ICAI Central Council member's performance update - Sripriya Kumar (From mail)

1. 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 Auditors
reporting for ALL companies for the year 2015-16 needs to provide an assurance that Internal
Financial Controls Over Financial Reporting ( IFCoFR) are existing in terms of Control design and
are operating effectively. This update contains a brief on Internal Financial Controls over financial
reporting and usable excel templates to carry out the engagement for a small company. Given that
the tax audit season is on, also find enclosed, a Tax audit program that covers all the clauses. The
attached 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 6
months since the Central Council term commenced and hence a brief performance update seemed
in 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 for
small 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 for
your 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 activities
of ICAI during this period. Have encapsulated some key initiatives, led by leadership team where I
have contributed significantly in the last few months. The present team is highly energised to see
ICAI reinvent itself with more vitality, vigour and relevance
I have chosen 5 core themes to work on for the present year – Finance , Governance , Corporate
Laws, Go Green initiatives and Examinations. These functions enable synergy with the committees
I 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 additional
information on request.
Main Committees

2. Am a member of 2 standing committees – the Executive Committee and the Examinations
Committee.
Vice Chairperson of the Corporate Laws and Career Counselling committees for the year
2016-17
Director – Accounting Research Foundation ( a Section 8 Company – ICAI )
Finance and Governance
Redesigned to automate the migration strategy and was the Project Lead for South for
Institute’s Enterprise wide ERP implementation – all South reporting units have gone live as
of date and ICAI now has an integrated accounting framework
Led the drafting of Standard Operating Procedures for Branches, Regional Councils and
Decentralised offices which has been adopted by the council
Assistance in drafting a revised Purchase Policy for ICAI keeping the requirements of a very
large organisation
Part of core team to develop an improved Budgetary Control framework for capital and
revenue spends of ICAI which is expected to go live shortly
Rapid Diagnostic Assessments in SIRC and HO with Constant emphasis on building strong
controls across the Opex, Inventory, Capex and asset control functions of the organisation
Highlighted and suggested Significant Cost reduction initiatives in specific functions
Presently involved in design of a Finance and Accounts gateway to enable enhanced digitial
transformation of the finance function
Helped draft a Comprehensive Internal Audit Strategy document to enable a top down , risk
based 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 ICAI
Support in HR transformation across ICAI with an initial completed task of drafting the
Organisation chart of ICAI
Streamlined the process of escalations of Matters of General Interest to enhance council
productivity
Examinations
Active contributor to Examination Review process and identified road map actions to further
strengthen the process
Digital transformation initiatives to enhance efficacy of present system
Established strong connect and feedback systems with introduction of examiner training
workshops to improve the quality of evaluation
Part of the Working group set up by the GoI on drafting rules and regulations for the new
legislation – Insolvency and Bankruptcy code
Go Green
Part of Core team in implementing an e-meeting initiative - has caused meetings in ICAI to be
paperless ( largely ) and ensured robust data archival
Suggested and Designed the Go Green e – journal initiative for ICAI which has been
subscribed 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

3. Constituted a group to Enable the drafting of FAQ’s on ICDS ( release of FAQ deferred due to
ICDS deferment by one year )
Active support in FRRB group in Chennai
Support in Groups ( Illustrative )
Purchase Policy group
Group to review Matters of General Interest
HR Transformation group
Group to Review Audit process at ICAI
Would be happy for any queries or feedback you may have in this regard and can provide additional
information on request. My personal knowledge update series – The Smart CA would continue
albeit 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 Kumar
Partner – S P R & Co
Chartered Accountants
+919841026973
www.sprandco.com
www.thesmartca.com
blog : sripriyakumar.blogspot.com
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