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 Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27,
 Revised Applicability of Peer Review Mandate (Phase II & III)
 Important Announcement - Reschedulement of Chartered Accountant Examinations, May 2024
  IMPORTANT ANNOUNCEMENT
 Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2024 Examinations up to 15th March 2024
 Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2024
 Guidance Note on Audit of Banks (2024 Edition)
 Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)
 Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024)
 Important Announcement for May-June 2024 CA Examinations
 Draft Bank Branch Auditors' Panel (MEF) for the year 2023-24

ICAI tense over move to set up new watchdog
January, 15th 2013

Aturf war is brewing in the accounting regulation space, currently governed by the Institute of Chartered Accountants of India (ICAI). A government plan to usurp the two big powers of ICAI — to set accounting standards and take disciplinary action against its 200,000 members — has raised hackles in the institute and triggered fears among auditors of over-regulation.

The contours of this shift lie in a clause of the new Companies Bill, which is presently awaiting clearance from one of the two houses of Parliament. This clause proposes the formation of a National Financial Reporting Authority "to provide for matters relating to accounting and auditing standards", and details the NFRA's jurisdiction, functions, powers, penalties and staffing, among other things. Although the Companies Bill doesn't state so explicitly, the reading of accounting professionals is that the NFRA will supersede ICAI. "Clearly, a land grab is going on. The institute (ICAI) is not happy about the government encroaching on its territory," says a senior ICAI member who has worked closely with the institute and government. He spoke on the condition of anonymity.

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