The Akshaya Patra Foundation has been awarded the Gold Shield and Hall of Fame by The ICAI (The Institute of Chartered Accountants of India) for Excellence in Financial Reporting for the year 2012-13 under the Category XI- Not-for-Profit Sector. Hon’ble Minister Manish Tiwari, Union Minister of State for Information & Broadcasting and Hon’ble Justice Shri G.S. Sistani, Judge, Delhi High Court distributed the award at a function held on February 6, 2014, at The Park, Parliament Street, New Delhi.
This is the fifth consecutive year Akshaya Patra has won the Gold Shield and is in the Hall of Fame now. Hall of Fame is awarded to an entity who has been a winner of Gold Shield for five consecutive years under the same category.
Since inception (1958) of this award only two organizations have won Hall of Fame and in the Not- for-Profit sector Akshaya Patra is the first N.G.O to receive Hall of Fame. The awardees have been selected by the panel of judges on review of accounting practices adopted by the participating enterprises in the preparation of financial statements and the policies adopted for disclosure and presentation of financial statements and other information in the annual reports without regard to the financial condition and operating performance.
The selection committee for the year2012-13 is chaired by Shri. T.S. Vijayan, Chairman, IRDA followed by a 10 member jury, to name a few – MJ Joseph, Additional Secretary, Government of India, Ministry of Corporate Affairs, Shri. Suresh Senapaty CFO and ED,Wipro Limited, BP Rao Chairman & Managing Director, BHEL.
On the basis of degree of compliance with the Accounting Standards, statutory guidelines and other relevant pronouncements, the Gold Shield, the Silver Shield and the Plaque is awarded for the best, the second best and commendable entries respectively.
“The Governance philosophy of Akshaya Patra Foundation refers to a set of regulations and good practices that enabled us to maintain transparency, accountability and create value for all our stakeholders. We had & we will continue to adhere to the world class accounting standards and norms.” Said Shri. MadhuPandit Dasa, Chairman, The Akshaya Patra Foundation.
The awards signify that the financial reporting, accounting practices followed by Akshaya Patra Foundation are the best amongst the Not- for- Profit category that have participated in the Competition.