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(Established under the Nepal Chartered Accountants Act, 1997)

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Page 1: (Established under the Nepal Chartered Accountants … · The Institute of Chartered Accountants of ... It has given us all a sense of belongingness and pride when the employers of

(Established under the Nepal Chartered Accountants Act, 1997)

Page 2: (Established under the Nepal Chartered Accountants … · The Institute of Chartered Accountants of ... It has given us all a sense of belongingness and pride when the employers of

The Institute of Chartered Accountants of Nepal4th Council Members (2006-2009)

Tul Bahadur Shrestha

Maha Prasad AdhikariSuvod Kumar Karn

Sunir Kumar Dhungel Bhaskar Singh Lala

Ratna Raj BajracharyaPresident (2007/08)

Mahesh Kumar Guragain Gyanendra Prasad Dhungana

Tanka Prasad Pandey Balkrishna Ghimire Dilip Kumar Dhungana

Diwakar Prasad RimalKeshav Prasad BhattaraiKhem Prasad Dahal

Tanka Prasad PaneruVice President (2007/08)

Bharat Rijal

Nanda Kishore SharmaExecutive Director, ICAN

Binod B. RajbhandaryImmediate Past President

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The logo of The Institute of Chartered Accountants of Nepal (ICAN) bears awell-known line impregnated with a rich moral lesson. It is extracted from ChapterXIX (text line no.39) of the Yajur Veda. It is the second of the following four-linestanza.

k'gGt' df b]jhgfMk'gGt' dg;f lwoM .k'gGt' ljZjf e"tflghftj]bM k'gLlx df ..

The Vedic text is chanted aloud during occasions of good omen for purificationof mind, body and environment

ICAN realizes that internally purified and enlightened mind is the lifeblood ofrighteousness. We consider it indispensable for both doing right things and doingthings right.

We, therefore, pledge to be guided by the Vedic principle. Our policies, aspirationsand expectations, strategies, and functioning style shall always be determined bythe above message.

We wish to be blessed with your best wishes for our success.

Literally, k'gGt' dg;f lwoM means:“Purity of mind and clarity of wisdom.”

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepalii

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

The well-set objectives tailored to attain the Mission are as follows :

› To play the role of regulatory body in order to encourage the members to carry on

accounting profession being within the limit of the code of conduct laid down so as to

make accounting profession transparent.

› To develop, protect and promote the accounting profession by making the members

and the practicing accountants understand the responsibility towards the importance

of the accounting profession and the accountancy.

› To provide quality professional education to accounting professionals in consonance

with international norms and practice so as to make the accounting profession

respectable and reliable.

› To support the government with constructive suggestions towards the formulation and

the revision of legislation in regards to commerce, trade, accounting, revenue etc.

› To support the economic development process by increasing the confidence among

investors and general public towards the capital market by pronouncing the standards

of discloses in financial reporting practices.

Objectives

“ICAN aims to be recognized as a respected and highly professional accounting

body, providing leadership on standards, education and self-regulation in

Nepal.”

Mission Statement

Mission Statement/Objectives

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iiiAnnual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Joj;flos cfr/)fsfcfwf/e"t l;$fGtx?Fundamental Principlesof Professional Ethics

;+:yfsf ;b:ox?n] Joj;flos sfo{ ubf{ b]xfosf cfwf/e"t l;4fGtx?sf] clgjfo{ kfngf ug'{ kb{5M

Independence -:jtGqtf_

Integrity -st{Jo lgi7tf_

Objectivity -j:t'lgi7tf_

Professional Competencies and Due care-Joj;flos Ifdtf / plrt ;ts{tf_

Confidentiality -uf]klgotf_

Professional Behaviour -Joj;flos Jojxf/_

Technical Standards -k|fljlws dfg_

g]kfn rf {̂*{ PsfpG ]̂G \̂; ;+:yfTHE INSTITUTE OF CHARTERED ACCOUNTANTS OF NEPAL(Established under the Nepal Chartered Accountants Act, 1997)

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepaliv

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vAnnual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Report of the President vii

Brief Outline of the Institute of Chartered Accountants of Nepal 1

Facts about ICAN 2

Events and Activities 3

International Participation and Co-operation 8

Seminars, Workshops, Trainings and Interactions 11

Member Affairs 14

Student Affairs 16

Staff Development 18

Accounting Standards and Auditing Standards 20

Auditor's Report 23

Annexure 1- Standing and Non Standing Committees 35

Annexure 2 - Organisational Chart of the Instituute 37

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

Table of Contents

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepalvi

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viiAnnual Report 2006-07 • The Institute of Chartered Accountants of Nepal

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

Report of the President

Dear Members,

It is my pleasure to welcome you to the 11th Anniversary of the Institute of Chartered Accountants of Nepal andto present the Annual Report and Financial Statements for the year 2063/64 (2006/7). During the year, Mr. BinodB. Rajbhandary, IPP (2006-2007) was at the helm of Institute affairs and accordingly this report pertains to theworks done by the Institute under his commandment

This annual report describes the progress we are making towards achieving our goals. Much of what we are doingis work in progress but there is a renewed sense of energy and purpose within the Institute. The business environmentis changing. As an organization we need to keep pace if we are to maintain our position as a regulator of accountingprofession in this country. We have to plan for taking challenges ahead posed by WTO agreement and convergenceof Nepalese accounting and auditing standards to international standards.

The year 2006-07 has been a remarkable year for the Institute and the accounting professionals as well. Manyplans and programs for the development of the accounting profession in the country have been initiated andimplemented. Our Institute has completed 10 years of service to the nation and within this ten years it hasprovided remarkable services and has gain creditability as the regulator of accounting profession in Nepal. I wouldlike to place in record our high appreciation for the support received from the Government of Nepal, Office of theAuditor General, Donor Agencies, the business community, Council Member and members of the Institute.

I present before you some of the achievements made by the Institute during the year 2006-2007.

Membership

The membership of the Institute as of 16 July 2007 was 324 Chartered Accountants (CA) and 7,294 RegisteredAuditors (RA). Among them, 294 CA and 6,691 RA hold certificate of practice (COP). Total membership includes37 CA members qualified from our own Institute, 23 of them have qualified during the year under review. It is aremarkable result and a milestone achieved. All of these young professionals are placed amicably and highlyregarded. It has given us all a sense of belongingness and pride when the employers of these talents praise abouttheir work quality and ability.

The number of professionally qualified CA members is increasing. It has reached 373 as of today. 343 of them areholding COP.

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Education and Examination

In the education front, I am overwhelmed by the response received from the students towards pursuing theChartered Accountancy course. With limited resources, Institute has endeavored to provide quality education tostudents.

The Institute conducted various career counseling programs in the major cities and the response from the studentswas remarkable. ICAN has participated in two education fairs, both of which have been a great success in attainingthe objective.

During the year, a total of 866 students have enrolled in different levels of CA Education as compared to 358 theprevious year. The number is increasing and has already reached 627 during the first half of the current year (2007/8). We consider this development as a trust and confidence bestowed in accountancy profession by the youngtalents.

At ICAN, we believe that we must be able to provide a medium where all aspiring young talents are encouragedand accommodated. Though CA education is considered the cheapest, yet we have established a ScholarshipFund to help the needy and brilliant students to pursue the CA education. The fund is flexible enough toaccommodate all types of contributions. I humbly request all members to contribute generously in the fund.

On this occasion I wish to appreciate and place on record all contributors who have generously contributed to thisfund so far. As of today, the highest contributions of Rs. 50,000 each have come from Sri Binod Bahadur Rajbhandari,our IPP and Sri Ram Babu Nepal, currently residing in the Netherlands.

As the CEO of NCC Bank, I am taking advantage of this opportunity to announce the bank's commitment toprovide two scholarships for Foundation course for next three years.

Improvement in Education Standard

A new syllabus in line with International Standards on Education pronounced by the International Federation ofAccountants has been approved by the council. The new syllabus is effective from December 2007 enrollment.

In the examination front, the trend of passing rate has been increasing and this year the pass percentages were 48,19 & 39 percent respectively in Foundation, Intermediate and Final level Examinations. We are committed toprovide quality education and has conducted crash course on various subjects during the year to improve in results.ICAN will explore the possibilities to provide class room instructions as well to the students on regular basis.

Our students visited Pakistan and India to participate in the Student Exchange Programs and presented technicalpapers in the programs. Also, we received students from Sri Lanka during the year. The exercise is found to besignificantly contributing to enhance the level of knowledge and confidence among the students. The Institutewill, as in the past, continue support in the students exchange program in cooperation with Nepalese CA StudentsAssociation

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Quality Control Review

The Institute has laid special emphasis that its members in practice provide high quality of services to meetcurrent challenges and expectations of users of the financial information. To accomplish its mission, the Institutehas started the peer reviewing process by adopting Statement on Peer Review and Peer Review Manuals. Two days'training program was held to impart thorough perspective on peer review process, how it is done and what areexpected from the members in practice. The response is overwhelming and the peer review process is due forformalization soon among the practicing members.

Continuing Professional Education

We have formulated a policy of outsourcing of CPE training from the year under review, which I believe willimprove the quality of CPE Training and will focus on more relevant topics related to members and will reach tomore members in all the districts as well as relieve the administrative force of the Institute. Six outside institutionswere engaged in providing CPE training to the members of the Institute. The quest for partners will continuealong with necessary supervisory activities to ensure quality in the training imparted.

Despite constraints the CPE Committee has successfully organized 52 CPE training programs during the year, outof which 15 trainings were conducted through outsourcing in all parts of the country, participated by around 5,000members. I am thankful to all the CPE Committee members for painstakingly organizing the programs and whohave volunteer as resource persons and conduct of the trainings.

A thinking process has already begun to accommodate various professional programs conducted by otherorganizations into the ambit of CPE program. The CPE Committee is expected to come up with the policyframework soon.

Professional Standards

ICAN has been closely working with the Accounting and Auditing Standards Boards in pronouncing the Accountingand Auditing Standards. Till date the Institute has declared 20 Accounting Standards and 30 Auditing Standardsas mandatory for compliances and 6 Accounting Standards and 10 Auditing Standards as voluntary, as recommendedby the respective Boards.

I am thankful to all the members of Accounting Standards and Auditing Standards Board for their valuablecontributions.

International Relations

We have equally demonstrated our professional capability in International frontiers. We have applied for fullmembership of IFAC, and the process has been further consolidated during the first half of my tenure. We arehopeful that this will be materialized within current year 2007/8.

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepalx

Our Institute is fully dedicated and committed towards the development of professions in South Asia Region andhas participated in number of SAFA Assemblies, Board Meetings and Conference and has accomplished varioustasks assigned.

Similarly, our relation with CAPA is growing steadily and we have participated in various CAPA Board/Ex-Com/Annual General meetings and put forward our issues. With great pleasure I would like to inform all that the nextCAPA Exe-com meeting is scheduled to be held in Nepal on May 2008.

All these developments and achievements is the result of the invaluable support and contributions received fromthe Council Members, Past Presidents, Government Officials, Members of the Institute, and all concernedindividuals and staffs. Without their support we would not have achieved the desire results. We have several goalsyet to accomplish and have set in motion many new initiatives. I look forward with expectation to the continuedcontribution of all our stakeholders in achieving our shared goals for the profession.

Lastly, I would like to thank the dedicated staff team led by Mr. Nanda Kishore Sharma, FCA Executive Directorof the Institute for their endeavor to drive the Institute to a new height of progress.

With best wishes to all!

Ratna Raj Bajracharya, FCAPresident

31st January 2008

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1Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Brief Outline of the Institute ofChartered Accountants of Nepal

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

(Established under the Nepal Chartered Accountants Act, 1997)

CouncilThe council as constituted under the Act, governs the

Institute. It consists of 17 members of whom ten are

elected from Chartered Accountants members, four

from Registered Auditor members and the remaining

three are nominated by the Government of Nepal at

the recommendation of the Auditor General. The

Council is elected every three years. The President

and Vice President are elected from the Fellow

Chartered Accountants members of the Council for a

period of one year. The Council being the governing

body of the Institute has the right to regulate

accounting profession in the country as conferred by

the act.

Regulations and Bye-LawsThe activities of the Institute are administered under

the Nepal Chartered Accountants Regulation, 2004

and Nepal Chartered Accountants (Finance and

Administration) Bye-Laws, 2001. In addition the

Council has approved the following procedures for

conducting its activities :

(a) Election Procedures, 2004

(b) Committee Operation Procedure, 2005

(c) COP Upgrading Procedure, 2005

(d) Recruitment and Promotion Procedure, 2005

(e) Registered Auditor Member Upgradation

Procedure. 2005

(f) Scholarship Fund Procedure, 2006

The Executive DirectorAn Executive Director appointed by the Council for a

term of four years is the Chief Executive Officer of the

Institute and executes the decisions of the Council.

CommitteesThe Act provides for four standing committees to

advise and facilitate the Council in taking its

decisions. Except the Disciplinary Committee, the

President and Vice President of the Council are ex

officio Chairman and Vice- Chairman respectively of

all standing committees. The Council has constituted

various non-standing committees. The name of

committees and members is exhibited in the Annex 1.

Organization StructureThe Organization Structure of ICAN comprises of the

Council and five departments namely Professional

Development, Members, Management, Education and

Examination. The Structure is exhibited in the Annex 2.

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal2

Establishment : Nepal Chartered Accountants Act, 1997

Amendment : Nepal Chartered Accountants Act, First Amendment 2002

Regulation : Nepal Chartered Accountants Regulation, 2004

Amendment : Nepal Chartered Accountants Regulation, First Amendment 2006

Past Presidents of ICANFirst President : Mr. Komal Bahadur Chitracar, FCA ( 1997 - 1998)

Second President : Mr. Tirtha Raj Upadhyay, FCA (1998 - 1999)

Third President : Mr. Kaushalendra Kumar Singh, FCA (1999 - 2000)

Fourth President : Mr. Gopal Prasad Rajbahak, FCA (2000 - 2001)

Fifth President : Mr. Prabhu Ram Bhandary, FCA (2001 - 2002)

Sixth President : Mr. Bijay Kumar Agrawal, FCA (2002 - 2003)

Seventh President : Mr. Pradeep Kumar Shrestha, FCA (2003- 2004)

Eighth President : Mr. Pushpa Lall Shrestha, FCA (2004 - 2005)

Ninth President : Mr. Narayan Bajaj, FCA (2005 - 2006)

Tenth President : Mr. Binod B. Rajbhandary, FCA (2006 - 2007)

Recognition and AchievementICAN became Member of SAFA in 1998

ICAN became Member of CAPA in 1999

ICAN became Associate Member of IFAC in 2003

ICAN first CA Examination held in November 2000

ICAN signed MOU with ICAI in May 1998

ICAN signed second MOU with ICAI in July 2004

Total Members (January 14, 2008): Chartered Accountants : 373 (FCA 153, CA 220)

Registered Auditors : 7292

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

Facts about ICAN

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3Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

Events and Activities

63rd SAFA Assembly Concludes inKathmandu

The 63rd SAFA Assembly was held from 17th to 19th

December 2006 at Soaltee Hotel, Kathmandu with

the participants from the National Chartered

Accountancy and Cost Accounting bodies of

Bangladesh, India, Nepal, Pakistan and Sri Lanka.

Maldives and Bhutan, which do not have accounting

bodies, participated as observers. During the Assembly,

various meetings of working groups and task forces were

held. On 17th December 2006 the meetings of the

Centres of Excellence/Working Groups/Task Forces

were held. SAFA constituted these Centres of

Excellence for the institutionalization of the

accounting profession. Apart from fostering mutual

cooperation in the areas of education, training to

members as well as students, some of the important

works under taken by these Centres include comparison

of the framework of Accounting Standards and Quality

control measures, ethical standards in SAFA region and

bench marking with IFAC's Standards and implication

of GATS in the accounting services. Similarly, SAFA

Assembly was organized on 18th December, 2006 and

various issues like education, training, CPD, Standard

and Quality control, Mutual Recognition Agreement,

Restructuring of SAFA and so on were discussed in the

Assembly among heads of SAFA member bodies. The

assembly was followed by press conference.

The SAFA Assembly also elected Mr. Indrajith

Fernando as President and Mr. Syed Md. Shabbar Zaidi

as Vice President of SAFA for the year 2007. In a

nutshell the 63rd SAFA Assembly in Kathmandu proved

to be the forum committed to positioning, maintaining

and developing the accounting profession in the

SAARC region and ensuring its continued eminence

in the world of accountancy as enshrined in its mission.

ICAN Celebrates its 10th Anniversary

To mark the 10th anniversary of Institute, a function

was organized on January 31, 2007 at Hotel Hyatt

Regency, Bouddha, Kathmandu. Rt. Honourable

Speaker of the Interim Legislature Parliament Mr.

Subash Chandra Nembang was the Chief Guest at the

function. The guest of honour on the occasion were

Officiating Auditor General Mr. Bachchu Ram Dahal

Delegation at the 63rd SAFA Assembly

Rt. Honourable Speaker of the Interim Legislature ParliamentMr. Subash Chandra Nembang inaugurating the function.

Year 2006/07 in Review

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal4

function ended with the vote of thanks by Vice

President Mr. Ratna Raj Bajracharya, FCA.

ICAN Announces National BPAAwardsOn 1st August, 2006, Rt. Honorable Auditor General

Mr. Gehendra Nath Adhikary presented the National

Level Best Presented Accounts (BPA) Award 2005 to

the winners. The evaluation for BPA awards is as per

the "norms" set by South Asian Federation of

Accountants (SAFA), an apex body of SAARC. The

award winning Annual Reports will represent Nepal

for the SAFA BPA award competition.

The winners of BPA Awards 2005 are as follows :

Category - Banking SectorCategory - Banking SectorCategory - Banking SectorCategory - Banking SectorCategory - Banking Sector

Laxmi Bank Ltd - Winner

Standard Chartered Bank Nepal Ltd. Runner up

Category - Non Banking FCategory - Non Banking FCategory - Non Banking FCategory - Non Banking FCategory - Non Banking Financial Sectorinancial Sectorinancial Sectorinancial Sectorinancial Sector

(F(F(F(F(Financial Institution)inancial Institution)inancial Institution)inancial Institution)inancial Institution)

Ace Finance Company Ltd. Winner

Development Credit Bank Ltd. Runner up

Category - Banking FCategory - Banking FCategory - Banking FCategory - Banking FCategory - Banking Financial Sectorinancial Sectorinancial Sectorinancial Sectorinancial Sector

(Insurance Company)(Insurance Company)(Insurance Company)(Insurance Company)(Insurance Company)

Everest Insurance Company Ltd. Winner

Sagarmatha Insurance Company Ltd. Runner up

Category Manufacturing SectorCategory Manufacturing SectorCategory Manufacturing SectorCategory Manufacturing SectorCategory Manufacturing Sector

Butwal Power Company Ltd. Winner

Unilever Nepal Ltd Runner up

Category - Hospitality andCategory - Hospitality andCategory - Hospitality andCategory - Hospitality andCategory - Hospitality and

Entertainment SectorEntertainment SectorEntertainment SectorEntertainment SectorEntertainment Sector

Soaltee Hotel Ltd Winner

Oriental Hotel Ltd. (Radisson) Runner up

Newly Elected President and VicePresident take Oath of OfficesOn 1st August 2006 , admist a grand function Mr.

Binod B. Rajbhandari, FCA took the oath of office as

and Member of National Planning Commission Dr.

Pushpa Raj Rajkarnikar. Delivering the welcome

speech, President Mr. Binod B. Rajbhandary, FCA

expressed his views on the achievement and

development made by the Institute on accounting

profession. After the speech, Executive Director Mr.

Nanda Kishore Sharma, FCA presented a synopsis of

the achievements made by the Institute in the last

year. Inaugurating the Ceremony, Chief Guest Mr.

Nembang shared his experience while drafting the

Nepal Chartered Accountants Act and extended full

co-operation on Institute development.

Similarly, Mr. Dahal expressed full support from the

Office of the Auditor General to help the Institute in

every possible manner. Likewise Mr. Rajkarnikar

expressed his views on the role of Professional

Accountants in the context of planned development

of the country.

On the occasion Mr. Nembang felicitated the merit

holder students in the Intermediate and Foundation

Level CA examinations held in December 2005 and

June 2006. Ms. Prakriti Tuladhar and Mr. Surakshit

Sharma were awarded BK Agrawal Gold Medal along

with Certificates for securing the first position

respectively in December 2005 and June 2006

Intermediate Level examinations. Ms. Silpy Kedia

and Ms. Sujita Gyawali were awarded Certificate of

Merit for securing the first position respectively in

December 2005 and June 2006 Foundation Level

examinations. On the occasion, Mr. Nembang handed

over letters of appreciation to staff members Mr. Binod

Neupane, Deputy Director and Mr. Bhola Nath

Ghimire, Assistant for their outstanding job

performance. Similarly, Mr. Purushottam Lal Shrestha

and Mr. Niraj Thapa were also felicitated by the

Institute for the services rendered by them.

Mr. Shrestha had served the Institute as the Executive

Director for eight years. He also served the Institute as

the Secretary for one year. Mr. Thapa served as the

Executive Director for the last nine months. The

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5Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

the 10th president of ICAN in the presence of Chief

Guest Rt. Honorable Auditor General Mr. Gehendra

Nath Adhikary. Speaking on the occasion, outgoing

President Mr. Narayan Bajaj, FCA gave a short account

of the achievements made by ICAN during the nine

years and expressed his happiness to entrust and

handover the presidential responsibility to an

appropriate person like Mr. Rajbhandary. After wishing

his best to all newly elected Council Members handed

over the President Medallion to Mr. Rajbhandary.

Delivering his acceptance speech, newly elected

President Mr. Binod B. Rajbhandary thanked all

professional members and his colleagues in the Fourth

Council who have found faith on him to be the

President. On his part, he solemnly pledged his

commitments to dedicate his best time and effort in

the development of the accountancy profession and

enable the Institute to deliver best services to the

society and the nation with support of all the Council

members.

Peer Review System to beestablished in NepalIn a bid to hasten the process of establishing the Peer

Review System in Nepal, the chairman of the Peer

Review Board (PRB) Mr. Pushpa Lall Shrestha, FCA

made a visit to India from 2 to 6 April, 2007. Mr.

Shrestha held discussions with Mr. Sunil H. Talati,

President of ICAI, Dr. Ashok Haldia, Secretary of ICAI

and two officials of PRB of ICAI- Mr. Vijay Kapur and

Mr. K. Tulsiani. President, Mr. Binod B. Rajbhandary,

FCA, Executive Director, of ICAN Mr. Nanda Kishore

Sharma, FCA were also present during the discussions.

During the discussion Mr. Tulsiani informed that the

Peer Review Board of ICAI has already taken decision

to provide all technical support in connection with

the establishment of Peer Review System in Nepal.

As per the request made by Mr. Shrestha, a draft action

plan was developed jointly by Mr. Shrestha, his

counterpart Mr. Kapur and Mr. Tulsiani, secretary of

Peer Review Board, ICAI. A meeting with Dr. Haldia

was also held to apprise him of the action plan and

nominate experts from ICAI to assist. After the

discussion, a schedule of implementation of Peer

Review by ICAN was agreed upon.

Establishment of ICAN ScholarshipFundAmidst a program organised on May 4, 2007 at Everest

Hotel, Kathmandu, Scholarship Fund of the Institute

of Chartered Accountants of Nepal was launched by

President Mr. Binod B. Rajbhandary, FCA. The program

began with the welcome speech from Mr. Rajbhandary.

The speech was followed by a PowerPoint presentation

by the Executive Director Mr. Nanda Kishore Sharma,

FCA,Which shed light on the objectives of the

Institute and the activities undertaken to achieve

them. Mr. Sharma expressed that to attract the brighter

section of students to the Chartered Accountancy

Education, who would otherwise choose other non-

professional fields of study due to their poor economic

condition, for this purpose, a scholarship procedure has

already been in place.

The newly elected President administered the oath of

office to the newly elected Vice President Mr. Ratna

Raj Bajracharya, FCA.

The Chief Guest administered oath of office to all 17

Council Members of Fourth Council.

Mr. Niraj Thapa, Executive Director, ICAN, delivered

the vote of thanks.

Council Member of the fourth Council taking oath.

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal6

Similarly, it has also participated in two Career Fairs,

one organized by Education and Career Expo/ Asia

Pacific Communication Association (APCA) and other

organized by Global Exposition and Management

Services Pvt. Ltd.

2nd CISA Examination held inKathmanduOn the initiation of the Institute of Chartered

Accountants of Nepal (ICAN), the Certified

Information Systems Auditor (CISA) examination was

held in Kathmandu on December 9, 2006. This is the

second time that such examination was held in Nepal.

This prestigious IT related professional course is

offered by the Information Systems Audit and Control

Association (ISACA) and the examination is

conducted by Professional Examination Service, USA.

CISA is getting popular among Nepalese Chartered

Accountants. Altogether eight IT Professionals

attended the examination.

Second Batch of DISA CourseConductedThe IT committee of the Institute of Chartered

Accountants of Nepal with the assistance of the

Institute of Chartered of India conducted second batch

of Diploma in Information System Audit (DISA) course

for Chartered Accountants holding ICAI membership

from December 12 to December 27, 2006 at the ICAN

premises. The resource persons from the ICAI, Mr.

Tarun Manchanda, Mr. I. P. Singh and Mr. A.K.Jain

delivered the lecture during the program. A total of 24

Chartered Accountants had attended the course.

Liaison Office at BiratnagarAmidst a ceremony held on Paush 27, 2063, the Chief

Guest Honourable Mr. Bhimendra Bahadur Karki,

Acting Chief Justice of the Appellate Court Biratnagar

inaugurated the Biratnagar Liaison Office of the

Institute.

President Mr. Binod B. Rajbhandary, FCA, Council

Member Mr. Tul Bahadur Shrestha and Deputy Director

As per the procedure, the Institute shall constitute a

scholarship selection committee to oversee scholarship

activities. The scholarship shall be awarded to the

unprivileged but intelligent students on the basis of

examination conducted by the Institute for the

purpose. Two types of scholarship shall be provided.

First, full scholarship which consists of complete

waiver in respect of registration fee, examination fee

and application fee. Second, partial scholarship which

consists of fifty percent waiver on total fees to be

charged for Chartered Accountancy Education. The

scholarships may also comprise additional facilities

such as text materials, participation in preparatory

classes, etc. A scholarship fund can also be established

by an individual or organisation in their name by

depositing the sum of Rs. 3 lakh and Rs. 5 lakh

respectively. The program was attended by council

members and past presidents of ICAN, journalists and

representatives from financial institutions. The

program ended with the vote of thanks from vice

president Mr. Ratna Raj Bajracharya, FCA.

Peer Review Expert from ICAI VisitsICANAs per the action plan agreed between ICAI and ICAN,

Mr. Vijay Kapur, Director of ICAI made a visit to ICAN

on May 9, 2007. Mr. Kapur held a meeting with Mr.

Pushpa Lall Shrestha , FCA, Chairman of the Peer

Review Board, Past President, Council Members of

ICAN, other prominent Chartered Accountants,

representatives from ACAN and auditors' associations

to discuss Peer Review System. The visit is the first of

the action plan for the establishment of Peer Review

System in Nepal as a part of technical support from

ICAI.

Career Counseling ProgramsAs the regular feature of the educational activities of

the Institute, Nineteen career counseling programs

were organized in different parts of the country with a

view to make awareness about the chartered

Accountancy Education and facilities available in

Nepal.

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7Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Mr. Rabindra Ghimire were also present on the occasion.

Chartered Accountants and Registered Auditor

members of the Institute and invitees from government

and non-government offices attended the function.

The chief guest Mr. Karki expressed his joy over the

opening of ICAN Liaison Office at Biratnagar. He also

wished for the further progress of the Institute. On the

occasion, President Mr. Rajbhandary highlighted on

recent and future activities of ICAN in guiding,

educating and regulating the Chartered Accountancy

students and ICAN members throughout the country.

This way, opening of ICAN Liaison Office in Biratnagar

is the maiden venture in this regard.

Among the speakers, Mr. Ashok Murarka, President of

Chamber of Industries, Morang expressed the desire of

industrial community to cooperate with ICAN. He

also stressed that ICAN should turn out more CAs

every year so that the industry gets efficient manpower

in the accountancy field. Similarly, President of

Federation of Nepalese Journalists Morang District

also expressed his views.

Officials from ICAI and ICAP visitedICANOn August 24, 2006. G Somashekhar (Joint Secretary

Exams) of the Institute of Chartered Accountants of

India (ICAI) met President Mr. Binod B. Rajbhandary,

FCA in the Institute's Office. Similarly, on September

4, 2006 Past President and Council Member of the

Institute of Chartered Accountants of Pakistan (ICAP),

Mr. M.H. Ashif met President Binod B. Rajbhandary,

FCA and Vice President Mr. Ratna Raj Bajracharya,

FCA. In the meeting, they discussed about the

development of accounting profession of both

countries.

CA Students from Sri Lanka visitNepalAs part of the student exchange program among SAFA

member bodies, a student delegation was invited from

Sri Lanka on the occasion of the 10th anniversary of

the Institute. The 5- member delegation arrived

Kathmandu on January 29, 2007. The students visited

the Institute's office at Babar Mahal and various CA

Firms. They discussed various issues of Chartered

Accountancy Education such as articleship training,

statutory period to complete Final Level etc. An

interaction program between the visiting students and

Nepalese CA students was held in ICAN premises on

February 1, 2007. They also attended the joint seminar

and cocktail dinner organized to commemorate the

Institute's 10th anniversary. They visited various CA

audit firms, industries and historical places of

Kathmandu Valley. They departed to Sri Lanka on

February 2, 2007.

President and Vice President of theFourth Council electedMr. Ratna Raj Bajracharya, FCA and Mr. Tanka Prasad

Paneru, FCA has been elected as President and Vice

President respectively for the year 2006/07 of the

second year of the fourth Council.

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal8

International Participation andCo-operation

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

Standards for SMEs; and SAFA Standards and

Guidelines for Micro Financial Entities and the IFAC

benchmark for Developing uniform Chartered

Accountancy Qualification Framework respectively. It

was also decided that SAFA would issue standards only

in rare situations considering the specific requirements

of SAFA countries and for which international

accounting standards are not available. In other cases

SAFA would issue only guidelines for the member

bodies to help them in framing the standards.

Accordingly, it was decided to publish the SAFA

Standard and Guideline on Not for Profit Organisations

(Including Non- Governmental Organisations). During

the visit, Mr. Rajbhandary and Mr. Sharma also

participated in a round table conference on the theme

"Making SAFA a Centre of Excellence of IFAC and

SAARC - Issues and Perspectives". In the conference

the speakers opined that the focus should be given to

members at services, focus should be given to

implementation of decisions to increase the reliability

of the profession. It was also expressed that the users

of accounting services should be educated about the

services being provided by the professional

accountants. During the conference it was agreed that

the issues related to SAFA region should be addressed

with priority rather than falling prey to complying with

IFAC publications/standards which may not fit the

conditions of SAFA countries.

ICAN President leads delegation toSAFA AssemblyICAN President, Mr. Binod B. Rajbhandary, FCA and

Council Member, Mr. Maha Prasad Adhikari, FCA

attended the 62nd South Asian Federation of

President Attends the First SAFABoard MeetingPresident Mr. Binod B. Rajbhandary FCA visited New

Delhi, India from 2 to 7 April, 2007 to attend the first

SAFA Board meeting. Mr. Rajbhandary was

accompanied by the Executive Director of the Institute

Mr. Nanda Kishore Sharma, FCA. During the Board

meeting, various issues discussed in the previous

assembly were first taken up. The president of SAFA

presented proposals and drafts for some important

issues. He presented a draft paper on Asia Focus Group,

the group established by the IFAC to facilitate and

organize the Asia Regional Workshop and related

meetings. He also presented a draft MOU between

branches/chapters/associations of SAFA member

bodies in UK, which was later adopted. He also briefed

about the meeting of the IFAC developing nations

committee. The Board meeting finalized the action

plan for different committees of SAFA for 2007 and

the schedule of future events as well. Moreover, the

meeting also decided to change the name of Centres

of Excellence to Committees, thus a new centre of

excellence on Management Accounting was renamed

as Committee on Professional Accountants in Business.

The meeting also adopted the finalisation of SAFA

Accounts for 2006 with a view that SAFA should

consider expending the fund for newer projects. It was

further agreed that SAFA member bodies would identify

the projects for the benefit of society at large that SAFA

can undertake and that they would disseminate

information about the work done by SAFA through

various means such as website, journal, newsletter, etc.

ICA India and ICA Pakistan were chosen to do the

necessary works regarding IAASB Financial Reporting

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9Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Accountants (SAFA) Assembly/Meeting of Centre of

Excellence and Working Group/ SAFA Conference held

in Chennai, India from 29th September 2006 to 1st

October 2006. Nepalese delegates participated in

various meetings related to the center of Excellence

and working groups a SIRC building of ICAI, Chennai.

SAFA Assembly was inaugurated by the Union Minister

for overseas affairs Mr. Vayalar Ravi and Chaired by the

President of SAFA, Mr. Sunil Goyal. Recommendations

of all Centre of Excellence were discussed during the

assembly decided to conduct next SAFA Assembly in

Kathmandu, Nepal from 17-19 December, 2006.

On the same occasion the SAFA Conference was

organized on the theme "Accounting Profession in

South Asian Region - Values and Perspectives".

ICAN Delegates attend WorldCongress of Accountants and CAPA(EXCOM) meetingICAN delegates led by President Mr. Binod B.

Rajbhandary, FCA attended 17th World Congress of

Accountants held in Istanbul, Turkey from 13th to

16th November, 2006. On 11th November 2006, the

delegation attended the CAPA Executive Committee

(EXCOM) meeting and CAPA AGM. Other members

in the delegation were Vice President Mr. Ratna Raj

Bajryacharya, FCA Council Members Mr. Gyanendra

Prasad Dhungana, FCA and Mr. Dilip Kumar

Dhungana. During the visit, ICAN delegates held

discussion with Chief Executive Mr. Eric Anstee and

other officers of ICAEW on the matters of bilateral

relationship. On the occasion, President Mr. Binod B.

Rajbhandary met the Chief Executive Allen Blewitt

of ACCA on November 16, 2006 and discussed on the

matters of mutual recognition and other issues.

President Attends 64th SAFAAssembly Held in Sri Lanka andmeets AAT OfficialsPresident Mr. Binod B. Rajbhandary, FCA visited Sri

Lanka from January 13 to 16, 2007 to attend the 64th

SAFA Assembly held in Colombo. The Assembly, which

was held on January 15, discussed many relevant issues

including the newly proposed Centre of Excellence on

Increasing Transparency, Accountability and

Governance (ITAG) and uniform curricula of CA

education and CMA education in South Asian Region

among others. The recognition of SAFA as the IFAC's

regional body was the one of the major issues during

the Assembly.

In the backdrop of the Assembly, President Mr.

Rajbhandary met with Mr. Sunil H. Talati, Vice

President of ICAI. The meeting focused on mutual

recognition agreement and peer review process. During

the visit, Mr. Rajbhandary got acquainted with the

AAT Sri Lanka's activities. He met with three

dignitaries President of AAT Sri Lanka Mr. Lal

Nanayakara, Founder President of AAT Mr. Laxman

Watawala and AAT's CEO Mr. Tishanga Kumarasinghe

on January 14th, 2007 and collected useful information

regarding accounting technician education. AAT Sri

Lanka owes to it two decade long experience in

operating AAT course in that country. Thus President's

visit has been expected to be a great boost to the

promotion of Nepal Accounting Technician Institute

(NATI).

ICAN President leads Delegation toCAPA Board MeetingICAN President Mr. Binod B. Rajbhandary, FCA,

Council Member Mr. Tanka Prasad Pandey and

Executive Director Mr. Nanda Kishore Sharma, FCA

attended the 12th CAPA Board Meeting during 27 -

28 May, 2007 organized by CAPA Secretariat at

Bangkok, Thailand.

In CAPA Board Meeting, Mr. Rajbhandary apprised

the meeting of the recent developments that have

taken place within ICAN, establishment of peer review

system, promulgation of new Accounting Standards

and exposure drafts of Nepal Standards on Quality

Control (NSQC 1) in line with ISQC 1.

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal10

The CAPA Board considered various reports from the

President, Chief Executive, Strategic Committees, and

held discussion on ISAB's SME Exposure Draft,

Convergence Workshop in Response to IFAC's Part 2

Self Assessment Questionnaire and future

requirement.

ICAN President attends 65th SAFAAssemblyICAN President Mr. Binod B. Rajbhandary, FCA,

Council Member Mr. Tanka Prasad Pandey and

Executive Director Mr. Nanda Kishore Sharma, FCA

attended the 65th Assembly Meeting on 29 May, 2007

organized by SAFA Secretariat at Bangkok, Thailand.

This meeting was unique in the sense that it was held

for the first time outside the region.

In the meeting, minutes of earlier Assembly held in

Kathmandu and Colombo were adopted and review of

the status of action in respect of decisions taken earlier

was made. Reconstitution of the Committees of SAFA

and also the change of their nomenclature were

approved. New Committee on Professional

Accountants in business has been approved. It was

informed that certificates of renewal of SAFA as an

apex Body of SAARC for next five years has been

received from SAARC Secretariat.

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11Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

ICAN & ICAI Jointly OrganizeConference on "New Horizon for theProfession: A Way Forward"

Likewise, in the third session, Past President of ICAN,

Mr. K.K. Singh, FCA presented a paper on "Corporate

Governance - A regulatory Imposition or a Business

Imperative", which was chaired by Past President of

ICAN Mr. Komal B. Chitracar, FCA. The conference

was attended by members in practice, corporate

officials and scholars. The conference ended with a

vote of thanks from Mr. Satish Chandra Lal, FCA.

ICAN - ICAI Joint SeminarOrganisedTo mark the auspicious day of oath taking ceremony of

newly elected President and newly elected Vice

President a joint seminar with ICAI was organized on

"Treasury Management of Banks & Financial Institute"

on 1st August 2006. The objectives of the seminar

were to impart the knowledge and skills on the Treasury

Management on the financial institution and highlight

the main aspects of money market, government

securities, foreign exchange and derivatives.

Chief Guest of the seminar Mr. Krishna Bahadur

Manandhar Senior Deputy Governor, Nepal Rastra Bank

inaugurated the seminar. Speaking on the occasion Mr.

Manandhar said that the new monetary policy recently

pronounced b Nepal Rastra Bank ahs decentralized a

great deal of authority regarding the management of

treasury to the management of banks and financial

institution. He hoped that this seminar would help the

participant to impart knowledge and skill on managing

the treasury as envisaged by new monetary policy.

The Sessions were divided into three technical

sessions, which were chaired by Mr. Krishna Bahadur

On the occasion of ICAN's tenth anniversary, the

Institute of Chartered Accountants of Nepal (ICAN)

& the Institute of Chartered Accountants of India

(ICAI) jointly organized a one-day conference on "New

Horizon for the Profession: A way Forward" on January

31, 2007 in Kathmandu. The conference was divided

into three technical sessions. Welcoming the guests,

Past President of ICAN, Mr. Prabhu Ram Bhandary,

FCA highlighted the major issues to be discussed in

the conference. In the first session, chaired by Past

President of ICAN, Mr. Gopal Prasad Rajbahak, FCA,

a paper on "New Investment Strategies" was presented

by Mr. J.N. Shah, Central Council Member of ICAI.

The second session expounded various strategies to be

adopted to cope with the risks associated with

investment. Similarly, Mr. U.P. Agrawal, Central

Council Member of ICAI presented a paper on

"Valuation of Enterprise- methods used and its relative

importance", which dealt with the importance of

valuation and the methods used. Past President of

ICAN, Mr. Narayan Bajaj, FCA chaired the session.

Participants at the Conference.

Seminar, Workshops, Trainingsand Interactions

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal12

Manandhar, Senior Deputy Governor, Nepal Rastra

Bank, Mr. Bruce Henderson, CEO, Rastriya Banijya

Bank and Mr. Satyendra Pyara Shrestha, Former

Governor, Nepal Rastra Bank. The resource persons

were Mr. Shyam Ramadhayani, FCA, India and Mr.

Resta Jha, Representative, Standard Chartered Bank.

Mr. Ratna Raj Bajracharya, FCA, Vice-President,

ICAN, delivered his closing remarks by stressing

importance on Treasury Management.

Senior accounting professionals, stockbrokers and

executives from banks, finance companies, insurance

companies and other corporate sectors attended the

seminar. The participants were awarded 5 CPE credit

hours, which was equally applicable for the members

of ICAI.

International Conference organisedOn 19th December 2006, an International Conference

comprised of two technical sessions. The theme

for the first session was "Generating Economic

Growth and Stability through the Accounting

Profession in Developing Nations". The first session

comprised of three technical papers. Mr. T. N.

Manoharan, President of ICAI presented various

perspectives on the Accounting Profession, Ms.

Suraiya Zannath Khan, FCA from ICAB presented

paper on "Enabling Public Confidence in Financial

Reporting". Similarly, Vice Vresident of ICASL Mr.

Nishan Fernando presented futuristic paper on

Business Reporting Model. The session was chaired

by Mr. Dhananjay V. Joshi, President of ICWAI and

Mr. Komal Bahadur Chitracar, Past President of

ICAN.

The theme for the second session was

"Opportunities and Challenges for Accounting

Profession", The second session comprised of three

technical papers. Mr. Maheshwar Prakash

Shrestha, FCA, from ICAN, presented a

comprehensive picture of Nepalese Banking

Service through his paper, Mr. Mujahid Eshai, FCA

from ICAP, a regular participant at SAFA

conferences shared his invaluable expertise on

Trade in Services in the context of Globalization

and Mr. M.H. Asif, Past President of ICMAP

presented paper dealing with Assurance for Digital

Reporting. The second session was held under the

chairmanship of Mr. Mohammed Mohiuddin,

FCMA from ICMAB. The conference concluded

with vote of thanks by Vice President of ICAN,

Mr. Ratna Raj Bajracharya, FCA.

CPE Trainings ConductedAs the part of continuing professional education

program for the members, the Institute conducted

53 CPE trainings in various parts of the country.

Around 5000 members participated in the training.

As per the process of the outsourcing of the CPE

training altogether six Institution’s were approved

to conduct CPE training.

on the theme "Accounting Profession for Economic

Growth" was organized. The conference was

inaugurated by the chief guest Honorable Finance

Minister, Dr. Ram Sharan Mahat. The other dignitaries

at the function were Rt. Hon. Auditor General, Mr.

Gehendra Nath Adhikari, Governor of Nepal Rastra

Bank, Mr. Bijaya Nath Bhattrai, SAFA President, Mr.

Sunil Goyal, SAFA Vice President, Mr. Indrajith

Fernando, SAFA Advisor, Mr. Md. Nurul Hassan.

President of ICAN, Mr. Binod B. Rajbhandary, FCA

delivered his welcome speech. The conference

Dignataries at the conference

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13Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Workshop on Income Tax Act, 2058The Institute of Chartered Accountants of Nepal

(ICAN) organized a workshop on Income Tax Act, 2058

at Hotel Shanker, Lazimpat, Kathmandu on September

18, 2006. The objective of the workshop was to discuss

on the provisions of the Income Tax Act, 2058 and

amendments made thereon.

Mr. Rana Bahadur Shrestha, Director General of the

Inland Revenue Department and Council Member Mr.

Keshav Bhattarai, Director General of Revenue

Investigation Department were also present during the

floor discussion session of the programme.

The program concluded with a vote of thanks from Mr.

Ratna Raj Bajracharya, FCA.

Training on Peer Review heldPeer Review Board of ICAN has conducted a two day

training program on 13th and 14th July, 2007. On the

first day, a program on Peer Reviewers Training was

held and on the second day, the training on "Enhancing

Quality Process in Attestation Engagement" was held,

Mr. Vijay Kapur, Direcor, ICAI apprises the participants

regarding peer review.

Mr. Vijay Kapur apprising the participants during the training.

President Mr. Binod B. Rajbhandary, FCA addressing at theworkshop.

The participants on the workshop were Chartered

Accountants, Bankers, Registered Auditors, Legal

Experts, Government Officials and Other

Professionals. The programme began up with a welcome

speech by the ICAN President Mr. Binod B.

Rajbhandary, FCA.

Mr. K.K. Singh, FCA, Mr. Sudarshan Raj Pandey, FCA

and Mr. Shiva Nath Pandey, FCA presented papers on

the various issues related to Income Tax Act, 2058.

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal14

New MembersAltogether 32 New Chartered Accountants have been

enrolled as Chartered Accountant members of the

Institute. With this addition, the total number of

Chartered Accountant members of the Institute has

reached 324.

Certificate of Practice (COP)During the year, the Institute has granted Certificate

of Practice (COP) to 33 Chartered Accountant

members. The number of Chartered Accountant

members holding COP has thus reached 294.

FCA ConferredThe Institute conferred Fellow Chartered Accountant

membership to 9 Chartered Accountant members upon

completion of necessary requirements.

Members’ Achievements› Mr. Ratna Raj Bajracharya, FCA, Vice President

of ICAN has been nominated as member in the

Securities Board Nepal (SEBO/N).

› Vice President Mr. Ratna Raj Bajracharya, FCA

has been appointed the Chief Executive Officer

(CEO) of Nepal Credit and Commerce Bank Ltd.

› Mr. Shekhar Ghimire, a CA Member of the ICAN

has been awarded the "Certified Fraud

Examiner"(CFE) designation by the Association

of Certified Fraud Examiners (ACFE), the world's

leading provider of training and education for fraud

detection and deterrence. The ACFE's Board of

Regents awards this designation only to select

Member Affairs

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

professionals who meet a stringent set of criteria,

including character, experience and education.

› Mr. Narayan Prasad Poudel, RA 'B', membership

number 3076, awarded Ph.D. from T.U. in Finance.

Foreign CAs Obtain Membership ofICANThe Institute of Chartered Accountants of Nepal

(ICAN) has granted membership to 8 Chartered

Accountants qualified from ICAI. They passed the CA

Membership Examination held in the month of

November 2006. To obtain the membership of ICAN.

Chartered Accountants qualifying from foreign

institution/bodies are required to pass the membership

examination as per the regulations.

Disciplinary Action TakenIn pursuance of section 14(5)(c) OF The Nepal

Chartered Accountants Act, 1997, the Council of the

Institute has debarred the following Registered Auditor

members from practicing accounting profession for a

period of 1 year with effect form Bhadra 24, 2064 as

they were found guilty of professional misconduct and

non-compliance with Code of Ethics.

Mr. Mohan Kumar Chalise Membership No. 6115,

COP No. 1034 'C'

Mr. Keshab Prasad Koirala Membership No. 859, COP

No. 723 'B'

Mr. Ramesh Prasad Upadhyaya (Aryal) Membership

No. 4262, COP No. 725 'D'

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15Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Total Candidate

Appeared

Both GroupBoth GroupBoth GroupBoth GroupBoth Group

12

4

Group IGroup IGroup IGroup IGroup I

2

2

Group IIGroup IIGroup IIGroup IIGroup II

3

2

Registered Auditor Member Upgraded to 'C'Class (June 2007)

Total Candidate

Appeared

Both GroupBoth GroupBoth GroupBoth GroupBoth Group

4

3

Group IGroup IGroup IGroup IGroup I

-

-

Group IIGroup IIGroup IIGroup IIGroup II

-

-

CA Membership ExaminationCA Membership Examination held onNovember, 2006

Total Candidate : 12

Appeared : 9

Pass : 8

CA Membership Examination held on May, 2007

Total Candidate : 64

Appeared : 62

Pass : 45

CA Membership Examination held onNovember, 2007

Total Candidate : 27Appeared : 26Pass : 3

Membership StatusThe membership status as on July 16, 2007 stands as

follows:

Total Chartered Accountants Members 324FCAs 142

CA 182Total Registered Auditors Members 7294RA B 3296

RA C 1623

RA D 2375Total CA COP Holders 294Total RA COP Holders 6691B Class 3069

C Class 1469

D Class 2153Total CA Firms 249Total RA Firms 1159

Total Candidate

Appeared

Pass

Both GroupBoth GroupBoth GroupBoth GroupBoth Group

17

6

3

Group IGroup IGroup IGroup IGroup I

2

2

2

Group IIGroup IIGroup IIGroup IIGroup II

3

-

2

Total Candidate

Appeared

Pass

Both GroupBoth GroupBoth GroupBoth GroupBoth Group

3

-

-

Group IGroup IGroup IGroup IGroup I

3

3

3

Group IIGroup IIGroup IIGroup IIGroup II

3

-

-

Registered Auditor Member Upgraded to 'C'Class (June 2006)

Registered Auditor Member Upgraded to 'B'Class (June 2007)

Registered Auditor Member Upgraded to 'B'Class (June 2006)

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal16

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

Students Affairs

L e v e lL e v e lL e v e lL e v e lL e v e l

Foundation

Intermediate

Final

0 5 9 / 6 00 5 9 / 6 00 5 9 / 6 00 5 9 / 6 00 5 9 / 6 0

194

99

7

0 6 0 / 6 10 6 0 / 6 10 6 0 / 6 10 6 0 / 6 10 6 0 / 6 1

360

109

20

0 6 1 / 6 20 6 1 / 6 20 6 1 / 6 20 6 1 / 6 20 6 1 / 6 2

361

123

21

0 6 2 / 6 30 6 2 / 6 30 6 2 / 6 30 6 2 / 6 30 6 2 / 6 3

185

152

21

0 6 3 / 6 40 6 3 / 6 40 6 3 / 6 40 6 3 / 6 40 6 3 / 6 4

672

147

47

Student RegistrationFollowing Table depicts the number of students joining the CA Course in the last 5 years:

Nepalese CA Students Visit India

A delegation of 8 ICAN students participated in the

20th All India CA Students Conference held on 23rd

and 24th June 2007 at Ahmedabad, India organized

by the Ahemedabad Branch of WIRC of ICAI &

Ahemdabad Branch of WICASA. The theme of

conference was 'Working With World (WWW)'. Mr.

Nirmal Bartaula from ICAN presented technical Paper

on the topic "Professional Ethics"

Similarly, a delegation of Ten ICAN Students

participated in the 4th National Convention for CA

Students organized by the Board of Studies of The

Institute of Chartered Accountants of India. The theme

of the convention was "Creating Global Vision-

Achieving Global Standards'. Mr. Ramesh Neupane

from ICAN presented technical papers on 'Value Added

Tax'(VAT) : Principles, issues and Emerging Scenario'.

During the visit the students visited various industries,

chartered accountancy firms and historical places.

Nepalese CA Students Visit Pakistan

A delegation of three CA Final Level students visited

Pakistan on March 15 to 22, 2007, on the occasion of

All Pakistan CA Students Conference 2007 organized

by the Directorate of Education and Training of the

Institute of Chartered Accountants of Pakistan (ICAP)

on the theme "Chartered Accountancy Making its Own

Borders". Ms. Prakriti Tuladhar presented a paper on

International Accounting Standard 12: "Income Taxes".

Similarly, Mr. Binod Raj Paudel participated in the

panel discussion on the theme IES 8 "Competence

Requirements for Audit Professionals". During the

visit, the students visited various auditing firms and

various industries and historical places.

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17Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

The details of the result of the December 2006 and June 2007 are as follows :

December 2006 Examination (Result)

June/July 2007 Examination (Result)

Standing CommitteesStanding Committees

Appeared

Passed

Old course

28

9

Group I

17

19

Group II

7

12

Both Group

80

45

Group I

64

24

Group II

70

21

Both Group

89

26

Group I

13

8

Group II

17

11

Both Group

11

4

F o u n d a t i o nF o u n d a t i o nF o u n d a t i o nF o u n d a t i o nF o u n d a t i o n I n t e r m e d i a t eI n t e r m e d i a t eI n t e r m e d i a t eI n t e r m e d i a t eI n t e r m e d i a t e F i n a lF i n a lF i n a lF i n a lF i n a l

Standing CommitteesStanding Committees

Appeared

Passed

Group I

7

14

Group II

7

11

Both Group

79

32

Group I

45

26

Group II

53

22

Both Group

115

9

Group I

18

7

Group II

18

7

Both Group

16

7

F o u n d a t i o nF o u n d a t i o nF o u n d a t i o nF o u n d a t i o nF o u n d a t i o n I n t e r m e d i a t eI n t e r m e d i a t eI n t e r m e d i a t eI n t e r m e d i a t eI n t e r m e d i a t e F i n a lF i n a lF i n a lF i n a lF i n a l

Recipients of Awards for the December 2006 and June 2007 CAExaminations

December 2006 CA Examination

Standing CommitteesStanding CommitteesS . N o .S . N o .S . N o .S . N o .S . N o .

1.

2.

3.

4.

5.

Medal FundMedal FundMedal FundMedal FundMedal Fund

KB Chitracar Gold Medal

BK Agrawal Gold Medal

Prakash Jung Thapa Gold

Medal

Narayan Bajaj Silver Medal

Shiva Man Singh & Chandra

Bhandari Silver Medal

Standing Rank First in CA Final

Examination

Standing Rank First in CA

Intermediate Examination

Securing Highest Marks in Advanced

Accounting in CA Final Examination

Standing Rank Second in CA

Intermediate Examination

Standing Rank Second in CA Final

Examination

Regd.No/Roll No.Regd.No/Roll No.Regd.No/Roll No.Regd.No/Roll No.Regd.No/Roll No.

FN0016

KI 441

FN0038

KI 430/

FN0050

Eligible Name for Medal FundEligible Name for Medal FundEligible Name for Medal FundEligible Name for Medal FundEligible Name for Medal Fund

Mr. Bishwa Raj Basaula 0061

Mr. Arun Raut

Mr. Janak Raj Kalakheti

Mr. Raj Kumar Basnet

Mr. Pradip Pokharel

Mr. Bipin Chapagain (Roll No.111/ Reg.No. KF 001231) is awarded merit of certificate for scoring highest marks

in December 2006 Foundation Level Examinatiion.

June/July 2007 CA Examination

Standing CommitteesStanding CommitteesS . N o .S . N o .S . N o .S . N o .S . N o .

1.

2.

3.

4.

5.

Medal FundMedal FundMedal FundMedal FundMedal Fund

KB Chitracar Gold Medal

BK Agrawal Gold Medal

Prakash Jung Thapa Gold

Medal

Narayan Bajaj Silver Medal

Shiva Man Singh & Chandra

Bhandari Silver Medal

Standing Rank First in CA Final

Examination

Standing Rank First in CA

Intermediate Examination

Securing Highest Marks in Advanced

Accounting in CA Final Examination

Standing Rank Second in CA

Intermediate Examination

Standing Rank Second in CA Final

Examination

Regd.No/Roll No.Regd.No/Roll No.Regd.No/Roll No.Regd.No/Roll No.Regd.No/Roll No.

FN0065

KI 608

FN0065

KI 589

FN 0056

Eligible Name forEligible Name forEligible Name forEligible Name forEligible Name for

Medal FundMedal FundMedal FundMedal FundMedal Fund

Ms. Pramila Shrestha

Ms. Silpy Kedia

Ms. Pramila Shrestha

Ms. Sujita Adhikari

Ms. Bonisha Pandey

Mr. Suraj Rajbahak, Reg.No. KF001317 is awarded the merit of certificate for scoring highest marks with distinction

in July 07 Examination Foundation Level Examination.

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal18

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

Staff Developments

Staff FelicitationOn the occasion of the 10th Anniversary of ICAN Rt.

Honourable Speaker of the Interim Legislature

Parliament Mr. Subash Chandra Nembang awarded

the best staff Award to Mr. Binod Prasasd Neupane,

Deputy Director and to Mr. Bhola Ghimire, Assistant

for their outstanding performance and contribution to

the Institute.

Executive Director AppointedThe Council has appointed Mr. Nanda Kishore

Sharma, FCA as the Executive Director of the Institute

for a four year term with effect from January 15, 2006

(Magh 1, 2063). He has been associated with the

Institute's activities as a member of Education

Committee and resource person for various training

conducted by ICAN since last 2 years. Mr. Sharma is a

fellow member of the Institute. Mr. Sharma qualified

from ICAI in 1995 and is gold medallist in B.Com.

Examination held by Tribhuvan University. Mr.

Sharma had undergone 3 years' Articleship training with

Price Waterhouse, India under the regulation of ICAI.

Mr. Sharma has been in the accounting profession for

the last 12 years. Before he joined the Institute, he was

practicing under his own firm, N. K. Sharma & Co. Mr.

Sharma was one of the partners in an associated firm of

Price Waterhouse Coopers before he established his own

firm in January, 2006. Mr Sharma is a member of the

Auditing Standards Board, appointed by the

Government of Nepal in August, 2006.

Joint Director AppointedThe Council has appointed Mr. Paramananda Adhikari,

CA as the Joint Director of the Institute with effect

from 22 February 2007 (Falgun 10, 2063). He has been

associated with the Institute's various activities and

resource person for CPE training conducted by

Institute since last 3 years. Mr. Adhikari qualified as

Chartered Accountant in 2002 from the Institute of

Chartered Accountants of India (ICAI) and qualified

as Company Secretary in 1998 from the Institute of

Company Secretaries of India (ICSI). Mr. Adhikari has

been in the accounting profession since last 5 years.

Prior to joining the Institute, he was the financial

consultant of the Commission for the Investigation of

Abuse of Authority (CIAA), the anti-corruption

constitutional body of Nepal.

Staff AppointedThe following new staff's have been recruited

Mr. Manoj Pokharel - Officer

Ms. Reshma Shakya - Assistant

Staff ResignationThe following staffs have resigned from their Post

Mr. Niraj Thapa - Executive Director

Mr. Nayan Krishna Joshi - Officer

Mrs. Samjhana Baral - Assistant

Farewell to Mr. PL SheresthaA farewell was granted to Mr. Purusottam Lal Shrestha,

Secretary of ICAN who was retired from the Institute's

service on August 31, 2006. The programme was

organized in Hotel Shanker, Kathmandu in the

presence of President, Vice President, Council Member

and Staff's of the Institute. Cheers and best wishes to

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19Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Mr. Shrestha on successful completion of tenure after

serving the Institute for a period of nine years.

Staff Training› In order to develop the organizational skill and

behaviour of the staff of ICAN, an in-house

training was organized. Altogether 26 staffs

attended the programme. The entire session were

led by two experienced management trainers Mr.

Ram Bhakta Shrestha and Mr. Binod Bista the

training dealt with development of skills and

knowledge and interpersonal behaviour within

the staff.

› With the aim of upgrading skills of the Institute

staff members, Mr. Rajendra Lamichhane,

Assistant and Mr. Tanka Upreti, Assistant

attended various professional skill based training.

First Row: L-R : Mrs. Samjhana U. Tuladhar, Miss Goma Raut, Mr. Binod Neupane, Mr. Nanda Kishore Sharma, Mr. Paramananda Adhikari,Mr. Shyam Mani Dahal, Mr. Rabindra Ghimire

Second Row: L-R : Mr. Madhav Kachhipati, Ms. Reshma Shakya, Ms. Ganga Chaudhary, Ms. Poonam Bajracharya, Mr. Monaj Poudel,Mr. Khornath Lamichhane, Mr. Satyendra Sharma Satyam, Mr. Ram Prasad Nepal, Mrs. Sita Adhikari

Third Row: L-R : Mr. Manoj Giri, Mr. Sunil Adhikari, Mr. Tank Prasad Upreti, Mr. Sanoj Bhattarai, Mr. Rajendra Lamichhane, Mr. Rishi RamNeupane, Mr. Purushottam Sharma, Mr. Pramod Nepal, Mr. Bhola Ghimire, Mr. Mahesh Chitrakar,Mr. Bishnu Prasad Subedi

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal20

T H E I N S T I T U T E O F C H A R T E R E D A C C O U N T A N T S O F N E P A L

Accounting Standards andAuditing Standards

The Institute has adopted the following Accounting Standards pronounced by respective Boards.

Accounting Standards

Name Effective DateEffective DateEffective DateEffective DateEffective Date

Mandatory ComplianceMandatory ComplianceMandatory ComplianceMandatory ComplianceMandatory Compliance

Framework For the Preparation and presentation of Financial tatements

Presentation of Financial Statements

Accounting Policies, Changes in Accounting Estimates and Errors

Cash Flow Statements

Inventories

Events After the Balance Sheet Date

Property, Plant and Equipment

Revenue

Borrowing Costs

Accounting for Government Grants and Disclosure of Government Assistance

The Effects of Changes in Foreign Exchange Rates

Provisions, Contingent Liabilities and Contingent Assets

Construction Contract

Income Taxes

Leases

Related Party Disclosures

Interim Financial Reporting

Impairment of Assets

Investment Property

Non-current Assets Held for Sale and Discontinued Operations

Employee Benefits

Business Combinations

Segment Reporting (2006)

Accounting and Reporting by Retirement Benefit Plans

Investment in Associates

Earning Per Share

Intangible Assets

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2064 (17 July 2007)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2064 (17 July 2007

1 Shrawan 2064 (17 July 2007)

1 Shrawan 2064 (17 July 2007)

1 Sharawan 2064 (17 july 2007)

1 Sharawan 2064 (17 july 2007)

1 Sharawan 2064 (17 july 2007)

1 Sharawan 2064 (17 july 2007)

1 Sharawan 2064 (17 july 2007)

1 Sharawan 2064 (17 july 2007)

1 Sharawan 2064 (17 july 2007)

IASs/IASs/IASs/IASs/IASs/

IFRSsIFRSsIFRSsIFRSsIFRSs

NASsNASsNASsNASsNASsS.No.S.No.S.No.S.No.S.No.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

1

2

3

4

5

6

7

8

10

11

12

13

9

15

16

17

18

19

20

14

21

23

24

25

26

27

1

8

7

2

10

16

18

23

20

21

37

11

12

17

24

34

36

40

IFRS 5

19

IFRS 3

14

26

28

33

38

Voluntary ComplianceVoluntary ComplianceVoluntary ComplianceVoluntary ComplianceVoluntary Compliance

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21Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Name Effective DateEffective DateEffective DateEffective DateEffective Date

Mandatory ComplianceMandatory ComplianceMandatory ComplianceMandatory ComplianceMandatory Compliance

Objectives and General Principles Governing an Audit of Financial

Statements - Revised

Terms of Audit Engagements - Revised

Audit Documentation - Revised

Audit Evidence

The Auditor's Responsibility to Consider Fraud in an Audit of financial

Statements - Revised

Audit Materiality - Revised

Planning and Audit of Financial Statements - Revised

The Auditor's Report on a complete Set of General purpose Financial

Statements

Audit Sampling and Other Means of Testing

Going Concern

Management Representations

Risk Assessments and Internal Control

Communication of Audit Matters with Those Charged with Governance -

Revised

Knowledge of the Business

Consideration of Laws and Regulations in an Audit of Financial Statements

- Revised

Subsequent Events

External Confirmations

Using the Work of Another Auditor

Considering the Work of Internal Auditing

Using the Work of an Expert

Initial Engagements-Opening Balances

Other Information in Documents Containing Audited Financial Statements

Audit of Accounting Estimates

Comparatives

Related Parties

The Independent Auditor's Report on Special Purpose Audit

Engagements

Engagements to Perform Agreed-Upon Procedures Regarding Financial

Information

Engagements to Review Financial Statements

Engagements to Compile Financial Information

Framework of Nepal Standards on Auditing

Glossary

Audits of the Financial Statements of Banks

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Magh 2060 (15 January 2004)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2065 (17 July 2008)

1 Shrawan 2061 (16 July 2004)

1 Shrawan 2061 (16 July 2004)

1 Shrawan 2061 (16 July 2004)

1 Shrawan 2061 (16 July 2004)

1 Shrawan 2061 (16 July 2004)

1 Shrawan 2065 (17 July 2008)

1 Magh 2061 (14 January 2005)

1 Shrawan 2065 (17 July 2008)

1 Magh 2061 (14 January 2005)

1 Magh 2061 (14 January 2005)

1 Magh 2061 (14 January 2005)

1 Magh 2061 (14 January 2005)

1 Magh 2061 (14 January 2005)

1 Magh 2061 (14 January 2005)

1 Magh 2061 (14 January 2005)

1 Shrawan 2062 (16 July 2005)

1 Shrawan 2062 (16 July 2005)

1 Shrawan 2062 (16 July 2005)

1 Shrawan 2062 (16 July 2005)

1 Shrawan 2062 (16 July 2005)

1 Shrawan 2062 (16 July 2005)

1 Shrawan 2062 (16 July 2005)

1 Shrawan 2063 (15 July 2006)

NSAs Revised SerialNSAs Revised SerialNSAs Revised SerialNSAs Revised SerialNSAs Revised Serial

Number (June 2007)Number (June 2007)Number (June 2007)Number (June 2007)Number (June 2007)

ExistingExistingExistingExistingExisting

NSAsNSAsNSAsNSAsNSAs

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

NAPS 101

200

210

230

500

240

320

300

700

530

570

580

400

260

310

250

560

505

600

610

620

510

720

540

710

550

800

NSRs 4400

NSREs 2400

NSREs 4410

IAPS 1006

Auditing Standards

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal22

Guidance Notes (Developed)

Name

Guidance Notes on Independence of Auditors

Guidance Notes on Preparation of Financial Statements on Letter-Heads and Stationery of Auditors

GNGNGNGNGNS.No.S.No.S.No.S.No.S.No.

1

2

201

202

Appendix 3: Future Plan

NameISAsISAsISAsISAsISAsEDsEDsEDsEDsEDs

NAPS 102

NAPS 103

NAPS 104

31

1005

1000

1004

315

A) Identified Auditing Standards

The Special Considerations in the Audit of Small Entities

Inter-Bank Confirmation Procedures

The Relationship between Banking Supervisors and Bank's External Auditor

Environment And Assessing The Risks of Material Misstatement

Name

B) Guidance Notes (Under Consideration)

Guidance Note on Members' Duties Regarding Engagements Involving Compilation of Financial Statements

Guidance Note on Revision of the Audit Report

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23Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal24

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25Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal26

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27Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal28

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29Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal30

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31Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal32

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33Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal34

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35Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Standing and non Standing Committees and Members for the year2006-2007

The Act provides for four standing committees to advise and facilitate the Council in taking its decisions. Except

the Disciplinary Committee, the President and Vice President of the Council are ex officio Chairman and Vice-

Chairman respectively of all standing committees. The standing committees and member list (for 2006-07) are

as follows:

Annexure 1

1. Executive Committee

Mr. Binod Bahadur Rajbhandary

Mr. Ratna Raj Bajracharya

Mr. Maha Prasad Adhikari

Mr. Diwakar Prasad Rimal

Mr. Tanka Prasad Pande

Executive Director

Chairman

Vice-Chairman

Member

Member

Permanent Invitee

Member Secretary

2. Professional DevelopmentCommittee

Mr. Binod Bahadur Rajbhandary

Mr. Ratna Raj Bajracharya

Mr. Sunir Kumar Dhungel

Mr. Tanka Prasad Paneru

Mr. Gyanendra Prasad Dhungana

Mr. Sudarshan Raj Pandey

Dr. Chandra Mani Adhikari

Chairman

Vice-Chairman

Member

Member

Member

Member

Member

3. Disciplinary Committee

Mr. Suvod Kumar Karna

Mr. Bhaskar Singh Lala

Mr. Bharat Rijal

Mr. Bal Krishna Ghimire

Mr. Sundar Man Shrestha

Mr. U K Jha

Mr. Somraj Pokharel

Chairman

Member

Member

Member

Member

Member

Member

4. Examination Committee

Mr. Binod Bahadur Rajbhandary

Mr. Ratna Raj Bajracharya

Mr. Mahesh Guragain

Mr. Khem Prasad Dahal

Mr. Dilip Dhungana

Dr. Govinda Ram Agrawal

Mr. Lumb Dhoj Mahat

Chairman

Vice-Chairman

Member

Member

Member

Member

Member

The Council has constituted various non-standing

committees. The existing non-standing committees

and member list (for 2006-07) are as follows

1. Editorial Committee

Mr. Binod Bahadur Rajbhandary

Mr. Ratna Raj Bajracharya

Mr. Bal Krishna Sharma

Mr. Rajesh Acharya

Mrs Bandana Khetan

Mr. Hari Prasad Adhikari

Chairman

Member

Member

Member

Member

Member

2. Education Committee

Mr. Tirtha Raj Upadhyaya

Mr. Sunir Kumar Dhungel

Mr. Tanka Prasad Pandey

Mr. Jagdish Agrawal

Mr. Nanda Kishore Sharma

Mr. Anal Bhattarai

Mr. Hari Kumar Silwal

Mr. Padam Raj Bhatta

Chairman

Member

Member

Member

Member

Member

Member

3. Career Counseling Committee

Mr. Pradip Kumar Shrestha

Mr. Tul Bahadur Shrestha

Mr. Bhava Nath Dahal

Mr. Surendra Poudel

Mr. Achyut Raj Joshi

Mr. Mohan Regmi

Mr. Laxman Khanal

Chairman

Member

Member

Member

Member

Member

Member

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal36

4. Ethics Committee

Mr. Komal Bahadur Chitracar

Mr. Keshab Bhattarai

Mr. Prabin Dhoj Joshi

Mr. ManMohan Kafle

Mr. Jeev Narayan Baral

Mr. Niranjan Neupane

Mr. Ram Kumar Upreti

Chairman

Member

Member

Member

Member

Member

Member

5. C.P.E. Committee

Mr. K K Singh

Mr. Bhaskar Singh Lala

Mr. Suvod Kumar Karna

Mr. Tul Bahadur Shrestha

Mr. Sashi Satyal

Mr. Shiva Nath Pandey

Mr. Mahesh Khanal

Mrs. Nutan Bajracharya

Mr. Chiranjibi Dwa

Chairman

Member

Member

Member

Member

Member

Member

Member

Member

6. Mutual Recognition AgreementCommittee

Mr. Prabhu Ram Bhandari

Mr.Tanka Prasad Paneru

Mr. Gyanendra Dhungana

Mr. Jitendra Bahadur Rajbhandary

Mr. Satish Chandra Lal

Mr. Prem Prasad Dhungana

Chairman

Member

Member

Member

Member

Member

Subcommittee and Task Force

1. Examination ProceduresPreparation Task Force

Mr. Khem Prasad Dahal

Mr. Mahesh Guragain

Dr. Govind Ram Agrawal

Co-Ordinator

Member

Member

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37Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal

Organization Chart of The Institute of Chartered Accountants of Nepal(Approved by the Council on August 6, 2005)

Annexure 2

Council

PresidentPresident's Office

Executive Director Office of Executive

Director

Professional

Development DepartmentMembers

Department

Management

Department

Education

Department

Examination

Department

Committees

Professional

Development DivisionMembers Service

Division

Management

Division

Education

Division

Examination

Division

Research &

Publication

Section

Professional

Development

Section

International

Affairs

Section

Members Service

Section

Management

Section

Education

Section

Examination

Section

Research &

Development Sub

Section

International

Affairs Sub

Section

Members

Administration

Sub Section

Members

Regulation

Sub Section

Education

Management

Sub Section

Student

Affairs Sub

Section

Professional

Development Sub

Section

CPE Sub

Section

Internal Management

Sub Section

Financial

Management

Sub Section

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Annual Report 2006-07 • The Institute of Chartered Accountants of Nepal38

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The Institute of Chartered Accountants of NepalPast Presidents

Kaushalendra Kumar Singh, FCA(1999-2000)

Binod B. Rajbhandary(2006-2007)

Gopal Prasad Rajbahak, FCA(2000-2001)

Prabhu Ram Bhandary, FCA(2001-2002)

Bijay Kumar Agrawal, FCA2002-2003

Tirtha Raj Upadhyay, FCA(1998-1999)

Komal Bahadur Chitracar, FCA(1997-1998)

Pradeep Kumar Shrestha, FCA(2003-2004)

Pushpa Lall Shrestha, FCA(2004-2005)

Narayan Bajaj, FCA(2005-2006)

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The Institute of Chartered Accountants of NepalBabar Mahal, P O Box 5289, KathmanduTel. No. 4269130, 4258569, 2030021Fax No. 4258568E-mail: [email protected],Website: www.ican.org.np