Page 2 - Icai

CAG engaging CA firms will not compromise auditor's independence, says ICAI

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 .

ICAI to review IndusInd Bank's books over forex accounting lapses

IndusInd Bank on March 10 had disclosed certain discrepancies identified by the lender in its account balances relating to its derivatives portfolio

ICAI revised schedule for CA Inter and Final exams 2025. Full details here

ICAI has revised the CA Intermediate and Final exams schedule. The exams, originally planned between 9 to 14 May 2025, will now take place from 16 to 24 May 2025

ICAI reschedules CA exams to May 16-24 after security situation improves

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

ICAI postpones remaining CA exams amid Indo-Pak tensions, new dates awaited

ICAI postpones remaining May 2025 CA exams citing tense India-Pakistan situation; decision affects final, intermediate, post-qualification papers; new dates to be announced soon

ICAI to assess financial aspects of 'One Nation One Election' proposal

Chartered accountants' apex body ICAI will assess the financial aspects of the proposed 'One Nation One Election' reform that will help the Parliamentary panel, which is currently examining the relevant bills, to have a better understanding about the financial implications. A high level committee chaired by former President Ram Nath Kovind came out with its report, in March 2024, recommending holding the Lok Sabha, Assembly and local bodies' polls together. Subsequently, the government, in December last year, introduced two bills in the Lok Sabha to provide a legal framework to simultaneously hold Parliamentary and Assembly polls. A 39-member Joint Parliamentary Committee, headed by BJP member P P Chaudhary, is now examining the draft bills, which are based on the Kovind panel recommendations. The Institute of Chartered Accountants of India (ICAI) President Charanjot Singh Nanda told PTI that the institute will be assessing the various financial aspects of ONOE reform. A report of

ICAI to assist Sebi in safeguarding retail investors, tackling market fraud

Chartered accountants' apex body ICAI will be preparing a research paper to help markets watchdog Sebi in dealing with financial frauds. ICAI President Charanjot Singh Nanda on Saturday said the institute will set up a working group and hold discussions with Sebi to finalise the various aspects that will be looked into with respect to tackling financial fraud. The working group will submit a research paper to the Securities and Exchange Board of India (Sebi) in this regard, Nanda told PTI. Nanda had a meeting with Sebi Chairman Tuhin Kanta Pandey on Friday. "India is a very favourable investment destination. People want to invest in India and normal people have diverted their savings to the markets such as Systematic Investment Plans," Nanda said at a briefing in the national capital. It is important for Sebi to ensure the protection of investors' interests. Along with ICAI, a system can be developed to prevent fraud, he added. In recent years, there have been increased investmen

ICAI likely to complete review of Gensol, BluSmart financials in 6 months

Chartered accountants' apex body ICAI is likely to complete the review of the financial statements of crisis-hit Gensol Engineering Ltd and BluSmart Mobility in six months, according to officials. ICAI's Financial Reporting Review Board (FRRB) is reviewing the financial statements of the two companies for the financial year 2023-24. Institute of Chartered Accountants of India (ICAI) officials on Saturday said the review of the financial statements is expected to be completed in six months. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with regulator Sebi, last week, barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and

ICAI's Financial Reporting Review Board to review Gensol's books

The review is being undertaken by the ICAI on a suo motu basis, Charanjot Singh Nanda, president, ICAI, said

New accounting norms to bolster financial reporting quality: ICAI

The proposed standards also present two additional subtotals in the profit or loss section: 'operating profit or loss' and 'profit or loss before financing and income taxes'

ICAI CA Admit Card 2025: How to download May Inter, Final hall tickets

The ICAI is set to release the admit cards for the upcoming CA Intermediate and Final May 2025 exams. As per reports, the hall ticket is available for download today on the official ICAI website

CA final exams to be held thrice a year from this year, announces ICAI

CA Final exams will be conducted thrice a year from 2025 instead of two, the Institute of Chartered Accountants of India (ICAI) announced on Thursday. Last year, the ICAI took a decision to hold the Intermediate and Foundation course exams three times a year and now the CA Final exams will follow suit, it said. "In order to align with global best practices and provide students with greater opportunities, the 26th Council of the ICAI has taken a historic decision to hold the CA Final exam three times a year. This examination was being held twice a year," the ICAI said in a statement. "Now, all three levels CA Final, Intermediate and Foundation, will have an equal number of attempts each year, providing students more opportunities to sit in the exam. These exams will be held in the month of January, May and September," it added. The ICAI said that the Post Qualification Course in Information Systems Audit will also undergo a transformation. "Earlier conducted twice a year in June a

ICAI may review IndusInd Bank's financials amid recent discrepancies

Chartered accountants' apex body ICAI may review the financial statements of IndusInd Bank, which is grappling with discrepancies in accounting to the tune of Rs 2,100 crore. On March 10, the private sector lender disclosed some discrepancies in its derivatives portfolio, which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024, as per its internal review. Analysts peg the discrepancy at Rs 2,100 crore in absolute terms. Against this backdrop, the Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is likely to review the bank's financial statements. "As a proactive measure, ICAI-FRRB may undertake a review of the financial statements of IndusInd Bank," ICAI President Charanjot Singh Nanda told PTI on Thursday. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, am

ICAI submits suggestions to Lok Sabha selection committee on I-T Bill

Chartered accountants' apex body ICAI on Thursday submitted its suggestions to the Lok Sabha Select Committee examining the new Income Tax Bill, including seeking lesser number of sections and simplifying the language in the proposed legislation. The 31-member committee, headed by BJP MP Baijayant Panda, has been mandated to submit its report by the first day of the next Parliament session. The Institute of Chartered Accountants of India (ICAI) has suggested reducing the number of sections in the proposed bill by 90 to 100, its President Charanjot Singh Nanda said. Currently, the bill has 536 sections. Besides, the institute has made suggestions on ways to reduce litigations and simplify the language of the bill further, he added. "We want to support the government," Nanda said at a briefing in the national capital. The bill was introduced by Finance Minister Nirmala Sitharaman in Lok Sabha last month.

ICAI seeks to join PM's Internship Scheme for finance, accounting roles

The Institute of Chartered Accountants of India (ICAI) has expressed its interest to the government to be part of the Prime Minister's Internship Scheme whereby youth can be offered opportunities in various areas of accounting and finance. The scheme, being implemented by the corporate affairs ministry, was launched on October 3, 2024 and aims to provide internship opportunities to 1.25 lakh youth in the current financial year. An ICAI official on Thursday said the institute has written to the ministry seeking to be part of the scheme. After getting the ministry's in-principle approval, the ICAI Central Council will discuss on the modalities related to participating in the scheme, the official said and added that the aim is to provide internship opportunities for the youth at chartered accountant firms in the areas of accounting and finance. The scheme, announced in the 2024-25 Budget, aims to provide internship opportunities to 1 crore youth in top 500 companies in 5 ...

ICAI CA Foundation, Inter results 2025: Deepanshi tops CA Inter 2025

ICAI CA Foundation, Intermediate results 2025 has been released. Candidates can check and download their results through the official website, icai.nic.in

ICAI CA Foundation, Inter Results 2025 Out: where to check scorecard?

The Institute of Chartered Accountants of India (ICAI) is set to declare the results for the CA Foundation and Intermediate exams for the January 2025 session today on March 4 at official website

ICAI CA Foundation and Inter results 2025 released at icai.nic.in

ICAI announced CA Foundation and Inter results for the January 2025 session at icai.nic.in. Here's how to check and download

Tax audit is the forte of chartered accountants: ICAI President Nanda

The finance ministry has asked the chartered accountants' body to review the new Income Tax Bill 2025 and suggest improvements

FinMin asks ICAI to review new Income Tax Bill 2025, suggest improvements

Central Board of Direct Taxes expects the Institute of Chartered Accountants of India to go through the bill section-by-section, keeping in mind the needs of both businesses and individual taxpayers