Respected Professional Colleagues,

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Wishing you and your family a prosperous and healthy new financial year 2023-2024. I take this opportunity in reaching out to you for the second time through the newsletter. Over the years Chartered Accountancy profession has earned the trust of all stakeholders by establishing a consistent financial reporting framework that improves governance while also enhancing the capacity and competence of diverse economic constituents. With the changing market conditions, our profession has evolved to not only mitigate the risk of failure but also to support the growth of the industry. So, we are always considered as partners in Nation Building.

06th March, 2023 was the saddest day for all the Chartered Accountants of Udupi. Our beloved CA. Mallesha Kumar (Age 40 years), member of Udupi Branch and Sub-committee Member of KSCAA passed away due to brain hemorrhage. He was serving as the Treasurer of the Udupi Branch of SIRC of ICAI. He is survived by his parents, Wife and two daughters aged 5 and 2 years. Late CA. Mallesha Kumar was most respected Chartered Accountant in our CA fraternity. Best part of him with his presence, he would always light us all up with positivity. He was very passionate about Cricket, and had inspired many young Chartered Accountants and students. Personally for me, He was friend, guide, brother and mentor. I still remember those days when he was the person who won many Trophies in cricket for Udupi Branch. In the recent Professional Cup-2023, the Semi- Final Match which we played against Engineers XI, last two balls 12 runs were required and CA. Mallesha Kumar was the Man who made it possible by hitting two consecutive Sixes and we entered the Finals. He was also the backbone for the Managing Committee. We lost the precious gem in our CA Fraternity. I pray for his Sadgathi and also pray to the Almighty to give enough courage and strength to his family members to bear this irreparable loss. I should complement the efforts taken by CA. Lokesh Shetty (Immediate Past Chairman of Udupi Branch of SIRC of ICAI), CA. Pradeep Jogi (Past Chairman of Udupi Branch of SIRC of ICAI) and CA. Subhaschandra Salian for taking the initiative for collecting the contributions from CAs for the noble cause by creating a fund to be handed over to Late. CA Mallesha Kumar’s family and to help in the trying times of personal crisis which no one had foreseen. Many Members and well-wishers across the Country have come forward to assist by their contribution and I request all the Members to generously contribute for the same.

Activities conducted during the month of March, 2023:

• We had launched and successfully completed Advanced ICITSS- MCS Course Batch No. AdvICITSSMCS_UDUPI_1 starting from 06th March, 2023 and completed on 24th March, 2023. 29 students had enrolled for the Batch and I wish them all the very best for the examinations and future career.

• We had also launched two batches of ICITSS-ITT:

Batch No.

Starting date

Completion date

No. of Students

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1. On 08th March, 2023, As a mark of respect to our beloved Branch Treasurer Late CA. Mallesha Kumar, our Branch had organized a condolence meet to offer the prayers for the salvation of the departed soul.

• For the Benefit of CA Students who are appearing for May, 2023 examinations, Mock Test Series-1 was conducted from 13th March, 2023 to 21st March, 2023.

• On 13th and 14th March, 2023, Managing Committee Members of Udupi Branch attended All India Orientation Programme for Regional Council Members and Branch Managing Committee Members oragnised by RBA, ICAI at The Westin Mumbai Powai Lake, Mumbai. It was an opportunity to meet and interact with the Hon. President and Vice President of ICAI, CCMs, RCMs and Officials of ICAI at one place.

• On 15th March, 2023, Special Session for the CA Students on How to face CA Exams? (Plan, Prepare & Perform) was organized and CA. Ramyashree Rao (CA Final AIR-2 November, 2022 & CA Intermediate AIR-16) was the resource person. She gave certain tips for the CA students on how to prepare and clear the CA Exams with flying colors.

• On 24th March, 2023, CA Students Bank Audit Seminar was held at Upendra Pai Memorial College, Udupi. CA. Andrea S. Lewis, Udupi and CA.Vrinda Konnar, Mangaluru were the resource persons for the Session and they took the sessions in detail explaining the overview of Bank Branch Audits and LFAR.

• On 25th March, 2023, International Women’s day- 2023 was celebrated by the Branch under the banner of Women Members Empowerment Committee of ICAI .Smt. Vijetha Pai (3 Gold and 2 Silver winner of International Swimming Competition held at Colombo, Sri Lanka in March, 2022) was the chief guest and Mrs. Divyalakshmi Shenoy and Miss. Komal Jenifer D’souza were the resource persons. Various competitions were held on this occasion. CA. Rekha Devanand and CA. Kavitha Pai T (Past Chairpersons of Udupi Branch of SIRC of ICAI) were present during the celebrations. I personally thank CA. Pannaraj S (Chairman, SIRC of ICAI), CA. Geetha A B (Vice Chairman, SIRC of ICAI and Ex-Officio Member of Udupi Branch of SIRC of ICAI), CA. Rekha Uma Shiv (RCM of SIRC of ICAI), CA. Pramod Srihari (President, KSCAA Bengaluru) and CA. Sujatha G (Vice President, KSCAA, Bengaluru) for their best wishes on the occasion of the International Women’s day celebrations.

• On 27th March, 2023, Branch had hosted one day CPE Seminar on Statutory Audit of Bank Branches under the Aegis of Auditing and Assurance Standard Baord of ICAI . CA. Prashanth Holla T. (Past Chairman of Udupi Branch of SIRC of ICAI) was the Chief Guest for the inaugural session and the sessions were engaged by CA. Ravindran V, Salem (Practical Approach in Bank Audit & NPA Fraud Games) and Adv. Lakshman Shenoy, Udupi (Important aspects of legal opinion and Loan documentation).

• On 27th March, 2023, Branch had hosted Investor Awareness Programme organized by Committee on Financial Markets and Investors’ Protection of ICAI in Association with Advance Learning in Finance and Accounting, Department of Commerce, MAHE, Manipal under the Aegis of Investor Education and Protection Fund Authority, Ministry of Corporate Affairs, Govt. of India at Interact Lecture Hall, Manipal. The Programme was inaugurated by Dr. Sandeep Shenoy (HOD, DOC, Manipal) and Prof. Dr. N. Subramanya Kumar (Associate Professor, DOC, Manipal) & CA. Ramganesh Maiya, Udupi were the resource persons for the programme. 105 participants took the benefit of the programme.  

Announcements:

• Members in Practice and those who are in job with members in practice are requested to update their firm’s GSTIN, so that Tax Invoice can be raised by ICAI and can be used to avail GST Credit by firms for their Annual Membership fees. Last date to update is 15th April, 2023.

• ICAI has launched “Know Your Member (KYM)” Application form which has to be filed annually through Self Service Portal (SSP) of the ICAI. I request all the Members to submit the same at the earliest.

Forthcoming programmes:

• Branch will be conducting Mock Test Series-2 (CA Intermediate & CA Final) starting from 05th April, 2023 to 14th April, 2023 followed by Mock Test Series for CA Foundation for the benefit of students appearing for May,2023 examinations. I hereby request all the Members to kindly pass on this information to all the eligible students.

• Study Circle meeting/ CPE Seminar on Clause by Clause Analysis of Finance Act, 2023 and changes in the Income Tax Returns and Forms for the AY 2023-24 in the last week of April, 2023.

It’s my pleasure to inform you all that CA. Raghavendra Mogeraya (Approved Co-opted Member) has been elected as New Treasurer for Udupi Branch of SIRC of ICAI and the Managing Committee of Udupi Branch has unanimously recommended and SIRC of ICAI has approved CA. Ashwath J. Shetty as the co-opted Member for the term 2023-2025.  

As March end and April month is considered to be busy schedule for a Chartered Accountant. I request all the Members to take care of their health and also of their Article students and staffs. Dedicate some time with the family members too.

To conclude with,

“Carry a heart that never hates. Carry a smile that never fades. Carry a touch that never hurts. Carry a relationship that never ends. Be human & have humane touch.”

Thank you and Happy Bank Audit Season 2023.

II Krishnam Vande Jagadgurum II

With warm regards

CA. Mahindra Shenoy P.
Chairman (2023-24)
Udupi Branch of SIRC of ICAI