The goods and services of government departments are purchased and sold with the GeM portal. The ethical standards board of ICAI published on the 4th of March, 2022, regarding the clarification required for the chartered accountants. As chartered accountants work with the internal audit department of the government, and do an independent audit as statutory auditors, they need to register with the GeM portal. The service of GeM improves public procurement, transparency and efficiency. The service is a government-owned service. The online portal works under the ministry of commerce and industries run by the government of India. These guidelines are mentioned in volume II of the code of ethics. The twelfth edition is the last edition published by ICAI. The twelfth edition consists of the sum of domestic provisions. The tender guidelines, networking guidelines, UDIN guidelines, Logo guidelines, the corporate form of practice, and advertisement guidelines are explained in detail in the last edition. Chartered accountants face issues in their profession. And the code of ethics supports the legal aspect of the issues.
What is the procedure for registering in GEM?
The GeM portal has the details of the seller and buyer registration. The details of the constitution and seller detail help to create an account. The following point helps beginners to understand the complex process.
• The GeM portal has primary users and secondary users.
• The buyers on the GeM portal are state government ministries, central government, state government departments, autonomous bodies, PSUs and local bodies.
• The sellers on the portal are central government, state government, subordinate offices, autonomous bodies, local bodies and PSUs.
• The users are the state government, central government, PSU, autonomous bodies, statutory bodies, constitutional bodies, local bodies and deputy secretary of India.
• The reasonability with the prices is acknowledged and certified by the procuring authority.
• Buyer and seller make use of the online service of the government.
• The buyers can compare similar products, check the payments, and the return policy is also user friendly.
• For the sellers, the marketing becomes easy, innovative ideas generate for new products, price is dynamic and user friendly.
• The documents required are PAN card, VAT number, cancelled cheque, bank account details and KYC details, trademark certification, document about the product or service, address proof, mobile number, MSME document, NSIC papers, and ITR certificate.
Code of ethics:
Chartered accountants need to understand the importance of following ethics when working and doing advertisements for their services. The common scenarios are understood by human moral sense and professional sense. The dynamic environment urges professionals to follow professional ethics. Let us look into some valid points about government service and advertisement.
• Chartered accountant register in UdyogAadhar for rendering service to the micro, small and medium enterprises.
• The code of ethics of ICAI is bringing changes from time to time. The revisions help the chartered accountants to get the edge over the global market. The central government and NFRA discuss the financial standards and finalise them.
• Administrative services and consultation services are different from each other.
• The GST practitioner provide administrative service such as inward and outward supply details, furnish quarterly, annual and half-yearly returns, do deposits, file refund, check the amendments or cancellation, apply for e-bill, write the details in the GST ITC-04, and intimate about the tax payment with composition scheme.
• The Chartered accountants use ACMA or FCMA after their name if they have CMA qualifications.
• If the chartered accountants work with government departments, they do not have the right to participate in the council elections.
• The council take care of professional ethics, research, library facilities, certification courses, and publications.
• Foreign Companies are under the supervision of ICAI, as they conduct the auditing of Indian Companies.
• The Comptroller and auditor general of India takes care of the audit of government departments.
• Government departments require three types of audit such as financial audit, compliances audit and performance audit.
• The duration of the audit must not exceed fifty working days.
• A chartered accountant can be a representative of a foreign company if he is not the internal auditor of the foreign company.
• In the year 2008, the institute published guidelines about advertisement. The global scenario is demanding changes with the services of chartered accountants.
• The member cannot gain publicity with interviews, circulars, and advertisements. The professional ladder of a chartered accountant in practice is built by integrity and ability.
• The satisfaction of the clients and the demand of the financial market work as an indirect instrument for the chartered accountants.
• The corporate structure of the Company provides insight into the firm’s business.
• Tax services should not have an impact on the financial statements.
• Auditor independence is an essential element in the auditor appointment.
Bottom Line:
The power distribution companies are facing issues with the late realization of sale proceeds, carbon credit income, incentives, downtime, insurance, high debt-equity ratio and fuel accounting. The government departments are doing research by CMA professionals to understand the auditing process. Neel Ratan, director of PWC consultancy firm, stated that a model like GEM is available only in a few world countries. This market engages the automobiles, furniture and laptops from government production. The government is looking for the top technology companies to handle data and privacy. The audit for GEM goes as the technical adoption, financial evaluation and notifications reaching the suppliers. GEM portal extracts the information of the different stages of the transaction. The auditing team would automate the process and check the data for risk management. State government, central government, Small industries, large industries and auditors help for the smooth functioning of the GEM portal.
