Toronto’s premier firm, Bennett Gold, Chartered Accountants have announced the launch of the CA/CPA WEBTRUST services in India. In over 17 countries across the globe, Chartered Accountants and their counterparts, the Certified Public Accountants came together and have offered to extend the range of their assurance services to the internet. With the efforts of Aurangabad based Chartered Accountant, Mr. Nilesh Kapadia, who took initiative in this matter, WebTrust Services will now be offered in India as well, through Bennett Gold of Canada, who have the license to issue the seal globally.

Nilesh has been specially trained in webtrust practise at the office of Bennett Gold in Toronto and has ambitious plans to train at least 1000 Indian CAs to become, what he calls “Cyber CAs”. Says Nilesh, “The world is finally looking at India in a new perspective – as an I. T. super power of the future. It is the duty of every Indian to rise to this opportunity and support our dotcom industry. India’s future lies in an e-commerce driven economy that will promote exports of all “Made in India” products & services through Indian e-commerce sites. This alone is the fastest and best way to attract more foreign exchange income and investment in the country. As Indian Chartered Accountants, it is our duty to rise to the nation’s call and provide the much needed Web Assurance Service to our e-commerce industry.”

World over, an audit opinion or financial statement signed by a CA / CPA is highly valued and relied upon because these professionals are experienced in third party assurance matters and are recognized for their independence, integrity, discretion and objectivity. These type of assurance services carry more relevance over the internet, as people shop online and enter into commercial contracts with `strangers’ across borders. TRUST is a key factor in facilitating the growth of e-commerce.

Bennett Gold ( www.BennettGold.ca ) is one of the first in the world, specially trained and licensed to offer Webtrust certification services to businesses that are engaged in transactions through the web. The Webtrust seal is a commitment that an online business has been objectively evaluated by stringent measures. The seal provides consumers the assurance that they can conduct business on the internet safely and securely on a site that has acquired the WEBTRUST seal ( www.WebTrust.net ). The firm’s Managing Partner, Robert Gold, CA is a world renowned expert in Webtrust practise and has the distinction of leading professionals from the front at the global level. Robert is expected to visit India shortly for a meeting with Nilesh’s team of CyberCAs.

When asked about his vision behind constituting the concept of the “Indian Cyber CA”, Nilesh replied with a sparkle in his eyes, “I had always wanted to associate my career path with a cause – not just for personal singular benefit – but for the good of all. I draw my inspiration from my father, Mr. Ramesh Kapadia, also a Chartered Accountant who instilled in me the value that “Real Growth lies in Growing Together”. In the “Indian CyberCA”, I see the future of India’s dream of becoming the IT super power of the world – In the CyberCA, I see the future of the CA profession as we continue to make a paradigm shift from traditional book-keeping to Computerised Accounting to Internet Accounting (or network accounting).

It won’t be long before it becomes common practise to file all tax returns and government remittances over the internet (including income-tax, sales tax, excise….) – we are already treading into internet banking and stock trading on the net in a big way. Before we know it, investors will want to see published annual returns and operational results on websites certified digitally; CAs will be auditing accounting networks right from their own offices and so on. Why wait for it to happen, when we already know what’s in store ! I want to train the CAs for this `tomorrow’ today, so that we are ready for it when it happens. Risks of frauds are on the rise as more and more sensitive information is put up on the network : CAs need to take the right steps NOW in order to cope with the future.

We need to work together with the IT industry – hand in hand – and stay committed for a flourishing technology driven economy – safely and securely. My slogan for the Cyber CA’s is : “IT’s Future Depends on IT” which can be read both ways – I.T.’s future depends on it, and ; It’s future depends on I.T.” The CyberCAs will go beyond the traditional areas of service. They will not only provide Web Assurance Services, but also Investment Advisory services, Property & Asset Management Services, Elder-Care Services, On-line Charity, etc. over the internet especially to Non-Resident Indians across the world. This way the Indian CyberCA will facilitate faster and greater inflow of foreign investment into our country.

FAQ on WebTrust:

1 ­ What is WebTrust?

WebTrust is a “Seal of Approval” which enables consumers and businesses to purchase goods and services over the Internet with the confidence that vendors’ websites meet high standards of business practices disclosure, transaction integrity and information protection. The seal was initially developed by the Canadian Institute of Chartered Accountants and the American Institute of Certified Public Accountants and is now available from professional sister Institutes and accounting bodies in 17 different countries. India is yet to join in this list.

2 ­ Why is WebTrust needed?

A major impediment to the growth of commerce over the Internet is concern over the security and privacy of credit card and other confidential information transmitted when purchasing goods, services and information electronically. There is also concern over the frequent inability of consumers and businesses to confirm the legitimacy of companies offering goods and services over the web.

3 ­ Why are Chartered Accountants offering WebTrust?

Chartered Accountants (CAs) are recognised as independent assurers of the accuracy and fairness of many types of financial and non-financial information. CAs must meet strict ethical, educational, and other requirements. CAs are now bringing their independence, objectivity, and broad knowledge of business and technical expertise to the web under WebTrust principles. In fact, we went a step ahead – CA & CPAs across the globe are joining hands for a common seal of Assurance – i.e. WebTrust, which is recognised by the global e-consumer.

4 ­ What does the WebTrust seal mean?

Websites displaying the seal have been examined by a qualified CA who has issued a report providing reasonable assurance that the site complies with the WebTrust principles relating to: disclosure of business practices, such as how long it takes to ship the item once an order is received and who pays for shipping; the website is expected to have stated policies – and the procedures in place to meet them ; transaction integrity means getting the order right; everything from the quantity to be shipped to the buyer’s phone number ; information protection deals with how the Web site safeguards confidential information, including credit card and financial data.

5- How do I know that a website has received the WebTrust service?

A website that has met the WebTrust principles is eligible to display the prestigious WebTrust seal on its transaction pages or order page.

6 ­ Where do I find the report of the CA that a website complies with WebTrust?

The WebTrust report can be found by clicking on the WebTrust seal.

7 ­ What period is covered by the WebTrust seal?

A website may generally retain the seal for as long as it remains compliant to the WebTrust principles. These principles require that the CA confirm continued compliance at least every six months.

8­ Can the WebTrust seal be revoked?

The seal would be revoked if the website no longer complies with the WebTrust principles.

9 – Who pays for the service?

This service provides positive marketing benefits to Web-site operators in increasing the confidence of consumers and thereby their sales. It is the Web-site operators who pay for the service on the basis of a pre-agreed fee, which depends upon the complexity of the audit and the estimated time of the CA and his WebTrust audit team.

10 -Which CA firms can provide the WebTrust service?

Only firms licensed by the AICPA or the CICA can provide the WebTrust service. Alternatively, Professional Institutes / Accounting Bodies can obtain the license from the AICPA / CICA and then sub-license it to its members. For instance, Chartered Accountants in Ireland, Scotland, England and Wales have an exclusive agreement to provide the WebTrust service. To be able to offer the service, firms need to go through an accreditation process administered by the local Institute of Chartered Accountants which includes attendance on specially approved courses. A list of those firms which have the necessary accreditation is available from the ICAS and ICAEW.

11­ What is the CA’s responsibility if a consumer has problems with a transaction at a WebTrust site?

The WebTrust seal is designed to provide broad general assurance on the website as a whole, pertaining to a vendor’s business practices and systems for providing transactional accuracy, security and privacy over the web. The seal is not designed to assure specific transactions between a business and its customers. However, the seal provides a website’s customers with a direct email link to the assuring CA.

12 What other Seals are out there for Privacy & Security ? And how are they different ?

Quite a few. Amongst the more common ones, there is BBB online, Trust-e and a few others. Applicants for the BBB Online Privacy seal, or the stricter Kids’ Privacy seal, must promise that their own data practices match BBB Online’s privacy policies, such as giving customers a chance to opt out of information collection. The program leans heavily on self-regulation.

To earn a TrustE seal, companies must create a privacy statement and comply with a set of standards. TrustE also offers a special seal for meeting children’s privacy requirements, which are stricter. Consumers can file complaints on one of the TrustE certified companies, opening an investigation into the company’s practices.

The WebTrust certification seal is considered the most rigorous of the three “trustmarks” as it requires an external audit from a CA or a CPA, trained and licensed by the AICPA / CICA or an accredited Institute. After an initial audit, a company must undergo periodic reviews to keep its certification and hence offers maximum level of Trust & Security for the consumer.

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