Tax & Business News, Simplified.

Kind Attention: All ICAI Members, Students of the Institute of Chartered Accountants of India (ICAI)

ICAI Advisory in respect of Unauthorized Calls, E-Mails, WhatsApp Communications and Fraudulent Messages

Kind Attention: All Members, Students of the Institute of Chartered Accountants of India (ICAI) and Public at Large

All the Members and Students of ICAI and public at large are hereby informed that certain unscrupulous persons/entities are falsely representing themselves as Office Bearers, Officials, employees, authorised representatives, Departments, Committees, Regional Councils or Branches of ICAI through unsolicited phone calls, WhatsApp calls/messages, SMSs, emails and other communication platforms.

Such imposters are making false representations to the stakeholders relating to examinations, membership matters, training, empanelment, seminars, webinars, recruitment opportunities, disciplinary matters, payments and other activities of the Institute.

It has further been observed that such persons/entities are:

Seeking personal information, sensitive documents, banking details, OTPs and other confidential credentials under the guise of official procedures of ICAI.
Demanding payments/fees through unofficial channels by creating a false sense of urgency or face consequences.
Circulating misleading or unauthorised announcements, study/reference material and communications through WhatsApp groups, emails, social media platforms and private messaging channels.
Sharing suspicious links, QR codes or files purporting to be associated with ICAI.

These communications are being made with mala-fide intention to mislead and create confusion in the minds of the Members and Students of the Institute of Chartered Accountants of India, in particular and public at large in general. Such communications are false and creating an impression that these calls/messages have been originated or authenticated and circulated with the approval of the ICAI.

ICAI hereby categorically clarifies that:

The Institute does not seek sensitive personal information such as passwords, OTPs, CVV numbers, internet banking credentials, etc. through phone calls, WhatsApp calls/messages, SMSs or emails.
Official communications are issued only through authorised communication channels/platforms of ICAI.
All official payments and transactions relating to ICAI services are to be made only through authorised ICAI portals/websites and approved payment mechanisms.

Accordingly, Members, Students and public at large are hereby advised to exercise utmost caution and are requested:

Not to share personal, financial or confidential & sensitive information with unknown callers, emails or messaging accounts falsely claiming association with ICAI.
Not to click on suspicious links, scan unknown QR codes or download unverified files/applications received through such communications.
Not to rely upon circulated or forwarded messages/documents unless verified from official circulars and notifications published through official platforms of ICAI.
To immediately report suspicious calls/messages/communications to the ICAI along with relevant screenshots, phone numbers and details for necessary scrutiny and action.

It may further be noted that impersonation, circulation of false information, misuse of ICAI’s name/logo and unauthorised communications in the name of ICAI are prohibited under law and attracts punitive actions. Therefore, ICAI hereby warns such persons/imposters/entities to immediately cease and desist from such illegal activities, failing which ICAI reserves the right to initiate appropriate legal and/or criminal proceedings against such imposters/entities.

Accordingly, all Members and Students of the Institute and public at large are advised to remain vigilant and rely only upon official communications issued through authorised channels of ICAI.

Secretary, ICAI

ICAI’s Role in Integrating BCom with CA Curriculum: A Path to Holistic Education for Commerce Professionals

Globalisation and increasing competition have led to a complex business environment requiring stringent compliance and the need for accounting professionals to adapt quickly. Former ICAI president CA Aniket Sunil Talati emphasizes ICAI’s role in integrating BCom with CA curriculum to equip accounting professionals with diverse skills matching job market demands. The integration aims to bridge the gap between theoretical university education and practical accountancy education, ensuring graduates are better prepared for industry demands. ICAI’s inclusive approach involves collaborating with universities, developing model syllabi, entering MoUs, providing recorded lectures, and involving CAs as ‘Professors of Practice‘. The response from higher educational institutions to MoUs has been positive, with agreements promoting uniform education, innovation, faculty development, and skill-building.

The CA curriculum has integrated technologies like blockchain and AI, and a similar inclusion in the Commerce curriculum is deemed necessary to develop IT skills and analytical decision-making capabilities in students, aligning with the demands of the dynamic business environment. The Model Curriculum aims to enable commerce graduates to become tech-savvy professionals and emphasizes the importance of technology and ethics in the CA syllabi.

The Model Curriculum also includes mandatory IT training to enhance students’ proficiency in accounting software, data analytics tools, and enterprise resource planning (ERP) systems. This integration seeks to create well-rounded accounting professionals who possess both the technical knowledge and the ethical framework required in today’s business landscape. Emphasizing the synergy between technology and ethical considerations, the integrated curriculum aims to produce graduates who can navigate the complexities of the global business environment with integrity and proficiency. The evolving nature of the business world necessitates a forward-looking approach, and the collaboration between ICAI and educational institutions represents a proactive response to the industry’s evolving needs.

Online Free Courses Offered by the Institute of Chartered Accountants of India

The Institute of Chartered Accountants of India (ICAI) offers a range of free online and certification courses for current and aspiring Chartered Accountants. With the current abundance of free time, professionals can use this opportunity to enhance their skills and prepare for future industry demands. The provided courses cover topics such as opportunities for Chartered Accountants in local bodies, fair value, export procedures, government accounting, and more. These courses are accessible through the ICAI’s digital learning hub website. Additionally, some courses have a one-year validation period, allowing learners to study at their own pace. The message concludes with an encouraging quote about the significance of willingness to learn for gaining knowledge.

Online Courses offered by the ICAI :

With the lockdown being increased further, it might seem to most of us what should we do in this time. With the current situation, one thing is certain that we have more time for us than we ever wanted we should have, just to try some new hobbies, to try new recipes, or what not. Now, we have more time than we wanted and still some of us don’t know what to do with it. Watching TV series or movies is okay, but if we think about the value of this free time, you can consider it as an opportunity to know and learn about new things, try new hobbies, and do whatever peeks your interest.

For current and aspiring professionals, it is a time to gain new skills, to increase your value in the market, and to get ready for industry’s upcoming demands. In continuing with that thought, I would like you all to know about a very nice and appreciative initiative taken by The Institute of Chartered Accountants of India, of providing various online as well as certification courses in which current and aspiring CAs can easily enroll.

Here is a list of few, free-of-cost, online as well as certification courses which can be really helpful for Chartered Accountants, and will give them an edge in the times of ever increasing use of technology in the industry.

Online and Certification Courses offered by the ICAI :

You can access these courses from the digital learning hub website of the Institute of Chartered Accountants of India and the link of the same is https://learning.icai.org/iDH/icai/. You just need to log in to get access to these courses. And if you aren’t registered on it, sign up by creating user-id with the help of your registration or membership number@icai.org and password.

P.S.- Some of the courses are even with one-year validation that means you can do it at your own pace and convenience within a year.

So I would like to end with the quote ”How much knowledge you gain depends on your willingness to learn.“-Anonymous.

So enjoy learning and keep growing.

ICAI President’s Important Message – November 2023To Read the Message please visit

Dear Professional Colleagues,

The ascent of our nation and economy on the global landscape is a matter of immense pride and satisfaction. Today, the whole world is watching and listening to our opinion and holds reverence for our growing economic prowess. As per IMF, the Indian economy will continue to grow fastest among large economies, and India is expected to contribute about 18% of the global growth by 2028. We rank third in the world ‘startup’ ecosystem and emerging as one of the most attractive investment destination, leading manufacturing hub. As I reflect upon the rise of India on the global stage, I am elated and feel proud that our profession is emerging as an active contributor in shaping the economic landscape of our great nation. Our professionals have diligently ensured that the financial disclosures and the reports which form the basis of a prudent financial or investment decision adhere to international standards, best practices and policies making India an attractive destination for foreign investment.

inception, the Institute of Chartered Accountants of India (ICAI) has been playing a crucial and proactive role in the economic progress and development of the nation. Reflecting upon the words of ICAI Past President Shri G. Basu, “We are fully alive to the responsibilities, duties, and obligations of the chartered accountants to the government, to the public in general and to their clients and we are doing and would do our best to see that the expectations are duly fulfilled.” We have been diligently shouldering and discharging the responsibility of not only supporting the nation’s growth and development but also upholding the faith and confidence of its citizens.

Over the years, our profession has shaped this narrative of turning Ambitions into Actions by supporting the government with invaluable insights for sound policy formulation and implementation of its various schemes, leading to growing tax collections, compliance and successful implementation of GST reforms paving the path of growth for economic development. Similarly, as trusted business advisors, the profession is augmenting the competence, capacity, and capabilities of MSMEs & Startups. We are striving to attain financial awareness by educating and empowering individuals through Financial & Tax literacy drive. Also, the profession has been steadfastly enhancing the governance by supporting the institutions and local government entities in imbibing and incorporating best practices. The profession has truly come to represent itself as Partner in Nation Building.

As we move forward, as an Institution and profession embodying pursuit of excellence, we continue to evolving, embracing new technologies, nurturing new skills, and methodologies in the era shaped by sustainability, the digital economy, technology, and rising global expectations.

Let’s have a look at some of the developments that have taken place during the last month:

ICAI receives Prestigious UNCTAD ISAR Honours Award at World Investment Forum

With immense pleasure and pride, I wish to inform you all that the ICAI’s initiative “Sustainability Reporting Standards Board (SRSB)” received an Award in UNCTAD ISAR Honours Ceremony at the World Investment Forum on 17th October 2023 at Abu Dhabi. ICAI received the highest score in this year’s session of ISAR HONOURS among 70 initiatives from all over the world.

ISAR Honours award of UNCTAD celebrates innovative developments, raises awareness, and promotes national and global best practices in sustainability and SDG reporting. On behalf of the fraternity and ICAI it was a true honour to receive this Award. This is indeed a true acknowledgement and recognition of the various and continuous initiatives undertaken by the ICAI in the area of Sustainability which has attracted attention & accolades from one and all.

ICAI also had its pavilion at the World Investment Forum wherein various initiatives and publications of ICAI, the much awaited event of GloPAC and global presence of ICAI and its members were showcased and highly appreciated by the delegates.

Development Initiatives for Profession

Technical Guide on Reports of Audit Under Section 12A/10(23C) of the Income-tax Act, 1961

ICAI has long been committed to advancing the knowledge and honing the skills of its members. In line with this, we are mindful of the recent amendments in the compliance regulations for Charitable Trusts and Institutions under the Incometax Act, 1961, which also witnessed the renotification of Form No. 10B and 10BB. Notably, the updated Form No. 10B and 10BB, released in the final week of August, now demand detailed reporting.

Understanding the intricacies of these forms and ensuring the smooth fulfilment of the statutory obligations associated with them has been a priority for ICAI. To this end, the Direct Taxes Committee (DTC) has released the “Technical Guide on Reports of Audit Under Section 12A/10(23C) of the Incometax Act, 1961”. This comprehensive guide provides an invaluable resource for understanding the audit reports required under Sections 12A and 10(23C).

Further, in order to resolve the issues being faced by members in filling these audit forms, a series of Live Webinars on Form No. 10B and 10BB were also organised in the month of September and October 2023. These webinars served as a platform for members to gain a practical understanding of the revised forms and the associated reporting requirements.
MoU with IGNOU

The Institute through its Board of Studies (Academic), has renewed the Memorandum of Understanding (MoU) with Indira Gandhi National Open University (IGNOU) in a ceremony on 9th October 2023, which has flourished since 2007. I along with CA. Ranjeet Kumar Agarwal, Vice President, ICAI & CA. (Dr.) Debashis Mitra, Immediate Past President, ICAI exchanged the MoU with Prof. Nageshwar Rao, Vice-Chancellor, IGNOU in the presence of CA. Vishal Doshi and CA. Dayaniwas Sharma, Chairman and Vice- Chairman respectively of Board of Studies (Academics), ICAI Central Council members, Govt. Nominees, and senior officials from IGNOU.

Under this renewed MoU, ICAI students will be eligible for credit transfer for courses they have completed through ICAI, up to 50% of the total credits of the IGNOU programme. This initiative underscores ICAI’s commitment to evolve with the changing educational landscape and aligning the curriculum with the principles of the National Education Policy (NEP) 2020. Credit transfers will be facilitated on a course-tocourse basis for Foundation, Intermediate and Final level courses.

Over the years, this MoU has made a significant impact, with more than 48,000 ICAI students successfully completing the B.Com. (Accountancy & Finance) course and more than 8,000 students completing the M.Com. (Finance & Taxation) course through IGNOU. This collaboration reflects our commitment to quality commerce education in the country.
Augmenting Audit Compliance Framework – CAQ Utilities

With a view to enhance the competence of firms in serving clients and improve the quality of Audit compliance, the Centre for Audit Quality Directorate has recently launched two valuable tools/utilities namely Review & Monitoring Tool for ‘Standards on Auditing Compliance’ and ‘Utility on Engagement Letters’. The utilities will enable the firms to manage the audit process and documentation in an effective and efficient manner. ICAI remains dedicated to providing resources and support to the members in navigating these complex regulatory changes.

Leadership at CAPA

I, along with ICAI Past President CA. Prafulla Chhajed attended the CAPA Members and Assembly of Delegates meetings held in Colombo on 5-6 October 2023 to discuss and deliberate on the recent economic developments in the region and work towards supporting the economic progress in the region. In a heartening development, ICAI Past President CA. Prafulla P. Chhajed has been elected as President CAPA and I have been elected as Board Member of CAPA.

Global Professional Accountants Convention (GloPAC)

We express our gratitude for the remarkable response that event has garnered from across the globe with about 3700 delegates from 27 countries and India, registering for the event and it is expected to grow further, as we are approaching GloPAC this month.

GloPAC is a unique opportunity for professional accountants from around the world to come together and deliberate upon realigning and redefining the role of profession as a catalyst to value creation for the global economy. The convention will delve deeper into the challenges and opportunities that the profession is facing today and how accountants can continue to raise the bar and play a leading role in driving economic growth and development.

We look forward to welcoming all the delegates and global accounting leadership at this magnificent event and shall strive to make it a Festival of Ideas, Insights and Innovations which aspires and inspires the financial ecosystem move to the next orbit of progress.

Stakeholders’ Engagement – Supporting Progress & Growth

In today’s evolving business milieu, working in tandem with stakeholders is essential to progress and achieve success by leveraging each other’s competence and resources. At the institute, we keep on collaborating with stakeholders to foster a culture of oneness in building a robust and resilient economy.

MoU with State Taxes Department, Jammu & Kashmir

The Institute, through GST & Indirect Taxes Committee, has entered into a MoU with State Taxes Department, Jammu & Kashmir (J&K) on October 1, 2023. The MoU aims to strengthen the taxation system in the state and promote transparent and better services to taxpayers by providing support in capacity building, skill development and knowledge sharing.

The MoU was exchanged in the presence of Shri Manoj Sinha, Hon’ble Lieutenant Governor, Jammu & Kashmir, Dr. Arun Kumar Mehta, Chief Secretary, J&K, Shri Santosh D Vaidya, Principal Secretary, Finance, J&K, CA. Ranjeet Kumar Agarwal, Vice-President, ICAI, and CA. Sushil Kumar Goyal Chairman, GST & Indirect Taxes Committee, CA. Umesh Sharma, Vice-Chairman, GST & Indirect Taxes Committee and CA. (Dr.) Raj Chawla, Central Council Member.
Supporting Women Entrepreneurship – Statement of Intent (SOI) with NITI Aayog

The Institute continuing its support to Women Entrepreneurship in the country has signed a Statement of Intent (SOI) with NITI Aayog, through its Professional Development Committee (PDC) on 3rd October, 2023 in Goa in the presence of Dr. Pramod Sawant, Hon’ble Chief Minister of Goa, Shri B V R Subrahmanyam, CEO, NITI Aayog, Ms. Anna Roy, Senior Advisor, NITI Aayog, CA. Prasanna Kumar D, Chairman, PDC and CA. Mangesh P. Kinare, Vice-Chairman, PDC. Under the said arrangement, the ICAI shall provide its professional expertise through a panel of experts to the women entrepreneurs registered with the Women Entrepreneurship Platform (WEP) of the NITI Aayog, as well as its infrastructure and resources across the country for creating awareness about WEP.
MoU with FICCI Ladies Organisation (FLO)

The ICAI through its Group for Promoting Financial & Tax Literacy has renewed its collaboration with the FLO for the second consecutive year. Both the organisations shall be working together to create financial & tax literacy awareness amongst the women by way of knowledge dissemination and skill development to empower them and achieve the goal of financial inclusion in true essence.
Trade Officers Round Table Conclave

Chartered Accountants plays a pivotal role in boosting global trade in services and ICAI partners with the government to enhance international recognition of Indian accountants. Through its Committee for Development of International Trade, Services, and WTO, ICAI undertakes various initiatives to promote export of goods and services aligned with the nation’s economic policies.

In this context, a Trade Officers’ Roundtable Conclave was held in New Delhi on October 25, 2023, and witnessed the participation of 35 trade officials from various embassies along with representatives from Export Promotion Councils and Overseas Chamber of Commerce. The ICAI’s role in facilitating global trade, bilateral trade enhancement, investment promotion, and capacity-building for accounting professionals was highlighted along with exchange of MoU (renewal) with Export Promotion Council for EOUs and SEZs

Bolstering India’s entrepreneurial landscape – MSME & Startup Initiatives

In an extensive effort to bolster India’s entrepreneurial landscape and journey of self-reliance, the Institute haslaunched two significant initiatives to strengthen the MSME and Startup ecosystem in the country. The ICAI MSMEConnect Program, started from October 20, 2023, to February 10, 2024, aims to support our members who adviseMicro, Small & Medium Enterprises (MSMEs) on entering international trade and boosting exports. It includes theICAI MSME Niryat program, assisting potential exporters with mentoring and counselling, and the ICAI MSMESahayog program, which provides support in terms of skills and quality, market access, finance availability, andtechnology knowhow, among the many other things.

Simultaneously, the ICA/ Startup Yatra commenced from October 20, 2023, to February 10, 2024, aims to createenabling ecosystems and enhance the capacity of startups in 140 cities. This includes the ICA/ Startup Manthanand /CA/ Startup Samvad programs, fostering innovation, registration, and capacity building for startups. Theseinitiatives intend to bridge the gap between tier I and tier II city ecosystems, fostering a thriving entrepreneurialculture.

International Research Awards 2023

The Institute through its Research Committee had organised the 4th edition of the ICAl International ResearchAwards 2023 to acknowledge the exemplary contributions to the fields of accountancy and other allied areas,honouring the quest for knowledge and celebrating the pursuit of wisdom. The award ceremony was held onOctober 19, in Dubai. A total of 172 nominations were received from 33 countries including authors and coauthors of the research papers, which is the largest number of nominations since the commencement of theseawards.

The awards were presented to 15 research papers. Awardees hail from 11 different countries (authors and coauthors) including Australia, Benin, Brunei Darussalam, France, India, Morocco, New Zealand, Pakistan, SouthAfrica, Sri Lanka & Tunisia. I urge all members to develop research skills which will keep us ahead on the growthcurve by being more innovative.

Expanding Social Media Presence

It is our continuous endeavour to leverage technology and social media as a part of our communication strategy.to widen our impact & outreach and engage meaningfully with stakeholders. I am pleased to inform you that ICAlhas successfully launched its Official Whatsapp Channel. With this, ICAl now has presence on Nine Social MediaPlatforms namely Twitter, Linkedin, Facebook, Koo, Instagram, Telegram, YouTube, Threads and WhatsApp withcombined follower count of around 22 lakhs and counting.

Partnering Economic Growth and Social Progress

As the former President of our Institute CA. Y. H. Malegam said, “…the primary objective of our education andtraining processes should be to produce a well-rounded professional who gets integrated into the society of which heis a part. In the pursuit of our education activities… we must always be conscious of the fact that the output from ourprofession has to be of direct benefit to Government as well as to society in general and industry in particular.” In ourrole as partners in nation building, we understand that driving future growth necessitates a strong commitment todeveloping human capital. Our dedication to nurturing young talents and upholding ethical principles ensures thatwe meet India’s visionary goals for 2047. We understand and acknowledge that we are the architects of aneconomically resilient and progressive India.

I compliment the athletes’ bringing laurels to India in the Asian games, wherein India won its highest ever numberof medals. Reflecting on the recent performance at the games, we’re reminded of the virtues of discipline,perseverance, and resilience. In sports, or the profession, it’s these qualities that define the champions. Ourprofession aligns with the essence of these virtues, making us optimistic about our role in shaping the future ofIndia. Together, we’ll continue to build a nation that exemplifies the very best in growth, progress, and prosperity,leaving a legacy for the future generations to follow.

I extend my warmest greetings to everyone as we step into the festive season. Let’s rejoice in these moments ofhappiness and convey the message of optimism, harmony, and affection.

Jai Hind, Jai ICAI!

CA. Aniket Sunil TalatiPresident, ICAINew Delhi, 30th October, 2023

ICAI Students’ Journal – The Chartered Accountant Student – November 2023 Issue

INSIDE

03 President’s Communication

04 Vice-President’s Communication

05 Chairman’s Communication

06 Chairman SSEB (Board of Studies-Operations) Communication

07 CA Final: Advanced Auditing, Assurance & Professional Ethics

18 CA Intermediate: Goods and Services Tax

24 CA Foundation: Quantitative Aptitude

30 Announcement

31 News Update

36 Crossword

studentjournal-nov2023Download

ICA Exam Announcement: Payment Deadline Extended for 2023-24 Membership/COP Fee

Important Announcement-The ICAI Central Council has decided to extend the last date for payment of Membership/COP fee for the year 2023-24 from 30th September 2023 to 31st October 2023 to mitigate the hardship faced by the Members due to technical issues in SSP.

Big Announcement on Chartered Accountancy Examinations under New Scheme of Education and Training w.e.f. May Examination

Exemption(s) from appearing in paper(s) or Group of Chartered Accountancy Examinations under the New Scheme of Education and Training w.e.f. May 2024 Examination

New Scheme of Education and Training of the Institute of Chartered Accountants of India has been implemented with effect from
1st July 2023. The examination at Intermediate and Final levels under the New Scheme of Education and Training will be held with effect from May 2024 Examination.

The Council of the Institute has decided to grant exemptions under New Syllabus approved by it for Intermediate Examination (under sub-regulation (4) of regulation 28G of the Chartered Accountants Regulations, 1988) and for Final Examination (under clause (v) of regulation 31 of the Chartered Accountants Regulations, 1988) to existing students for papers passed by them under the Old/Existing Scheme as follows:

75658exam61200 (1)Download

Exposure Draft of Supplier Finance Arrangements – Amendments to Ind AS 7 and Ind AS 107

As you are kindly aware that the Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB). In this regard, it may be noted that IFRS Standards are being issued/revised by the IASB from time to time. As a part of convergence with IFRS Standards, the Ind AS may be issued/revised corresponding to the IFRS Standards. Accordingly, whenever any amendments are made or new IFRS Standard/IFRIC is issued by the IASB, the Accounting Standards Board (ASB) of the ICAI considers those amendments and other related aspects for amending the corresponding Ind AS.

In this regard, the Accounting Standards Board has issued Exposure Draft of Supplier Finance Arrangements – Amendments to Ind AS 7 and Ind AS 107 corresponding to Amendments in IAS 7 and IFRS 7 issued by the IASB.

The Exposure Draft of Amendments to Ind AS 7 and Ind AS 107 can be assessed at the following link for comments with the last date of comments being August 25, 2023:

Supplier Finance Arrangements – Amendments to Ind AS 7 and Ind AS 107

Comments on the abovementioned Exposure Draft may be submitted through any of the following modes:

1. Electronically:	Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)
2. Email:	Comments can be sent to: commentsasb@icai.in
3. Postal:	Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002

Further clarifications on the Exposure Draft may be sought by e-mail to asb@icai.in.

ICAI to Make Peer Review Mechanism Mandatory for Firms from April: President Aniket Talati

The Institute of Chartered Accountants of India (ICAI) will make the peer review mechanism mandatory for even large unlisted firms from April 2024, as it has decided to merge the second and third phases of the implementations, its president Aniket Sunil Talati told ET.

The earlier deadlines to implement the second and third phases of the peer review mechanism, aimed at bolstering auditing standards, were July 1, 2023 and April 1, 2024, respectively.

In a peer review, an independent auditor verifies the audit process, procedures and documentation followed by a firm and issues a report.

The move to defer the implementation of the second phase, which is expected to cover over 3,400 firms, is aimed at giving both the firms and the peer reviewers more time to prepare themselves, Talati said in an interview.

“Based on the representations received from a lot of firms, we have decided to merge the phase 2 and phase 3 of the implementation (deadlines),” he said.

In the first phase of implementation, the peer review was made mandatory for listed firms from April 2022. In the second phase, it would be applicable to large unlisted firms with paid-up capital of not less than ₹500 crore, annual turnover of not less than ₹1,000 crore, or outstanding loans, debentures and deposits of not less than ₹500 crore. In the third phase, auditors would be required to get a peer review certificate before undertaking statutory audits of entities that have raised funds of more than ₹50 crore from the public or banks or financial institutions, among others.

Forensic audit

Talati said from July 1, ICAI has made adoption of new Forensic Accounting and Investigation Standards mandatory for auditors. The move assumes significance as FAIS stipulates the minimum standards for undertaking forensic accounting and investigation to unearth frauds in a company, among other things.

ICAI Release Handbook on Best Practices for Registered Valuers

“Best Practices for the Registered Valuers are the set of generally acceptable procedures and methodologies that results in the illustrative and transparent representation of true value of the final outcome, under the given circumstances.”

Before going through the concept of Best Practices for Registered Valuers, it is paramount to understand the terms “Valuation” and “Registered Valuer”.

Valuation per se is the process of estimating the market value of a financial asset or liability. To understand the valuation process, it is necessary to understand the term value. It is a complex subject which needs professional acumen and in-depth knowledge to unravel the same. However, over a period of time and with the Regulatory framework being put into place, Valuation as a subject has witnessed huge importance and prominence in financial understanding.

The field of valuation existed even before the introduction of Regulatory framework for Valuers under the Companies Act, 2013. Valuation was required under various statutes – FEMA 1999, SEBI Act 1992, Companies Act 2013 (& erstwhile Companies Act 1956 as well), Income Tax 1961, IBC 2016 to facilitate a variety of transactions like mergers, acquisitions, liquidations, financing, taxation etc.

Today, a Registered Valuer would imply a person registered with the Authority (IBBI) as a valuer, in accordance with the provisions of the Companies (Registered Valuers and Valuation) Rules, 2017…….

Download Handbook Download

ICAI will get this new power to tighten the screws on chartered accountant firms

Government will give power to ICAI to take disciplinary action against partnership firms of chartered accountants who indulge in any malpractices

The government will empower ICAI to take disciplinary action against partnership firms of chartered accountants who indulge in any malpractices.

In the last few years, the role of Chartered Accountants in many economic offenses has been found suspicious.

The Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill-2021 has been introduced in the Lok Sabha on Friday. This bill will amend some important provisions of the Chartered Accountants Act-1949, the Cost and Works Accountants Act-1959 and the Company Secretaries Act-1980. Along with this, the top units of Cost Accountants and Company Secretary will also get new powers.

Right now ICAI can take action only against its members. The proposed amendment in the new law will provide powers to take action against the partnership firm

ICAI Announce the Launch of mobile Application “ICAI BOS” for ICAI students

The Institute of Chartered Accountants of India BOS of ICAI is pleased to announce the Launch of mobile

Application “ICAI BOS” for ICAI students on the iOS Platform is available on Apple Play Stores and google Play Stores

Most favorable time to conduct CA exam: ICAI

The ICAI on Monday told the Supreme Court that this is the most favorable time to conduct the CA exam as the cases of COVID-19 are now at a very low level. She said that it provides an opportune time for the Chartered Accountant to pursue their professional career.

ICAI informed the court today that out of 3.74 lakh candidates, 2.82 lakh candidates have downloaded the admit card and wish to appear in the examination. Petition with optout scheme, in which ICAI has opted-out option for those students, under which such students who themselves or their families are corona positive. Such candidates will be given an opt-out option. These candidates will be able to appear in the November exam cycle.

Let us tell you that the CA Foundation exam will start from July 24 and the CA Inter exam will be held from July 6 to 20. The CA final exam is to be held from July 5 to 19. Admit cards have been issued for these exams.

Live Coaching Classes (LCC) Batch -3 commencing from 10th May 2021

Live Coaching Classes (LCC) Batch -3 commencing from 10th May 2021 respectively for Students of Intermediate course appearing in Nov 2021 examination and Final course for Nov 2021 and May 2022 examination.

The Board of Studies has been proactive to adopt different methodologies to reach out to the students and provide quality learning resources, year after year in an incremental manner.

The BOS, with an objective to enable the students to sail through the present times, announces 3rd Batch of ‘Live Coaching Classes’ for Final & Intermediate course students commencing from 10th May 2021. These classes are conducted for students who will be appearing in Intermediate exam in Nov 2021 & Final exam in Nov 2021 & May 2022.

Schedule and Timings:

CourseScheduleSession ISession IIIntermediateClick here7 – 9.30 AM6 – 8.30 PMFinalClick here7 – 10 AM6 – 9 PM

Students can attend the classes at: https://live.icai.org/bos/vcc/

The classes can also be viewed at ICAI CA Tube (YouTube) channel.

Notable Features:

Streamed live using internet technology.Can be accessed live or viewed later as recorded lectures through hand-held devices such as smart phones, laptops, iPads, tablets, etc. anytime anywhere.Sessions by Renowned Subject Experts.Coverage of entire syllabus.Interactive in nature – with facility to raise questions.Examination focused approach.Available to all without any chargeNotes/Assignment available as per exam focused approach and downloadable by the students.

Director, Board of Studies

Live Coaching Classes Offered by the ICAI for Free of Cost

The ICAI’s Board of Studies (BOS) has been proactive to adopt different methodologies to reach out to the students and provide quality learning resources, year after year in an incremental manner.

The BOS, with an objective to enable the students to sail through the present times, is conducting Virtual Coaching Classes for CA students. These classes are conducted for students who will be appearing in May 2021 CA examinations.

Students can attend the classes at: https://live.icai.org/bos/vcc/ by providing necessary information.

The recorded classes can also be viewed at ICAI YouTube channel. Link: https://youtube.com/c/IcaiOrgtube

Notable Features:

> FREE for all levels.

> Streamed live using internet technology.

> Access live or viewed later as recorded lectures through hand-held devices such as smart phones, laptops, iPads, tablets, etc. anytime anywhere.

> Renowned subject expert faculty will take the sessions.

> Coverage of entire syllabus.

> Interactive in nature – with facility to raise questions.

> Examination focused approach.

Article on Continuing Professional Education (CPE) Hours for CAs

Knowledge is the only resource that grows many folds if we share it with others.

First of all, heartiest congratulations to all the newly qualified CAs. My Today’s article is especially for Fresher CAs like me who just qualified as CA and have/ are in the process of enrolling themselves as members of The Institute of Chartered Accountants of India, our Alma Mater.

After enrolling for membership as an associate member, one thing for which I was unsure about was the CPE hours. What does it stand for and how many hours we need to complete in a year? What is the difference between Structured and Unstructured CPE hours, etc.? So, I did my research on this topic and decided to share my learnings in the form of this article, which can help other fresher CAs. So, without further ado, let’s get started:

Q. What does CPE stand for and what is the need for CPE Hours?

A. CPE stands for Continuing Professional Education. Chartered Accountants, being the providers of professional services, are expected to polish and maintain their competency and skills, and hence, Continuing Professional Education was introduced.

Q. How can I complete my CPE hours?

A. CPE hours can be completed by two types of learning, namely Structured and Unstructured learning.

Q. What is the difference between Structured and Unstructured learning?

A. Structured learning includes attending seminars, conferences, etc. organized by ICAI. Unstructured Learning includes updating knowledge by reading journals, In-House Training sessions/ programmes organized for CA employees by their employers, viewing of programmes hosted on the web channel of ICAI, self-learning modules, and courses, etc.

Q. How many CPE hours are required to be completed in one calendar year and a block of three years?

A. The answer to this question differs based on whether a person is holding a Certificate of Practice (COP) or not and based on age criteria. Here the block period of three years is from 1st Jan 2020 to 31st Dec 2022.

1. All the members (aged less than 60 years) who are holding COP (except all those members who are residing abroad) are required to:

Complete at least 120 CPE credit hours in a rolling period of three years.
Complete a minimum of 20 CPE credit hours of Structured learning in each calendar year.
Balance 60 CPE credit hours (minimum 20 CPE credit hours in each calendar year) can be completed either through Structured or Unstructured Learning(as per member’s choice).

2. All the members (aged less than 60 years) who are not holding COP and all the members who are residing abroad (whether holding COP or not) are required to:

Complete at least 60 CPE credit hours either Structured or Unstructured Learning (as per member’s choice) in a rolling period of three years.
Complete a minimum of 15 CPE credit hours of either Structured or Unstructured Learning (as per member’s choice) in each calendar year.

3. All the members (aged 60 years and above) who are holding COP, are required to:

Complete at least an aggregate of 90 CPE credit hours of either Structured or Unstructured Learning (as per member’s choice) in a rolling period of three years.
Complete minimum of 20 CPE credit hours being an aggregate of either Structured or Unstructured Learning (as per member’s choice) in each calendar year.

4. The following class of members is exempted from the CPE credit hours requirement:

All the members (aged 60 years and above) who are not holding COP.
Judges of Supreme Court, High Court, District Courts, and Tribunal
Members of Parliament/ MLAs/ MLCs
Governor of States
Centre and State Civil Services
Entrepreneurs (owners of Business(manufacturing) organizations other than (professional services)
Judicial officers
Members in Military Service

5. Temporary Exemptions:

Female members for one Calendar year on the grounds of pregnancy.
Physically disabled members on a case-to-case basis having permanent disabilities of not less than 40% and above (Supported with medical certificates from any doctor registered with Indian Medical Council with relevant specialization as evidenced by Post Qualifications (M.D, M.S., etc.)
Members suffering from prolonged critical diseases/ illnesses or other disabilities as may be specified or approved by the CPED. (Supported with medical certificates from any doctor registered with Indian Medical Council with relevant specialization as evidenced by Post Qualifications (M.D., M.S., etc.)

Q. How can we check the completed CPE hours?

A. We can check the completed CPE hours from this link https://www.cpeicai.org/

Hope that I answered some of your queries. Happy reading and share your views on the same.

Read our Article : ONLINE COURSES OFFERED BY THE ICAI FOR FREE OF COST

CA Students who have passed their Final Examination & are eligible to become Chartered Accountants can apply for Membership immediately

ICAI Important Announcement – CA Students who have passed their Final Examination & are eligible to become Chartered Accountants can apply for Membership immediately which would be effective from 1st April 2021. To Apply – https://eservices.icai.org

Tag: ICAI CA STUDENTS