INSIDE THIS ISSUE:
Greetings to you. It gives me an immense pleasure that our Society has completed 74 years of its existence and ushered in its 75th year. On this occasion, let us remember our founding fathers and rededicate ourselves to work for the cause of our profession and its further healthy growth to march towards centenary. We have planned many programmes during the Platinum Jubilee year to focus our attention to the recent developments in our profession. We have formed Platinum Jubilee Committee and many sub-committees with our active members. Our Platinum Jubilee Committee will be headed by Sri G.Narayanaswamy, a doyen in our profession, and a senior Past President of our Society who is ever dedicated to the development of our society. Mr R.Balakrishnan, Senior Past Vice President of the Society who was involved in our Golden and Diamond Jubilees is the Vice Chairman of the Platinum Jubilee Committee. I am beholden to both Sri G.Narayanaswamy and Sri R.Balakrishnan for their acceptance. The interior work of our own premises has just begun. I hope that the work should be over in a month or so. I express my gratitude to the members who have readily come forward and contributed generously for this noble cause. When I took over as the President an year ago, I undertook two projects viz., owning a property for the Society and membership growth. By God's grace and the co-operation of members, we have achieved the first one. So far as the second project is concerned, we have taken in 76 new members last year. This is not enough. My aim is to make ours as a 1000-member society before the end of the Platinum Jubilee year. I request each one of you to bring in at least one active member so as to reach this target. I request the Committee members to bring in at least 10 new members. The Societry should be more vibrant to be more visible at the national level and march ahead towards centenary in the years to come. It is also my desire to invite fresh Chartered Accountants to our meetings as special invitees. I have been doing so in the past six months and some of them have also since joined as members of the Society. I hope that you will appreciate my anxiety and help me realize my project before the end of the Platinum Jubilee year. I also request you to actively participate in all programmes during this Platinum Jubilee year and make it a memorable one. Warm regards, - K. ANANTHACHARI
EDITOR “SPEAKS” In tune with the onset of festive season and the exuberant moods, there is an air of euphoria in the Society with the dawn of the Platinum Jubilee year setting in. 75 years is indeed a pretty long time for any institution and it is heartening to see that the convergence of generations sharing the excitement that is seen normally in the long awaited wedding of a large family.
gave the same set of questions to two of our eminent members, one the docile Sri Vepa Krishnan, a CA of nearly 40 years standing and the other the 'amply vocal' Sri M R Venkatesh, a CA of about 15 years standing. The questions were loaded and sometimes even 'leading' and you can judge for yourself the extent of variance in perceptions by reading the answers some of them slightly tempered 'at the pleasure of the Editor'.
There are a couple of articles also in the issue. One is on Business Valuation by Ms Geetha of C&K Management Limited and the other is on “Anonymous donations to Charitable institutions” by a senior Chartered The responses to the journal that have been trickling in are, most certainly, encouraging A c c o u n t a n t S r i T R R a j a r a m a n f r o m and I am grateful to those who shunned V irudhunagar, who defying his age is frugality that is so typical of an accountant, pursuing a Ph.D course now. There is little while showering praises. However, we would doubt in my mind that these articles would like to continue our modest line of “We have be of immense use to the readers. miles to go”, even in our own estimations. Friends, the Institute's election fever is also In this issue, instead of publishing an beginning, with cellphones of power seekers interview of a veteran member, I thought I and power makers becoming constantly would experiment something different. I busy. We see some seeking re-election
President’s Message & Editor ‘speaks”
Anonymous Donations to Charitable Institutions...
Platinum Jubilee Committee
EDITORIAL BOARD Editor-in-chief P.S. Prabhakar President & Ex-officio member K. Ananthachari Secretary & Ex-officio member S. Ramakrishnan Members R. Balakrishnan R. Sivakumar
warming up to their 'dear friends' once again, just in time to escape the Code of Conduct deadlines, some others trying to wean away the 'perceived influencers' from others' camps, the new aspirants making feverish calculations in view of the 'availability' of a very large 'vote bank' vis-àvis the increase of number from 6 to 8 in the Southern Region, 're-runners' computing the revised possible numbers of 'quota', 'second/third preferences' etc. It will be fun for any close ring-side watcher. At the Society, as per the past practice, we will have a face-to-face interaction with the aspiring contestants this time too. Come in large numbers, ask pointed questions, demand truthful answers, extract nononsense commitments whether you vote for them or not. They will not mind, as they are 'dedicating' themselves to the public life of which all this is a part. You should not mind, as you have nothing to lose. – P.S. PRABHAKAR
Auditor September - October 2006
SECRETARYâ€™S REPORT On a Saturday evening a few weeks back, about 40 Chartered A c c o u n t a n t s representing three generations gathered at the residence of Shri G.Narayanaswamy, the doyen in the profession. The occasion - to discuss about the Platinum Jubilee of Society Of Auditors. Needless to say there was lot of back slapping, peals of laughter and beaming faces all around. We signed off the evening with a hearty dinner spread by our gracious host. As we rewind back, it was in 1927 that a group of Auditors as CA 's were known got together to form an association which was registered in 1932 with registration no.6. The jurisdiction of the Society included states of Madras, Mysore, Hyderabad, and Travancore Cochin. The founding fathers [grandfathers for many of us] included P N S Iyer, P S Subramania Iyer, B Purushotham, K John and A M Ubaidulla [truly secular as one could see]. The Society has come a long way since then. Legends like J V Pirrie [we were multinational then itself], R N Rajam Iyer, S Suryanarayanan, T C Meenakshisundaram, K V Srinivasan, V Soundararajan, P Brahmayya, BB Naidu, CV Ramaswamy
D Rangaswamy, R Venkatesan, C S Hariharan, A K Sambasivan, P Gopalakrisna Rao were intimately associated with the Society. The Society pioneered many causes even decades back. It published a journal called "Registered Accountants" .Coaching classes were conducted at YMIA buildings, Armenian street. Opening of Authorized Representative chambers at Income Tax department and making representations and addressing grievances of members to various authorities were also done. The journey had its share of bumpy ride too coming very near to be closed in late 70s. The resilient Society celebrated its Golden Jubilee in 1981and the inaugural address was given by Sri R Venkataraman then Finance Minister. The Diamond Jubilee was celebrated with much fanfare in 1991. Eminent personalities like Justice S Ranganathan, N K P Salve, Rameshwar Thakur participated. Incidentally D Rangaswamy for whom Society was a passion and a way of life was the President on both occasions. It is but natural that we look forward to celebrate the Platinum Jubilee in befitting manner. The Platinum Jubilee celebrations committee has been formed with G Narayanaswamy as Chairman and R Balakrishnan as Vice Chairman. Various programmes are being planned for the year long celebrations. Among others, a mega Platinum Jubilee
Conference is scheduled on 9th and 10th December. A souvenir is to be brought out. More importantly, it has been decided to publish a booklet on 'History of Society of Auditors'. The task has been assigned to R Sivakumar whose memory of yesteryear events is prodigious. Members may please send old photos, clippings to the society for this purpose. At the recently concluded AGM, our President K Anantachari who leads us from front noted with satisfaction about the milestones achieved by the society in the past year. This includes the buying of our own premises, bringing out a newsletter, regular study circle meetings and seminars of current topical nature for which society is well known. Our President has got ambitious plan of holding weekly group discussions, training programme for students and members, bringing out research publications etc. For this we are planning a state of art centre for excellence for which we require more funds. Most importantly, to achieve all these we require more members. As Swami Vivekananda once said "The need of the hour is men , men and more men [women too]". I therefore appeal to you all bring more members and also contribute your mite to cause of the society and be a part of history. â€“ S Ramakrishnan
CONTRIBUTORS TO THE BUILDING FUND
Rs. D. Rangaswamy Academy for Fiscal Research V. Soundararajan & Co. P. Gopal & Associates V. Jagadisan G. Ramaswamy (Coimbatore) V. Pichaikutty T. Naganathan Balaji & Gopalan N. Madan (E&Y) Pradeep Bhandari T.S. Balaraman Mahaveer Munoth G. Padmanathan P.R. Chellappa T.R.K. Ramakrishna Raja S. Harish Govind & Bala Associates P. Rajendra Kumar A. Selvaganesh (Rameshwar Thakur)
Auditor September - October 2006
Alladi, Krishnan & Kumar
100,000 25,000 10,000 10,000 10,000 10,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Business Valuation… An Emerging Opportunity for Chartered Accountants? Ms M.K. Geetha The business community expects accountants to act as not mere accounting persons but much more. T h o u g h traditionally, audit, finance and taxation are an accountant's forte, the new generation accountants have developed expertise in information technology, human resources, and even marketing. As the horizon of business expands, the expectations from C h a r t e r e d A c c o u n t a n t s a l s o ke e p increasing, and our community does cope up with the same. A recent addition to the list of areas where an accountant's expertise is sought is in “Business Valuation”. T h o u g h p r e d o m i n a n t l y, m a r k e t operators and analysts do the equity valuation and engineers do the asset valuation, a need is emerging for professional valuers to value business per se. Mergers and Acquisitions, IPOs, offers by companies of exotic financial instruments, making employees partowners with offer of ESOPs, family disputes arising in second and third generation family businesses, estate valuation…. the requirement for Business Valuation keeps expanding. Mergers and acquisitions are picking up in India in a major way. The value of mergers in the first nine months of year 2005 alone stands at a whopping USD 13 billion. Indian companies are acquiring companies abroad. Almost 43 overseas acquisitions were made in the first half of 2005 amounting to USD 948 million. Valuation work does not stop with valuation for mergers and acquisitions. Companies have started getting their brand and human resources valued. TATA Sons have valued their brand at Rs.24,396 crores. Infosys has valued its brand at Rs. 23,000 crores. These big ticket assignments bank on valuation processes only. 3
In countries like USA, requirements related to regulations like IRS and SOX have encouraged CPAs to start a niche practice in business valuation. Indian accountants who are well equipped to analyse the historical financial statements have to tune up to read the future too and learn/apply the appropriate models and thus add more credibility to the entire exercise like their counterparts in USA. What is Business Valuation? Business valuation (BV) includes the process of valuing the business as a whole: the ownership, different securities, the brand the business has developed, human resources and the intellectual capital the enterprise has
As the horizon of business expands, the expectations from Chartered Accountants also keep increasing built over the years. In addition, there would be patents, trademarks, copyrights and R&D work that the enterprise owns. It is the price that any informed buyer and seller would negotiate for the entire business or part of equity. Since the values are dynamic, the valuation is done as on a particular date The valuation work should also be looked at from the ownership point of view. The entity may be a multinational or a multi-location large enterprise or a small family owned partnership firm. The difference lies in that a publicly traded company is reviewed and valued by several market operators continuously, whereas a closely held family business is valued when the need arises. The need may be to establish a price for a transaction, get more capital, to execute a business / strategic plan, to resolve ownership disputes or just to meet government / regulatory requirements.
Business valuation process Business valuation starts right from understanding the purpose of valuation and the entity in question, the management, ownership pattern, the industry in which it operates, its performance in the past years and so on. Details of different phases of Business Valuation are given below. 1. Engagement : In this phase, the valuer should understand the purpose of valuation, for whom is the business valued and description & size of the entity. The valuer should also gather information about the variables affecting the valuation, standards applicable and the legal and legislative requirements that have a bearing on the valuation. 2. Research : This phase consists of gathering information related to the industry in which the entity operates, the general factors affecting the industry as a whole, growth potential of the industry, problems faced by the industry, dependence of the industry on input from outside , demand and supply for the products / services and so on. The next important aspect is collecting information related to the c o m p a n y. T h a t i n c l u d e s p a s t financial statements, tax returns, strategic and budgetar y plans, information related to products & ser vices and competition. This phase involves field visits and meeting a section of staff members, customers, suppliers and others to get an overview of the company's operation from different perspectives. Next is the financial analysis. The valuer has to understand the accounting policies and methods used etc. The Financial statements have to be adjusted for nonconformity with GAAP, adequacy of allocation for reserves, treatment of interests, prior period items, effect of tax and so on. The financial
Auditor September - October 2006
statements have to be further individual assets and liabilities and a n a l y s e d f o r r i s k s , l i q u i d i t y, then arriving at the valuation. e a r n i n g s , p r o f i t a b i l i t y, a s s e t 4. Adjustments and selection : After utilisation etc. selecting the appropriate method to 3. Approaches for valuation : The value the business, there is a need third phase consists of determining for applying premium and discounts. the valuation approach. There are Premium for control and discount for three broad approaches in valuation, lack of control, lack of liquidity and viz income approach, market lack of marketability are added. approach and asset approach. There Then the value conclusion is arrived are two models under the income at. approach: discounting of future 5. Reports: The report includes the economic income and capitalisation details of engagement, analysis of of future economic income. The the economy and industry, financial difference lies in the assessment of growth factor. Capitalisation method Chartered Accountants should can be used if the growth is see the potentiality in this expected to be stable for the future segment and strive to get the years. Discounting method is preferred if the growth is expected knowledge and training to differ from year to year. re q u i re d t o h a n d l e s u c h There are two methods under the assignments professionally. market approach, comparable publicly traded company method analysis, the specific model used, and comparable merged and reasons for selecting the model, acquired company method. Both appropriate premiums and discounts methods require adjustments for applied with reasons and the time period, treatment of nonvaluation conclusion. operating assets, excess assets, selecting and weighing appropriate Who performs business valuation services? multiples and so on Asset approach involves valuation of The credibility of a BV follows the
Management Committee of Society of Auditors 2006-07 At the AGM held on 16 September 2006, the following were elected as o ff i c e - b e a r e r s a n d c o m m i t t e e members.
WELCOME TO SHRI C.R. RAVICHANDRAN, IRS, AN OFFICER OF IRS 1971 BATCH, who took over as the New Chief Commissioner of Income TaxI on 30th August 2006.
Mr K. Ananthachari, President Mr S. Sankaran, Vice President Mr Bheema Bhat, Vice President Mr S. Ramakrishnan, Secretary Mr B.K. Murthy, Joint Secretary Mr D.V. Muralidharan, Treasurer COMMITTEE MEMBERS
CONGRATULATIONS SHRI R. BHUPATHY, FCA,(former President ICI & former Jt. Secretary, Society of Auditors) on being conferred the Paramacharya Award for the most distinguished Gurus in the field of Chartered Accountancy by CALL TEACHERS on Teachersâ€™ Day, 5th September 2006 at Chennai Auditor September - October 2006
Ms Anusha Srinivasan Mr S. Mohan Mr S.K. Phyali Basha Saheb Mr P.S. Prabhakar Mr A. Selvaganesh Mr R. Sivakumar Mr N. Sivaprasad Mr N.S. Srinivasan Ms Sripriya Kumar
credibility of the valuer and hence increases when a professional (certified valuer) does a job. A professional valuer should have independence, demonstrate sound judgment, should be competent and follow professional e t h i c s a n d s t a n d a r d s . Fo r t h e s e reasons, the valuation done by a professional valuer is accepted by the market, regulators and the parties involved. BV credentials are offered by the AICPA for its members. In Canada and Australia similar courses are offered to equip accountants with knowledge and skill required for Business Valuation assignments. Chartered Accountants should see the potentiality in this segment and strive to attain the certification offered by an appropriate institute and get the knowledge and training required to handle such assignments professionally. Besides the mergers and acquisitions that are happening big time, there are a number of family businesses, partnership firms, closely held companies that require valuation at s o m e p o i n t o f t i m e o r o t h e r. Opportunities are aplenty and the early birds will benefit the most.
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DIFFERENT STROKES! In this new experiment, we gave the same set of questions concerning the profession to two members belonging to different age groups, experience levels and horizons of practice and solicited their replies. Frankly, we are not disappointed with their “Answers” - typically divergent. While you can enjoy the quintessence of their perceptions, please remember, the ‘statutory warning’ - THE VIEWS OF THE MEMBERS ARE NOT NECESSARILY OURS. – Editor.
1. If a Plus 2 boy or girl harbouring a desire for accountancy profession comes to you and asks you for a career advice, would you recommend CA or not? If so, why/ If not, why not? M.R. VENKATESH Depends. I would not advice one if the person has a taste for entrepreneurship. If he wishes to get employed, yes, CA is a good course. Either way, I would warn him that in today’s scenario, a CA qualification (in its existing syllabus structure) may not be adequate. I would ask him to “hedge his CA qualification.”
VEPA KRISHNA Yes, I shall definitely recommend the C.A. course. This is one course connected with commerce, industry and the accountancy profession which has far reaching connections in various subjects and gives in depth knowledge into various aspects of the commercial and accounting world. Further the practical training that an articled assistant gets from the office of a Chartered Accountant makes him thorough even while he is studying. The more practical effort he puts in it will make him perfect. After all the saying goes “Practice makes a man Perfect”.
2. What do you think has been the greatest change that has happened to the profession in the past decade? The greatest change to the profession has been the illegal entry of MAFs into India. This has turned the profession upside down in all its dimensions. This coupled with the failure of the leadership of the p ro f e s s i o n t o d e a l w i t h t h e e x t a n t s i t u a t i o n exacerbated the crisis. A liberalised economy has an un-liberalised accounting profession. Neither the ICAI nor the Government has till date been too bothered about this paradox. Whatever has been attempted by the ICAI since 2003 has been the case of too little and too late.
The introduction of the CPE meetings, the development of accounting standards, the importance to information technology, the increase in study circle meetings are perhaps the greatest changes which carry a lot of value that have happened in the past decade.
The lack of competitiveness for Indian CAs (which is distinct from competency) is the greatest challenge facing the profession today. Nevertheless, as a profession we also lack a brand image which is telling on us in this liberalised era.
To complete work with factors like deadlines under various statutes, absence of trained and ‘trainable’ assistants, educting clients and assistants in the increasing complications in issues like the Fringe Benefit Tax, Service Tax, Company law etc. are all Herculean tasks. And in such scenario, maintaining high professional standards and practising high ethical standards is a great challenge.
3. What in your opinion, is the greatest challenge facing the profession today?
4. There seems to be a conscious absence of specialization in our field as majority of CA s would prefer to be only “generalists” - accepting work of all kinds – whether possessing expertise or not. Do you think it is healthy? The days of generalists are well and truly over. The grammar of practice has changed completely. Specialization leads to building up of brands. Unfortunately the profession has not yet accepted this simple home truth. Nevertheless this calls for a different ethical and regulatory framework, which is still evolving in India. But even before we have an evolved profession in the new liberalised era, we have allowed the MAFs to operate in India, which has virtually killed the blossoming up of the profession. 5
To begin with every professional is interested in doing some work connected generally with what he has studied. However in the initial stages the youngsters generally and those practising independently in particular, are starved of good professional work. Therefore they become generalists, by default. And this becomes unavoidable during their practising days. However this may not be healthy in the long run. It is always good to specialize, for only the specialists will rule the roost in the field in which they have specialized.
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5. What, in your opinion, drives the aspiring contestants to the Central Council members to spend efforts, time & money for the elections? Only they will be able to answer this better. What bothers me too is the fact that increasingly one needs to spend a huge sum on these elections, which in-turn has the potential to corrupt the elected members.
This is a tricky question and people may contest for the central council for more than one reason. Many of our members may wish to contribute to the profession and also gain from others in the profession. The Central Council may be a good field to gain popularity, status and the benefits of the above.
6. So much information was unearthed and made public about the Big 4 MAFs. Yet the common C.A does not seem to be bothered about any of the impact. Can we say that the success of the Big 4 is in spite of themselves and because of the above stated general attitude of the members? I would feel that it is more to do with the apathy, lack of understanding and indifference of the leadership of the profession, which could have done something â€“ yet chose to remain silent. But I must also hasten to add that you get the leadership you deserve.
The Ministry of Finance, after consulting the RBI, has permitted the Big4 to operate in India. Individuals cannot fight against an enactment or a Government policy separately. It is for the institute to take an active role in plugging any loopholes in the regulation and the seeing to it that there is a level playing field. Just as the Big4 are allowed to practice here in India, our firms should be allowed to practice freely in Western Countries.
7. Institute, as a matter of practice has never taken any public position in the matter of economic importance. For example, we do not see any suo moto statements/ press conferences by the ICAI on issues like disinvestments / CAC etc. Do you subscribe to the view that ICAI should always take such a soft and non-controversial attitude? That was OK till â€™91 in the closed era. Today whether it is the Capital Account Convertibility or allowing Participatory Notes or on GST, it is important that the ICAI takes up some positions. If it does, it could have an impact on the affairs of the nation and implicitly help build up our collective brand image.
The Institute of Chartered Accountants of India is a regulatory body guiding and controlling the practicing Chartered Accountants and imparting knowledge and education to aspiring Chartered Accountants. They may not have the policy of taking positions in public matters. Therefore it is better for the Institute to be a dispassionate spectator to various economic announcements, however at the same time, warning the Government in private of the dangers that may be embedded in the economic policies that are being announced.
8. What in your view should be the road map for ICAI in the years to come? Youngsters who have entered into the practice since liberalization or just about to do are facing unhealthy competition, especially from MAFs. Of late I find that our Institute is taking pride in the fact that a number of young members are going the BPO way. While as a student of economist, I can appreciate this phenomenon, I am extremely disturbed at alarming decrease in the number of new members entering practice. This shows the extent of de-legitimisation of CA practice even within India. Be that as it may, the ICAI must have a vision to change the syllabus (which is at-least in my opinion o u t d a t e d ) , a n e w a p p ro a c h t o t r a i n i n g ( s a y something like 6-12 months on the lines of Management courses), refurbish its image within the intelligentsia and the media on the manner in which we handle our disciplinary matters (especially of our elected members).
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The Institute should strive to build membership of quality and just not quantity. This, I believe, it is striving hard to achieve. However I feel there is a certain amount of overload or bias towards the fields of taxation, be it direct or indirect. The Institute is a professional body and they should develop overall professional acumen. Therefore they must have a research wing wherein they must appoint Chartered Accountants interested in doing research in various fields of finance, accounting and taxation. The Institute should develop its own accounting standards based on traditional methods and fields of business based in our country. They need not get carried away by the International Accounting Standards. Perhaps the institute has made a modest beginning in this venue also. The research wing could be financed through membersâ€™ contribution, industrial sponsorship and Government subsidy. The results of the research wing could also help the Government in formulating future economic policies apart from specific problems being adhered to from the industry.
ANONYMOUS DONATIONS TO CHARITABLE AND RELIGIOUS INSTITUTIONS SHRI T.R. RAJARAMAN, F.C.A Finance Act 2006 has inserted a new section viz Sec 115 BBC in chapter XII of the Income Tax 1961 which will take effect from 1.4.2007, i.e. from the Assessment year 2007-2008. The section is named “Anonymous donations to be taxed in certain cases”. Sub section (3) of sec 115 BBC describes the meaning of “Anonymous donations”. Sub section (1) prescribes the rate of tax payable on Anonymous donations. Sub section (2) says that the provisions of sub-section (1) shall not apply to any trust or institution created or established wholly for religious purposes. The section therefore has spared religious institutions from its purview. This is not due to any benevolence on the part of the Income Tax Department but simply due to the practical difficulty in keeping track of donations given to many famous temples like the Balaji Temple in Tirupati. However, the Government seems to have
disputes among the members of the particular community. Such being the case, there are several denominational temples in India, owning properties, jewels and other assets which are worth several crores and these temples are controlled by small coteries. The accounts of such temples are never scrutinized by the Income Tax Department. Therefore the members of the management by virtue of the present amendment can freely introduce concealed funds in the temple accounts in the names of anonymous donors and withdraw the Private temples are usually owned amounts as and when they desire by and controlled by individuals or by manipulating the entries in the certain families. The H.R. & C.E. Act accounts. also recognizes a third category of This can be done with impunity temples called Denominational temples. These temples have all the since the funds are shielded under insignia of Public Temples and for all the protective umbrella of the sub practical purposes the H.R. & C.E. section which probably was not Department can and does exercise thought of or, perhaps the Finance control over such temples as if they Minister did not want to invoke the a r e p u b l i c t e m p l e s . B u t i n o n e wrath of God. Whatever be the respect, Denominational temples reason, the new section (till it is enjoy the full freedom of electing the modified) will help members of managing body of the temple from certain rich communities to take a m o n g t h e m e m b e r s o f t h e i r maximum advantage to keep their denomination i.e. community. This is unaccounted money in a safe haven, a matter in which State Governments where even the overzealous officials cannot interfere except when there are of the Income Tax Department will fear to tread. overlooked a vital aspect. Temples in many parts of the country are governed by the provisions of the Hindu Religious and Charitable Endowment Acts as applicable to the relevant State. The Act (herein after called the H.R & C.E Act) classifies temples as public temples and private temples. Public temples are entirely controlled by the State Governments and as such donations given to such temples whether anonymous or with full particulars of the donees are not taxable.
EASY vs DIFFICULT Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy Easy 7
is to judge the mistakes of others is to talk without thinking is to hurt someone is to forgive others is to set rules. is to dream every night. is to show victory. is to admire a full moon. is to stumble with a stone. is to enjoy life every day. is to promise something to someone. is to say we love. is to criticize others. is to make mistakes. is to weep for a lost love. is to think about improving. is to think bad of others is to receive to read this is keep the friendship with words
Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult Difficult
is to recognize our own mistakes is to refrain the tongue is to heal the wound... is to ask for forgiveness is to follow them... is to fight for a dream... is to assume defeat with dignity... to see the other side... is to get up... to give its real value... is to fulfill that promise... is to show it every day... is to improve oneself... is to learn from them... is to take care of it so not to lose it. is to stop thinking it and put it into action... is to give them the benefit of the doubt... is to give to follow is to keep it with meanings
Auditor September - October 2006
PLATINUM JUBILEE CELEBRATIONS â€“ COMMITTEE MEMBERS PLATINUM JUBILEE COMMITTEE Mr. K. Ananthachari President Mr. Bheema Bhat Vice President Mr. S.Sankaran Vice President Mr. S.Ramakrishnan Secretary Mr. B.K. Murthy Joint Secretary Mr. D.V. Muralidharan Treasurer Mr. G.Narayanaswamy Chief Patron & Conference Committee Chairman Mr. R.Balakrishnan Vice Chairman Mr. P.Anand Mr. Ashok Kumbhat Mr. Anil Khicha Mr. D.Audisesha Reddy Mr. Alaxander Muthalaly Mr. R.Bhupathi Mr. T.Banusekar Mr. M. Balasubramaniyam Mr. Benjamin Cherian Mr. S.Gopalakrishnan (Ombudsmen) Mr. V. Jagadisan Mr. V.Jayaraman Mr. P.S. Kumar Mr. S. Krishnan Mr. S.R. Kapasi Mr. U.M.Khalilullah Mr.S. Mohan Mr. Mahaveer Munoth Mr. M. Naganathan Mr. R. Prasanna Venkatesan Mr. S.K. Phyaji Basha Saheb Mr. P.S. Prabhakar Mr. Pradeep Bhandari Mr. B.S. Purushotham Mr.S.Pattabiraman Mr. V.Pichaikutty Mr. C.N. Ramachandran Mr. G.V.Raman Mr. R.G.Rajan Mr. S.Ramakrishnan ( S & S) Mr. K.Ravi Mr. S.Rajaratnam Mr. T.R.K. Ramakrishna Raja Mr. A. Rozario Mr. Y. Sathiamurthy Mr. R. Sayeram Mr. N. Srinivasan Mr. B. Selvarajan
A Periodical from Society of Auditors, Chennai
Society of Auditors Authorised Representatives' Chamber Income Tax Building, 121, N.H. Road CHENNAI 600 034 Phone : 28333979 E-mail: email@example.com
Mr. M.Srinivasan Mr. N.S.Srinivasan Mr. U.Suresh Rao Mr. B. Surender Mr. R.Subramanian Mr. S.Swaminathan (Suri & Co) Mr. R.Sundararaman Mr. N.C.Sundararajan Mr. G.Sitaraman Mr. M.Thomas Kandasyami Mr. P.B. Vijayaraghavan Mr. R.Venkatesh Mr. M.R.Venkatesh Mr. N. Varadan PROGRAMME (including Hospitality & Entertainment) Mr. G.Narayanaswamy Chairman Mr. K.Ananthachari Mr. R.Balakrishnan Mr. R.Sivakumar Mr. S.Ramakrishnan Mr. Beema Bhat Mr. M.K.Rangaswamy Mr. M.Bala Ganesh Mr. S.Sankaran Ms. Sripriya Kumar Mr. B.K.Murthy Mr. D. Audisesha Reddy Mr. K. Ravi Mr. R. Raman Mr. C.R. Sundararajan Mrs. Gomathi Raghavan Mr. N.Sivaprasad PUBLICITY & P R COMMITTEE Mr. P.Anand Chairman Mr. K.Ramadurai Mr. P.S. Prabhakar Mr. M. Srinivasan Mr. R.Raman Mr. P.B. Santhanakrishnan Mr. R. Prasanna Venkatesan REGISTRATION COMMITTEE Mr. Bheema Bhat Chairman Mr. R. Subramanian Mr. S. Ramakrishnan Mr. A. Selvaganesh
Ms. S. Rajeswari Ms. Anusha Sreenivasan Mr. S. Sundararaman Mr. P.S. Kumar FINANCE COMMITTEE Mr. G.V.Raman Chairman Mr. Ashok Kumbhat Mr. R. Sivakumar Mr. T.K. Srinivasan Mr. D.V. Muralidharan Mr. Mahaveer Munoth Mr. V. Swamynathan SOUVENIR & FUND RISING COMMITTEE Mr. R. Balakrishnan Chairman Mr. V. Anantharaman Mr. B.S. Purushotham Mr. M. Srinivasan Mr. B. Selvarajan Mr. K. Ramadurai Mr. S.Krishnan Mr. B. Ramani Mr. S. Ganapathi Subramanian Mr. S. Pattabhiraman Mr. S. Sankaran Mr. R. Sayeram Mr. Bheema Bhat TECHNICAL COMMITTEE Mr. P.B.Vijayaraghavan Chairman Mr. N.S. Srinivasan Vice Chairman Mr. T.Banusekar Mr. R.G. Rajan Mr. P. Anand Mr. M.R. Venkatesh Mr. S. Ramakrishnan Mr. P.S.Prabhakar Mr. G. Sitaraman Mr. Anil Khicha LADIES COMMITTEE Mrs. K. Rajeswari Mrs. Anusha Sreenivasan Mrs. Sripriya Kumar Ms. Revathy Sriram Mrs. Lakha Krishnakumar Mrs. Bhavani Balasubramanian Mrs. Sumithra Ravichandran Mrs. Gomathi Raghavan
Mr K. Ananthachari, President Mr S. Sankaran, Vice President Mr Bheema Bhat, Vice President Mr S. Ramakrishnan, Secretary Mr B.K. Murthy, Joint Secretary Mr D.V. Muralidharan, Treasurer
PRINTERS: M/S SUNITHA PRINTERS, 193, PETERS ROAD, CHENNAI-14