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10 Assignments for practicing chartered accountants

Accounting and finance assignment help

Table of Contents

Introduction

In this article, we will provide a new and comprehensive understanding of different assignments that can be undertaken for practicing chartered accountants. This will serve as a guide in helping new chartered accountants to grow their number of clients. Practicing is essential in the field of chartered accounting to keep your skills and knowledge up to date. Taking several assignments is helpful for practices-chartered accountants to understand the existing business requirements, demands, and trends. Below are some of the assignments that will be significantly helpful for chartered accountants.

1. Discussion of fundamental ethical principles of chartered accounting

There are five fundamentals principles of chartered accounting which are discussed below:

Chartered accountants have to be straightforward and honest. They have to display integrity in every business and professional relationship in the network.

Objectivity

They have to maintain themselves to be unbiased and avoid conflict of interest. Besides, they have to avoid the undue influence of others to reduce the implications of decision making.

Confidentiality

They have to respect and keep the confidentiality of data and at the same time, have to maintain the decorum of professional and business relationships and ethics. Keeping confidentiality and not relaying any kind of information of third parties is of utmost priority in this field of profession, until and unless there is a legal duty or right to disclose or utilized such information.

Professional behavior

The chartered accountants have to comply strictly with relevant laws and regulations as part of professional behavior and escape any actions that defame the profession.

Professional competence and due care

Professional competence and due cares are requisite demands and needs or chartered accountants’ professions in order to maintain the skills and knowledge at the professional level.

Understanding of fundamental principles of serving as a guide and help to guide the professional actions and behavior of young accountants. It is requisite to know what is considered good and bad in the particular field of professions.

2. Discussion of requirements of ICAP code of ethics

ICAP code of ethics is based to address the issues related to ethics as well as independence. This is applicable to every professional accountant and is useful in developing an outline of an approach that comprises identification, evaluation, and assessment of threats to abide by basic principles.

This assignment will help to comprehend the basic requirements in response to meeting the requisite ethical ground of working and legal compliance. ICAP code of ethics is instrumented to establish the standard of behavior that is expected from the professional chartered accountant and delivery of his duties.

3. Identification of the target audience to acquire potential clients

Recognition of the target audience contributes to providing insights concerning the market as well as people. This is extremely important in terms of identifying potential clients who need the service. The selection of the target audience is based on the expertise of the firm and professional operating in chartered accountant business and available to exercise and utilized them in the process. Besides, it is equally essential to narrow down the type of clients are needed for the business to grow. This should be followed by spending time and money on the potential and right ones.

The specific assignment emphasized addressing the need for targeting the customers for the business and identifying the correct ones for the business. Understanding and knowledge of this aspect is critical in chartered accountant practices if one aims to open its own firm.

4. Personal responsibility and ethical leadership in chartered accountant practices

There have been numerous scandals to be witnessed in recent times. The root cause of such scandals is the unethical behavior of chartered accountant practices which consist of engagement of both the firm and the individuals. The significance of individual responsibility in the area of a chartered accountant cannot be underrated. Every chartered accountant has to consider their own responsibility for keeping the highest standards.

Professional accountants will get to know the need of the contemporary world in maintaining ethical behavior and adopting a leadership role in influencing the attitude of others.

5. Discussion of threats to independence in relation to financial interests and loans and guarantees

The level of financial interest should be taken into considerations. One such interest is that the individual has to keep its control over the financial interest held by it. The financial interest should be taken into account directly at the time of control. Alternatively, when the individual of financial interest does not have the ability to exercise the control, then it is said to be indirect. Similarly, threats of independence are seen in loans and guarantees, if the assurance client is not a bank or similar institution.

The threats to independence witnessed in the chartered accountants’ practices as the control are vested upon the assurance team. Thereby, understanding the liabilities and corresponding threats to independences in several areas will help to avoid such threats.

6. Importance of financial auditing and analysis

In chartered accountant practices, financial auditing and analysis are referred to an official investigation as well as verification of the account. As per auditing, financial records and statements of the organization are examined and evaluated to check the accuracy and reliability of presented transactions and records. It is to be noted that there are several ways that can be followed to perform the evaluation process. The chartered accountants have to dig deep in order to investigate the financial condition of the firm. Carrying out the financial audit by external chartered accountants helps to offer assurance to the organization’s shareholders and investors as it proves the accuracy of financial information of the company. Besides, it guarantees the conformation of accounting standards.

Getting familiar with financial auditing and analysis is one of the primary practices of charted accountants. This contributes towards the knowledge of how to plan and carry out a risk assessment which is the primary step of the auditing process.

7. Challenges of chartered accountants in practicing

Several challenges are seen in terms of chartered accountants’ practices in the contemporary accounting environment. These challenges include:

  • Raised cost of infrastructure in term of setting up a firm followed by rents and other maintenance costs
  • Findings as well as targeting potential clients
  • The unwillingness of the client to raise the professional fee even though there is a significant increase in the level of compliances under the expectation of different statutes
  • The inadequate presentation as well as communication skills
  • Inadequate accessibility to afford the latest technology in term of establishing consistent standards such as auditing tools

8. Professional opportunities for chartered accountants

Chartered accountants can get professional opportunities in the respective places, they are:

(a) they can get employment in banks, both in private as well as public sector banks.

(b) they can be posted as per the rules and regulations of law, in public limited companies.

(c) Chartered accountants can also get employment in audit firms which includes Price water house or KPMG.

(d) finance companies, as well as mutual fund companies, also employ chartered accountants in their respective organizations.

(e) companies related to portfolio management as well as stock brokerage firms along with houses of investment also appoint chartered accountants.

9. A chartered accountant in business in relation to preparation and reporting information

It has been analyzed with respect to preparation as well as reporting of information as an important part done by chartered accountants. Further, it also involves reporting of information based on finances as well as management. Hence, it is required that information prepared as well as presented in the financial statements, should be transparent and accurate. Further, steps must be taken so that information can be maintained by properly recording the information. Moreover, the true nature of business transactions and material aspects are properly specified by the chartered accountants. Moreover, financial principles are also to be considered by the chartered accountants, while preparation and reporting of information in the books of accounts.

10. Roles of chartered accountants in accounting standards implementation

The chartered accountants are engaged in the process of accounting standards from the very beginning, i.e., from the initiation stage to the implementation stage. During the formulation of accounting standards, different views and opinions of practicing chartered accounts are welcome by the Accounting Standards Board. The accountants and auditors encourage as well as persuade the firm to abide by accounting standards requirements falling within the ambit of their audit. It is the duty of the accountants to make sure that every accounting standard is met at the time of preparation as well as the presentation of financial information.

Conclusions

The chartered accountant practices have significant learning outcomes in the field of accounting calculation related to taxation, auditing, and financing. Therefore, completing this assignment helps to gain essential knowledge as well as skills to further applications in the accounting practices in the private sector or public sector. Furthermore, this paper also provides an overview accounting system, and it will help to implement this knowledge further to prepare general financial statements of any organization and financial auditing. Apart from all this aspect, chartered accountant practices have become a significant concern for every business organization to effectively monitor the different accounting parameters and it’s continuously changing for identifying problems.

In case you are looking for a custom financial and accounting assignment help , you can contact us anytime. Our experienced  assignment experts will help you out in pulling off top-notch grades for sure.

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ICAI’s Ceiling Limit on Specified Number of Tax Audits by CA Firm (AY 2022-23)

ICAI’s Ceiling Limit on Specified Number of Tax Audits by a CA Firm during AY 2022-23 is 60, exclusive of tax audits conducted u/s 44AD, 44ADA and 44AE (Presumptive Taxation) of the Income Tax Act, 1961.

The ICAI has amended the regulations relating to specified number of tax audits (ceiling limit) that can be conducted by a practising chartered accountant/ CA firm and has clarified various issues relating thereto, from time to time.

On 23/08/2018, ICAI has amended the provisions/ regulations relating to ‘specified number of tax audits’ (ceiling limit) that can be conducted by a practicing CA/ Firm, according to which tax audits conducted under Section 44AD, 44ADA and 44AE of the Income-tax Act, 1961 (Presumptive Taxation) shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”.

ICAI's Ceiling Limit on Specified Number of Tax Audits by CA Firm (AY 2022-23)

a) Tax audits conducted u/s 44AD, 44ADA and 44AE not to be considered in ‘specified number of tax audit assignments’

ICAI Announcement dt. 23/08/2018 : Modification in the Council Guidelines dt. 08/08/2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949

In furtherance of the Announcement dt. 11/02/2014 and 02/07/2014 informing the members of the modification in the Council Guidelines No. 1-CA(7)/02/2008 dt. 08/08/2008 pertaining to Chapter VI regarding increase in tax audit limit from 45 to 60 and change in applicability of limit from ‘financial year’ to ‘assessment year’ respectively, it is hereby informed that the Council of the Institute at its 368th meeting held in August, 2017 decided to exclude the audit conducted under section 44ADA of the Income-tax Act, 1961 for the purpose of reckoning the “specified number of tax audit assignments” under Chapter VI of the Council Guidelines as section 44ADA of the Income-tax Act, 1961 also contains special provision for computing profits and gains of profession on presumptive basis.

In view of the aforesaid decision of the Council, the fourth proviso to para 6.0 of Chapter VI of the Council Guidelines No. 1-CA(7)/02/2008 dt. 08/08/2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949 stands modified as under:-

1. In the fourth proviso to para 6.0, after the words “44AD,” words “44ADA and” has been inserted.

2. In the fourth proviso to para 6.0, after the words “44AE,” words “and 44AF” has been deleted.

Accordingly, audits conducted under Section 44AD, 44ADA and 44AE of the Income-tax Act, 1961 shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”.

CBDT Clarification on Tax Audit Threshold Limit (S.44AB) & Presumptive Taxation (S.44AD)

Section 44AB of the Income-tax Act makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, the CBDT has clarified that if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shall not be required to get his accounts audited if the total turnover or gross receipts of the relevant previous year does not exceed two crore rupees. The higher threshold for non-audit of accounts has been given only to assessees opting for presumptive taxation scheme under section 44AD.

CBDT Press Release dt 20/06/2016

b) Tax Audits limit of 60 relate to an assessment year: ICAI  (02/07/2014)

The ICAI has clarified that the specified tax audits limit of 60 would relate to an assessment year as against the existing stipulation of a financial year.

c) Tax Audit Limit Increased From 45 to 60 (11/02/2014)

In view of the enhancement of professional competence of ICAI’s members to perform quality services in an IT-enabled environment, the ICAI has increased the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm, from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards.

d) Specified number of Tax Audit assignments (13/12/2011)

Clarification for reckoning the “specified number of tax audit assignments” conducted under section 44AB of the Income-tax Act, 1961

Various statutes prevailing in India like DVAT, 2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/ 3CD. This had lead to the doubts as to whether such audits would be included in the ceiling of “specified number of tax audit assignments”.  Considering the same, the ICAI had clarified that audit prescribed under any statute which requires the audit report in the form as prescribed under section 44AB of the Income-tax Act, shall not be considered for the purpose of reckoning the specified number of tax audit assignments if the turnover of the auditee is below the turnover limit specified in section 44AB of the Income-tax Act, 1961. For instance audit under section 44AD, audit under DVAT, 2004 (for turnover between 40 to 60 Lakhs) etc. will not be considered for inclusion in the present limit of 45 audits.

e) Non-inclusion of S. 44AD, 44AE and 44AF Audits (23/08/2011)

In order to clarify the doubt raised by majority of members in respect of inclusion of audits conducted under sections 44AD, 44AE and 44AF of the Income-tax Act, 1961 in the specified number of tax audit assignments, the ICAI has clarified that:

“The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the “specified number of tax audit assignments”.

f) Tax Audits Limit Increased From 30 to 45  (11/05/2007)

The maximum limit of Tax Audit for a ICAI members in practice, as individual or as a partner in a firm, was fixed at 30 as back as in 1989 with the objective of ensuring quality and equitable distribution of work. In view of fast expanding economy and increase in number of such assignments coinciding with enhancement of professional competence of members to perform quality services in an IT-enabled environment, the ICAI had increased the Tax Audit limit for practicing Chartered Accountants, as individual or as a partner in a firm, from 30 to 45.

Related Posts:

ICAI’s Revised Guidance Note on Tax Audit (2022 Edition) u/s 44AB (AY 2022-23)

WHAT WILL BE TURNOVER LIMIT FOR 44AD? 2 CRORE OR 1 CRORE? AS UPTO 2 CRORE ASSESSEE CAN TAKE BENEFIT OF 44AD.

ANY CEILING ON NUMBER OF GST AUDITS BY ICAI??

“The audits conducted under section 44AD, 44AE and 44AF of the Income-tax Act, 1961 shall NOT be taken into account for the purpose of reckoning the “specified number of tax audit assignments”. FOR THIS PURPOSE WHAT IS THE TURNOVER LIMIT FOR TAKEN AUDIT U/S 44AD 2 CRORE OR 1 CRORE ?

The reason why 44AD etc is not included in number of Tax Audits… may be because the Assessee has an option to avoid the Audit by declaring 8/6% on turnover as profit. Since this option is extended for a turnover upto 2 Crores, on the same logic, such audits not become part of the ceiling.

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audit assignments for chartered accountants

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BUSINESS CAREER GUIDES

Chartered Accountant Career

What is a chartered accountant.

Chartered accountants are professional accountants who are qualified to take on several specific activities within the spectrum of accountancy. The typical tasks of a chartered accountant include auditing financial statements, filing corporate tax returns, and providing financial advising. To operate as a chartered accountant in the U.S., you need specific credentials that prove you’re qualified to file a business's tax return, audit financial statements and business practices, and offer advisory services to clients, among other accounting activities.

audit assignments for chartered accountants

RESPONSIBILITIES

What Does a Chartered Accountant Do?

Chartered accountants are highly educated professionals whose many job functions vary depending on the area of accountancy they practice in. There are four main areas in which chartered accountants work:

  • Taxation:  Tax accounting deals with the preparations of tax returns and tax payments by individuals, businesses, corporations, and other entities. This subsector of accounting focuses on income or revenue, qualifying deductions, donations, and any investment gains or losses.
  • Financial accounting and reporting:  Financial accounting and reporting (FAR) monitors all education and general funds, designated funds, auxiliary funds, restricted funds, and agency funds. Accountants who work in FAR are responsible for maintaining a high level of understanding of the rules and regulations and providing technical assistance to businesses and organizations.
  • Applied finance:  Applied finance is the practical application of financial knowledge and methods. Chartered accountants in this subsector work for businesses and other organizations to form profitable financial models and recommendations.
  • Management accounting:  In management accounting, also known as “managerial accounting,” chartered accountants act as consultants by using the financial data of a company or organization to inform smart decision-making and to assist in the management and performance of their control functions.

Accountants can work in any of these four major areas of accountancy, and they might even oversee a corporation or business’s entire accountancy needs, depending on their level of experience.

Chartered Accountant vs. CPA

To work as a chartered accountant, you must attain a specific professional accreditation of “chartered status.” CAs have gained the same education as a regular accountant and typically have the same professional experience within the U.S. but need to obtain specific qualifications to do accounting work outside of the U.S. and hold the “chartered accountant” title. There are several associations acting as governing and accrediting bodies for these professionals, including the American Association of Chartered Accountants, the Canadian Institute of Chartered Accountants, and Chartered Accountants in England and Wales.

Where Does a Chartered Accountant Work?

Chartered accountants are globally recognized professionals. They often work for multinational companies and corporations in every industry. As a chartered accountant, you can work in a range of public, private, and nonprofit sectors.

audit assignments for chartered accountants

EDUCATION & BEST DEGREES

How to become a chartered accountant.

Becoming a chartered accountant requires students to complete education and certification requirements as well as gain work experience. The steps to becoming a chartered accountant are as follows: 

  • Earn a  bachelor’s degree in accounting:   The first step is obtaining a bachelor’s degree in accounting, finance or a closely related field. Once you have this credential, you can pursue the process of earning licensure and job experience through internships.
  • Apply for and complete an internship:  Internships are an important part of your accounting education and often turn into paid, full-time jobs upon completion, especially in large corporations.

audit assignments for chartered accountants

  • Apply for a chartered accounting training program:  If you’re opting to work as a certified chartered accountant, you’ll need more advanced education than the average CPA. After completing your training program, you can take an examination and earn your chartered accountant credential. 
  • Gain work experience:  Typically, foreign employers require chartered accountants to have about three years of work experience. 
  • Build a global network:  If you’re interested in working as a chartered accountant outside of the U.S., it’s smart to start building a professional network while completing your education requirements. Research companies abroad that interest you, monitor the positions they’re hiring for, and follow them on LinkedIn to keep abreast of company updates. In some cases, it may even be appropriate to connect with relevant professionals within these companies.
  • Consider obtaining a  master’s degree in accounting :  While you need only a bachelor’s degree to have a career as a chartered accountant, obtaining a master’s degree will deepen your accountancy knowledge and allow you access to more jobs and competitive salaries. About  72%  of chartered accountants hold a bachelor’s degree, and  17%  hold a master’s degree.

Best Degrees for a Chartered Accountants

Have a knack for numbers or fine-tuning finances?...

Have a knack for numbers or fine-tuning finances?

  • Time:  70% of graduates finish within 42 months.
  • Tuition:  $3,755 per 6-month term.
  • Courses: 41 courses in this program.

Some careers and jobs this business degree will prepare you for:

  • Accounting manager
  • Financial director
  • Vice president of finance and operations
  • Chief financial officer
  • Forensic accountant

Take your first step toward CPA certification and learn how to use GAAP, ledgers, and journals.

This online finance program is career-focused so you will gain relevant...

This online finance program is career-focused so you will gain relevant industry skills.

  • Time:  70% of graduates finish similar programs within 42 months.
  • Tuition:  $3,575 per 6-month term.
  • Financial analyst
  • Finance director 
  • Investment banker
  • Insurance agent

The competency-based model at WGU allows you to move as quickly as you can master the material, and do your coursework on your schedule. Flexibility is key with the B.S. in finance at WGU.

audit assignments for chartered accountants

How Much Does a Chartered Accountant Make?

Salary.com  reports that CAs earn a base annual salary ranging from $91,078 to $115,424 with an average chartered accountant salary of $102,245. General accountants earn a median salary of  $77,250  per year, according to the U.S. Bureau of Labor Statistics (BLS), so you have a significant opportunity to earn more by pursuing a chartered accountant career.

What Is the Projected Job Growth?

Recent data from the  BLS  projects employment of accountants and auditors will grow by 7% from 2020 to 2030 (about as fast as the average for all occupations). This equates to roughly 135,000 job openings for accountants each year, on average, over the decade. While this data doesn’t refer specifically to chartered accountant jobs, it’s a positive outlook for the accounting career in general.  

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What Skills Does a Chartered Accountant Need?

In practice, chartered accountants share many similarities with certified public accountants, but CAs tend to have deeper training in taxation and global regulations. That said, chartered accountants need an expert-level command of the principles and functions of accounting. Chartered accountants must: 

  • Possess general business interest and awareness
  • Be self-motivated and committed
  • Have great communication and interpersonal skills
  • Possess organizational and time management skills
  • Have a methodical approach
  • Be proficient in IT
  • Have strong analytical and problem-solving skills
  • Be good with numbers

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What are the accounting tools integrated with assureai.

The tool is fully integrated with Tally accounting software, where we have a single click import of Books of accounts into the AssureAI platform.

We have also integrated with ZohoBooks, which is currently in Beta mode and we are continuously working on stabilizing it.

We have an excel-based TB import feature which can be used to bring the Trial Balance into the software from any other bookkeeping tool. Most features, barring a few which require transaction-level information, can be used for these clients.

If you have a specific requirement to integrate any other bookkeeping software with AssureAI and you have access to the technical team of the bookkeeping software, please reach out to us and we can share the format for data import.

How is data import from Tally done? Should we purchase any separate tool for this purpose?

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Does AssureAI support uploading the Tax Audit Report in Form 3CD?

AssureAI provides feature for automatic generation of Annexures for uploading Tax Audit Report in Form 3CD which covers areas like 40A(2)(b), 40A(3) & 40A(3A), 269SS & 269T, 43B & 36(1)(VA) and Ratios. Automatic generation of annexures eliminates the need for data entry, thereby minimising error changes.

Does AssureAI support the generation of Financial Statements only for companies? What about Partnerships and Proprietorship entities?

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Does the tool support only Annual Audit – or is it possible to conduct Monthly or Periodic audits using the tool?

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It is stated that the clients of CAs are connected through a dedicated Client User Interface (UI). Do my clients need to buy AssureAI Client Interface licenses?

No, the client user login is free, and there are no charges for that. Also, presently there are no restrictions on the number of clients/client users. The CA can have any number of client users, and it is absolutely free.

Is there any limitation on the number of ledgers or vouchers for a client file that AssureAI can handle?

There are no restrictions on the number of vouchers and ledgers for importing the data into AssureAI Cloud.

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A Guide to Seek Clients for New Chartered Accountants in Practice

CA Rohit Jain

First question that comes in fresher Chartered Accountant’s mind who is planning to start his own practice is “How to get the work”. Believe me, getting work is not very difficult task, provided you have good contacts and references. And contacts can be developed over a period of time, until then you must have patience. In this article, I will provide you few tried and tested tricks and tips that will make your survival easier in early days of practice.

Firstly, one should prepare a list of person from whom he can ask for work; they may be your relatives, friends, principal, clients which you had handled during the internship days. Generally, your principal provides you some work on assignment basis, but for that you have to impress him with your dedication and sincerity during your internship days.

Secondly, try to maintain constant touch with the clients which you had handled during your articleship period, there are fair chances that they may give you small but recurring assignments such as filing of TDS returns, Service tax returns etc. This work may not be very remunerative but it will provide you a steady source of income. You can also request your client to recommend your name to other persons.

Thirdly, try to meet seniors in the profession, they will be very happy to see a new entrant, chances are that they may give you some work on the spot or after few days. Prepare a list of well known Chartered accountants of your city, call them and ask for a meeting, seek their guidance and remain in constant touch with them.

There are many other ways in which you can get work:

1.  Enter a networking agreement with an established firm which don’t have an office or branch in your city.

2.  Visit government departments regularly, try to establish and maintain contacts with the officials there.

3.  Look for the entities who want to outsource their accounting work.

4.  Try to obtain the bulk return filing assignment at the discounted fees of various companies having salaried employees.

5.  Join an association; it will help you to develop contacts.

6.  Use forums such as CaclubIndia etc to get in touch with some of the bright members of our profession.

7.  List your business online.

8.  Do some post qualification certification courses; it will help you to stand apart from the crowd.

9.  Try to grab small assignments such as return filing, stock audit, registrations under various acts etc.

The author can also be reached at  [email protected]

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CA Rohit Jain (Practice) Category Professional Resource   Report

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Ethical Standards Board

audit assignments for chartered accountants

Chairman, Ethical Standards Board CA. (Dr.) Anuj Goyal

Phone: +91 9810041371 Mobile: +91 9312258364

E-mail: [email protected]

Purpose & Objective

Purpose: “The Institute of Chartered Accountants of India (ICAI) is a statutory body established under The Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The Council of ICAI is empowered to discharge the provisions of the Act, and regulate and maintain the standards of the profession. In pursuance of this, ICAI has established the Ethical Standards Board to function as standard setting body. The Ethical Standards Board develops and issues ethical standards and other pronouncements for chartered accountants. It works towards evolving a dynamic and contemporary Code of Ethics and ethical behaviour for members while retaining the long cherished ideals of `excellence, independence, integrity’ as also to protect the dignity and interests of the members”. Objective: The objective of Ethical Standards Board is to set up ethical standards for chartered accountants, converge with the International best practices on ethics, subject to local laws, thereby enhancing the quality and consistency of services provided by chartered accountants and strengthening the public confidence in the profession.

Terms of Reference

Form of Complaint/Statement of Reasons for unjustified removal of auditor to be filed before the Ethical Standards Board.  

Knowledge Sharing

In terms of decision of the Council, the revised Code of Ethics, which was to be applicable w.e.f 1.4.2020, will be applicable w.e.f 1.7.2020. The existing Code of Ethics, 2009 will remain applicable till then.  

  • Webinar on “CA Connect Portal, Advertisement and Listing of Services on 18th December 2023 (Monday) from 05:00 pm to 07:00 pm.
  • Reporting requirements pertaining to Fees related disclosure to Institute under the revised requirements in Code of Ethics
  • Revised provisions on NOCLAR, Fee-Relative Size and Tax Service to Audit Clients of Code of Ethics
  • Use of designation "Chartered Accountant" or prefix "CA" by members while expressing views on professional/non-professional matters publicly including on social media
  • Booklet on Important Decisions of the Ethical Standards Board/Council
  • Applicable date of certain deferred provisions of Volume-I of Code of Ethics, 2019
  • Faculty Development Programme - "Code of Ethics" on 7th February, 2022 at Jaipur
  • VCM on "Members in Practice and Taxation Services" and "Responding to Non-Compliance of Laws and Regulations (NOCLAR)" under the Code of Ethics, on 30th December, 2021 from 5.00 PM to 8.00 PM
  • VCM on "Disciplinary Mechanism and Case Studies" and "Responding to Non-Compliance of Laws and Regulations (NOCLAR)" & "Taxation Services to Audit Clients" under the Code of Ethics", on 01.12.2021 from 6.00 PM to 8.00 PM.
  • Ethical Standards Board is organising the ICAI Global Virtual Seminar on “Ethics and Sustainability†to be held on 22nd September, 2021 (Wednesday) from 6.30 pm to 8.30 pm (Indian Time) through online mode.
  • Ethical Standards Board of ICAI has launched and operationalized CA Connect Portal, a search engine portal of CA Firms / Individual CA Practitioners on the platform of ICAI.
  • Quarterly e-newsletter of Ethical Standards Board for period April-June, 2021
  • Provisions Relating to Director Simplicitor/ Independent Director vis-a-vis Members in Practice
  • Code of Ethics, 2020 Volume-II (Applicable w.e.f 1.7.2020)
  • Ethical Standards Board is organizing the Code of Ethics Series (Series 1), Virtual CPE Meeting on “Responding to Non-Compliance of Laws and Regulations (NOCLAR)†and “Taxation Services to Audit Clients†under Volume-I of the Code of Ethics, on 12th August, 2021 (Thursday) from 3.00 pm to 5:00 pm.
  • Ethical Standards Board is organizing the Webcast on Operationalisation of “Search Engine Portal for CAs / CA Firms on ICAI Platform†on Saturday, 31st July, 2021 from 1.00 PM to 2.00 PM
  • Ethical Standards Board is organising Virtual CPE Meeting (VCM) on "Panel Discussion on Code of Ethics – Practical Aspects : Professional Ethics of Members†on 15th July, 2021 (Thursday) from 5.00 pm to 7:00 pm
  • Ethical Standards Board is organising Virtual CPE Meeting (VCM) on "Ethical Issues pertaining to Bank Assignments†on 1st April, 2021 (Thursday) from 11.00 am to 1:00 pm.

Secretary to the Committee: Mr. Ashish Swaroop Bhatnagar The Secretary, Ethical Standards Board, The Institute Of Chartered Accountants Of India A-29,Sector-62, ICAI Bhawan, Noida (U.P) Phone: 0120-3876857,Fax: 0120-3045940 Email us at: [email protected] , [email protected]

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12 situations when a CA cannot do Tax Audit

There are various kinds of audit being conducted under different laws such as company audit, statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity.

As per these provisions, tax audit shall be conducted by a Chartered Accountant who ensures that the taxpayers has maintained proper books of account and complied with the provisions of the Income-tax Act. Tax Audit conducted by a Chartered Accountant is reported to the Income-tax department in Form no. 3CA/3CB and Form no. 3CD along with the income tax return.

What is Tax Audit under section 44AB?

  • Tax Audit refers to the independent verification of the books of accounts of the assessee to form an opinion on the matters related to taxation compliances carried out by the assessee.
  • While preparing the books of accounts of the business or profession for the purpose of income tax filing, the assessee has to comply with the provisions of Income-tax Act, 1961.
  • Tax audit can be conducted by a Chartered Accountant who holds the certificate of practice and is in full-time practice.
  • However certain classes have been defined who cannot conduct tax audit under section 44AB. 
  • The tax auditor (CA) carries out a systematical examination of books of account as per the formats prescribed by the department. 

Who has to get tax audit under section 44AB done?

Every person who derives income by way of Business or profession and maintains books of accounts and has not opted for computation of income on presumptive basis under section 44AD, 44ADA or 44AE of the Income-tax Act, 1961 has to get tax audit done provided his income exceeds the prescribed threshold limit of:-

  • A person carrying on business if the total sales/ turnover exceed Rs 1 crore during the previous year.
  • A person carrying on profession if the Gross receipts exceed Rs 50 lakhs during the previous year.

In order to reduce compliance burden on small and medium enterprises, the threshold limit for a person carrying on business was increased from 1 crore rupees to 5 crore rupees in cases where,-

  • aggregate of all receipts in cash during the previous year does not exceed 5% of such receipt &
  • aggregate of all payments in cash during the previous year does not exceed 5% of such payment

Also, the person who has opted for computing profits and gains of business on presumptive basis under section 44AD earlier and 5 years has not lapsed since then but the assessee has opted out of such presumptive income and his income exceeds the ceiling for chargeability of income tax, is also required to get tax audit done. 

If a person has opted for presumptive scheme under section 44ADA and he claims his income lower than the deemed profits and his income exceeds the ceiling for chargeability of income tax, is also required to get tax audit done.

Tax audit is also mandatory for the assessees opting for presumptive scheme under section 44AE, 44BB and 44BBB and claiming income lower than the deemed profits.

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Given below are the situations where CA cannot conduct tax audit:-

1) a ca cannot sign the tax audit report of the assessee in which he has substantial interest.

An auditor will be guilty of professional misconduct if he audits an assesse where –

  • Where the member, his firm or his partner or his relative has substantial interest in the business or enterprise.
  • Where the member or his partner or relative is a director or in the employment of an officer or an employee of the Company.

The expression “relative”, in relation to a member means the husband, wife, brother or sister or any lineal ascendant or descendant of that member; and

A member shall be deemed to have a “substantial interest” in a concern –

  • in a case where the concern is a Company, if its shares carrying not less than 20% of voting power at any time, during the relevant years are owned beneficially by such member or by any one or more of the following persons or partly by such member and partly by one or more of the following persons:
  • One or more relatives of the member
  • Any concerns in which any of the persons referred to above has a substantial interest
  • in the case of any other concern, if such member is entitled or the other persons referred to above or such member and one or more of the other persons referred to above are entitled in the aggregate, at any time during the relevant years to not less than 20% of the profits of such concern.

2) CA not holding Certificate of Practice (COP)

Any member wanting to engage in public practice has to first apply for and obtain a  Certificate of Practice  from the Council of ICAI. Only members holding a Certificate of Practice may act as auditors or certify documents required by various tax and financial regulatory authorities in India. In India, an individual Chartered Accountant, a firm or a Limited Liability Partnership of Chartered Accountants can practice the profession of Chartered Accountancy.

A practicing member who does not hold full time Certificate of Practice (COP) or person who is in full time employment elsewhere cannot sign the Tax Audit Report. Therefore, Valid COP is must to sign any Tax Audit Report.

3) Employee of the assessee cannot sign tax audit report

Section 2(59) of the Companies Act defines officer as “officer” includes any director, manager or key managerial personnel or any person in accordance with whose directions or instructions the board of directors or any one or more of the directors is or are accustomed to act. The term ‘employee’ has not been defined under the act. Hence, in the layman sense, a person employed for wages or salary (temporary or permanent) can be considered as an ‘employee’. Therefore, all persons providing any form of services to the company are barred from being an auditor.

4) A person who is a partner or who is in the employment, of an officer or employee of the assessee cannot sign tax audit report

This disqualification bars any person related to the officer or employee of the assessee as a partner or an employee to conduct tax audit of the said assessee.

For instance, If Mr. A is an employee of company B, then he cannot be an auditor and if Mr. C is either a partner or employee of Mr. A, he is again barred by virtue of indirect connection with the company to act as its auditor.

5) A person whose relative is a director or is in the employment of the company as a director or any other key managerial post of the assessee cannot sign tax audit report

The term “relative” is defined under section 2(77) of the companies act and it includes

  • Members of HUF and
  • Husband and Wife. Further, Companies (Specification of Definition Details) Rules 2014 have given another list to include relatives that if they are related to each other as either father, step father, mother, step mother, son, step son, son’s wife, daughter, daughter’s husband, Brother, Step Brother, Sister or Step Sister

If such relative is in the employment of the company as a director or any other key managerial post of the assessee is barred from being the tax auditor of the assessee.

6) CA, his Relative or Partner holding security or interest in the company cannot sign tax audit report

A person who, or his relative or partner cannot sign tax audit report, if such person is holding any security or interest in the company or the subsidiary or the holding or its associate company (holding of such security or interest is exempted to the extent of Rs. 1 Lakh)

7) CA, his Relative or Partner who is indebted to the company cannot sign tax audit report

A person who, or his relative or partner cannot sign tax audit report, is indebted to the company or its subsidiary or its holding or associate Company or subsidiary of such holding company above Rs. 5 Lakh

8) CA, his Relative or Partner who has provided guarantee to the company cannot sign tax audit report

A person who, or his relative or partner cannot sign tax audit report, if he has provided the guarantee or any security in the connection with the indebtedness of any third person to the company or its subsidiary or its holding or associate company or subsidiary of such holding company above Rs. 1 Lakh.

9) CA who is in business relationship with the Assessee cannot sign tax audit report

A person or a firm who directly or indirectly has business relationship with the company, or its subsidiary, or its holding or associate company or subsidiary of such holding company or associate company cannot conduct tax audit of such company. The term “business relationship” is wide in nature and includes ample number of instances in its ambit.

The term “business relationship” has been defined under the Companies (Audit and Auditors) Rules, 2014. It says that a business relationship includes any transaction entered into for a commercial purpose except:-

  • Transactions at arm’s length price in the ordinary course of business
  • in the nature of professional services that an auditor is capable of rendering

10) CA who renders service referred to in section 144 of Companies Act cannot conduct tax audit

Any person who directly or indirectly renders any service referred to in section 144 to the company or its holding company or its subsidiary company cannot conduct tax audit of the said company. Section 144 deals with services that auditors are specifically barred from rendering which are in the nature of accounting and book keeping services, actuarial services management services and others.

The potential auditor must not be engaged in rendering services to any related companies of the concerned company.

For instance, Mr. A provides investment banking services to a company “XYZ Ltd”. “XYZ Ltd” is a holding company of “ABC Ltd.” Therefore, Mr. A cannot be appointed as an auditor of “ABC Ltd”

11) CA exceeding the ceiling limit of cannot conduct tax audit

ICAI increased the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm, from 45 to 60 from financial year 2014-15 and onwards. A person holding appointment as tax auditor for 60 audits, cannot accept another audits at a time. However, this does not include audits conducted under section 44AD, 44ADA and 44AE of Income Tax Act, 1961.

12) CA involved in fraud and a period of ten years has not elapsed cannot conduct tax audit

A person who has been convicted by the court of an offence involving fraud and a period of 10 years has not elapsed from the date of such conviction cannot be appointed as a tax auditor.

The grounds for disqualification of auditors are very elaborate and cover all such instances wherein the duties of the auditor are likely to be compromised owing to the nature of relation he shares with the company or financial interest in the company or possibility of any conflict of interest.

audit assignments for chartered accountants

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  • The nine stages of an assurance engagement

An assurance report is the tangible output of an assurance engagement. This report may be for internal use or for external use, but it will always be shared with the person using the information who needs to be confident that it is credible.

Independent assurance report

The use of consistent wording, qualifications, other reporting responsibilities, consideration of uncorrected errors, fraud or illegal acts, inappropriate use, management letter.

Based on the evidence obtained during the engagement, the practitioner concludes whether the assurance objective has been met. The objective would be for either a positive or negative assurance conclusion to be issued in accordance with the type of assurance, ie, reasonable or limited assurance , as agreed at the start of the engagement.

The title of an assurance report delivered in accordance with applicable assurance standards includes the term "assurance". This distinguishes it from reporting on non-assurance engagements, for instance agreed-upon procedures engagements – even though such non-assurance engagements may be referred to by clients and other users colloquially as assurance. An assurance report draws the attention of the addressees to the basis of the practitioner’s work (such as ISAE 3000 (Revised)  and any appropriate technical releases).

Where the responsible party decides the scope of engagement or, in particular, provides a written assertion or statement on the subject matter , the practitioner communicates the fact, including how the scope of the report is defined and how the criteria have been selected, in the assurance report. The practitioner also describes any significant, inherent limitation associated with the evaluation or measurement of the subject matter against the criteria in the assurance report. 

For the assurance conclusion not to be misleading, the practitioner needs to consider whether the responsible party’s assertions or statements on the subject matter are appropriate. The practitioner should discuss misstatements and deficiencies with the responsible party in the event that they may wish to rectify the assertions or statements or the supporting detail. In the event that the responsible party refuses to do so, the practitioner considers the implication for the assurance report.

The assurance report reflects the agreement set out in the engagement letter  and is supported by the work carried out by the practitioner. The report makes clear for whom it has been prepared, who may have access to it, and who is entitled to rely upon it and for what purpose, in accordance with the engagement terms.

The assurance report states the restrictions on its replication in whole or in part in other published documents. The practitioner may be guided by AAF 04/06 (risk and liability) in determining what restrictions to place on distribution and use of and reliance on the report; applicable regulations or contractual terms will also have a bearing on the practitioner’s decisions in relation to use and availability of the report and, therefore, on the wording of any restrictions, caveats and disclaimers.

  • Read more on the elements of an assurance report required by ISAE 3000 (Revised)

In drafting the assurance report it is important for the practitioner to be aware of the language being used. It is important that language that implies assurance – including words, such as "opinion" and "conclusion” – is used only in relation to those aspects of the subject matter on which the practitioner has agreed to provide assurance as reflected in the objectives of the engagement and the wording that is used in the management’s assertions or statements.

While the practitioner may have formed professional views on other related aspects of the subject matter and the processes and controls surrounding information flows, these should not be expressed in the same language as is used for the assurance conclusion itself. It may be more appropriate to report on such related matters in a private report for management only – a "highlights memo" or management letter - or as a separate appendix which makes it clear that these views do not affect the assurance conclusion.

The key requirements are that the language in the assurance report should be:

  • Consistent with the scope of work agreed in the engagement letter : ie, that it reflects accurately the scope of work agreed.
  • uses the same terminology; and
  • uses language that is consistent with the nature of the assurance so that it is clear whether the conclusion is over selected data, processes and controls or whole report.
  • terminology should be consistent throughout;
  • should the scope of work agreed be data, then the description of the work performed and conclusion reached should refer to data and not processes or a whole report; and
  • the conclusion should not imply assurance over the operation of controls in the system used to calculate the data, unless that was both intended and a part of the scope of work agreed.

To achieve this degree of consistency it is expected that the practitioner will be involved in detailed discussions with the client regarding the wording not just of the assurance report, but also of the management assertions in the course of the engagement.

Provided management’s assertions or statements are made available with the subject matter, it is acceptable for the assurance conclusion to be expressed in terms of either the management assertions or by direct reference to the subject matter. The report will still be appropriate for an attestation engagement.

Options for the qualification of the report and the importance of obtaining an understanding of engagement circumstances as they potentially impact the assurance conclusion. 

  • Read more on qualifications in assurance reporting

The practitioner considers other information supplied by the responsible party or users. If such other information is inconsistent with the assurance conclusion or with other matters that the practitioner is or has become aware of the practitioner discusses this with the client and may wish to draw attention to the fact in the assurance report.

The practitioner only signs the assurance report as agreed in the engagement letter if sufficient and appropriate evidence to support the assurance conclusion is obtained. Where either the responsible party or users subsequently ask the practitioner to provide reports on related matters which are not directly covered by the scope of the engagement, the practitioner is unlikely to be able to issue such reports.

The practitioner may, however, be able to issue an alternative form of report which is capable of being supported by work performed as part of the engagement, such as a report of the factual findings of agreed-upon procedures. The practitioner agrees a separate engagement for such assignment with the party that requests an additional report.

While performing procedures on the operations performed by third parties, the practitioner may become aware of uncorrected errors, fraud or illegal acts attributable to the responsible party’s systems, management or employees that may affect the functions that interact with the users.

Unless clearly inconsequential, the practitioner determines from the responsible party whether this information has been communicated to the affected users. If the responsible party has not communicated this information to the users and is unwilling to do so, then the practitioner considers the implications for the engagement.

Where the engagement is with the responsible party, the practitioner informs the responsible party’s audit committee or other management with equivalent authority. If the audit committee or equivalent authority does not respond appropriately, the practitioner considers whether to resign from the engagement and whether any other action or reporting is appropriate.

The practitioner is generally not required to confirm with the users whether the responsible party has communicated such information. However, if the client is the user, the practitioner considers the materiality of the matter and whether the matter has been brought to the attention of the responsible party and promptly corrected. Depending on the outcome, the practitioner may need to take advice on further actions.

The practitioner is associated with a subject matter when reporting on information about the subject matter or consenting to the use of the practitioner’s name in a professional connection with respect to that subject matter.

If the practitioner learns that the client (or any other party) is inappropriately using the practitioner’s name in association with a subject matter, the practitioner requires the client (or other party) to cease doing so. The practitioner may also consider what other steps may be needed, such as informing any known parties that may have received the report that inappropriately uses the practitioner’s name and seeking legal advice.

During the course of an assurance engagement, practitioners may come across matters that may not be sufficiently significant to affect the assurance conclusion, but may nevertheless be useful for management. Such matters may include errors, deficiencies and risks related to the subject matter, but that are not material to the conclusion, recommendations, and comment on the status of matters that were included in a similar report to management in previous periods.

Matters for communication to management are not a qualification of the assurance conclusion. These matters are therefore communicated preferably in a separate management letter rather than in the assurance report.

ICAEW's assurance resource

This page is part of ICAEW’s online assurance resource, which replaces the Assurance Sourcebook.

Find out more.

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FAQ on Ethics related to Bank Audit Assignments

  • | CA, CS, CMA - Articles
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  • 25 Apr 2020
  • 18,186 Views

ETHICAL STANDARDS BOARD OF ICAI Ethical Standards Board(ESB) The Institute of Chartered Accountants of India 0120-3876857 [email protected] | esb.icai.org

FAQs relating to professional Ethics of members pertaining to Bank Assignments

Q 1. Whether a Firm of Chartered Accountants can accept Audit of a branch of a bank, while one of the partners of the said Bank have taken loan from a different branch of the Bank ?

Ans. No, the Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners have taken the loan from any branch of that bank. The members should not place themselves in position which would either compromise or jeopardize their independence.

Bank Audit

Q 2. Whether a member can accept appointment as Statutory Auditor of certain branch(es) of a Bank, while he is the Revenue Auditor of different branch(es) of the same Bank ?

Ans.   No, a member is not permitted to accept the appointment as Statutory Auditor of certain branch(es) of a Bank while he is the Revenue Auditor of different branch(es) of the same Bank.

Q 3. Whether a member can do Concurrent audit and Quarterly review of the same Bank?

Ans. No, Concurrent audit and the assignment of Quarterly review of the same entity cannot be taken simultaneously as the Concurrent Audit being a kind of internal audit and the Quarterly Review being a kind of Statutory audit undertaken simultaneously are prohibited under the provisions of ‘Guidance Note on Independence of Auditors’.

Q 4. Whether it is permissible to accept Concurrent Audit of a Bank branch by the Statutory Auditor of 3 different Branches of the same Bank?

Ans.   In line with the principle of strict independence, it is not permissible to accept Concurrent Audit of one of the branches of a bank by the Statutory auditor of 3 different branches of the same bank.

Q 5. Whether the Internal Auditor of an entity/Bank can undertake Consultancy work of the same Bank?

Ans.   A.There is no restriction for the consultancy work if it is undertaken by a member along with the assignment of Internal Audit.

Q 6. Whether the Statutory Auditor of a Bank can undertake Concurrent audit of its Sponsor Bank?

Ans.   No, the Statutory Auditor of a Bank cannot be the Concurrent Auditor of its Sponsor Bank, since the relationship between them may be likened to Holding and subsidiary companies under  Companies Act, 2013 .

Q 7. Whether the Statutory Auditor of a Bank can accept Stock audit of the same branch or different branch of the same Bank?

Ans.   The Stock Audit and Statutory Audit are not permissible to be done simultaneously since Stock Audit is kind of management function, which cannot be done simultaneously with the Statutory Audit (whether pertaining to the same branch of different branch).

Q 8. Whether the Concurrent Auditor of a Bank can accept Tax audit of the same Bank?

Ans.   No, the Concurrent Auditor of a Bank cannot accept the Tax audit assignment of the same Bank, as it would affect independence in terms of the provisions of Code of Ethics that Statutory Audit and Internal Audit cannot be done together, as also in terms of the provisions of Section 288 of the Income Tax Act, 1961 which prohibits undertaking Concurrent Audit and Tax Audit simultaneously.

Q 9. Whether the Concurrent Auditor of a Bank can accept Limited Review of the Same Bank?

Ans. No, the Concurrent Auditor of a Bank cannot accept Limited Review of the same Bank?

Q 10. Whether a member can simultaneously be the Certified Information System Auditor (CISA) and Credit Appraiser of the same Bank?

Ans.   A member can simultaneously be the Certified Information system Auditor (CISA) and Credit Appraiser of the same Bank; however, he should ensure at his end that there is no conflict of interest involved.

Q 11. Whether the Auditor of a Bank can hold Credit card of the same Bank?

Ans.   There is no prohibition in holding credit card of bank where a CA Firm is Auditor of the Bank. Indebtedness will apply if there is outstanding balance of Rs. 10, 000/-* beyond prescribed credit period limit on credit card given to holder of credit card.

*As per the limit of indebtedness existing as on date.

Q 12. Whether the Concurrent Auditor of a Bank can accept the assignment of its Statutory Audit, after relinquishing the assignment of the Concurrent Audit of the Bank?

Ans. Yes, the Concurrent Auditor of a Bank can choose to relinquish the Concurrent Audit, and accept the assignment of Statutory Audit. He can, of course, also choose to continue with the Concurrent Audit assignment, without accepting the Statutory Audit.

Provided where the Concurrent Audit Assignment for the relevant year has already been commenced at the time of acceptance of Statutory Audit, the Statutory Audit for the said year should not be accepted.

Q 13. Whether the Statutory Auditor of a Bank can accept assignments like Internal Audit, system Audit and Management Consultancy services?

Ans. No, as per the provisions of Guidance Note on Independence of Auditors, the Statutory Auditor of a Bank should not accept any other assignments such as Internal Audit, System audit and Management Consultancy services within one year from the completion of audit assignment.

Q 14. Whether the Incoming Auditor of an entity can communicate with the retiring auditor vide email?

Ans.  Yes, the Incoming Auditor of an entity can communicate with the retiring auditor vide email. However, the positive proof of delivery to the previous auditor will be reckoned on the receipt of acknowledgement of the communication from retiring auditor’s vide email address registered with the Institute or his last known official email address.

Source- FAQs Released by Ethical Standards Board of ICAI- Download PDF Copy

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can a statutory/concurrent auditor be disqualified for appointment if he has bank account in the same branch of which he is auditor ?

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Minimum fees charged by Chartered Accountant in Practice

List of revised minimum chartered accountant fees charged for professional assignments done by CA in Practice as prescribed by ICAI.

List of revised minimum chartered accountant fees charged for professional assignments done by CA in Practice as prescribed by ICAI. ICAI fee structure 2023-2024 for practicing chartered accountants in India. ICAI has prescribed the minimum fee to be charged by CA in practice in India.

The Committee for Capacity Building of Members in Practice (CCBMP) of the Institute of Chartered Accountants of India ( ICAI ) has prescribed the minimum recommended scale of fees for the professional assignments done by the members of CA Institute.

The prescribed Minimum Recommended Scale Fees will enhance the productivity and Capacity Building of Practitioners and CA Firms and will largely benefit the Small and Medium Practitioners (SMP) segment.

Accordingly, all Chartered Accountants who are in practice may consider these recommendations while charging fee for the work performed for various professional assignments .

The Capacity Building of Members in Practice was formed under regulatory provisions of Chartered Accountants Act, 1949 for CA Firms/LLP and members in practice. The ultimate objective of the Committee is to address the issues of profession and challenges faced by the CA Firms and enhancing their competence through capacity building and improving their visibility amongst the business community.

Table of Contents

Revised Minimum Fees for Professional Assignments done by CA

CCBMP has recommended the chartered accountant fees separately for Class A and Class B Cities. Therefore the amount charged will be based on the location of the service provider. Class A Cities includes Delhi, Mumbai, Calcutta, Chennai, Pune, Hyderabad, Bangalore and Ahmedabad whereas Class B Cities includes all other cities not included in Class A.

The Committee also recommends that the bill for each service should be raised separately and immediately after the services are rendered. Further, Service Tax should be collected separately wherever applicable.

Following are the recommended minimum chartered accountant fees which has been recommended by the Committee for Capacity Building of CA Firms & Small and Medium Practitioners (CCBCAF&SMP) of ICAI and duly considered by the Council.

The Committee for Members in Practice (CMP) of ICAI has recommended the fee separately for Class A, Class B and Class C cities.

Class A Cities are Delhi, Greater Mumbai, Kolkata, Chennai, Pune, Hyderabad, Bengaluru and Ahmedabad.

Class B Cities are Agra, Ajmer, Aligarh, Allahabad, Amravati, Amritsar, Asansol, Aurangabad, Bareilly, Belgaum, Bhavnagar, Bhiwandi, Bhopal, Bhubaneswar, Bikaner, Bokro Stell City, Chandigarh, Coimbatore, Cuttack, Dehradun, Dhanbad, Durgapur, Durg-Bhilai Nagar, Erode, Faridabad, Firozabad, Ghaziabad, Gorakhpur, Greater Visakhapatnam, Gulbarga, Guntur, Gurgaon, Guwahati, Gwalior, Hubli-Dharwad, Indore, Jabalpur, Jaipur, Jalandhar, Jammu, Jamnagar, Jamshedpur, Jhansi, Jodhpur, Kannur, Kanpur, Kochi, Kolhapur, Kollam, Kota, Kozhikode, Lucknow, Ludhiana, Madurai, Malappuram, Malegaon, Mangalore, Meerut, Moradabad, Mysore, Nagpur, Nansws-Waghala, Nashik, Nellore, Noida, Patna, Puducherry/ Pondicherry, Raipur, Rajkot, Ranchi, Rourkela, Saharanpur, Salem, Sangli, Siliguri, Solapur, Srinagar, Thiruvanathapuram, Thrissur, Tiruchirappalli, Tiruppur, Ujjain, Vadodara Surat, Varanasi, Vasai-Virar City, Vijayawada and Warangal.

Class C Cities are those cities which are not covered in the Class A and B above.

1) Advising on Drafting of Deeds/Agreements:

ICAI members who are holding COP may charge the following minimum fee for advising on Drafting of Deeds/Agreements.

2) Income Tax:

CA in practice may charge these revised minimum recommended fees for Income-tax related matters viz. Income-tax return filing, attending for rectifications / refunds, and filing of appeals etc.

Filling of Return of Income

I) For Individuals/HUFs

II) For others

Filling of Forms

If you are a Chartered Accountant, you may charge the following minimum quarterly fee for the respective services related to Form filling:

Certificate

Obtaining Certificate from Income Tax Department:

  • For class ‘A’ Cities: ₹14,000
  • For class ‘B’ Cities: ₹10,000
  • For class ‘C’ Cities: ₹7,000

Filling of Appeals

Assessments, 3) charitable trust:.

Following are the minimum prescribed fees charged by CA in practice for the respective services related to charitable trust.

4) Company Law and LLP Work:

Members of ICAI in practice shall consider the following recommended fee while doing assignment related to Company Law and LLP work.

5) Audit and Other Assignments:

CA Audit Fees: Rate per day would depend on the complexity of the work and the number of days spent by each person.

Subject to minimum indicative Fees as under: –

6) Investigation, Management Services or Special Assignments:

Rate per day would depend on the complexity of the work and the number of days spent by each person.

CA in Practice may charge the following recommended fee for the respective work.

CA Fee for Certification work

11) Goods and Services Tax (GST):

Following chartered accountant fees has been recommended for Goods and Services Tax (GST) related services made by members of CA Institute who are in practice .

12) FEMA Matters:

FEMA matters

  • Fees to be charged depending on the complexity and the time spent on the particular assignment.
  • The above recommended minimum scale of fees is as recommended by the Committee for Members in Practice (CMP) of ICAI
  • The aforesaid table states recommendatory minimum scale of fees works out by taking into account average time required to complete such assignments. However, members are free to charge varying rates depending upon the nature and complexity of assignment and time involved in completing the same.
  • Office time spent in travelling & out-of-pocket expenses would be chargeable. The Committee issues for general information the above recommended scale of fees which it considers reasonable under present conditions. It will be appreciated that the actual fees charged in individual cases will be matter of agreement between the member and the client.
  • GST should be collected separately wherever applicable.
  • The Committee also recommends that the bill for each service should be raised separately and immediately after the services are rendered.
  • The amount charged will be based on the location of the service provider.

Note that the aforesaid fees are recommendatory and therefore chartered accountants are free to charge varying rates depending upon the nature and complexity of assignment and time involved in completing the same.

For any Query please contact:

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