New Overseas Chapter for ICAI

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The ICAI (Institute of Chartered Accountants of India) is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in public interest. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government generally representing the … Read More

Effective date of applicability of revised standards of auditing has been postponed

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The Council of the ICAI, at its 364th meeting held on March 23-25, 2017 considered the deferment of applicability date of the following standards of auditing: SA 700 (Revised), “Forming an Opinion and Reporting on Financial Statements” SA 701, “Communicating Key Audit Matters in the Independent Auditor’s Report” SA 705 (Revised), “Modifications to the Opinion in the Independent Auditor’s Report” … Read More

ICAI international conference calls for embracing new technologies by Chartered Accountants

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The recent ICAI International Conference was held in the city of Hyderabad on the 22nd and 23rd of October 2016. The meeting, conceptualised on the theme of “Jnana Yajna – The Quest for Excellence”, was well received by various national and international delegates. One of the important sessions discussed on how technology can help the audit profession to keep in … Read More

Requirement of Audit Partner rotation – ICAI issues clarification

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The big four audit firms holds the cream of the large company audits and related services in India as of now. With sophisticated infrastructure and economies of scale of its operations, it becomes easy for them to attract and retain large listed companies. The medium tier firms support mid-sized entrepreneurs and growing businesses including start ups. With the introduction of … Read More

Complying with the ICFR (Internal Control over Financial Reporting) requirements; Is it a challenge?

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Internal control over Financial Reporting is one of the buzzwords spreading within the auditor community and similar professionals. They also agree that the requirement introduced by Section 143(3)(i) of the Companies Act 2013 is not something completely new. The concept of risk assessment has always been part and parcel of audit strategies prepared around the country. The focus of SA … Read More

Emerging Strategic Partnerships

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Emerging Strategic Partnerships

The Institute of Chartered Accountants of India has been awarded associate membership by Chartered Accountants Worldwide recently. Chartered Accountants Worldwide consists of the ICAEW, the Chartered Accountants of Australia and New Zealand along with other prominent institutes and has a vision to bring together the leading institutes of Chartered Accountants from around the world to support, develop and promote the … Read More

Expectation Gap – What is it?

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Tesco, a multinational grocery chain from the UK is now awaiting for final reports from three authorities while drafting this report – the Groceries Code Adjudicator, Serious Fraud Office and the financial reporting council. It all started in September 2014 when an information was brought to the Board’s attention which indicated that the recognition of UK commercial income was being … Read More

Like standard like law: Section 143(3)(i) of the Companies Act 2013

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The new Companies Act 2013 (here in after referred to as the act) was passed with a real bang and created terror for so many companies and in the minds of professionals in general. The new framework of law and rules decided to take severe actions for offences committed under the act. To reflect on one of the biggest corporate … Read More

Exposure drafts (Auditing) waiting for comments by January 2016

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The Institute of Chartered Accountants of India has issued Exposure Drafts of New / Revised Standards on Auditing, as detailed below, for Comments from its Members to be sent latest by January 18, 2016 at the following address: Secretary, Auditing and Assurance Standards Board The Institute of Chartered Accountants of India ICAI Bhawan, A-29, Sector-62, NOIDA, Uttar Pradesh – 201 309 The comments can … Read More