Reasonal Remuneration & Respectful Treatment( sought for CA’s)

Reasonal Remuneration & Respectful Treatment( sought for CA’s)

Competition  Commission of  India-Fair Trade Regulator

1. cannot see members of  Indian Banks Association (IBA) informally forming a cartel to see

1. that interest on savings bank accounts of small and medium persons, retired persons, below middle class persons, do not get more than 4% p.a interest to depositors.
2. that in spite of RBI, repo rate reduction of 25 base points, thrice i.e.,. total 75 base points, does not pass that benefit even 25 base points to borrowers.

1. cannot see Public Sector Oil Companies Cartel of fixing Retail Prices of Motor Spirit, High speed diesel or their variants and also lubricants, even  when crude oil, brent oil prices in International Market reduced by 60% from 100% to 40%.

 
A professionals work is not a physical laborer’s work , measure of remuneration  using length of pit digged for laying telephone cable like 1 meter =some Rs.-----; 1 hour cleaning dishes = some Rs.---- .

I.India’s big bank’s ONE LHO propose penalty , at TWICE   one day average monthly concurrent  audit fee, if absent for one day and six other penalties, with a possibility CA may not get any fee at the end of the month.

II.Another public sector bank wanted to empanel “stock auditor” at a remuneration of Rs.600/ per day. I live in a town of about 1.20 lakhs  population and any  carpenter , plumber, electrician, mason etc.,. cost /charge more than  Rs.600/ per day.

III.A state government undertaking floated a tender from local CA firms to conduct audit of its regional/ zonal offices and specified minimum remuneration of Rs.2,00,000/ per annum.

For 4  assignments, about 125 CA firms, including Chennai , delhi, and Mumbai firms applied for Andhra Pradesh area ,some even quoting as low as Rs.50,000 and even less/worse.

IV.For conducting ‘Sarva Shiksha Abhiyan’ audit , a CA firm ,in Andhra Pradesh ,quoted Rs.45/ per school, which may not be sufficient to send report to controller by speed post, leaving travelling, out of pocket expenses, remuneration in vaccum .

V.For conducting audit of a ‘village’ a CA firm . in Madhya Pradesh,quoted Rs.100/per village.
Where are we heading?
 
Desperate for Professional Work ?

My Suggestions

We have to request the contestants for central council, regional council and branch management committees to pursue the following :

i.Strive for bringing out CA/CS/CMA‘s out of the clutches of the competition commission of India.

ii.Minimum concurrent audit fees measure to be[ (statutory audit fees fixed X 2)/12], as it involves exhaustive (if not 100% checking above certain threshold) and more professional man hours, as well. No conveyance is being paid.

iii.Fix fee of bank branche’s revenue audit / stock audit/ information systems audit etc.  by ‘Institute’ negotiating with RBI or Indian Banks Association(IBA)
for a fair /reasonable remuneration and no avoid penalties like those mentioned at (I) above and no derogation of image of members/ profession.
 
 
If you broadly agree with my view points, please propagate in formal, social media. End of it, let us hope betterment of profession.
 
 
CA. M.R.Prasad .
Email id: carrrtmrp@gmail.com