The Charter for Chartered Accountants beneath the Foreign Contribution (Regulation) Act (FCRA), 2010 has been revealed.
As the foreign contribution regulation act 2010 is national security legislation, associations are needed to practice utmost concern and attention in dealing with foreign contribution from the time of its receipt to its final utilization.
As the CA audit, the accountant’s of the organizations check the accounts prior to the submission to the government. They are needed to give proper guidance to the companies who are applying for the permission before the permission/registration or who has allowed before permission/registration under FCRA, 2010.
The CA should get themselves familiarised through FCRA 2010 as well as the Foreign Contribution (Regulation) Rules, 2011 (FCRR, 2011), changes, and notifications given with time so that they can assist the organization in several forms.
Firstly to validate whether the associations are entitled to take foreign contributions.
Secondly to assist the petitioner firm in furnishing the application for the enrollment before prior permission.
Thirdly, to make sure that the firm itself obtains and uses the foreign contributions via its bank account specially opened towards the goal as per the procurement of FCRA 2010 and FCRR, 2011 and the same foreign participation is not deposited or utilized through the bank account implying practice towards the domestic funds.
Fourthly, to guide the proper maintenance of the subject books of accounts as per the FCRA 2010 and FCRR 2011.
Lastly to make sure that the yearly returns of the companies have been filed as per the plan of FC(R) Act, 2010 and FCRR, 2011 as revised with time.