The Management Accountant - October 2024
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(Statutory Body under an Act of Parliament)
Journal of
www.icmai.in
October 2024 Vol. 59 No. 10 Pages - 124 100
Forensic Audit
A STEP AHEAD
2 The Management Accountant - October 2024
www.icmai.in
Printed and Published by
CMA Kaushik Banerjee on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S. New Market, Dist:
Kolkata, West Bengal - 700 016 and printed at – Spenta Multimedia Pvt. Ltd., Plot 15, 16 & 21/1 Village – Chikhloli,
Morivali, MIDC, Ambernath (West), Dist: Thane – 421505 and published at – The Institute of Cost Accountants of
India, 12, Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal - 700 016.
Editor – CMA Sucharita Chakraborty on behalf of The Institute of Cost Accountants of India, 12, Sudder Street, P. S.
New Market, Dist: Kolkata, West Bengal - 700 016.
www.icmai.in
October 2024 - The Management Accountant
3
ICMAI
The Institute of Cost Accountants of India
(Statutory body under an Act of Parliament)
www.icmai.in
The Management Accountant, official organ of
The Institute of Cost Accountants of India, established in 1944
(founder member of IFAC, SAFA and CAPA)
Printed and Published by
CMA Kaushik Banerjee on behalf of The Institute of Cost
Accountants of India, 12, Sudder Street, P. S. New Market,
Dist: Kolkata, West Bengal - 700 016 and printed at – Spenta
Multimedia Pvt. Ltd., Plot 15, 16 & 21/1 Village – Chikhloli,
Morivali, MIDC, Ambernath (West), Dist: Thane – 421505 and
published at – The Institute of Cost Accountants of India, 12,
Sudder Street, P. S. New Market, Dist: Kolkata, West Bengal -
700 016.
Editor – CMA Sucharita Chakraborty on behalf of The
Institute of Cost Accountants of India, 12, Sudder Street,
P. S. New Market, Dist: Kolkata, West Bengal - 700 016.
Chairman, Journal & Publications Committee
CMA Harshad Shamkant Deshpande
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editor@icmai.in
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Kolkata - 700 025
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(erstwhile The Institute of Cost and Works Accountants of
India) was established in 1944 as a registered company
under the Companies Act with the objects of promoting,
regulating and developing the profession of Cost
Accountancy.
¤
On 28 May 1959, the Institute was established by a
special Act of Parliament, namely, the Cost and Works
Accountants Act 1959 as a statutory professional body for
the regulation of the profession of Cost & Management
Accountancy.
¤
It has since been continously contributing to the growth
of the industrial and economic climate of the country.
¤
The Institute of Cost Accountants of India is the only
recognized statutory professional organisation and
licensing body in India specialising exclusively in Cost &
Management Accountancy.
VISION STATEMENT
“The Institute of Cost Accountants of India would be the
preferred source of resources and professionals for the
financial leadership of enterprises globally.”
MISSION STATEMENT
“The CMA Professionals would ethically drive enterprises
globally by creating value to stakeholders in the socio-
economic context through competencies drawn
from the integration of strategy, management and
accounting.”
IDEALS THE INSTITUTE STANDS FOR
¤
to develop the Cost and Management Accountancy
Profession
¤
to develop the body of members and properly equip
them for functions
¤
to ensure sound professional ethics
¤
to keep abreast of new developments
Headquarters:
CMA Bhawan, 12 Sudder Street, Kolkata - 700016
Delhi Office:
CMA Bhawan, 3, Institutional Area, Lodhi Road
New Delhi - 110003
Behind every successful business decision,
there is always a CMA
4 The Management Accountant - October 2024
www.icmai.in
Contents
Inside
October 2024
OCTOBER VOL 59 NO.10 `100
Cover Story
FORENSIC AUDIT AND
THE ROLE OF COST ACCOUNTANTS ....... 17
FORENSIC AUDIT AND CORPORATE
GOVERNANCE: A STEP BEYOND TRADITIONAL AUDITING
SYSTEM AND SYNERGISTIC ROLE OF ARTIFICIAL INTELLIGENCE ....... 20
COST & MANAGEMENT ACCOUNTANTS:
CORPORATE PARTNER AS FORENSIC PROFESSIONAL - FORENSIC AUDIT:
A STEP AHEAD ....... 26
ANOMALOUS DETECTION IN GST COLLECTIONS:
A FORENSIC ANALYSIS USING BENFORD'S LAW ....... 28
FORENSIC AUDIT:
THEORETICAL INSIGHTS AND PRACTICAL APPLICATIONS ....... 32
LOCKING FINANCIAL DEPLETION BY UNLOCKING FRAUDS USING FORENSIC
AUDIT: A LYNCHPIN ....... 36
HARNESSING AI IN FORENSIC AUDIT:
EXPANDING OPPORTUNITIES FOR CMAs ....... 43
LENDING THROUGH ‘DIGITAL FOOTPRINTS’ NEW MODEL FOR MICRO, SMALL &
MEDIUM ENTERPRISESCREDIT APPRAISAL PROCESS OF BANKS ....... 48
BEYOND INTERNAL AUDIT:
THE ADVANCED SCOPE OF FORENSIC AUDITING ....... 51
FORENSIC ACCOUNTING & INVESTIGATION –
ON PAYROLL COSTS ....... 58
AUDIT THROUGH ARTIFICIAL INTELLIGENCE TOOLS ....... 61
FINANCIAL FRAUDS AND CYBER CRIMES IN INDIA ....... 63
ROLE OF ‘DIGITAL FOOTPRINTS’ IN BUSINESS ....... 68
APPLICABILITY OF FORENSIC AUDIT TO DIFFERENT INDUSTRIES ....... 73
FORENSIC AUDITS ....... 77
FORENSIC AUDIT: A STEP AHEAD OF INTERNAL AUDIT ....... 81
www.icmai.in
October 2024 - The Management Accountant
5
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PRESIDENT
CMA Bibhuti Bhushan Nayak
president@icmai.in
VICE PRESIDENT
CMA T C A Srinivasa Prasad
vicepresident@icmai.in
COUNCIL MEMBERS
CMA (Dr.) Ashish Prakash Thatte, CMA Ashwin G. Dalwadi, CMA Avijit Goswami,
CMA Chittaranjan Chattopadhyay, CMA Harshad Shamkant Deshpande,
CMA (Dr.) K Ch A V S N Murthy, CMA Manoj Kumar Anand, CMA Navneet Kumar Jain,
CMA Neeraj Dhananjay Joshi, CMA Rajendra Singh Bhati, CMA Suresh Rachappa Gunjalli,
CMA (Dr.) V. Murali, CMA Vinayaranjan P, Ms. Anita Shah Akella, Shri Jyoti Prakash Gadia,
Shri Inder Deep Singh Dhariwal, CS (Dr.) Shyam Agarwal, Shri Sushil Kumar, IAS (Retired)
Secretary
CMA Kaushik Banerjee
secy@icmai.in
Additional Secretary (Delhi Office) & Head Studies
CMA (Dr.) Debaprosanna Nandy
addlsecy.delhi@icmai.in, studies.director@icmai.in
Director (Examination)
Dr. Sushil Kumar Pareek
exam.director@icmai.in
Director (Infrastructure)
CMA Rajat Kumar Basu
Infrastructure.director@icmai.in
Director (PD & CPD)
CMA Nisha Dewan
pd.hod@icmai.in
Director (Technical)
CMA Tarun Kumar
technical.director@icmai.in
Director (Tax Research)
CMA Kushal Sengupta
trd.director@icmai.in
Director (Membership)
CMA Arunava Ganguly
membership.director@icmai.in
Director (Admin-Delhi)
CMA Simarjeet Chadha
admin.director@icmai.in
Additional Director (Journal & Publications)
CMA Sucharita Chakraborty
journal.hod@icmai.in
Additional Director (BFSI)
CMA Dibbendu Roy
bfsi.hod@icmai.in
Additional Director (Information Technology)
Mr. Ashish Tewari
it.hod@icmai.in
Additional Director (Career Counselling and Placement)
Dr. Pradipta Ganguly
placement.hod@icmai.in
Additional Director (Internal Control)
CMA Indu Sharma
intcontrol.hod@icmai.in
Additional Director (Finance)
CMA Soma Banerjee
finance.hod@icmai.in
Additional Director (Public Relations)
CMA T R Abrol
pr.hod@icmai.in
Joint Director (Legal)
Ms Vibhu Agarwal
legal.hod@icmai.in
Director (Discipline)
CMA R. K. Jain
discipline.director@icmai.in
Joint Director (CAT)
CMA Pardeep Kumar Khaneja
cat.hod@icmai.in
Joint Director (International Affairs)
Dr. Kimi Thareja
intlaffairs.hod@icmai.in
Joint Director (Board of Advanced Studies & Research)
CMA Tinku Ghosh Das
advstudies.hod@icmai.in
DISCLAIMER -
¤
The Institute of Cost Accountants of India does not take responsibility for returning
unsolicited publication material. Unsolicited articles and transparencies are sent
in at the owner’s risk and the publisher accepts no liability for loss or damage.
¤
The views expressed by the authors are personal and do not necessarily represent
the views of the Institute and therefore should not be attributed to it.
¤
The Institute of Cost Accountants of India is not in any way responsible for the
result of any action taken on the basis of the articles and/or advertisements
published in the Journal. The material in this publication may not be reproduced,
whether in part or in whole, without the consent of Editor, The Institute of Cost
Accountants of India. All disputes are subject to the exclusive jurisdiction of
competent courts and forums in Kolkata only.
From the Editor’s Desk
President’s Communiqué
ICMAI CMA Snapshots
Down the Memory Lane
News from the Institute
Statutory Updates
06
07
12
104
106
118
Valuation Corner
Valuation ....... 86
Business Cases
One Strategic Product - A Game Changer!
....... 88
Digital Transformation
Internet of Behaviour -
The Crucible for Ideating Digital
Transformation of Business with
New Revenue Models ....... 89
Artificial Intelligence
AI-Powered Transformative Learning:
A Learning Odyssey ....... 94
ADR
Reducing Litigation Cost in Corporates
through ADR: Issues and Suggestions ....... 97
Capital Markets in India VS Global Markets
in 2024 and Way Forward ....... 101
Capital Market
6 The Management Accountant - October 2024
www.icmai.in
EDITOR’S DESK
From the
Forensic Audit: A Step Ahead
orensic Audit is
having an imperative
role in assisting the
corporates to maintain
efÏciency and unearth frauds.
Forensic audit as tool-mix of
accounting and investigation is
serving towards good governance
and makes the corporates to grow
and develop on the parameters
of being effective, efÏcient and
empowered. In today’s complex
financial landscape, organizations
face an array of challenges,
from regulatory compliance to
internal fraud. The increasing
sophistication of financial crimes
necessitates a proactive approach
and forensic audit has emerged
as a critical tool in this regard.
By examining the underlying
processes and potential
discrepancies in financial
reporting, forensic audits not
only identify wrongdoing but
also provide organizations with
insights to fortify their defences
against future risks.
This issue of Management
Accountant carries several
articles on the theme - Forensic
Audit - A Step Ahead.
Forensic Audit and The Role
of Cost Accountants explores the
essential role of cost accountants
in forensic auditing, a specialized
field aimed at detecting financial
discrepancies and frauds.
Forensic Audit and Corporate
Governance: A Step Beyond
Traditional Auditing System and
Synergistic Role of Artificial
Intelligence has tried to magnify
that forensic audit is a step ahead
of the traditional audit and AI
integrated forensic auditing is a
powerful tool to reduce corporate
crimes and helps to achieve
corporate governance goals.
Cost & Management
Accountants: Corporate Partner
as Forensic Professional -
Forensic Audit: A Step Ahead
concludes that CMAs will play
an important role in navigating
these complexities, ensuring
that forensic audits remain a
powerful tool for upholding
transparency and combating
financial misconduct.
Anomalous Detection in GST
Collections: A Forensic Analysis
Using Benford’s Law seeks to
detect irregularities and potential
frauds in GST collections from
Karnataka using Benford’s law
and to assess the conformity of
GST data (CGST, SGST, IGST
and CESS) to expected patterns
and distributions.
Forensic Audit: Theoretical
Insights and Practical
Applications explores the
application of key forensic audit's
theoretical frameworks across
various industries.
Locking Financial Depletion
by Unlocking Frauds using
Forensic Audit: A Lynchpin
asserts that frauds can be detected
by applying the forensic audit
which exhibits the motives
of the perpetrators behind the
occurrence of the fraud. Cost and
Management Accountants can be
judgmental in this task.
Harnessing AI in Forensic
Audit: Expanding Opportunities
for CMAs delves deeper into
the concept of forensic audit,
artificial intelligence (AI), how
forensic auditors can leverage AI
and how CMAs are well-suited
for these engagements.
Lending Through ‘Digital
Footprints’ New Model for Micro,
Small & Medium Enterprises
Credit Appraisal Process of
Banks discusses a ‘New Credit
Assessment Model’ for micro,
small & medium enterprises
(MSMEs), where banks will
assess them based on their ‘digital footprints’.
The objective of the article Beyond Internal
Audit: The Advanced Scope of Forensic
Auditing is to create awareness about the
growing importance of forensic audits and how
this is important in promoting transparency,
integrity and accountability
FAI work in payroll process is narrated in the
article Forensic Accounting & Investigation –
On Payroll Costs.
Audit Through Artificial Intelligence Tools
analyses various steps in the audit process and
the opportunity to use AI.
Financial Frauds and Cyber Crimes in
India sheds light on the evolving landscape
of cyber threats and the importance of proactive
measures to combat cybercrime effectively.
Role of ‘Digital Footprints’ in Business
underscores the need for business enterprises
to establish a digital footprint to maintain
relevance, competitiveness and prosperity
within the online commercial arena.
Applicability of Forensic Audit to Different
Industries gives an idea about the applicability
and few case studies from different industries
on forensic audit.
Forensic Audits explains the legislative
details related to forensic audits, as most of
the focus is laid on the guidelines by SEBI,
Acts like the Companies Act 2013.
Forensic Audit: A Step Ahead of Internal
Audit reveals that forensic audit is a purposeful
process of getting evidence which can be
used in a court of law. This process includes
various audit techniques like analysis, inquiry,
observation, evaluation and examination.
Apart from these thematic articles, this issue
contains articles on various other contemporary
matters too.
We look forward to your constructive
feedback. You may send your comments and
suggestions to editor@icmai.in.
Puja is more than just a religious observance;
it is an expression of gratitude, love, and hope.
Whether you celebrate in a grand manner or
in quiet solitude, may the essence of Puja fills
your heart with peace and happiness.
Wishing you all a joyful and blessed Puja!
www.icmai.in
October 2024 - The Management Accountant
7
“You cannot believe in God until you believe in
yourself.”
-- Swami Vivekananda
My Dear Professional Colleague,
s we approach the vibrant and joyous
festival season, I extend my heartfelt
wishes to each of you. This time of year
brings with it a spirit of celebration, unity,
and reflection. May this joyous period bring prosperity,
happiness, and success to you and your loved ones.
As we celebrate the triumph of good over evil, light
over darkness, and knowledge over ignorance, let us
reafÏrm our commitment to excellence, integrity, and
professionalism.
May Navaratri’s vibrant energies inspire you to strive
for excellence, Durga Puja’s spirit of victory guide you
towards overcoming challenges, and Diwali’s radiant
light illuminate your path to knowledge and wisdom.
Swachhata Hi Seva (SHS) – 2024 Campaign
The Institute successfully organized the Swachhata
Hi Seva (SHS) 2024 campaign from 17th September,
2024 to 1st October, 2024 with the theme of ‘Swabhav
Swachhata - Sanskaar Swachhata’ with Swachh Bharat
Diwas celebration on 2nd October, 2024 aligned with
the overarching vision of the Swachh Bharat Abhiyan,
aiming to enhance awareness on the importance of
sanitation, hygiene, and sustainable environmental
practices. Various activities as specified in the SHS
guidelines issued by the Government of India were
successfully conducted at Headquarters, Delhi OfÏce,
Regional Council OfÏces and various chapters across
the country.
Meeting with Dignitaries
I along with CMA Manoj Kumar Anand, Council
CMA Bibhuti Bhusan Nayak
President
The Institute of Cost Accountants of India
Member, ICMAI and senior ofÏcials of PFC Limited,
CMA R K Malhotra and CMA Rajesh Kumar Agarwal,
called on Shri Harsh Malhotra, Hon’ble Union Minister
of State for Corporate Affairs and Road, Transport &
Highways on 24th September, 2024.
I along with CMA Ashwin G. Dalwadi, Immediate
Past President, ICMAI and CMA Manoj Kumar
Anand, Council Member, ICMAI, called on CMA
(Dr). T.V.Somanathan, IAS, Cabinet Secretary to the
Government of India on 13th September, 2024.
I along with my council colleagues CMA Rajendra
Singh Bhati and CMA Manoj Kumar Anand met Dr.
Manoj Govil, IAS, Secretary to the Government of India,
Department of Expenditure, Ministry of Finance on 18th
September, 2024 and discussed the matters related to the
CMA profession & ongoing activities of the Institute.
Call for Nominations for 19th National Awards for
Excellence in Cost Management 2024 and 8th CMA
Awards 2024
It gives me immense pleasure to inform you that the
Institute is inviting nominations from the organisations
to participate in the 19th National Awards for Excellence
in Cost Management – 2024 and from the CMAs in
employment for the 8th CMA Awards 2024.
I urge the organisations and CMAs in employment
for their active participation. For details, please visit
the website of the Institute:
¤
For National Awards 2024: https://icmai.in/
Awards/National_Awards/index.php
¤
For CMA Awards 2024: https://icmai.in/Awards/
CMA_Awards/index.php
Stakeholder consultation for Comprehensive
Review of the Income Tax, 1961
A Stakeholder consultation meeting for Comprehensive
President’s
Communiqué
8 The Management Accountant - October 2024
www.icmai.in
emphasizing the importance of continuous learning
and leadership in shaping successful careers for those
transitioning through Directorate General Resettlement
(DGR) programs.
I would like to extend my heartfelt congratulations
to the CAT Directorate for their outstanding efforts
under the visionary leadership of CMA Rajendra Singh
Bhati, Chairman (CAT). His dynamic and forward-
thinking approach has been instrumental in ensuring
the continued and fruitful association with the Ministry
of Defence.
Seminar on SAP S/4HANA by Rourkela Chapter
I had the pleasure of participating in the Seminar
organized by the Rourkela Chapter of the Institute on
the topic “
2024: S/4HANA, THE FUTURE
ROADMAP” on 14th September, 2024 at Rourkela. The
seminar provided deep insight into working under S/4
HANA environment coupled with Machine Learning
and Artificial Intelligence capabilities especially
focused on the FICO module. I commend CMA Dr. G
S Dash, Chairman and other members of the Managing
Committee of Rourkela Chapter for organizing a
successful event, fostering knowledge sharing and
professional development.
Annual Students’ & Members’ Meet – 2024 of
South Odisha Chapter
I am pleased to share that I participated as the Chief
Guest at the Annual Students’ & Members’ Meet – 2024
organised by the South Odisha Chapter of the Institute at
Berhampur on 20th September, 2024. The Chapter also
organized a Mega Blood Donation Camp at the venue. I
congratulate CMA Narasingha Chandra Kar, Chairman
and other members of the Managing Committee of
South Odisha Chapter of the Institute on the successful
conduct of the Seminar.
Wishing you a delightful and peaceful festive season.
With warm regards,
CMA Bibhuti Bhusan Nayak
October 4, 2024
Review of the Income Tax, 1961 was held under the
chairmanship of Revenue Secretary, Ministry of Finance
on 18th September, 2024 at North Block, New Delhi.
The meeting was attended by me, CMA Rajendra
Singh Bhati, Chairman, Direct Taxation Committee,
ICMAI, CMA Manoj Kumar Anand, Chairman, PD &
CPE Committee, ICMAI and CMA Shailendra Bardia
and submitted the suggestions of the Institute for
simplification of the language of the IT Act to make it
concise, lucid and easy to read and understand; and to
mitigate litigation, provide tax certainty, bring down the
demand involved in litigation and reduce the compliance
burden.
CAT Course for retiring/ retired Defence Personnel
I am happy that CAT Directorate continued the
Institute’s association with Directorate General
Resettlement (DGR) as two more batches of the
CAT course for retiring/retired JCOs/OR and their
equivalents, in association with the Directorate
General of Resettlement (DGR), Ministry of Defence,
Government of India, as per the approved calendar of
the DGR for the training year 2024-25, commenced on
9th September & 23rd September, 2024 in Bhubaneswar
and Noida respectively. Inaugural Ceremony of the
batch commenced in Bhubaneswar was held on 13th
September, 2024. Col Kirtiman Gautam Mohanty
presided over the ceremony, interacted with the Faculty
& course participants and delivered the opening address.
My Council colleague CMA Rajendra Singh Bhati,
Chairman-Committee for Accounting Technicians
(CAT), in his address ensured the full support and
commitment of the Institute towards the fruitful
and quality learning. CMA Ramesh Chandra Patra,
Chairman, Bhubaneswar Chapter of ICMAI along with
MC members of the Bhubaneswar Chapter and ofÏcials
of the Institute were also present.
Further, on 30th September 2024, an interaction
programme was held at the Udaipur Chapter, where
candidates pursuing the CAT course had the opportunity
to engage with Brigadier Randeep Singh Chatha,
Additional Director General of DRZ (West), DGR,
Ministry of Defence, who addressed them through
the video-conferencing. CMA Rajendra Singh Bhati,
Chairman-CAT also addressed the candidates online and
boosted their morale while ensuring the wholehearted
support of the Institute in their training. The session
provided valuable insights and guidance, offering a
platform for candidates to connect directly with their
senior leadership. Discussions covered key aspects
of CAT course training and future career prospects,
PRESIDENT’S COMMUNIQUÉ
www.icmai.in
October 2024 - The Management Accountant
9
Bank was the Speaker.
iv. Webinar on 26th September 2024 was organized on
the topic “Awareness Programme for Investment
Management Course”. Shri Anish P Gandhi,
Financial Markets Educator was the Speaker.
C. Publication of Aide Memoire on Infrastructure
Financing (Revised and Enlarged 2nd Edition)
The online purchase link of the publication titled
Aide Memoire on Infrastructure Financing (Revised and
Enlarged 2nd Edition) is as follows:
https://eicmai.in/booksale_bfsi/Home.aspx
COOPERATIVE DEVELOPMENT BOARD
The Cooperative Development Board had its 5th Meeting
in Chennai on 4th September 2024 wherein certain important
decisions were taken on the way forward for the Board.
The Board has been making efforts for inclusion of CMAs
in the conduct of audit and certifications in the respective
State Acts for Cooperatives.
The Board also organized a webinar on the topic
“Leadership Effectiveness and Good Governance
in Cooperative World”. The guest facilitator for the
session was Dr. Pranab Baishya, Institute of Cooperative
Management, Guwahati who discussed at length about the
pertinence of effective leadership and good governance in
the functioning of cooperatives.
CAT DIRECTORATE
CAT Directorate issued Notification for the CAT
Course Part-I Examination – December 2024 term. The
examination will be held on 14th December, 2024 through
ofÒine OMR-based format at designated centres. The
students are urged to be careful while filling the application
forms, and to follow the guidelines issued by the CAT
Directorate in the said notification.
MEMBERSHIP DEPARTMENT
During the month of September 2024, 124 new Associate
memberships were granted and 37 Associate members
were upgraded to Fellowship. Communications has been
sent by the Membership Department of the Institute to all
members of the Institute updating them on their status of
membership fees dues for the year 2024-25. As a part of
the Membership Drive, Membership Department alongwith
the assistance of Regional Councils and Chapters of the
Institute are making noteworthy efforts via phone calls
and mails to reach the members of our Institute and assist
BRIEF SUMMARY OF THE ACTIVITIES OF VARIOUS
DEPARTMENTS/ COMMITTEES/ BOARDS OF THE INSTITUTE
DURING THE MONTH OF SEPTEMBER 2024
BANKING, FINANCIAL SERVICES AND
INSURANCE BOARD
The Banking, Financial Services & Insurance Board of
the Institute and the BFSI department continued its various
activities and initiatives in September 2024, a synopsis of
which is presented herein under:
A. Certificate Courses of BFSI
i.
Advance Certificate Course on Fintech
The admission for the 1st batch of Advance Certificate
Course on Fintech is going on.
ii. Investment Management in collaboration with NSE
Academy
The admission for the Level-1 (Fundamental
Analysis & Valuations) Batch No. 2 of the Investment
Management in collaboration with NSE Academy
and Level-3 Batch No. 1 (Financial Derivatives &
it’s application) are presently going on.
iii. Concurrent Audit of Banks
The admission for the 11th batch of Concurrent
Audit of Banks has started.
The admission window for the courses is stated as
follows:
h t t p s : / / e i c m a i . i n / O C M A C / B F S I /
DelegatesApplicationForm-BFSI.aspx
B. Webinars
The following webinars were organized by the BFSI
on various topics:
i.
Webinar on 6th September 2024 was organized on
the topic “Leveraging innovation for catalysing
performance of Banks”. CMA (Dr.) S. K. Gupta,
MD, ICMAI Registered Valuers Organization, CEO,
ICMAI Social Auditors Organization, COO, ICMAI
International ADR Chamber was the Speaker.
ii. Webinar on 18th September 2024 was organized on
the topic “Assessment of Loans’ Based on ‘Digital
Footprints’ of ‘Borrower/Business Entities’ and Not
on ‘Balance Sheets’ of MSME Segment (Union
Budget 2024-25)”. CMA (Dr.) P Siva Rama Prasad,
Former Assistant General Manager, SBI was the
Speaker.
iii. Webinar on 21st September 2024 was organized on
the topic “FinTech’s and their evolution in Indian
Banking context”. CMA Manoj Batra, Head Product
& Process, Government Business Group, Bandhan
10 The Management Accountant - October 2024
www.icmai.in
active interaction.
Professional Development & CPE Committee associated
with PHD Chamber of Commerce and Industry for the
seminar on “Insider Trading, Independent Directors,
Forensic Audit & Fraud Detection” at PHD House, New
Delhi on 20th September 2024 and webinar on “Decoding
54th GST Council Meeting’s Latest Amendments and
Judgements” on 26th September 2024.
During the month of August, around 40 programmes in
Physical mode and around 30 programmes in online mode
were organised by the different Committees, Regional
Councils and Chapters of the Institute on the topics of
Blockchain Technology & Crypto Assets, Handling
Litigations in GST, Financial Independence, Overview of
Product Costing in SAP S4 HANA, Procedural and Practical
insights of SME Listing, Cost Governance, FinTech’s and
their evolution in Indian Banking context, Leadership
Effectiveness and Good Governance in Cooperative World,
TDS and TCS Compliances and Management and so on.
SUSTAINABILITY STANDARDS BOARD
The Sustainability Standards Board had organized the
16th webinar of Vasudhaiva Kutumbakam Series on the
topic ‘Green Costing’ on 13th September, 2024. CMA
Subhasish Ghosh, General Manager, ITC Limited was the
speaker for the webinar. The 17th webinar of Vasudhaiva
Kutumbakam Series on the topic “ESG and PSUs” was
organized on 27th September, 2024. CMA Ram Ganesh
R., Company Secretary, Kerala State Beverages (M&M)
Corporation Limited was the speaker for the webinar.
The last date of admission for the 2nd batch of Certificate
Course on ESG is 15th October, 2024.
The admission link is as follows: https://eicmai.in/
OCMAC/SSB/DelegatesApplicationForm-SSB.aspx
The Sustainability Standards Board released the
September 2024 edition of its monthly newsletter
Sukhinobhavantu. The Download link is as follows:
https://icmai.in/upload/Institute/Updates/SSB_
September_2024.pdf.
TAX RESEARCH DEPARTMENT
The “CMA Tax Volunteer Scheme” has been launched
for CMAs, CMA Students and the general public to provide
their inputs on the proposed changes suggested on the
Income Tax Act, 1961. The last date of submission for
the scheme was 30th September, 2024 and the department
has received quite a few meaningful suggestions. In this
regard, the Chapters of the Institute were also requested
to contribute their views and suggestions in which many
chapters have also contribute positively.
In the month of September, 2024 a very important
workshop was conducted by the Department on the topic,
“TDS and TCS Compliances and Management” during
them concerning restoration of Membership and updating
their communication details. For any further clarification,
it is requested to contact the membership department at:
membership.director@icmai.in and membership@icmai.
in, mentioning the membership number.
PROFESSIONAL DEVELOPMENT &
CONTINUOUS PROFESSIONAL EDUCATION (PD
& CPE) COMMITTEE
New Okhla Industrial Development Authority considered
Cost Accountants Firms for appointment as Internal
Auditor. Further, Gujarat State Handicrafts Development
Corporation Limited also considered Cost Accountants
for Internal Audit.
Please visit the PD Portal for Tenders/EOIs during the
month of September 2024 where services of the Cost
Accountants are required in the West Bengal Power
Development Corporation Limited, Rajasthan Housing
Board, National Health Mission Idukki, Maharashtra
Natural Gas Limited, Himachal Pradesh Power Corporation
Limited, Engineering Projects (India), Rajasthan Urban
Drinking Water Sewerage and Infrastructure Corporation
Limited, Power Grid Teleservices Limited, Cement
Corporation of India Limited (CCI Ltd.), West Bengal
Forest Development Corporation Limited, Haryana Rail
Infrastructure Development Corporation (HRIDC) Limited,
Rajasthan State Cooperative Bank Limited, Fertilisers
and Chemicals Travancore Limited, National Health
Misson Ernakulam, Andrew Yule and Company Limited,
Airports Authority of India Bhopal, Gliders India Limited,
Artificial Limbs Manufacturing Corporation of India,
Webel Technology Limited, Punjab National Bank, etc,.
The Professional Development & CPE Directorate
is currently conducting online preparatory classes for
80 hours to guide the eligible CMA Candidates for the
UPSC Recruitment Test for the recruitment of Assistant
Director (Cost). The curriculum is meticulously designed
to cover all the pertinent topics in the examination syllabus,
ensuring thorough preparation and guidance for nearly
500 candidates by the distinguished panel of experts and
academicians.
The practising members are urged to enroll for the 11th
batch of online Mandatory Capacity Building Training
(e- MCBT) at the earliest to complete their MCBT who
have taken Certificate of Practice (COP) on and after 1st
February, 2019 and have not undergone this training.
In the monthly Series, Professional Development &
CPE Committee conducted 9th Webinar on 4th September
2024, discussion with practitioners on “How to identify
Multibagger Stocks”, wherein CMA Gurvinder Malhotra
made a comprehensive presentation sharing valuable
insights and strategies. The session was very much
appreciated by the participants and Chairman, Professional
Development & CPE Committee also encouraged the
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