Punjab CAs want to audit FIs

Cite Andhra example to maintain transparency in records and accounts

Chartered accountants in Punjab want the state government to follow the path of Andhra Pradesh in involving them in the audit of financial institutions.

In the recently-held CAs' meet here in Ludhiana, Finance Minister Surinder Singla appreciated the proposal but did not recommend anything substantial on this.

Ludhiana has the maximum number of CAs in Punjab. Of the 2,200 chartered accountants in the state, around 940 are under the Ludhiana branch of the Northern India Regional Council (NIRC). Experts say this move will not only be in the interest of CAs of the state but will help the government in maintaining transparency in accounts and records.

Speaking to Business Standard, the chairman of the Ludhiana branch of the NIRC, Subhash C Jain, said, "Like the Andhra Pradesh government, the Punjab government too should pass on the auditing of financial institutions to CAs. This way, there will be more transparency in the system. Government departments do not have the knowledge of municipal bodies. Our services should be for both public and private sector institutions. We can keep any institution posted about laws or provisions relating to any entity. The basic training of a CA is regarding that only."

"We are looking forward to positive developments by the end of the year. The government may consider this due to the coming elections. The finance minister has appreciated many of our proposals but did not make any recommendations. Moreover, most of the government officials (in the accountant general's office), part of the audit team, are under-qualified for the job and know about book-keeping only. We have to attend three education programmes for 40-50 hours in a year. CAs need to be given some additional powers as well," said the secretary of the Ludhiana branch of the NIRC, Kawitansh Khanna.

The Jalandhar branch of CAs does not want the registrar of co-operatives office to be shifted to Chandigarh.

"The shift of the RoC will mean at least 20,000 companies in the region will be affected. We are against this and have requested on behalf of trade organisations to the Punjab government not to shift it from there. It caters for Ludhiana, Amritsar, Jalandar and all other peripheral areas," a CA from the Jalandhar branch said.