NEWS & VIEWSFOR MEMBERS / SUBSCRIBERS / VOL. 23 - NO. 8- MARCH 2020

From President's Desk...Dear Professional Colleagues and Readers,

CA Sanjay Visanji Chheda

Thank you all..... Always in Gratitude

C.V.O. CA'S

Follow us on , , LinkedIn@cvocain Join Yahoo group : cvoca@yahoogroups.co.in

“What makes Your Brain Happy and Why You should do the Opposite”. Last week, while surfing on the internet, came across a book by David DiSalvo with aforesaid title. Yet to go through the book, but summary of book is something like

“What Your Brain wants is frequently not what Your Brain NEEDS”

How much true or how far proved scientifically is all subject to studies, surveys, research and so on and so forth. Interestingly books talks that what makes our brain Happy leads to errors, biases and distortions.

But what I liked is novel thinking. Something out of box which easily fits in logic. Broadly, it all revolves around Comfort Zone. What brain wants is Comfort Zone whereas what brain needs is slightly out of this Comfort Zone.

Same thing applies to all of us in each and every phase of life, whether personal or professional. We all are used to first find and then stay within our Comfort Zone, which is dangerous for one's individual growth as well as growth of society, economy as well as universe as a whole.

Recently while listening to some prominent speaker on GDP, one simple thing which was explained in his speech was real growth will come only out of inventions, innovations and disruptions. None can grow while remaining within its own cocoon. If one has to grow, if society has to grow, if Country has to grow, one needs to take calculated risks and tread out of his Comfort Zone. So let's try to know our Comfort Zone and then try breaching it with calculated risks.

Events in retrospect

Between last communication and this communication, lot many things have happened. Union Budget, a longest speech by Finance Minister, which is new record, whole new rate of taxation for individual opting to forego various exemptions, deductions.

CVOCA had its Publication in Gujarati and English which was well received by readers. CVOCA also had Public Program on Union Budget at King George Auditorium which was all House Full event, well received by 600 plus audience for Capital Market as well as Income Tax Provisions. CVOCA also had local meeting at Ghatkopar, which was well received and attended by more than 125 participants.

This month, CVOCA also lost one of its finest leader, Past President Hiten Liladhar Gada, who was always a phone call away for any sort of help in Income Tax or GST queries, always ahead in sports, singing and various other events of CVOCA. With his sad demise, CVOCA has suffered a huge loss. We at CVOCA deeply mourn his demise and pray to lord to give him Param Shanti at the earliest.

Upcoming Events:

CVOCA has planned a Public Program in Hindi / English for Society at Large on “How India can become Economic Super thPower” on Saturday, 11 April 2020 at Yogi Sabhagruh. We look forward to see you all in huge numbers to listen to lucid, free

flow by eminent speakers.

Latest issue of CVOCA News & Views

By the time, you all will receive and start reading this News & Views, we all would have finished all our refresher course and now would be gearing up for Bank Audits. Lot many things have happened over last few months. Due to various factors including latest one COVID-19, also known as Corona Virus, many economies across universe are going to take hit. Industries at large will be hit due to its direct effect on consumption, tourism, trade across borders. All these is going to have impact on entire economy including industries which are clientele of Banks which we are going to audit. Let's remain extra vigil, alert and use all our expertise and prudence while moving our pen for concluding LFAR.

We, at CVOCA, hope and wish that present issue which broadly covers many facets of Bank Audit will help members in better understanding of most evolving banking industry. Wish you all Happy, Interesting and Helpful Reading.

February 29th, 2020.