Chaitra Seetharam
Quick Summary
There has been ongoing debate regarding who should be responsible for conducting tax audits. On one side, Chartered Accountants (CAs) are advocating that only their profession should carry out these audits. On the other side, Company Secretaries (CS) and Cost and Management Accountants (CMA
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FAQ :
Currently, Chartered Accountants (CAs) have the exclusive authority to conduct tax audits in India under Section 44AB of the Income Tax Act.
Cost and Management Accountants (CMAs) and Company Secretaries (CSs) are seeking eligibility to conduct tax audits.
CMAs and CSs argue for their inclusion to ease the workload of CAs and provide businesses with a larger pool of qualified experts, citing their specialised knowledge in areas like cost management, financial analysis, corporate law, and governance.
The ICAI maintains that tax audits require specialised financial expertise, risk assessment, and a thorough understanding of accounting standards, which are core competencies of the CA profession, and has consistently opposed the inclusion of CMAs and CSs.
For tax audit purposes under Section 44AB, an 'accountant' is defined as a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949, and includes individuals entitled to act as auditors of companies under the Companies Act.
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