ICAI issues MSME Business Continuity Checklist

The checklist will serve the purpose of various research initiatives and guidance to MSME.
ICAI issues MSME Business Continuity Checklist

In an endeavour to provide information to the MSMEs on number of factors that require special attention and to guide their initiative to face this tough time, the Institute of Chartered Accountants of India (ICAI) has issued “MSME Business Continuity Checklist”.  

A substantial number of Chartered Accountants spread across the country are practicing as Small and Medium Professionals (SMPs). Over 3.20 lakh members strong Chartered Accountants community has deep reach and connect to the MSMEs sector as SMPs are the trusted financial advisor of MSMEs providing a variety of services including project financing, working capital management, asset management, export promotions advice, budgetary forecasts, financial modelling, preparing standard operating procedures, assessing the design and operative effectiveness of internal controls besides regular accounting, auditing and taxation services.

Atul Kumar Gupta, President, ICAI said, “With the above objective in mind, the Institute of Chartered Accountants of India (ICAI) as true ‘Partner in Nation Building’ has thought it fit to have an independent analysis and come out with a model for sustainability of MSME. In the “MSME Business Continuity Checklist” we have focused on a number of factors that require special attention by the management of MSME which can guide their initiative to face this tough time.”

President, ICAI further added “Keeping in mind that there would be specific situations for specific stakeholders, the checklist has been made generic in nature, rather than specific to any industry or legal body. Users should use their own experience or consult a professional if needed.

COVID 19 pandemic has posed an unprecedented challenging situation and an existential crisis before the entire mankind. The global economic outlook for the current year is subdued on account of the pandemic that has led economies to face the situation of deceleration of growth or recession. The Indian economy is no exception to this economic fallout.

Prime Minister Narendra Modi’s AtmaNirbhar Bharat clarion call, in the times of economic shock from the COVID19 pandemic, can be the start of a golden era where India can make the fundamental transformation towards becoming net exporter. Since the leadership has identified the medium, small, and micro enterprise (MSME) sector as the rock on which the self-reliant dream is built, this shift too can be led by such players.One such assistance can be the role that small and medium professionals (SMPs) can play in terms of providing mentorship and support to MSME firms.

ICAI is also running its MSME Mentorship programme. The checklist will serve the purpose of various research initiatives and guidance to MSME for enabling them to continue and contribute to building the Nation and be AtmaNirbhar. The ICAI MSME checklist can be accessed at: https://www.icai.org/resource/60380msme-business.pdf

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