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The Institute of Chartered Accountants of India (ICAI) has issued a new standard on sustainability assurance that will be applicable from April 1, 2027. SSA 5000 is the Standard on Sustainability Assurance, and the General Requirements & Framework for Sustainability Assurance Engagements aligns with global standards. ICAI President Prasanna Kumar D said the move would help boost confidence among investors and stakeholders. This standard pertains to an entity's disclosures about sustainability information across different topics, including climate, labour practices and biodiversity. SSA 5000 has been prepared with certain carve-outs from the International Standard on Sustainability Assurance (ISSA 5000), an ICAI official said on Sunday. The official said there are two carve-outs in SSA 5000 are about joint audits and forward-looking statements. Both provisions have been excluded from the standard. "This marks a significant step in elevating sustainability assurance in India to ...
As India continues its journey towards becoming one of the world's largest economies, tax reforms that improve predictability and reduce complexity will play a vital role in attracting global capital and fostering entrepreneurship, a senior financial industry expert said here on Tuesday. "It is also important to have a deep understanding of the growing economic partnership between India and Singapore and the importance of continuous dialogue on regulatory developments that impact cross-border investments," said Sanjay Gattani, chairperson of the Singapore Chapter of the Institute of Chartered Accountants of India (ICAI). Gattani also highlighted the increasing importance of keeping the global Indian community informed of India's rapidly evolving regulatory and tax environment. He noted that India today stands at a pivotal stage of economic transformation, driven by structural reforms, digitalisation, and a strong commitment to enhancing the ease of doing business. Gattani emphasised
Chartered accountants' institute ICAI will be setting up an advanced forensic auditing lab in Hyderabad to help small and medium practitioners, its President Prasanna Kumar D has said. The Institute of Chartered Accountants of India (ICAI) has more than five lakh members, including small and medium practitioners. In a recent interview to PTI, Kumar said that forensic audit is a new area, and small and medium chartered accountant firms are not able to participate in large auditing works as they do not have the forensic audit capabilities. Against this backdrop, the institute will be setting up an advanced forensic lab, which will be a "pay and use model". It will offer assignment-specific tools. "We are establishing an advance forensic auditing lab at the Centre of Excellence (CoE) in Hyderabad. In next 2-3 months, we will launch it," Kumar said. Meanwhile, there are larger government efforts to have homegrown big accounting firms that can help create more opportunities in the ...
Chartered accountants' apex body ICAI will embed artificial intelligence, data analytics, and other subjects in its curriculum as it works to keep pace with the evolving technological and professional changes. Lakhs of students are pursuing chartered accountant programme at the Institute of Chartered Accountants of India (ICAI), which has more than five lakh members. ICAI President Prasanna Kumar D in an interview to PTI said as technology is taking the front seat now, artificial intelligence (AI) and data analytics need to be embedded into the subjects. The institute has recently formed the Committee for Review of Education and Training (CRET), which is expected to finalise its recommendations, including updates for the curriculum, in the coming months. "We have formed the CRET. It is working to review the entire curriculum like what syllabus and subject need to be changed and training (articleship)," Kumar said. Currently, various subjects, including AI, data analytics, ESG, and