The Institute of Chartered Accountants of India (ICAI) is planning to finalise international networking guidelines for Indian chartered accountant (CA) firms within this fiscal year, reported Press Trust of India (PTI).
ICAI president Ranjeet Kumar Agarwal highlighted the institute’s commitment to fostering large domestic CA companies capable of competing on a global stage, the report said.
As of now, Indian CA entities operate without any specific guidelines for international networking.
The ICAI, which boasts over 400,000 members, is pursuing initiatives to position India as a global hub for accounting and auditing services.
Agarwal outlined the institute’s strategy to scale up Indian CA companies and enhance their international presence.
The institute has already implemented several strategies to encourage the aggregation of CA entities.
The ICAI is also seeking to relax the regulations that currently limit chartered accountants from advertising and soliciting clients.
To enact these changes, an amendment to the Chartered Accountants Act of 1949 is necessary, Agarwal said.
Once finalised, the proposed amendments would be submitted to the government.
Furthermore, ICAI has expressed concerns to the Ministry of Corporate Affairs regarding proposed amendments to certain auditing standards, specifically SA 600, which deals with the audit of group companies, and SA 299, concerning the joint liability of auditors.
In a separate development, the ICAI is planning to establish 11 Centres of Excellence (CoEs) in India over the next three years, with a focus on specialised areas to promote financial and tax literacy, reported PTI.
Currently, two CoEs in Hyderabad, Telangana and Jaipur, Rajasthan are operational, and another is set to open in Kolkata, West Bengal, by January 2025.
Furthermore, ICAI is advocating for the concept of the International Financial Services Centre (IFSC) as part of its broader objective.
“India’s ICAI plans to finalise networking guidelines for CA firms” was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
