit Reports and Returns. If there are any mistakes in their Financial Reports, will it hurt the image of Chartered Accountants and ICAI at international level ? Who will be responsible for it?

The chamber of tax Consultants took real action by filing the PIL in Bombay High court. What real action ICAI has taken in past few days ?

If in such tough situations, the ICAI doesn't back it's members and guides them, then when will they do? It is felt that either ICAI doesn't know the ground level reality or they are choosing to ignore it.

We hope that ICAI comes up with an official communication addressing above questions to restore members' confidence in the ICAI. It's high time it does. ICAI has to prove that its a strong body taking care of its members.