CONCEPT PAPER ON ABCD OF TECHNOLOGYINDEXINTRODUCTIONFOREWORDPREFACE1. DIGITAL TRANSFORMATION HAS DISRUPTED THE WORLD AS WE KNOW IT1.1 Understanding Industry 4.0 and the evolution to industry 4.01.2 Industry 4.0 Technologies2. WHAT IS DIGITAL TRANSFORMATION?2.1 Why is Digital Transformation important?2.1.1 Customer Experience2.1.2 Process Optimization2.2 Examples and case studies of major organizations changing the way they operate2.3 What does this digital transformation mean for finance as a function?3. THE CHANGING PRIORITIES OF CFOs GLOBALLY3.1 Starting beneficial cross-functional digital process innovation3.2 Deciding the financial feasibility of digitisation plans3.3 Helping the CIO’s decide the IT capacity's working model in a cloud world3.4 Propelling the finance function’s shift4. KEY DIGITAL TECHNOLOGIES A CA SHOULD BE WORKING WITH – THE ABCD OFTECHNOLOGY4.1 A - Artificial Intelligence4.1.1 What is Artificial Intelligence and how does it work?4.1.2 Categories of AI4.1.2.1 Narrow AI4.1.2.2 Artificial General Intelligence (AGI)4.1.3 Machine Learning & Deep Learning4.1.4 Advantages of AI4.1.4.1 Decrease in Human Error4.1.4.2 Faster Decisions4.1.4.3 New Inventions4.1.5 Current Uses4.1.6 Challenges for Auditors4.1.7 What does it mean for the CA’s and Finance professionals? Risk Assessment4.1.7.2 Fraud Detection and Risk Mitigation4.1.7.3 Financial Advisory Services4.1.7.4 Detection of Patterns4.1.8 What can CA's do to adopt this technology?4.1.9 A - Automation with Robotics Process Automation4.1.10 What is the RPA technology and how does it work?4.1.11 What does RPA technology mean for the CA and Finance professionals?4.1.12 Use Cases of RPA in Finance4.1.12.1 Operational Efficiency4.1.12.2 0% error rate4.1.12.3 Focus on Client Relations4.1.13 What can CA’s do to adopt this technology?4.2 B – Blockchain4.2.1 What is Block-chain technology and how does it work?4.2.2 Challenges to Blockchain in India4.2.3 What does Blockchain technology mean for the CA & 33333435Page 3

CONCEPT PAPER ON ABCD OF TECHNOLOGY4.2.4 Use Cases of Blockchain in Finance4.2.5 What can CA’s do to adopt this technology?4.3 C – Cybersecurity4.3.1 Common types of cyber security4.3.2 What is the technology and how does it work?4.3.3 Impact of remote working due to COVID- Personal Devices Usage4.3.3.2 Employees being less vigilant4.3.3.3 Cyber criminals4.3.3.4 Data privacy4.3.3.5 Mitigation4.3.4 What does it mean for the CAs and Finance Professionals?4.3.5 What can we do to adopt this technology?4.4 D - Data Analytics and Cloud4.4.1 What is the technology and how does it work?4.4.2 Some other uses in Banking & Financial Services Industry4.4.3 What can we do to adopt this technology?5. OTHER TECHNOLOGIES5.1 What is the technology and how does it work?5.2 What does it mean for CAs and Finance professionals?5.3 What can we do to adopt this technology?5.4 How Is Auditing Supposed to Change with The Influx of This Digital Wave6. WELCOMING PROFESSION 2.06.1 What is Profession 2.0?6.2 Profession 1.0 v/s Profession Digital Competency Maturity Model (DCMM)6.2.2 Three Dimension Approach6.2.3 Section A: Level of Automation of the Firm’s Internal Processes6.2.4 Section B: Availability of Qualified Resource Pool and Talent Development6.2.5 Section C: Level of Automation6.2.6 Firm Maturity Rating6.2.7 Key skills needed to digitally transform & implement ABCD of technologyCONCLUSIONFuture OutlookWhat does the job of the future look like?Risks associated with digital technologies and managing riskCreating a roadmap for yourself / your firmCreating a Finance Center of 565763636565666670727475767676777880Page 4

CONCEPT PAPER ON ABCD OF TECHNOLOGYINTRODUCTIONThe Institute of Chartered Accountants of IndiaThe Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act ofParliament, viz. , The Chartered Accountants Act, 1949 (Act No.XXXVIII of 1949) for regulatingthe profession of Chartered Accountancy in the country. ICAI is the one amongst accountancy bodiesin the world, with a strong tradition of service to the Indian economy in public interest. Over a periodof time, ICAI has achieved recognition as a premier accounting body not only in the country but alsoglobally, for maintaining highest standards in technical, ethical areas and for sustaining stringentexamination and education standards. Since 1949, the Chartered Accountancy profession in India hasgrown leaps and bounds in terms of Members and student base.Regulate the profession of AccountancyEducation and Examination of Chartered Accountancy CourseContinuing Professional Education of MembersConducting Post Qualification CoursesFormulation of Accounting StandardsPrescription of Standard Auditing ProceduresLaying down of Ethical StandardsMonitoring Quality through Peer ReviewEnsuring Standards of Performance of MembersExercise Disciplinary JurisdictionFinancial Reporting ReviewInput on Policy matters to GovernmentDigital Accounting and Assurance Board of ICAIICAI has constituted “Digital Accounting and Assurance Board” (DAAB) for fostering a cohesiveglobal strategy on aspects related to digital accounting and assurance, through sharing of knowledgeand practices amongst the members. DAAB is endeavoring to identify, deliberate and highlight onissues in accounting (including valuation) and assurance (including internal audit) issues in the digitalworld. DAAB is focusing on issues in accounting and assurance arising from the high pace ofdigitization, including use of artificial intelligence in audit, big data analytics in audit, relevance ofsampling, valuation of data as an asset, impairment testing of digital assets, insurance of data valuation and premium fixation, etc. The Board is taking up initiatives to develop knowledge basethrough position papers and articles on issues relating to impact of technology on accounting andassurance.Page 5

CONCEPT PAPER ON ABCD OF TECHNOLOGYFOREWORDSince its inception, ICAI has emerged as the regulator and developer of trusted and independentworld-class professionals having competencies in the areas of Accounting, Assurance, Taxation,Finance, Business Advisory Services and alike. ICAI members have played a key role in thedevelopment of a robust Indian corporate sector and its glorious prominence on the global horizons.ICAI has demonstrated its resilience to the changing situation and growing demands by continuousupgradation of technology, skill set, commitment to quality and constant innovation in the new ageareas such as Forensic Accounting, Artificial Intelligence, Blockchain Technology, Data Analytics,and Cyber Security. One of the focused areas of ICAI is continuous competency building ofprofessionals and its actions and efforts are always focused on imperative elements – Globalprofessionals, Independent and transparent regulatory mechanism, highest ethical standards andresearch-based contribution.As a knowledge-based institution, ICAI has always been striving for perfection, integrity andassurance which make the word 'Chartered Accountant' synonymous with excellence in service. ICAIis continuously educating its students and members in the field of Digital transformation and we arehappy to bring before you a compilation which is first of its kind and will be a one stop referencepoint that outlines the “ABCD of Technology”.This Concept Paper on “ABCD of Technology” issued by Digital Accounting and Assurance Board(DAAB) of ICAI, is an endeavor to provide overview of the growing trend towards automation anddata exchange in technology and processes within the manufacturing industry, including ArtificialIntelligence, Cloud and Cognitive Computing, Internet of Things, Industrial Internet of Things, SmartFactories and Smart Manufacturing.I compliment CA. Manu Agrawal, Chairman, DAAB, and CA. Dayaniwas Sharma, Vice-Chairman,DAAB, and other members of the Board for taking up this initiative for the benefit of profession. Iam confident that our members would take benefit of this Concept paper, and will make tangibleprogress in embracing technology in their professional work.We, at ICAI, will continue to deliver many such initiatives that are meant to add to the capacity,capabilities, and skills of our professionals with the overall objective of making them the best in theworld.Wish you a happy learning!CA. Atul Kumar GuptaPresident, ICAIPage 6

CONCEPT PAPER ON ABCD OF TECHNOLOGYPREFACEThe digital era has made it easier than ever before for criminals to tamper with business accounts andgenerally defraud others. Of the 500,000 new businesses that are established every year, theoverwhelming majority rely on computers and the internet. The fourth Industrial Revolutionadditionally identifies with digital twin technologies. These technologies can make virtual variantsof real-world tools, procedures and applications. This would then be vigorously tested to settle onfinancially effective decentralized decisions.Digital transformation involves the use of digital technologies to make a process more efficient andeffective. The idea is to use technology to replicate an existing service in digital form and transformit into something much better. Digital transformation can embrace many different technologies, butthe most emerging technologies at the moment are the use of Artificial Intelligence, Robotics ProcessAutomation, Blockchain, Cyber Security, Data Analytics and Cloud Computing to automate andtransform processes. Finance processes are often seen as the most suitable candidates fortransformation owing to its nature of being rule based and repeatable.ICAI has leveraged technology and infrastructure to impart world class education, training andprofessional development by introducing Concept paper on “ABCD of Technology” which equip itsmembers with wide variety of skill sets in the field of Digital Transformation and morph them intoIndian multinational service providers. Apart from polishing skills in the field of DigitalTransformation that will enhance their competence, it will prepare students and members to achievetheir organizational and national objectives. This Concept paper outlines the introduction, objectivesand the opportunities of different emerging technologies like Artificial Intelligence, Blockchain,Cyber Security, Cloud Computing and Data Analytics.At this juncture, we wish to place on record sincere gratitude to CA. Saurabh Goenka and CA. YuktiArora for taking time out of their pressing preoccupations and contributing in preparation of theConcept Paper on “ABCD of Technology”.We would like express our gratitude to CA. Atul Kumar Gupta, President, ICAI and CA. NiharNiranjan Jambusaria, Vice President, ICAI for their continuous support and encouragement to theinitiatives of the Board. We also wish to place on record our gratitude for all the Board members, Coopted members and Special Invitees for providing their invaluable guidance and support to variousinitiatives of the Board. We also wish to express our sincere appreciation for CA. Amit Gupta,Secretary DAAB, Mr. Ankur Khairwal, Section Officer and the entire team of DAAB for once againcoming up with this wonderful Concept Paper for the benefits of the Members and leading thetechnological developments in ICAI.We urge all the students and members to educate themselves in the field of Technology essentialswith an open mind and a willingness to adapt and prosper.Wish you a Happy Learning!CA. Manu AgrawalCA. Dayaniwas SharmaChairman, DAABVice- Chairman, DAABPage 7

CONCEPT PAPER ON ABCD OF TECHNOLOGYCHAPTER 1:DIGITAL TRANSFORMATION HAS DISRUPTEDTHE WORLD AS WE KNOW IT1.1 Understanding Industry 4.0 and the evolution to industry 4.0The world is not the same today as it used to be earlier. Technology has come in and taken centrepiecearound which everything else revolved today. What does this mean for the Chartered Accountant andwhat are all these technologies which are enabling massive change. To understand this, we need to firstunderstand where are we right not and where are we likely headed. This wave of digital revolution isbeing called Industry 4.0.Industry 4.0 alludes to another stage in the Industrial Revolution that centres vigorously aroundinterconnectivity, automation, AI, ML and real-time data. Industry 4.0, additionally at times referredto as IIoT (Industrial internet of things) or smart manufacturing, weds manufacturing activities withbrilliant smart advanced innovation, AI, and big data to make an increasingly all-encompassing andbetter-connected environment for organizations that focus on manufacturing, assembling and supplychain. While each organization and association working today is unique, they all face a typical test—the requirement for connectedness and access to real-time data, insights from this data across products,processes and people.This is the place where Industry 4.0 becomes an integral factor. Industry 4.0 isn't just about puttingresources in new innovation and tools to improve manufacturing proficiency but it is also tied withaltering the manner in which your whole business works and grows.1.2 Industry 4.0 Technologies:Generally-speaking, Industry 4.0 describes the growing trend towards automation and data exchangein technology and processes within the manufacturing industry, including: Artificial IntelligenceCloud and Cognitive ComputingInternet of ThingsIndustrial Internet of ThingsSmart Factories and Smart ManufacturingThe fourth Industrial Revolution additionally identifies with digital twin technologies. Thesetechnologies can make virtual variants of real world tools, procedures and applications. This wouldthen be vigorously tested to settle on financially effective decentralized decisions.Page 8

CONCEPT PAPER ON ABCD OF TECHNOLOGYCHAPTER 2:What is Digital Transformation?Digital transformation involves the use of digital technologies to make a process more efficient andeffective. The idea is to use technology to replicate an existing service in digital form and transformit into something much better. Digital transformation can embrace many different technologies, butthe hottest technologies at the moment are the use of Robotics Process Automation, cloud computing,artificial intelligence and machine learning to automate and transform processes. Finance processesare often seen as the most suitable candidates for transformation owing to its nature of being rulebased and repeatable.Digital transformation can refer to anything from IT modernization, to digital optimization, to theinvention of new digital business models. Digital transformation projects are often the result ofcompetition between large incumbents against faster digital rivals. But it's not just about technology;changing business processes and corporate culture are just as critical to the initiative's success.2.1 Why is Digital Transformation important?Companies that grasp Digital Transformation are centred around connecting their clients with joyfulencounters over numerous channels. Those that aren't risk falling behind.Digital transformation plays a significant role in:2.1.1 Customer Experience- Consumers today have more options than any time in recent history.This implies a lot is on the line for organizations to deliver inventive products or services as well asto deliver meaningful service and experience that please clients and cultivate brand dependability.The reasons you may pick one service over the other can be legitimately attached to an organization'sPage 9

CONCEPT PAPER ON ABCD OF TECHNOLOGYDigital Transformation effort, regardless of whether it's a simple to-utilize application, a transaction,great customer services, or quick deliveries2.1.2 Process Optimization - A company's capacity to convey incredible employee and customerexperiences relies on its capacity to consistently work on the backend. Smoothed out work processes,digital procedures, and robotized tasks are ways companies can generate efficiencies.2.2 Examples and case studies of major organizations changing the way theyoperate due to digital transformation Businesses are moving away from their stereotypical ways of operation and are rapidly reinnovating their DNA to get in line with these massive digital transformation-driven changes.Here are some examples of how businesses are changing: Gartner estimates half of the modern firms will use digital twins by 2021. McDermottInternational is making a digital twin- a PC model of the oil and gas platform it gives to itscustomers. The firm expects a 15 percent lift to operational margins by utilizing the designtwin methodology in important areas like predictive maintenance. The R² Data Labs team has 200 data architects, engineers and scientists and has helped RollsRoyce to deliver more than 250m in value through motor health monitoring exercises in thePage 10

CONCEPT PAPER ON ABCD OF TECHNOLOGYlast one year. Rolls Royce's R² Data Labs utilizes machine learning, AI and analytics to generatenew services.1 Logistics and Supply Chain organisation UPS as of late launched the third version of its Chatbotthat utilizes AI to assist clients with finding rates and tracking their service requests. UPS hasset data analytics and data insight at the core of business tasks. The firm is utilizing timely dataand advanced AI to assist workers with making better choices in business processes. NHS Blood and Transplant, the public sector firm, has been planning and working to acceleratetheir digital transformation initiative since the last two years. The capacity to fully understandorgan accessibility drastically affects the healthcare sector. A few intriguing trials havehappened, including around the utilization of predictive analytics and the expected waiting timefor an organ.2 Audi transformed its traditional physical showrooms into modern digital experiences, therebyincreasing its sales by over 60% in some locations. Its innovative digital showroom concept isknown as Audi City and was launched in 2012. Audi City combines technology and architectureby using multi-touch tables, tablet-user interfaces and power-walls. These power-walls enableshoppers who have configured their vehicles to look inside. Clients can even open the doors orwatch the vehicles drive off, along with its authentic engine out-how-technology-is-reshaping/Page 11

CONCEPT PAPER ON ABCD OF TECHNOLOGY2.3 What does this digital transformation mean for finance as a function?Digital transformation (DT) in the finance industry is a concept which has now become part of a successfulbusiness strategy rather than just being a part of its “technology strategy”. It has led to opportunities of faster,cost-effective operations, meeting regulatory deadlines, improved employee and customer experience andremaining competitive. When you consider how far modern banking has come, you can understand how DThas grown to benefit everyone with greater convenience and experiences. From its humble origins of branchoffices to ATMs and now mobile apps, the progress of banking has enabled digital technology to offer greaterchoice, convenience and experience.Thanks to digital transformation technologies like real-time data analytics, robotic process automation (RPA)and artificial intelligence (AI), financial management is no longer about looking back. It’s all about lookingforward, with predictive insights that yield positive business outcomes at scale. While our industry hasundoubtedly been disrupted, it’s also been dramatically improved.These changes (and their benefits) are flowing far outside of the finance department too: Executives anddepartment heads — CPOs and CIOs included — no longer have to repeatedly report back to the CFO.Thebasis of an intelligent financial business model is AI, which combines data analysis and automation totransform companies not into silos, but into functions, processes, and orders of magnitude. Intelligent toolsallow easy access to critical organizational and financial data. Modern corporate finance leaders oversee aunified and streamlined distributed network, drawing on data from multiple sources such as financial reports,financial statements, business intelligence, data visualization, analysis, financial reports, and more. Aided byapplied intelligence and tech-savvy talent, they can optimize working capital and manage revenue, expensesand cash flow.Take invoice management: An AI-based engine simplifies this process, making every process efficient &effective, algorithms that become smarter as more of them are used can sort invoices based on past paymentpatterns and histories. They can collect invoices faster, detect payment disputes even earlier and collect andprocess payments faster. This allows you to quickly focus on solving problems, making sure your bills arepaid, and saving time and money, not to mention frustration.Page 12

CONCEPT PAPER ON ABCD OF TECHNOLOGYThe journal submission process and compliance is another practice where the use of artificial intelligence hassignificantly improved practice and helped F&A professionals move from reactive to proactive. The AItechnology is used to analyse and classify journal entries for accounting codes and other incomplete or missingcore details. The AI - automated process tells you immediately if you have made a mistake, and you are ableto have a hyper-intelligent virtual assistant to help you do your job faster and more nimbly.It also improves the accuracy of recorded transactions from 75% to 98% and helps detect fraud and accuracyin recording transactions.4AI detects important patterns that are not always visible to the human eye, such as fraud, fraudulenttransactions and fraudulent transactions. This is a great opportunity for a busy finance team to gain time tofocus on broader growth d-accountingdepartments/Page 13

CONCEPT PAPER ON ABCD OF TECHNOLOGYCHAPTER 3:The Changing Priorities of CFOs GloballyTechnology sector watcher IDC predicts that nearly 6 trillion will be spent on digital transformationinitiatives by 2021, by companies worldwide. That is a radically big amount of finance involved andhence numerous internal spending requests shall be placed on desks of the CFO’s at global level.Hence, as a CFO some dominant queries that they need to be aware about are- which digital initiativeis worthy of priority? What are the long term and short term impacts on cash flows? What are the costor FTE savings expected in long and short term if this cost is incurred? This proves that CFO’s haveto be well-aware of these digital transformation activities, metrics involved, objectives and financialsinvolved in such initiatives. CFO’s thus are nothing but internal investors in a company's digitaltransformation initiatives.So what exactly can constitute a role of CFO in digital transformation initiatives?3.1 Starting beneficial cross-functional digital process innovationIt is important to use data collected by various functions like sales, operations and IT across a company,in strategically important ways. Tracking and analysing digital footprint of a consumer across all touchpoints of a company could ignite revenue growth and result in some business model innovation.3.2 Deciding the financial feasibility of digitisation plansCFO’s play a major role in deciding which plans may be financially most feasible for theirorganisations basis their immediate funding needs and cash reserves, and now and in the immediatefuture.3.3 Helping the CIO’s decide the IT capacity's working model in a cloud worldA big question CFO’s could help their companies to answer is what is our financial justification forshifting to public cloud platforms from on-site computing.Page 14

CONCEPT PAPER ON ABCD OF TECHNOLOGY3.4 Propelling the finance function’s shift from redundant manually intensive work toextraordinary automation and analytics driven internal financial advisoryCFO’s should take responsibility for their departments using a machine-first approach. What is meantby machine-first approach? It means determining manual work in finance and determining what all init can be automated using AI, ML and Robotic Process Automation.Page 15

CONCEPT PAPER ON ABCD OF TECHNOLOGYCHAPTER 4:Key Digital Technologies a CA should be working with –The ABCD of Technology4.1 A - Artificial Intelligence4.1.1 What is Artificial Intelligence and how does it work?At its core, AI is a branch of computer science that aims to replicate or simulate human intelligence inmachines. Some of the defining approaches for AI historically are- thinking like a human, thinkingrationally, acting like a human, acting rationally. This includes elements of human thought as well ashuman behaviour.4.1.2 Categories of AI: Narrow AI- this sort of computerized reasoning works inside a restricted setting and is a reenactment of human insight. Narrow AI is regularly centred around playing out a single task incrediblywell. These machines may appear to be clever but in fact, they are working under unquestionably alarger number of imperatives and constraints than even the most basic human intelligence. Someinstances of Narrow AI include- Google search, Image4.1.2.2 Artificial General Intelligence (AGI): AGI, at times referred to as "Strong AI," is the sort of AIwe find in the science fiction movies, similar to the robots from West world or Data from Star Trek:The Next Generation. AGI is a machine with general human insight and just like an individual, it canbroadly apply that knowledge to take care of any issue. Instances of AGI include- TV show, movie orPage 16

CONCEPT PAPER ON ABCD OF TECHNOLOGYsong recommendations from Netflix, Drone Robots in manufacturing, Disease prediction and mappingtools and smart-phone assistants like Siri and Alexa.4.1.3 Machine Learning & Deep LearningComprehending the difference between AI, ML and Deep Learning can be perplexing. Frank Chenprovides some insight into their differentiation -"Artificial intelligence is a set of algorithms andintelligence to try to mimic human intelligence. Machine learning is one of them, and deep learning isone of those machine learning techniques."Page 17

CONCEPT PAPER ON ABCD OF TECHNOLOGYBasically, ML feeds information to a computer and uses statistics and measurable methods to enable itto learn, unlearn and relearn, how to improve at a task, without having been explicitly customized forthat task, disposing of the requirement for many lines of composed code. ML is comprised of bothsupervised learning (utilizing labelled sets of data) and unsupervised learning (utilizing unlabelled setsof data).Deep Learning is a sort of Machine Learning that runs inputs through an organically or biologicallyinspired neural system design. The neural systems (networks) contain various shrouded layers throughwhich the information is prepared, permitting the machine to go "deep" in its learning, makingassociations and weighting input for the best outcomes.Page 18

CONCEPT PAPER ON ABCD OF TECHNOLOGY4.1.4 Advantages of AI: Decrease in Human Error: The expression "human error" was conceived in light of the factthat people commit errors every once in a while. PCs, be that as it may, don't commit these errors onthe belief that they are customized and programmed appropriately. With Artificial Intelligence, thedecisions are taken from the recently accumulated data applying a specific of calculation andalgorithms. Hence, mistakes get decreased and the possibility of reaching accuracy more certainlybecomes possible.Instance: In Weather Forecasting utilizing AI they have minimised most of human errors.Page 19

CONCEPT PAPER ON ABCD OF TECHNOLOGY4.1.4.2 Faster Decisions: Utilizing AI along with other different technologies we can make machinesmake quicker and better informed decisions. While making a decision human will dissect numerousvariables and have emotional biases too. However, AI-controlled machines work on what it isprogrammed for and delivers the outcomes faster than humans.Instance: While playing Chess games in Windows it is very difficult to beat CPU due to the AI behindthat game. It will make the most ideal stride in an exceptionally brief timeframe4.1.4.3 New Inventions: A lot of complex problems in all kinds of domains and businesses are beingsolved by AI powered inventions. For example- Doctors can now predict breast cancer in womenusing AI powered predictions in early stages of the ailment and hence speed up its cure to get bestresults.Other than this some other benefits of AI are that it helps drastically reduce repetitive mundane tasks,it can work 24*7 and have a wide array of daily business and personal applications.Page 20

CONCEPT PAPER ON ABCD OF TECHNOLOGY4.1.5 Current Uses1. A machine learning tool that can read documents such as leases, derivatives contracts, andsales contracts. It is programmed with algorithms that allow it to identify key contract terms,as well as trends and outliers. If designed appropriately, machine learning tools could alsoidentify patterns and outliers, such as nonstandard leases with significant judgments (e.g.,those with unusual asset retirement obligations). This would allow auditors to focusspecifically on the contracts with the highest inherent risk, thus improving both the speedand quality of the audit.2. An Machine Learning tool developed by an Auditin

and the opportunities of different emerging technologies like Artificial Intelligence, Blockchain, Cyber Security, Cloud Computing and Data Analytics. At this juncture, we wish to place on record sincere gratitude to CA. Saurabh Goenka and CA. Yukti Arora for taking time out of their pressing preoccupations and contributing in preparation of the