Page 2 - Chartered Accountants

ICAI says action against EY India affiliates under its statutory powers

The body added that the procedure for enquiring and levying penalties is governed by statutory rules framed by the Centre

ICAI order on EY India affiliates may speed up notification of norms

While there is disappointment with the order, there is also hope that it would eventually lead to "much needed" clarity on guidelines on international networking for domestic firms

SC refuses plea seeking postponement of CA exams scheduled in May

The Supreme Court on Monday refused to entertain a plea seeking postponement of certain papers of the Chartered Accountancy (CA) exams scheduled for May on account of the Lok Sabha polls. A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra said the Institute of Chartered Accountants of India (ICAI) has not fixed the examination on election dates. It noted that the general elections to the Lok Sabha are to be held on May 7 and 13 and no exam has been scheduled for May 6 and May 12. Altering the examination date would disrupt the extensive arrangements already in place for the conduct of the examination and it could result in grave injustice for some students, it said. The scheduling of exams pertains to policy decisions, it said while refusing to entertain the PIL. But weighing the importance of the right to vote we have examined the position of candidates who shall be appearing for exams and would also need to vote. 591 centres are there and

New rules for aggregation of domestic CA firms in three months: ICAI

"The overall aim is to provide ease of growing practice and facilitate the Indian CA firms grow bigger," he said

ICAI CA 2024: Admit cards for inter and final exam to be available soon

ICAI CA Admit Card 2024 for the upcoming intermediate and final exams will be accessible soon on the official site of the ICAI. Applicants are encouraged to remain connected with us

Need more clarity on what defines an Indian audit firm: GT Bharat CEO

Chandiok said firm's long-term strategy had been to become an Indian audit firm that could compete with global giants. But it would need acknowledgement from companies as well as regulators

ICAI 2024: CA exams to be rescheduled, new dates to be issued at icai.org

With the Lok Sabha election schedules clashing with the official CA exam dates, the Institute of Chartered Accountants of India (ICAI) chose to reschedule these tests and issue new dates

CA tries to sell kidney to pay dues, ends up losing 6.2 lakh to scamsters

A chartered accountant tried to sell his kidney for money and to pay his dues. He ends up losing Rs 6.2 lakh to crooks

ICAI to conduct foundation, intermediate examinations three times a year

The Institute of Chartered Accountants of India (ICAI) will conduct examinations for foundation and intermediate courses three times in a year. Till now, the institute has been conducting these examinations twice a year. "The intermediate and foundation course examinations will be conducted thrice in a year in the month of January, May/June and September," ICAI said in a release on Friday. The decision was taken at ICAI's council meeting on March 7. ICAI has more than 4 lakh members and 8.5 lakh students.

Artificial intelligence to save more time for chartered accountants: ICAI

Artificial intelligence will provide a helping hand and free up a lot of time for chartered accountants to focus on analytical work, ICAI President Ranjeet Kumar Agarwal said on Wednesday and highlighted that there is a huge demand for chartered accountants. The Institute of Chartered Accountants of India (ICAI) expects there will be a need for around 30 lakh chartered accountants in the next 20 to 25 years and last year, around 22,000 students cleared the chartered accountants examination. At a briefing in the national capital, Agarwal, who took charge as the president on February 12, said a committee will be coming out with a roadmap in the next two months on the use of Artificial Intelligence (AI) at the Institute of Chartered Accountants of India (ICAI). He emphasised that Artificial Intelligence (AI) is a tool and is saving a lot of time. "This will give you (chartered accountants) more time for application of mind, analytics... I believe AI is going to be a helping hand for t

SBI seeking lower CRR on green deposits, says chairman Dinesh Khara

Begins assessment of borrowers on ESG norms

ICAI CA Foundation exam 2023: Over 40k students qualify foundation exam

ICAI released the results of CA Foundation exam December 2023 on Wednesday. 41,132 candidates managed to clear the exam. Here's how you can check the result

ICAI elects Ranjeet Kumar Agarwal as Prez, Charanjot Singh Nanda as VP

The chartered accountants' apex body ICAI on Monday said Ranjeet Kumar Agarwal and Charanjot Singh Nanda have been elected as President and Vice President of the institute, respectively. Both have been elected by the institute's central council for the 2024-25 term, according to a release. The Institute of Chartered Accountants of India (ICAI) has around 4 lakh members and more than 8.5 lakh students. Agarwal is the 72nd President of ICAI and served as Vice President in 2023-24. Among other responsibilities, Nanda has served as the chairman of various ICAI committees, including those on internal audit standards board, and on financial markets & investors protection.

NFRA imposes Rs 20 lakh penalty on CA for professional misconduct

In another matter, NFRA imposed a penalty of Rs three lakhs on another CA and debarred him for three years for professional misconduct in the audit of SRS Infrastructure

ICAI CA Result November 2023: CA Inter, Final result announced today

ICAI has released the CA Inter and Final results today. Candidates can check their results on the official website, i.e., icai.org or icai.nic.in

NFRA has retrospective jurisdiction over offences by delinquent CAs: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has upheld the penalty imposed by the National Financial Reporting Authority (NFRA) on auditors of Dewan Housing Finance Corporation Ltd (DHFL) observing that it has retrospective jurisdiction in the case of misconduct. Dismissing a bunch of appeals by DHFL's auditors, NCLAT in its 156-page long order said NFRA has a "clear and required retrospective jurisdiction" over the alleged offences by delinquent Chartered Accountants for a period even prior to its formation. Earlier in April 2023, NFRA had passed an order imposing a fine of Rs one lakh each on 18 DHFL auditors, barring 14, for six months to a year, citing misconduct in branch audits. Four of them - Harish T K, Ayna Tamtam, M Baskaran and Sam Varghese - who were debarred for one year had challenged the order by filing an appeal before NCLAT. The preliminary ground of the appellants was that NFRA does not have any retrospective jurisdiction since the watchdog was constituted

Delhi HC seeks govt's stand on plea against inclusion of CAs under PMLA

The Delhi High Court on Monday sought the Centre's stand on a petition challenging the inclusion of chartered accountants, company secretaries and cost accountants within the ambit of reporting entities under the anti-money laundering law. A bench headed by Chief Justice Satish Chandra Sharma granted time to the Additional Solicitor General Chetan Sharma to seek instructions on the petition by Rajat Mohan, a practising chartered accountant (CA). The court, while listing the case for further hearing on October 4, noted that at this stage, the petitioner was not extending his challenge to the legality of certain provisions under the Prevention of Money Laundering Act with respect to the consequent liabilities imposed upon the professionals. Observing that CAs were the experts in the field of accounting and the enhanced due diligence was with respect to specified transactions only, the bench -- also comprising Justice Sanjeev Narula-- asked the petitioner to state the problem with the

HC to hear plea against of CAs inclusion in money laundering law on Monday

The Delhi High Court on Monday will hear a petition challenging the inclusion of chartered accountants, company secretaries and cost accountants within the ambit of reporting entities under the anti-money laundering law and fastening of criminal liability on them in case of non-compliance of the legal provisions. The petition by Rajat Mohan, a practising chartered accountant (CA), is listed for hearing before a bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula. The plea said by including CAs and other professionals within the definition of reporting entities under the Prevention of Money Laundering Act (PMLA), onerous obligations have been put on them with consequences of noncompliance leading to criminal prosecution, and it virtually makes such professionals engage in policing their own clients with whom they interact in fiduciary capacity. The Petitioner by way of the present writ petition is challenging the validity of Gazette Notification No. S.O.2036(E) ..

Familiarise with newer global areas: FM Nirmala Sitharaman to CAs

On the use of technology and generative artificial intelligence, Sitharaman said: "The traditional image of accounting as a manual and tedious process is rapidly evolving; and for your good"

AI to help chartered accountants deliver high quality audits: ICAI prez

Artificial Intelligence will help chartered accountants deliver high quality audits as well as increase the number of transactions being looked at, ICAI President Aniket Sunil Talati has said and highlighted that efforts are on to provide the best skill sets to its members. The Institute of Chartered Accountants of India (ICAI) has more than 3.80 lakh members and over 8 lakh students. Artificial Intelligence (AI) and Machine Learning (ML) are being used in various sectors. In a recent interaction with PTI, Talati said he sees AI as a big change that is coming into the audit profession. "If there is a good AI system, then there is so much one can look at in terms of transactions. AI will report back to you in terms of any deviations, red flags... and will play a huge role in assisting chartered accountants to deliver high quality audit. "We are working with our members to train and upskill them to have the best skill sets to understand AI," he said. Over the years, the accounting