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  Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10

Icai offers help to govt
February, 11th 2009

A delegation of the Public Finance Committee of the Institute of Chartered Accountants of India (Icai) led by chairman, Mr Subodh Kumar Agrawal called on state finance minister Mr Prafulla Chandra Ghadei and offered free consultancy service to the state government.

The consultancy service, free of cost, given to the Union government, state government and local bodies is provided as a social obligation of the body of the professionals.

We have so far met more than 20 Governors, chief ministers, finance ministers, of various states and offered our services. We have already executed assignment given by Kerala government and have assignment in hand given by Meghalaya and Delhi governments, said Mr Agrawal.

"The Icai may assist the state government in better implementation of outcome budget, department-wise and set up expenditure reforms committee," said finance secretary Mr RN Senapati.

"Besides setting up of a committee on review and implementation and concurrent evaluation of plan project, the professional body can also suggest fiscal correction and governance reforms," he added.

They can also formulate a mechanism proper implementation of VAT audit, and help in conversion of accounting system from cash to accrual system. They also can help revamping state Public Sector Enterprises (PSEs) and imbibe more professionalism in them. These apart, they can also organise joint summit on the issue related to finance of the state, and impart training to treasury and VAT department officials.
They can also formulate a mechanism for regulation of SHG to ensure proper flow of finance to them, he observed.

Orissa is the only state with fiscal reform, minister Mr Ghadei informed.

Noted chartered accountants Mr RP Agarwal, Mr Sanjit Patra, Mr Shiba Narayan Sahu, and Mr Suru Venkateswarlu were part of the delegation.
State health and family welfare minister Mr Sanatan Bisi was also present.

 
 
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