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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
Chartered accountants will be individually allowed to carry out only up to 60 tax audits in a financial year, with the ICAI taking a decision to implement the limit from April 1, 2026. The Institute of Chartered Accountants of India (ICAI), which also regulates the chartered accountants, has more than four lakh members. ICAI President Charanjot Singh Nanda on Friday said the limit of 60 tax audits is already in place but a chartered accountant is also permitted to carry out the audits for partners also. For example, if there are four partners in an audit firm, each partner can also do the audit for another partner. While the audit firm can carry out up to 240 audits, a partner can do more than 60 audits individually now. The decision has been taken to limit the tax audits to 60 for an individual partner, he said. "It is going to be in force from the next financial year starting from April 1, 2026," Nanda said at a briefing in the national capital. The limit of 60 will be the aggre
Chartered accountants' apex body ICAI on Friday said the engagement of CA firms by the Comptroller and Auditor General (CAG) will not compromise the independence of the apex auditor. The comments from ICAI comes in the backdrop of Madurai MP S Venkatesan (CPM) writing a letter to President Droupadi Murmu objecting to the CAG's plan to hire CA firms for auditing of central autonomous bodies will strengthen the auditing process. In a detailed statement, the Institute of Chartered Accountants of India (ICAI) said the engagement of CA firms by the CAG is in no way a compromise of its independence or constitutional function. "... Rather (it is) a strategic step to ensure effective coverage, domain-specific audit quality, and timely audit execution," it said. Further, the statement said, the move is fully supported by professional standards, and ethical safeguards embedded in the ICAI's framework. "Additionally, the scheme is expected to contribute to the organisation's (CAG) capacity .
The CA exams, which were postponed in view of security situation in the country, will now be conducted from May 16 to 24, the Institute of Chartered Accountants of India (ICAI) announced on Saturday night. The exams were earlier scheduled from May 9 to 14, 2025. The ICAI had earlier this week announced postponement of the exams. "In view of the favourable developments in security situation in the country, it has been decided that CA Final, Intermediate and INTT-AT (PQC) examinations earlier scheduled to be conducted from May 9 to 14 will now be held from May 16 to 24," the ICAI said in a notification. Foreign Secretary Vikram Misri earlier announced that the directors general of military operations (DGMOs) of India and Pakistan have agreed to stop all firings and military action on land, air and sea with effect from 5 pm on Saturday. The brief announcement by the foreign secretary came shortly after President Donald Trump said India and Pakistan have agreed to a "full and immediat