Page 58 - Quick Insights Book 2022

Chap. 13 – Local Bodies

IMPARTING TRAINING investment plans, preparation of financial projections,
revenue mobilisation plans and project feasibility
 Training of finance and accounts personnel of Local reports of Local Bodies, undertaking detailed revenue
Bodies to build their capacity for implementing of accrual potential assessments, cost determination, control and
accounting reforms. reduction analysis, facilitating public private partnership

 Training to the trainers on the aforesaid areas. in new projects and assist in bid process management,
negotiations, etc.
AUDITING AND ASSURANCE SERVICES  In the area of municipal bond issuance, providing
 Assignment such as Internal Audit, Statutory Audit, and assistance to the municipalities for creating Corporate
Special Audit of Local Bodies and Audit of Corporate Municipal Entities (CMEs) as per norms and providing
Municipal Entities (CMEs), Escrow Account and the assistance in rating of bonds by providing required
Project Account as per relevant municipal bonds information to the rating agencies to rate the bond issue.
guidelines/ regulations.
TAXATION & CONSULTANCY SERVICES
MANAGEMENT CONSULTANCY SERVICES  Filing of TDS & TCS return under The Income Tax Act

 Providing assistance as domain expert to the agencies 1961.
designated by the Government for computerisation of  Filing of GSTR return under The Goods and Service Tax
records and Accounting System. Act 2017.

 Advising the Local Bodies in Statutory compliances,  Present On behalf of council before Income Tax & GST
preparation of Detailed Project Feasibility Reports authorities for any relevant matter.
required to be submitted to the funding Agencies/
programmes such as World Bank, Asian Development OTHER SERVICES
Bank and under any government scheme for enabling
them to access capital market and financial institutions  Data Analytics & Cost Identification (Cost Benefit
for the capital investment. Analysis, User Charges Estimations, etc.)
 Design and implementation of Budgetary Control  Conversion of Annual Budget into as per Specific
System in the line with the Accrual Accounting System Requirement of General Ledger Codes.
and linkage among Budgetary System and Financial  Physical Verification and tagging of Assets
Management information System and Decision making
system.  Necessary certifications in relation to various statutory
compliances as per the relevant regulations and
 Revenue system assessment and financial analysis of guidelines.
revenue and expenditure exploring potential for raising
debt capital for projects, assessing financial viability of

Important Links
• Accounting Standards for Local Bodies can be viewed at https://www.icai.org/new_post.html?post_id=1527&c_id=270
• Publication related to Local bodies can be viewed at https://www.icai.org/post.html?post_id=4043
• Publication on Municipal Bonds for Financing Urban Infrastructure in India
https://resource.cdn.icai.org/49031caslb32852.pdf
• ICAI Government Accounting Standards Advisory Board (GASAB) at https://www.icai.org/post.html?post_id=1529

Quick Insights on Professional Opportunities for Chartered Accountants 45