Smart CA update & CCM Performance Update

From: "CA Sripriya Kumar" <sripriya@spka.in>To: "" <dmurali@outlook.com>Date: Thu, Sep 8, 2016 5:03 PM

Dear Professional Colleague,

Seasons Greetings ! Welcome to the Smart CA update - # 138 . As you may be aware, the Auditorsreporting for ALL companies for the year 2015-16 needs to provide an assurance that InternalFinancial Controls Over Financial Reporting ( IFCoFR) are existing in terms of Control design andare operating effectively. This update contains a brief on Internal Financial Controls over financialreporting and usable excel templates to carry out the engagement for a small company. Given thatthe tax audit season is on, also find enclosed, a Tax audit program that covers all the clauses. Theattached links will help you to download these documents. You may also write to me for a copy -sripriya@spka.in . While I was going to send this update, it struck me that its been more than 6months since the Central Council term commenced and hence a brief performance update seemedin order.

Smart CA series

1. An illustrative tax audit program covering all clauses - http://www.thesmartca.com/mip.php?type=let16

2. A very brief e-book on fundamentals of IFC especially for SMP’s -http://www.thesmartca.com/mip.php?type=Guide2016

3. A set of excel templates to enable Internal Financial Controls over Financial Reporting forsmall companies covering Entity level, IT, Process Level assessments for a small Company.One sample template for Bank IFCR Process is attached - http://www.thesmartca.com/mip.php?

type=IFCT2016

Update :

The Central Council of ICAI commenced its new term on February 12 , 2016 , over 6 months back,and am both humbled and privileged to be part of this great institution. Am extremely thankful foryour support which made this possible for me and feel obligated to deliver my best.

I also thought if fit to present a short synopsis of my involvement and contributions in the activitiesof ICAI during this period. Have encapsulated some key initiatives, led by leadership team where Ihave contributed significantly in the last few months. The present team is highly energised to seeICAI reinvent itself with more vitality, vigour and relevance

I have chosen 5 core themes to work on for the present year – Finance , Governance , CorporateLaws, Go Green initiatives and Examinations. These functions enable synergy with the committeesI work in and my own professional specialisation in the Risk and Corporate Law space as well .Would be happy for any queries or feedback you may have in this regard and can provide additionalinformation on request.

Main Committees

Am a member of 2 standing committees – the Executive Committee and the ExaminationsCommittee.Vice Chairperson of the Corporate Laws and Career Counselling committees for the year2016-17Director – Accounting Research Foundation ( a Section 8 Company – ICAI )

Finance and Governance

Redesigned to automate the migration strategy and was the Project Lead for South forInstitute’s Enterprise wide ERP implementation – all South reporting units have gone live asof date and ICAI now has an integrated accounting frameworkLed the drafting of Standard Operating Procedures for Branches, Regional Councils andDecentralised offices which has been adopted by the councilAssistance in drafting a revised Purchase Policy for ICAI keeping the requirements of a verylarge organisationPart of core team to develop an improved Budgetary Control framework for capital andrevenue spends of ICAI which is expected to go live shortlyRapid Diagnostic Assessments in SIRC and HO with Constant emphasis on building strongcontrols across the Opex, Inventory, Capex and asset control functions of the organisationHighlighted and suggested Significant Cost reduction initiatives in specific functionsPresently involved in design of a Finance and Accounts gateway to enable enhanced digitialtransformation of the finance functionHelped draft a Comprehensive Internal Audit Strategy document to enable a top down , riskbased approach to manage the funds of the Rs 700 crore turnover institute

Strategy, HR Perspectives and Council Affairs

Supported the drafting of a 3 year Vision document for ICAISupport in HR transformation across ICAI with an initial completed task of drafting theOrganisation chart of ICAIStreamlined the process of escalations of Matters of General Interest to enhance councilproductivity

Examinations

Active contributor to Examination Review process and identified road map actions to furtherstrengthen the processDigital transformation initiatives to enhance efficacy of present systemEstablished strong connect and feedback systems with introduction of examiner trainingworkshops to improve the quality of evaluationPart of the Working group set up by the GoI on drafting rules and regulations for the newlegislation – Insolvency and Bankruptcy code

Go Green

Part of Core team in implementing an e-meeting initiative - has caused meetings in ICAI to bepaperless ( largely ) and ensured robust data archivalSuggested and Designed the Go Green e – journal initiative for ICAI which has beensubscribed to by 5000 + members since its recent launch

Resource person / Technical contributions

Resource person on Corporate Laws and IFCR at Bangalore, Salem, Kolkotta, Chennai,Ernakulam , Tirunelveli , Tuticorin, Sivakasi , Calicut ,Guntur branches of ICAI since Feb 2016

Constituted a group to Enable the drafting of FAQ’s on ICDS ( release of FAQ deferred due toICDS deferment by one year )Active support in FRRB group in Chennai

Support in Groups ( Illustrative )

Purchase Policy groupGroup to review Matters of General InterestHR Transformation groupGroup to Review Audit process at ICAI

Would be happy for any queries or feedback you may have in this regard and can provide additionalinformation on request. My personal knowledge update series – The Smart CA would continuealbeit with newer laws and regulations such as the GST in addition to the Companies Act 2013.Please write to me if you want to be included in the mailing list at sripriya@spka.in

I look forward to your continued feedback and support

CA Sripriya KumarPartner – S P R & CoChartered Accountants+919841026973www.sprandco.comwww.thesmartca.comblog : sripriyakumar.blogspot.com

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