welcome to directorate of finance & accounts
DESCRIPTION
WELCOME TO DIRECTORATE OF FINANCE & ACCOUNTS. AGENDA ITEMS. Finalization & Consolidation of Regional Annual Accounts for the F.Y. 2011-12 and audit thereof Conduct of Internal Audit at all the Regional Councils and Chapters - PowerPoint PPT PresentationTRANSCRIPT
WELCOME TODIRECTORATE OF
FINANCE & ACCOUNTS
AGENDA ITEMS
Finalization & Consolidation of Regional Annual Accounts for the F.Y. 2011-12 and audit thereof
Conduct of Internal Audit at all the Regional Councils and Chapters
Formation of Finance Committee at all the Regions, A, B & C Grade Chapters
Preparation of Annual Budget on Capital Accounts and Revenue Account at the Regional Councils and A, B & C Grade Chapters
Improving the financial position of the Regions and Chapters.
Other Items
FINALIZATION & CONSOLIDATION OF REGIONS / CHAPTERS ANNUAL ACCOUNTS FOR F.Y. 2011-12 & AUDIT THEREOF
Main points for considerations:
As prescribed u/s 18 (5) of Company Secretaries Act, 1980 the Annual Accounts of the Institute are required to be prepared in such a manner as prescribed and subject to conduct of audit by a Chartered Accountant in practice.
The Annual Accounts at Regional Councils/Chapters are to be drafted in uniformity with the Headquarters’ guidelines, formats with schedules including Accounting Policies and Notes to Accounts as communicated from time to time. (Refer Guidance Note 3 - Page 123 to 153 of printed guidelines booklet)
All the Regional Councils / Chapters are required to ensure reconciliation of inter unit balances with HQ books of accounts as on 31st March, 2012. Communication from HQ vide letter dated 19.11.2011 has been sent to all the Regions / Chapters.
All Chapters to ensure submission of audited annual accounts with supporting schedules to the respective Regions with a copy to HQ by the scheduled date 30.04.2012.
FINALIZATION & CONSOLIDATION OF ANNUAL ACCOUNTS FOR F.Y. 2011-12 & AUDIT THEREOF
All the four Regions to finalize consolidation of their own audited annual accounts and the audited annual accounts of the Chapters falling under jurisdiction and conduct statutory audit thereof
All the four Regions are required to ensure submission of consolidated audited accounts along with the schedules and column wise workings to the statutory auditors of the Institute, M/s Thakur, Vaidyanath Ayer & Co. with a copy to Headquarters by 31.05.2012.
For reference, as a feedback, Annual Accounts received at HQ from the Regions and Chapters during previous year 2010-11 is shown in next slide.
FINALIZATION & CONSOLIDATION OF ANNUAL ACCOUNTS FOR F.Y. 2011-12 & AUDIT THEREOF
EIRC Region
Due Date for submission (Regions): 31.05.2011
Due Date for submission (Chapters): 30.04.2011
Total CHAPTERS Received Audited (A)/
On Unaudited (UA)
1 EIRO (own) 8.6.11 A
2 Bhubaneshwar 30.5.11 A
3 Dhanbad 7.5.11 A
4 Hooghly 30.5.11 A
5 Jamshedpur 18.5.11 A
6 North-Eastern 30.5.11 A
7 Patna 2.5.11 A
8 Ranchi 25.5.11 A
FINALIZATION & CONSOLIDATION OF ANNUAL ACCOUNTS FOR F.Y. 2011-12 & AUDIT THEREOF
NIRC Region
Total CHAPTER Received Audited /
on Unaudited
1 NIRC (own) 10.5.11 A
2 Agra 11.5.11 A
3 Ajmer 6.5.11 A
4 Allahabad 21.4.11 A
5 Alwar 31.5.11 A
6 Amritsar 16.5.11 A
7 Bareilly 25.4.11 A
8 Bhilwara 4.5.11 A
9 Chandigarh 2.5.11 A
10 Dehradun 24.5.11 A
11 Faridabad 2.5.11 A
12 Ghaziabad 24.5.11 A
13 Gurgaon 30.5.11 A
14 Jaipur 2.5.11 A
15 Jalandhar 30.5.11 A
FINALIZATION & CONSOLIDATION OF ANNUAL ACCOUNTS FOR F.Y. 2011-12 & AUDIT THEREOF
NIRC Region
Total CHAPTERReceived on
Audited / Unaudited
16 Jammu 16.5.11 A
17 Jodhpur 4.5.11 A
18 Kanpur 7.6.11 A
19 Karnal-Panipat 19.4.11 A
20 Kota (Revised) 11.5.11 A
21 Lucknow 11.5.11 A
22 Ludhiana 4.5.11 A
23 Meerut 26.5.11 A
24 Modinagar 16.5.11 A
25 Noida 29.4.11 A
26 Shimla 16.5.11 A
27 Sonepat 11.5.11 A
28 Srinagar 9.5.11 A
29 Udaipur 15.4.11 A
30 Varanasi 10.5.11 A
31 Yamunanagar 27.4.11 A
FINALIZATION & CONSOLIDATION OF ANNUAL ACCOUNTS FOR F.Y. 2011-12 & AUDIT THEREOF
SIRC Region
Total CHAPTER Received onAudited / Unaudited
1 SIRC (own) 2.6.11 A
2 Bangalore 15.4.11 A
3 Calicut 23.5.11 A
4 Cochin (Kochi) 3.5.11 A
5 Coimbatore 13.5.11 A
6 Hyderabad 6.5.11 A
7 Madurai 13.5.11 A
8 Mangalore 3.5.11 A
9 Mysore (Revised) 16.5.11 A
10 Palakkad 13.5.11 A
11 Puducherry 13.5.11 A
12 Salem 16.5.11 A
13 Thiruvananthapuram 31.5.11 A
14 Thrissur 3.5.11 A
15 Tiruchirapalli 16.5.11 A
16 Visakhapatnam 27.4.11 A
FINALIZATION & CONSOLIDATION OF ANNUAL ACCOUNTS FOR F.Y. 2011-12 & AUDIT THEREOF
WIRC Region
Total CHAPTER Received on Audited / Unaudited
1 WIRC 30.6.11 A
2 Ahmedabad 8.7.11 A
3 Aurangabad 7.6.11 A
4 Bhopal 23.5.11 A
5 Dombivli Not received --
6 Goa 27.5.11 A
7 Indore 22.6.11 A
8 Kolhapur 22.6.11 A
9 Nagpur 7.5.11 A
10 Nasik 16.5.11 A
11 Navi Mumbai 10.6.11 A
12 Pune 2.5.11 A
13 Raipur 3.6.11 A
14 Rajkot 17.6.11 A
15 Surat 15.6.11 A
16 Thane 18.5.11 A
17 Vadodara 3.6.11 A
General Points for Inter – Unit Reconciliation
Stock of HQ Publications should not be taken into the Books of Chapter;
Purchase & Sale of HQ Publications should not be taken into Books of Chapter;
On sale of publication, cash/bank should be debited and HQ A/c should be credited in the Books of Chapter and while remitting the sale proceeds to HQ, the HQ A/c should be debited and cash/ bank A/c should be credited;
Grants & Commission should be taken in Books of Chapter on cash basis and therefore should not be shown as dues from HQ;
Expenses incurred on behalf of HQ or recoverable from HQ should only be shown as dues from HQ in Chapter Books;
TDS recoverable from Income Tax Deptt should not be shown in Chapter Books and should be shown as recoverable from HQ.
Conduct of Internal Audit at all the Regional Councils and Chapters
All the four Regions, A, B & C Grade Chapters and CCGRT are required to carry out internal audit of their financial activities on quarterly basis.
Internal Auditors are to be appointed out of practicing Chartered Accountants, or by a firm of Chartered Accountants / Company Secretaries, with a condition that the individual or partner of the firm should not be an Office-bearer of the Regional Council / Chapter.
Internal Audit Reports along with the replies are required to be submitted to the HQ by the under mentioned scheduled dates:
a. For Ist Quarter: Within 3 months from the close of Quarter but at least 15 days before conduct of Finance Committee Meeting
b. For IInd, IIIrd & IVth Quarters: Within 2 months from the close of
Quarters but at least 15 days before conduct of Finance Committee Meeting
Conduct of Internal Audit at all the Regional Councils and Chapters
For D Grade Chapters, all the four Regions are required to conduct the audit of the Chapters falling under their Regions once in a year and submit the report with comments to the HQ by 30th September every year.
The Regions and Chapters to take note that those Regions and Chapters which do not submit the Internal Audit Reports complete in all respects in time for two consecutive quarters will be subject to SPECIAL AUDIT and the cost of such special audit would be borne by the concerned Regional Council.
For reference, Internal Audit Reposts received at HQ from the Regions and Chapters during the year 2011-12 (up to September 2011 quarter) is shown in next slide.
Status of Internal Audit Reports of Regional Councils and Chapters
Received at HQ up to 01.02.2012
6/11 9/11 12/11 3/12
EIRC (Own) 2.10.11 13.1.12
Grade "B"
1. Bhubaneswar 21.11.11 21.11.11
2. Hooghly 30.9.11 30.12.11
Grade "C"
1. Jamshedpur 2.12.11 2.12.11
2. Guwahati 29.8.11 16.11.11
3. Patna 23.11.11 23.11.11
4. Ranchi 21.10.11
Status of Internal Audit Reports of Regional Councils and Chapters Received at HQ up to 01.02.2012
6/11 9/11 12/11 3/12
NIRC 11.8.11 15.11.11 24.1.12
Grade "A"
1. Gurgaon Special Audit
2. Jaipur 23.8.11 26.11.11
3. Noida 26.12.11 26.12.11
Grade "B"
1. Chandigarh 16.11.11
2. Faridabad 8.7.11 7.1.12
3. Ghaziabad 13.7.11 18.10.11 27.1.12
4. Kanpur 11.10.11 13.1.12
5. Lucknow 11.8.11 4.11.11 23.1.12
6. Ludhiana 4.11.11 11.1.11
Grade "C"
1. Agra 2.9.11 31.12.11
2. Ajmer 9.8.11 31.10.11
3. Allahabad
Status of Internal Audit Reports of Regional Councils and Chapters Received at HQ up to 01.02.2012
6/11 9/11 12/11 3/12
NIRC 11.8.11 15.11.11 24.1.12
4. Bareilly 21.7.11 6.1.12
5. Bhilwara 24.8.11 28.11.11
6. Dehradun 31.01.12 31.01.12 31.01.12
7. Jalandhar
8. Jodhpur 30.01.12 30.01.12
9. Karnal-Panipat
10. Meerut 15.7.11
11. Udaipur 19.7.11 15.11.11
Status of Internal Audit Reports of Regional Councils and Chapters Received at HQ up to 01.02.2012
6/11 9/11 12/11 3/12
SIRC 10.10.11 6.1.12
Grade "A"
1. Bangalore 10.10.11 1.12.11
2. Hyderabad 10.10.11 1.11.11
Grade "B"
1. Cochin (Kochi) 10.10.11 13.1.12
2. Coimbatore 10.10.11 29.11.11
Grade "C"
1. Calicut
2. Madurai 10.10.11 13.1.12
3. Mangalore 13.1.12 13.1.12
4. Mysore 10.10.11 13.1.12
5. Thiruvananthapuram
6. Thrissur 21.10.11 28.11.11 16.1.12
7. Tiruchirapalli 10.10.11 13.1.12
8. Visakhapatnam 10.10.11 31.10.11 18.1.12
6/11 9/11 12/11 3/12
WIRC 31.01.12 31.01.12
CCGRT 2.9.11 30.11.11
Grade "A"
1. Ahmedabad
2. Pune 5.8.11 15.11.11 31.01.12
Grade "B"
1. Indore
2. Nagpur 29.11.11 23.11.11
3. Navi Mumbai 11.8.11 13.1.12
4. Thane 10.10.11
5. Vadodara 5.10.11 5.1.12
Grade "C"
1. Aurangabad 25.10.11 28.11.11
2. Bhopal 14.9.11
3. Goa 25.1.12 25.1.12
4. Kolhapur
5. Nasik 18.10.11 30.12.11
6. Raipur 01.02.12 01.02.12
7. Rajkot 01.02.12 01.02.12
8. Surat 12.7.11 21.12.11
Received at HQ up to 01..02.2012
Formation of Finance Committee at all the Regions, A, B & C Grade Chapters
To constitute Finance Committees for ensuring compliance of statutory provisions and exercising internal controls at the Regions and Chapters.
Suggested functions of the Finance Committee:
• Monitoring monthly Receipts & Payments Statement• Bank & Stock Reconciliations• Review the financial status • Review Half yearly / Yearly accounts• Corrective measures on internal audit observations• Monitoring inter-unit balances & reconciliations• Monitoring and self-certification of statutory compliances• To interact with the internal & statutory auditors
Conduct of meetings: At least one meeting in each Quarter
Preparation of Annual Budget on Capital Accounts and Revenue Accounts at the Regional Councils and A, B & C Grade Chapters
As prescribed u/s 18 (4) of Company Secretaries Act, 1980 (as amended-2006), like HQ, all the four Regional Councils and Chapters are required to prepare their Annual Budget prior to start of the financial year, considering all the anticipated revenue and proposed expenditure.
Aforesaid Annual Budget is required to be placed in the Regional Council Meeting or Managing Committee Meeting of the Chapter for its approval.
Revenue Budget is required to be prepared in the format already communicated to all the Regions & Chapters.
To ensure monitoring of actual expenses viz-a-viz approved budget
Improving the financial position of the Regions / Chapters
To take effective steps to become self-sustained in order to meet their Capital & Revenue expenses.
Efforts to be made for generation of funds and economizing the expenses.
For reference, based on the audited annual accounts for F.Y. 2010-11, the following Chapters have shown Deficit:
EIRC Hoogly, Ranchi
NIRC Gurgaon, Ludhiana, Merrut, Ajmer, Allahabad, Alwar, Dehradun, Kota
SIRC -
WIRC Navi Mumbai
Other Items
To ensure Statutory Compliance:
a. Ensuring deposit of statutory dues by stipulated dates and submission of various periodical returns like, TDS, VAT, Service Tax, etc., to Government Departments and MIS reports, etc. to HQ.
a. Filing Quarterly Returns through E-mode using PAN of ICSI and TAN of Regions
Furnishing details of deposit of funds to Institute’s bank a/c on Daily / Weekly basis
All Chapters to forward the claims related to reimbursement of Quarterly Establishment Expenses on quarterly basis regularly.
a. All the Regions to forward their claims for reimbursements related to expenses incurred on behalf of HQ on monthly basis.
a. Up-dation of PAN details in Bank Accounts
Other Items
Accounts / RTGS details to HQ for online transfer of funds:
.
EIRC Dhanbad, Patna
NIRC Alwar, Jalandhar, Jammu, Jodhpur, Shimla
WIRC Dombivili
SIRC -
Other Items
Implementation of ORACLE Apps – ERP Module at Regions & Chapters:
All the Regions, ICSI-CCGRT and A & B Grade Chapters are required to complete data entry and forward their Trial Balances as on 31.12.2011 under standard formats of ORACLE Apps to HQ for finalization the process of consolidation of accounts activity;
Regular entry in ERP w.e.f. 01.01.2012;
Period closure and restriction of data entry by 5th of following month;
Preparation of Final Accounts for the FY 2011-12 in ERP;
Complete switch over to ERP and discontinuation of the legacy systems w.e.f. 01.04.2012.
Status of data provided to HQ from Region / Chapter is shown in next slide.
.
SUMMARY OF FINANCIAL DATA
MIS on DATA from Regions / Chapters
DATA as on 31.12.2011 Status as on 01.02.2012
S. No. Region / Data Received Todays Remarks
Chapter Status
1 EIRC Yes Uploaded
2 Bhubaneshwar Yes Uploaded
3 Hooghly Yes Uploaded
1 NIRC Yes Uploaded
2 Chandigarh No Reminders sent
3 Faridabad No Reminders sent
4 Ghaziabad Yes To be uploaded
5 Gurgaon Yes To be uploaded
6 Jaipur Yes Uploaded
7 Noida Yes Uploaded
8 Lucknow No Reminders sent
9 Ludhiana No Reminders sent
10 Kanpur Yes Uploaded
SUMMARY OF FINANCIAL DATA MIS on DATA from Regions / Chapters
DATA as on 31.12.2011 Status as on 01.02.2012
S. No. Region / Data Received Todays Remarks
Chapter Status
1 SIRC Yes Uploaded
2 Bangalore Yes Uploaded
3 Hyderabad Yes Uploaded
4 Coimbatore Yes To be uploaded
5 Kochi Yes Uploaded
1 WIRC Yes Uploaded
2 Ahmedabad Yes To be Uploaded
3 Navi Mumbai Yes Uploaded
4 Pune Yes Uploaded
5 Indore No Reminders sent
6 Nagpur No Reminders sent
7 Thane Yes Uploaded
8 Vadodara Yes Uploaded
1 ICSI-CCGRT Yes Uploaded
Thank you