Date: 2022-12-23Category: Extra OrdinaryState: Union GovernmentCountry: India
In the Notification No 1 CA 5 73 2022 dated 29th September, 2022 published in Part III Section 4 of the Gazette of India, Extraordinary dated 29th September, 2022 of the Institute of Chartered Accountants of India containing Annual Report and Audited Accounts of the Institute for the year ended
## Report on Corrigendum to the Institute of Chartered Accountants of India's Annual Report and Audited Accounts for the Year Ended March 31, 2022
**1. Executive Summary:**
This report analyzes a Corrigendum (No. 1CA573A2022) issued by the Institute of Chartered Accountants of India (ICAI) on December 23, 2022, concerning the Annual Report and Audited Accounts for the year ended March 31, 2022, originally published on September 29, 2022. The Corrigendum addresses formatting and alignment errors found in the English version of the Annual Report. The key finding is that the Corrigendum focuses solely on rectifying presentational issues within the report, ensuring data is correctly aligned and positioned for clarity and accurate interpretation. It does not appear to substantively alter any financial figures or accounting principles.
**2. Introduction:**
This report provides an overview and analysis of Corrigendum No. 1CA573A2022 to the Institute of Chartered Accountants of India's (ICAI) Annual Report and Audited Accounts for the year ended March 31, 2022. The analysis is based solely on the provided text of the Corrigendum.
**3. Policy Overview:**
* This document is an **amendment** to the Notification No.1CA5732022 dated 29th September, 2022, which published the Annual Report and Audited Accounts of the Institute for the year ended 31st March, 2022.
* **Core Objective:** The core objective of this Corrigendum, as inferred from the text, is to correct formatting and alignment errors in the published Annual Report and Audited Accounts of ICAI for the year ended March 31, 2022, ensuring accurate presentation and readability of the financial information.
**4. Background and Rationale:**
The text explicitly states that "certain formattingalignment errors were noticed in English version" of the Annual Report and Audited Accounts. The Corrigendum is issued to rectify these errors. Therefore, the likely reason for this specific amendment is to improve the clarity and accuracy of the report, preventing misinterpretations that could arise from misaligned data and misplaced text elements.
**5. Key Provisions / Changes:**
This section details the specific changes introduced by the Corrigendum. The changes are primarily related to the positioning and alignment of elements on specific pages of the Annual Report.
* **Page 266:**
* Figures in the Balance Sheet table are to be aligned with corresponding items.
* The Secretary's name is to be presented on one line.
* The Firm Registration number of Ravi Rajan Co LLP is to be read together with the words "Firm registration number".
* The words "Partner and Membership No of auditors and Date Place of Audit Report" are to be moved from page 267 to the end of the Balance Sheet on page 266.
* **Page 267:**
* The Vice-President's name is to be presented on one line.
* The Firm Registration number of Ravi Rajan Co LLP is to be read together with the words "Firm registration number".
* The Date and Place of Audit Report are to be moved from page 268 to the end of the Statement of Income and Expenditure on page 267.
* **Page 268:**
* The phrase "Significant accounting policies and accompanying notes 1 to 27 form part of financial statements" is to be presented on one line.
* The phrase "For and on behalf of the Council" is to be presented on one line.
* Auditor details are to be moved from page 269 to the end of the Cash Flow Statement on page 268.
* The Firm Registration number of Ravi Rajan Co LLP is to be read together with the words "Firm registration number".
* The membership number of CA. Deepak Gupta is to be read together with the words "Partner, Membership No."
* **Page 269-272:** Headings of various points in the Notes forming part of the Financial Statements are to be left aligned.
* **Page 273:** Specific headings related to Pension Schemes and Post-retirement medical scheme are to be left aligned. The last two lines of Point No.2.19 are to be moved from page 274 to the end of point no.2.19 on page 273.
* **Page 274:** In the table for Note 3, the word "Particulars" is to be presented on one line. Figures for the year 2022 in column 2 are to be right-aligned. Table for Note 4 should appear together at one page no. 275.
* **Page 275:** Specific figures in the table for Note 4 are corrected. Figures for Education fees and Journal subscriptions in Note 5 are corrected. Table for Note 6 should appear together at one page no. 276 and the words "in Lakhs" are to be added above the table.
* **Page 276:** Figures in the table for Note 8 are to be aligned.
* **Page 284:** Figures in the table for Note 23 are to be aligned. Figures in Note 24.01. a are corrected.
* **Page 285:** Figures in Note 24.01. b are corrected.
* **Page 287:** "Compensated Absence" is to be moved to the next line and left-aligned. Heading of Note 25.1 is to be deleted where repeated.
* **Page 288:** Figures in the table for Note 25.2 are to be right-aligned. Heading of Note 25.3 and words "in Lakhs" are to be deleted where repeated.
The *effect* of these changes is to ensure that the Annual Report is more easily readable and understandable, reducing the risk of errors in interpreting the financial data.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are likely:
* Members of the Institute of Chartered Accountants of India (ICAI).
* Auditors.
* Regulators and government bodies overseeing the ICAI.
* Other stakeholders interested in the financial performance and activities of the ICAI, such as students, potential investors, and the general public.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Institute of Chartered Accountants of India (ICAI) is responsible for implementing these changes.
* **Procedures:** The implementation involves correcting the identified errors in the digital and potentially physical versions of the Annual Report. Dissemination of the Corrigendum ensures stakeholders are aware of the corrections.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcome of these specific changes is to improve the accuracy and clarity of the ICAI's Annual Report and Audited Accounts. The impact of the amendment is expected to be:
* Improved readability and understanding of the financial statements.
* Reduced risk of misinterpretation of financial data.
* Increased confidence in the accuracy and reliability of the Annual Report.
* Enhanced transparency and accountability of the ICAI.
**9. Conclusion:**
The Corrigendum No. 1CA573A2022 addresses formatting and alignment errors in the English version of ICAI's Annual Report and Audited Accounts for the year ended March 31, 2022. While seemingly minor, these corrections are significant because they ensure the accurate presentation of crucial financial information. By addressing these presentational issues, the ICAI reinforces the integrity and reliability of its financial reporting, which is essential for maintaining stakeholder confidence and promoting transparency.
Key Entities Referenced
NEW DELHI: The city where the notification was issued.
THE GAZETTE OF INDIA: The official government gazette in which the notification was published.
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA: The organization issuing the corrigendum to its Annual Report and Audited Accounts.
Annual Report and Audited Accounts: A report by the Institute of Chartered Accountants of India
Ravi Rajan Co LLP: The name of the firm whose registration number is mentioned in the corrigendum.
CA. Deepak Gupta: Auditor, Partner of the firm mentioned.
Education Fund: Fund mentioned in the context of financial figures in the corrigendum.
Education fees: Fees mentioned in the context of financial figures in the corrigendum.
Journal subscription: Subscription mentioned in the context of financial figures in the corrigendum.
Claims against the Institute: Contingent liabilities mentioned in the context of financial figures in the corrigendum.
Capital Commitments: Commitments mentioned in the context of financial figures in the corrigendum.
Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi110064: The location where the document was uploaded.
Delhi110054: The location of the Controller of Publications.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-23122022-241365
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 691] नई दिल्ली, िुक्रवार, दिसम्ब र 23, 2022/पौर् 2, 1944
No. 691] NEW DELHI, FRIDAY, DECEMBER 23, 2022/PAUSA 2, 1944
भारतीय चार्टड ट अकाउंर्ेंर् सस्ट्ं थान
िजु ि-पत्र
नई दिल्ली, 23 दिसम् बर, 2022
स.ं 1-सीए(5)/73ए/2022.—भारतीय चार्टडट अकाउंर्ेंर् संस्ट्थान की अजधसूचना स.ं 1-सीए(5)/73/2022 तारीख
29 जसतंबर, 2022, जिसे भारत के रािपत्र, असाधारण, भाग III, खंड 4, तारीख 29 जसतम्ब र, 2022 म ें प्रकाजित दकया
गया था, जिसम ें संस्ट्थान की 31 माचट, 2022 को समाप्त हुए वर्ट के जलए वार्र्टक ररपोर् ट और संपरीजित लेखा अंतर्वटष्ट ह,ैं
के हहिं ी प्ररूप म ें कजतपय आरुपण/पंजि-बंधन संबंधी त्रुरर्या ं सूचना म ें आई ह ैं । इन त्रुरर्यों को इस िुजिपत्र के माध्यम स े
नीचे दिए गए ब्यौरों के अनुसार सही दकया िा रहा ह ै:--
1. पृष्ठ 135 की पंजि सं. 1 स े5 को पृष्ठ 134 के अंत में स्ट्थानांतररत करें एवं पष्ठृ 134 के भाग रूप में पढें ।
2. पृष्ठ 140-
क) सारणी के पश्चात,् पंजि 16 के रर्प्पण के नीच ेिायी ओर “पररर्ि ्के जलए और उसकी ओर से” िब्ि िोडें ।
ख) पंजि 17 म,ें “सीए. अजनकेत सुनील तलाती उपाध्यि” िब्िों के स्ट्थान पर “सीए. अजनकेत सुनील तलाती
उपाध्यि” पढें ।
3. पृष्ठ 148 के रर्प्पण # 5 म,ें
8603 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
पंजि 10, 11 और 12 के स्ट्थान पर जनम्नजलजखत पढें :--
अजिम म ेंप्राप्त फीस
i) जििा फीस 1831 1474
ii) िनटल का अजभिाय 7 9
4. पृष्ठ 161,
a) नोर् संख्या 25.01 को 25.1 के रूप में पढा िाए ।
b) रर्प्पण 25.1 म,ें क्रम सं. 6 के पश्चात् पंजि 37 और 38, जिसमें क्रमि: “(लाख रुपए में)” और “वणटन, 2021-22,
2020-21, 2019-20 और 2018-19” िब्ि और अंक अंतर्वटष्ट ह,ैं का लोप करें ।
सीए. (डा.) िय कुमार बत्रा, सजचव
[जवज्ञापन-III/4/असा./511/2022-23]
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
CORRIGENDUM
New Delhi, the 23rd December, 2022
No. 1-CA(5)/73A/2022.—In the Notification No.1-CA(5)/73/2022 dated 29th September, 2022 published in
Part III- Section 4 of the Gazette of India, Extraordinary dated 29th September, 2022 of the Institute of Chartered
Accountants of India containing Annual Report and Audited Accounts of the Institute for the year ended 31st March,
2022, certain formatting/alignment errors were noticed in English version. These errors as per details given below, are
hereby rectified by way of this Corrigendum:-
1. Page 266-
a) In the table for Balance Sheet, the figures in columns (3), (4) & (5) against the items in column (2) are not
aligned and are appearing below the items, and therefore, all figures be now read against the corresponding
items.
b) Below the table for Balance Sheet-
a) The name of the Secretary is appearing in two lines, and the same be now read together in one line.
b) The registration number of the Firm “Ravi Rajan & Co LLP” is appearing in next line, and the same
be now read together with the words “Firm registration number”.
a) The words “Partner and Membership No” of auditors and Date & Place of Audit Report are
appearing above “Statement of Income and Expenditure” at page no.267, and the same be now read
at the end of “Balance Sheet” at page no.266.
2. Page 267- Below the table for Statement of Income and Expenditure-
b) The name of the Vice-President is appearing in two lines, and the same be now read together in one
line.
c) The registration number of the Firm “Ravi Rajan & Co LLP” is appearing in next line, and the same
be now read together with the words “Firm registration number”.
d) The Date and Place of Audit Report are appearing above “Cash Flow Statement” at page No.268
and the same be now read at the end of “Statement of Income and Expenditure” at page no.267.
3. Page 268-Below the table for Cash Flow Statement-
a) The words “Significant accounting policies and accompanying notes 1 to 27 form part of financial
statements” are appearing in two lines, and the same be now read together in one line.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
b) The words “For and on behalf of the Council” are appearing in two lines, and the same be now read
together in one line.
c) The details of auditors i.e firms name, Firm Registration no. name of Partners, membership number, date
and place of audit report are appearing above “Notes forming part of the Financial statements” at page
no.269, and the same be now read at the end of “Cash Flow Statement” at page no.268.
d) The registration number of the Firm, “Ravi Rajan & Co LLP” is appearing in next line, and the same be
now read together with the words “Firm registration number”.
e) The membership no. of auditor, CA. Deepak Gupta is appearing in next line, and the same be now read
together with the words “Partner, Membership No.”
4. Page 269- In the Notes forming part of the Financial Statements, the headings of Point No.2- “Summary of
Significant Accounting Policies” and Point no. 2.06 – “Appropriation to Reserves and Allocation to
Earmarked Funds” are not aligned, and the same be now read as left aligned.
5. Page-270- In the Notes forming part of the Financial Statements, the headings of Point No.2.08- “Intangible
Assets”, Point no. 2.09 – “Capital Work in Progress” and Point No. 2.10- “Depreciation and amortisation”
are not aligned, and the same be now read as left aligned.
6. Page 271- In the Notes forming part of the Financial Statements, the headings of Point No.2.11- “Revenue
Recognition” and Point no. 2.13 – “Investments” are not aligned, and the same be now read as left aligned.
7. Page 272- In the Notes forming part of the Financial Statements, the heading of Point No.2.15- “Employee
benefits” is not aligned, and the same be now read as left aligned.
8. Page 273- In the Notes forming part of the Financial Statements,
a) The headings of Point No. 2.15 (ii) c) “Pension Scheme (unfunded)” and Point No. 2.15 (ii) d) “Post
retirement medical scheme benefit to retired employees and spouse” are not aligned, and the same be
now read as left aligned respectively.
b) The last two lines of Point No.2.19- “Provisions and Contingencies” are appearing above Note #3:
“Reserves and Surplus” at page no.274, and the same be now read at the end of point no.2.19 at page
no.273.
9. Page 274-
a) In the table for Note #3: Reserves and Surplus, the word “Particulars” is appearing in two lines, and the
same be now read together in one line.
b) In the table for Note #3: Reserves and Surplus, some figures in column no.2 for the year 2022 are not
aligned, and the same be now read as right aligned.
c) The table for Note #4 Earmarked Funds, is appearing at two pages, and the same be now read together at
one page no.275.
10. Page 275- In the table for Note #4-Earmarked Funds, last two digits of certain figures are reflected in the next
line, and therefore, the correct figures in the said table be now read as under:-
a) The figures towards “Balance at the beginning of the year” and “Balances at the end of the year” in the
column no. (5) against the item “Education Fund” for the year 2022 be read as “47,085” and 53,734
respectively.
b) In the table for Note # 5 - Other Long-term Liabilities, the figures of one item are combined into figures
of another item, therefore, the correct figures in the said table be now read as under:
The figures towards “Education fees” for the year 2022 and 2021 be read as “1831” and “1474”
respectively and the figures towards “Journal subscription”’ for the year 2022 and 2021 be read as
“7” and “9” respectively.
c) (i) The table for Note #6- Provisions, is appearing at two pages, and the same be now read together at
one page no.276.
(ii) Above the table for Note# 6: Provisions, the words “(₹ in Lakhs)” are not appearing, and the same be
now read as “(₹ in Lakhs)” on right side.
11. Page 276-
a) In the table for Note #8- Other Current Liabilities, the figures in column no. (2) and (3) towards the
items appearing under the head “Fees received in advance” for the years 2022 and 2021 are not aligned4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
and are appearing below the items, and therefore all figures be read along with corresponding items
respectively.
12. Page 284-
a) In the table for Note # 23- Other Expenses, certain figures in column no. (2) and (3) are not aligned and
are appearing below the items, and therefore all figures be read along with corresponding items.
b) In the table for Note 24.01. a. Contingent Liabilities, one financial year is combined into another
financial year, therefore, the correct figures in the said note be now read as under:
The figures towards “Claims against the Institute not acknowledged as debts” against the item
“Contingent Liabilities” for the year 2021-22 and 2020-21 be read as “2,084” and “2,600” respectively.
13. Page 285- In the Note 24.01. b. Capital Commitments, one financial year is combined into another financial
year, therefore, the correct figures in the said note be now read as under:
The figures towards “Capital Commitments (net of advances)” against the item “Capital Commitments”
for the year 2021-22 and 2020-21 be read as “7,560” and “4,996” respectively
14. Page 287-
a) In the Note 25- Employee Benefits, the words “Compensated Absence” are appearing along with the
words “Non-Funded” towards “Post retirement Pension”, and the same be now read in the next line as
left aligned against the words” Non-Funded”.
b) The Heading of Note 25.1- “Details of Gratuity Plan” is repeated above Point No.4 of table, and the
same be now read as deleted.
15. Page 288-
a) In the table for Note 25.2- Details of the post retirement pension plans, the figures in Column no. (3),
(4), (5) and (6) against the items in column no. (2) are not aligned, and therefore, the same be read as
right aligned.
b) The Heading of Note 25.3- “Employee Benefits (contd) Details of leave Encashment” and the words
“(₹ in Lakhs)” is repeated above Point No.4 of table, and the same be now read as deleted.
CA. (Dr.) JAI KUMAR BATRA, Secy.
[ADVT.-III/4/Exty./511/2022-23]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.