ICAI Limits Tax Audits to Enhance Regulatory Compliance
The Institute of Chartered Accountants of India (ICAI) has capped the number of tax audits conducted by individual chartered accountants to 60 per year. This regulation aims to strengthen compliance and enhance focus on audit quality. Starting April next year, the rules will be mandatory with some exceptions.
- Country:
- India
The Institute of Chartered Accountants of India (ICAI) announced on Wednesday a new cap on the number of tax audits a chartered accountant can perform, limiting them to 60 annually. This move, said ICAI President Charanjot Singh Nanda, aims to bolster the regulatory framework and ensure higher focus on audit work.
With over four lakh members, the ICAI has formalized this norm to take effect from April of the following year. Under these rules, the limit of 60 audits applies to each member, including both their individual and partner roles within a firm. Additionally, partners are prohibited from completing audits on behalf of other partners, although certain relaxations exist.
In light of instances of misconduct and forgery concerns involving chartered accountants' signatures, the ICAI has implemented the Unique Document Identification Number (UDIN) system, assigning a unique code to each document certified by a practicing accountant to enhance document authenticity.
(With inputs from agencies.)
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