Explore Business Standard
Chartered Accountants
Pushing ahead with efforts to create homegrown big audit firms, ICAI plans to amend its Code of Ethics to provide more leeway for chartered accountants in terms of issuing advertisements and maintaining their own websites, among other activities. The Institute of Chartered Accountants of India (ICAI) will release the exposure draft on the many changes proposed to the Code of Ethics, its President Charanjot Singh Nanda said at a briefing here on Friday. The government has been pushing for building indigenous professional service giants, and free trade agreements with various countries also present expansion opportunities for Indian entities. Currently, the Code does not permit networks to have their own websites. In the proposed revisions to the Code, network firms will be allowed to have their own websites, a move that will also help these entities to promote their services. Also, changes are planned that will help allow advertising by the chartered accountant firms. To fully ...
ICAI President Charanjot Singh Nanda on Wednesday said capping the number of tax audits that can be done by an individual chartered accountant to 60 annually will help strengthen the regulatory framework and enhance focus on auditing work. The Institute of Chartered Accountants of India (ICAI), which has more than four lakh members, has notified the norms for capping the number of individual tax audits and these will come into effect from April 1 next year. The limit of 60 will be the aggregate limit in respect of all tax audits signed by a member (chartered accountant), both in his individual capacity and as a partner of a firm(s). Further, a partner of a firm cannot sign any tax audit report on behalf of any other partner. There will also be certain relaxations to the limit. At a briefing in the national capital on Wednesday, Nanda said the move will strengthen the regulatory framework and help increase the focus of chartered accountants on tax audits. The norms in this regard h