Regulatory updates

Regulatory updates

Updates from ICAI

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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.

The comment period ended on 6 June 2024.

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

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