Latest news with #ICAI
Yahoo
4 hours ago
- Business
- Yahoo
ICAI to host Global Capability Centres Summit
The Institute of Chartered Accountants of India (ICAI) is set to host a summit series under the theme "From Ledger to Global Leadership: Chartered Accountants Shaping Global Capability Centres". The inaugural event is scheduled for 27-28 June 2025 in New Delhi, with subsequent regional editions in Ahmedabad (GIFT City), Mumbai, and Hyderabad. The summit aims to showcase India's leadership in the Global Capability Centres (GCC) ecosystem and the significant role of Indian Chartered Accountants in the global services sector. The summit will gather industry experts, policymakers, academicians, and global stakeholders to explore emerging trends, create strategic partnerships, and drive innovation within the GCC domain. Government bodies, including the Ministry of External Affairs, Ministry of Electronics and Information Technology, IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur, have pledged support as Eco Partners for the series. India is home to more than 1,800 GCCs, employing upwards of 1.9 million professionals. ICAI president CA. Charanjot Singh Nanda said: "India is uniquely positioned to lead the next phase of the GCC evolution. Chartered Accountants are central to driving digital finance, regulatory integrity and global governance. Through this summit, industry experts and Chartered Accountants will come together to share insights, provide practical solutions and foster policy dialogue that can address these pain points and further strengthen India's position as a global GCC hub." ICAI vice president CA. Prasanna Kumar said: "While the GCC ecosystem in India continues to grow rapidly, it faces persistent challenges around regulatory clarity, taxation policies and evolving operational frameworks. The Summit will serve as a platform for collaboration, insights and leadership as we shape the future of the GCC ecosystem." The Delhi summit will feature panel discussions, keynote addresses, and networking opportunities, with a focus on strategic partnerships, digital transformation, and the evolving role of finance professionals in the GCC ecosystem. ICAI has established a dedicated group under its Directorate of International Trade, Services & WTO to promote India as a global hub for accounting and finance-focused GCCs. This initiative is stated to be a part of ICAI's commitment to the profession and national development, aiming to enhance the role of Chartered Accountants in finance leadership and global operations, and to prepare a skilled workforce for the GCC sector. ICAI invites industry professionals, GCC leaders, policymakers, and Chartered Accountants to engage in this dialogue that will shape the future of India's global financial leadership. Additionally, ICAI recently announced its plan to limit the number of tax audits that a partner can sign off in each year. "ICAI to host Global Capability Centres Summit" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 hours ago
- Business
- Yahoo
India's ICAI plans to cap annual tax audits per partner
The Institute of Chartered Accountants of India (ICAI) has disclosed its intention to set a restriction on the number of tax audits a partner may endorse each year. The Economic Times has reported that effective from fiscal year 2027 (FY27), each partner will be limited to a maximum of 60 tax audits. ICAI president Charanjot Singh Nanda mentioned that this initiative seeks to avert the concentration of audit responsibilities among a select few senior partners. The move is also designed to tackle potential anti-competitive behaviours within the accounting industry. The resolution was reached during a council meeting conducted in late May, with new regulations expected to be released soon, according to the publication. At present, while individual chartered accountants can manage up to 60 audits, partnership firms are permitted to conduct audits based on the total limits of all their partners. This current system has resulted in senior partners frequently using the audit quotas of their junior colleagues after reaching their own thresholds. Nevertheless, this cap does not encompass any tasks that stem from specific legal obligations under the Income Tax Act. Nanda told the publication: 'The limit of 60 would be the aggregate limit (under the new guidelines) in respect of all tax audits signed by a member, both in his individual capacity and as a partner of an accounting firm. 'Moreover, a partner of a firm won't be able to sign any tax audit report on behalf of any other partner.' "India's ICAI plans to cap annual tax audits per partner" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Time of India
a day ago
- Business
- Time of India
ICAI RTP 2025 Released: Download revision test papers for foundation September exam at boslive.icai.org
The Institute of Chartered Accountants of India (ICAI) has officially released the Revision Test Papers (RTPs) for the Foundation Course for the upcoming September 2025 examination. These RTPs are now available on the ICAI Board of Studies (BoS) Knowledge Portal, offering a crucial resource for students preparing for the exams. What Are RTPs and Why Are They Important? Revision Test Papers (RTPs) are specially designed by ICAI to help students get familiar with the type and pattern of questions that may appear in the actual exam. They cover recent amendments, conceptual clarity, and suggested answers that reflect the ideal way to attempt questions in the examination. Practicing these RTPs is highly recommended as they help students revise key topics, manage time efficiently, and understand the examination pattern more thoroughly. Subjects Covered in the RTPs The RTPs have been released for all four Foundation papers: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo Principles and Practice of Accounting (Paper 1) Business Laws (Paper 2) Quantitative Aptitude: Business Mathematics, Logical Reasoning, and Statistics (Paper 3) Business Economics (Paper 4) Each RTP includes a set of questions along with suggested answers, enabling students to self-assess their preparation level. How to Download ICAI Foundation RTPs 2025 To access the RTPs, students can follow the steps below: Live Events Step 1: Visit the official ICAI Board of Studies (BoS) Knowledge Portal: Step 2: Click on the "Students" tab. Step 3: Select "Revision Test Papers (RTP)" from the dropdown menu. Step 4: Choose the "Foundation Course" and then select "September 2025". Step 5: Download the RTP PDFs for each paper. These RTPs are also available on other trusted educational platforms like VSI Jaipur, and others for quick access. ICAI Foundation September 2025 Exam Dates The Foundation exams for the September 2025 session will be conducted on the following dates: Paper 1 (Accounting) – September 16, 2025 Paper 2 (Business Laws) – September 18, 2025 Paper 3 (Quantitative Aptitude) – September 20, 2025 Paper 4 (Business Economics) – September 22, 2025 Each paper will be held in offline mode at designated exam centers across the country. Final Tips for Students Attempt the RTPs under exam-like conditions to improve speed and accuracy. Use the suggested answers provided by ICAI to evaluate your responses. Identify areas of improvement and revise accordingly. Stay updated with any announcements on the ICAI website regarding exam guidelines or changes. Conclusion With the RTPs for Foundation September 2025 now available, students are advised to incorporate them into their final revision strategy. Practicing these test papers not only strengthens subject understanding but also boosts confidence ahead of the examination.
Time of India
2 days ago
- Business
- Time of India
Big Four, other global firms push back against draft ICAI rules
Mumbai : Top global professional services firms are pushing back against draft guidelines to regulate overseas networks engaged in multi-disciplinary advisory services in India, saying they require excessive disclosures that raise confidentiality concerns and add layers of operational complexity. The Institute of Chartered Accountants of India's ( ICAI ) proposed guidelines also use highly ambiguous terminology that creates uncertainty in interpreting the rules, they said, setting the stage for a fresh standoff with the regulator. ICAI had early this month released draft Guidelines for Overseas Network. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The move was meant to create a level-playing field, but has ended up throwing up concerns that could hamper working of global accounting firms in India. Vishesh Chandiok, CEO of Grant Thornton Bharat , minced no words in saying that he had hoped that ICAI's attempt would be more balanced towards enablement. 'Unfortunately, it continues to attempt to kill too many birds… I fear the one that will die is the Indian Big4 dream,' he said. Live Events Currently, there are more than 170 global networks operating in India, including the Big Four – EY , Deloitte , PwC and KPMG . One of their key concerns is the draft's sweeping disclosure norms. For example, Form BO requires foreign networks to report all civil, criminal, and disciplinary cases against any partner or CA employee of Indian entities from the past five years. Firms say it adds no value and may force irrelevant disclosures beyond professional competence or network operations. Global professional services firms are also alarmed by the draft's ambiguous disclosure norms, especially the requirement to report turnover on a 'constituent-wise' basis, which could extend to all affiliated firms globally. 'What qualifies as a network? Is it just the Indian firm's arrangement with the global brand, or does it include every associated firm worldwide?' a senior partner at a Big Four firm said. 'The term 'constituents' is vague… If taken literally, it could mean reporting for every firm linked to the brand, regardless of relevance to India.' The guidelines mention regulated, unregulated, and overseas entities but don't define boundaries, raising concerns about their scope. 'The guidelines appear to overreach by seeking control over overseas entities. The entire exercise looks like one of control not enablement,' said the CEO of a major Indian firm associated with a US network. A senior CA noted that the recommendations try to extend ICAI's ethical and operational norms to a network's organisations or divisions that don't come under its ambit, particularly the lucrative and rapidly growing consulting services. This indicates an effort by ICAI to pull these services into its fold, the person said. 'This could disrupt the multidisciplinary firm model by forcing audit firms to build capabilities like IT and valuation independently, raising costs and diluting audit quality,' he added. Perhaps the most problematic aspect for foreign networks is the demand to disclose sensitive financial data of overseas entities. Form DO requires turnover details on a constituent-wise basis, including overseas entities, overlooking how global professional networks work and the confidentiality obligations they have to adhere to, experts said. This could force firms into a regulatory bind, caught between Indian compliance and legal constraints in their home jurisdictions. The rules also demand three years of detailed financial records, showing all money exchanged between Indian and foreign offices. 'Such detailed financial reporting requirements are typically reserved for fully regulated entities, not network arrangements that may be primarily based on brand sharing or quality control coordination,' a partner of a Big Four firm said on condition of anonymity. 'These are independent legal entities. Why would a UK firm (which is part of the same network) disclose its revenue figures to the Indian arm?' On the point of fees paid by Indian firms to global networks, the partner said it's not a typical royalty but a fair payment for real services, like access to global audit methods, technology, and quality systems that help firms do better work. Insiders say fees could range from 4% to 7% of revenues, varying by firm. The draft guidelines also add operational strain on global networks by requiring a nodal officer to take personal responsibility for network-wide compliance – a demand seen as unrealistic. 'One person can't ensure compliance across a global structure. It's burdensome and unclear how it helps,' said a senior partner at another Big Four firm, questioning both the feasibility and value of the proposed role. The guidelines come as the Prime Minister's Office ( PMO ) pushes for the creation of India's own 'Big Four', even as EY, Deloitte, PwC, and KPMG collectively crossed Rs 45,000 crore in India revenue in FY25—with Rajiv Memani-led EY (June year-end) on the verge of becoming the first to reach $2 billion in gross revenues. Nikhil Singhi, managing partner of Singhi & Co Chartered Accountants, said that ideally, the guidelines, code of ethics, and related regulations should prioritise core responsibilities such as audit quality, ethical compliance, and independence over procedural elements like cost disclosures, capital restrictions, constitution of firms and detailed reporting requirements. 'We need a forward-looking approach, one that emphasises greater operational flexibility and simplifies regulation,' he said. The draft also seems to suggest regulating overseas entities that participate in Indian audits, even though current group audit standards already hold the Indian auditor accountable, rendering such provisions redundant. Firms that will lose out most in this exercise are the small and mid-sized Indian firms, experts said. For these firms, access to global networks is crucial, especially with the growing volume of cross-border work coming into India. These global partnerships help them build capacity and improve quality and these guidelines will create substantial hurdles. 'We're left asking, what is the real purpose of these guidelines?' said the unnamed CEO quoted above. 'No other jurisdiction has anything similar. The intent is unclear, and the practical effect may be to discourage even mid-sized firms from entering network arrangements.' ICAI has invited comments and suggestions on the draft rules proposed by its Committee for Aggregation of CA Firms (CACAF) from all stakeholders latest by June 27.
Time of India
2 days ago
- Business
- Time of India
ICAI panel may wrap up review of IndusInd, Gensol books in 6 months
A key panel of the Institute of Chartered Accountants of India (ICAI) could wrap up its review of the books of crisis-ridden Gensol Engineering and IndusInd Bank in about six months, institute's president Charanjot Singh Nanda said Wednesday. While Gensol is facing allegations of fraud, the crisis at IndusInd Bank pertains to discrepancies in its forex derivative portfolio. Usually, if the ICAI's Financial Reporting Review Board (FRRB) concludes that the financial statements of the entities that are being reviewed are "not true and fair", it refers the matters to the institute's disciplinary committee for subsequent action against the auditors concerned. Nanda was announcing the Global Capability Centres summit series being hosted by the institute on June 27-28 in NCR. This summit will be organised in Ahmedabad, Mumbai and Hyderabad between August 2025 and February 2026. Nanda said ICAI, along with capital markets regulator Sebi and the National Stock Exchange, is working towards devising a framework to detect potential fraud or lapses in listed companies early. As for the government move to facilitate the creation of large home-grown accounting and advisory firms comparable to the 'Big Four', Nanda said this could be realised through tie-ups of Indian firms with the global companies and through merger of some domestic firms.
