Page 3 - Chartered Accountants

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

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

AI can aid CAs, can't replace human mind: ICAI's Aniket Sunil Talati

AI is going to impact everything that we do, not just auditing and accounting

Indian CAs mull India-Singapore platform for insolvency resolution

Indian Chartered Accountants have initiated a strategy to build best practices based on global standards for managing insolvencies, bankruptcies and dispute resolution following their interactions with Singapore-based professionals with an international network. During a two-day convention held here last week, chartered accountants, financial experts, and legal and corporate affairs professionals from India and Singapore exchanged ideas on managing issues related to dispute resolutions, global debt, insolvency and funding. "Our interactions during the event, attended by over 300 professionals, have set a pace for studies and collaborations through sharing of knowledge with Singapore-based professionals who are already managing business-related disputes and insolvency issues of multinational corporations across the globe," Gyan Chandra Misra, an insolvency professional and a member of the Institute of Chartered Accountants of India (ICAI), told PTI over the weekend. "We are going bac

ICAI to release CA Foundation exam result June 2023, here's how to check

ICAI is set to release CA Foundation June 2023 exam results today, August 7 at 9 pm. Students can check their results on the official website, i,e., https://www.icai.org/

CAs from India, Singapore discuss way forward for dispute resolutions

Chartered accountants, financial experts, legal and corporate affairs professionals from India and Singapore on Friday exchanged ideas on managing issues related to dispute resolutions, global debt, insolvency and funding at a meeting here. RESOLVE-2023 is the inaugural international convention by the Institute of Chartered Accountants of India's (ICAI) held in Singapore in its 75 years of existence. "The convention shows professionals from India are interested in establishing a network with their Singapore counterparts in the corporate world," said Vikram Nair, a Singaporean Member of Parliament and legal expert who was the guest of honour at the event. Noting the interaction of 120 Singapore professionals at the convention with their counterparts from India, Nair said that such knowledge sharing can create more opportunities for experts from the two countries as well as others. Overall, more than 300 delegates on Friday started discussions that would also look for opportunities f

ICAI CA Foundation Result 2023: June exam results soon on icai.org

The institute informs its students in advance about the result date and time using various social media platforms, as well as its website

Professionals registered on MCA21 portal to have single ID, says govt

The government has started the process for deactivating multiple login IDs that are in the name of a single company secretary, chartered accountant or cost accountant on the MCA21 portal, which is the platform for submitting statutory filings under the companies and LLP laws. In this regard, the corporate affairs ministry has issued a circular and professionals, who are having multiple IDs, need to get approval from their respective apex institutes for deactivating the IDs so that there is only one ID for one user, according to officials. Professionals refer to company secretaries, chartered accountants and cost accountants. The move comes as Version 3 (V3) of the portal is being operationalised. Under V3, a professional can have only one login ID whereas in V2, multiple IDs were allowed. For instance, a company secretary having multiple log IDs on the MCA21 portal need to get approval from the Institute of Company Secretaries of India (ICSI) for deactivating the multiple IDs. In

ICAI CA result 2023: Everything you need to know about May session result

The Institute of Chartered Accountants of India (ICAI) provides access to the Final and Intermediate Merit List for the year 2023 on its official website at www.icai.nic.in

President Murmu hopes 50% of practising CAs will be women by 2047

President Droupadi Murmu on Saturday expressed hope that 50 per cent of the practising chartered accountants in the country will be women by 2047. Efforts should be made to ensure that the chartered accountancy profession becomes a "pillar of economic governance", the President said. She was speaking at a function to mark the 75th Chartered Accountants' Day organised by the ICAI in the national capital. The Institute of Chartered Accountants of India (ICAI) has nearly 4 lakh members and more than 8 lakh students. A new CA (Chartered Accountant) scheme was launched at the event.

Union Home Minister Amit Shah extends greetings on Doctors Day, CA Day

Union Home Minister Amit Shah Saturday extended his greetings to doctors on the occasion of Doctors Day, saying their unwavering commitment to serving humanity has made a whole lot of difference in the world. He also extended his gratitude to the chartered accountants on the occasion of CA Day "for keeping the wheels of our economy running through all weather". "On Doctors Day my heartiest greetings to the doctors, who guard our health and wellbeing. "Their unwavering commitment to serving humanity has made a whole lot of difference in our world and will continue to do so. Salute to the noble healers and lifesavers," Shah tweeted. July 1 is observed as National Doctors Day to commemorate Bidhan Chandra Roy, a renowned doctor who served as West Bengal's chief minister too from 1948 to 1962, and whose birth and death anniversary fall on this day. In another tweet, Shah said, "On CA Day, I extend my heartfelt greetings to all the brilliant chartered accountants who have with their ..

Street Signs: Beefing up colocation facility, auditors on the run & more

NSE to expand colocation facility offerings, the allotments for these racks are to be done over the next six months by the first-in, first-out method

Changes in anti-money laundering law can impact foreign investment: CAs

Chartered accountants are seeking clarifications on the finance ministry's recent notification on extending the ambit of anti-money laundering law as it can adversely impact ease of doing business and facilitation of foreign investments. According to industry sources, chartered accountants (CAs) and company secretaries often act as formation agents for foreign companies setting up businesses in India and often provide their own address for communication in the initial phase. They also act as resident directors of the foreign company trying to establish presence in the country and also operate bank accounts on behalf of their clients. Industry sources said there is no way that an accountant can know whether the money that an investor is bringing into India is bonafide or laundered money and verify its source. In view of the pending review by the global watchdog on terror financing and money laundering scheduled later this year, the finance ministry has in recent months tightened and

CA, company secys fret over increased compliance burden under new PMLA

Transactions carried out by practising CAs, CSes, and CMAs on behalf of their clients under the scope of PMLA

Extending liability

New PMLA rules will help curb black money