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Chartered accountants' apex body ICAI is working with Tirumala Tirupati Devasthanams (TTDs) to help monetise its land assets through real estate investment trusts, as well as ways to verify and value gold that is in the possession of the trust. The Institute of Chartered Accountants of India (ICAI) is also in advanced stages of preparing the updated accounting manual for TTD, the official custodian of the Sri Venkateswara temple in Tirupati, Andhra Pradesh, and is considered the richest Hindu shrine in the world. An ICAI official on Sunday said the institute is working with TTD on various projects, including the accounting manual, setting up of Real Estate Investment Trusts (REITS) and valuing its gold assets. REITs allow entities to monetise their real estate assets, and TTD has large parcels of land, mainly donated by devotees. On Saturday at a session here, ICAI President Prasanna Kumar D said its work for preparing the accounting manual for TTD is in the advanced stages of ...
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 ...
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
The Institute of Chartered Accountants of India (ICAI) will come out with the information systems audit standards later this month. The Information Systems Audit Standards (ISAS) seek to strengthen the audit process within the country's digital ecosystem. The institute will be coming out with 11 ISAS. ICAI President Prasanna Kumar D on Wednesday said it would be the first time that a professional institute would be coming out with such standards, and added that its central council approved the standards earlier this month. According to the institute, ISAS would establish a direct linkage between system controls and financial reporting integrity. "In an environment where financial statements are ERP (Enterprise Resource Planning)-generated, system-processed, algorithm-driven, and cloud-hosted, strong information systems controls are essential. "By strengthening assurance over automated entries, revenue systems, core platforms, and technology-based processes, ISAS enhances the ...