Discussion Consultation Mattersfor Consultation updates

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April 2024

Expert Panel for queries related to statutory audit (expert panel)

The Auditing Assurance Standards Board (AASB) of ICAI has formed an expert panel to provide technical support to the members of ICAI with respect to queries on auditing aspects.

The panel will address queries from 16 April 2024 till 30 September 2024.

For further details on the expert panel, please click here

May 2024

Exposure drafts on guidelines pertaining to CA firms

The Committee for Aggregation of CA Firms (CACAF) has been formed to review and revise guidelines pertaining to CA firms. The committee has proposed revisions to the following two guidelines:

I. Guidelines for Networking of Indian CA Firms 2021

The existing Networking Guidelines¹²Guidelines for Networking of Indian CA Firms 2021. did not achieve the desired impact for CA firms. The challenges identified are as follows:

Non-recognition of the alliance
Independence restrictions on auditors
Internal frictions within CA firms
Lack of understanding the pros and cons of networking
Absence of unified platform

In order to address the challenges listed above, the CACAF has proposed a new model of networking – ‘LLP Firm Network Model – Approach III’.

The comment period ended on 7 June 2024.

To access the text of the exposure draft, please click here

II. Merger and Demerger Guidelines

In order to keep pace with the evolving business environment, the committee has proposed to remove the five-year restriction on demerging firms regaining their original pre-merger trade name.

Regulatory updates