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Ethical Standards Board The Institute of Chartered Accountants of India 29th September, 2022 ANNOUNCEMENT Re. Applicable date of certain deferred provisions of Volume-I of Code of Ethics, 2019. As the members are aware, the revised 12th edition of Code of Ethics had come into effect from 1st
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FAQ :
These provisions become applicable from 1st October 2022.
Disclosure requirements for fees from audit clients have been amended. For non-Public Interest Entities (PIEs), disclosure is needed if fees exceed 40% of the firm's total fees for two consecutive years. For PIEs, this threshold is 20%. The exemption for firms with total fees not exceeding 5 lacs has been raised to 20 lacs. 'Regulators' have also been added to the list of entities exempt from disclosure in certain cases.
Yes, the provision regarding 'Tax Services to Audit Clients' (Subsection 604) has been repealed. However, the definition of 'Court' in relation to assistance in tax dispute resolution has been clarified, specifying it does not include a Tribunal for this purpose.
For professional accountants in service (Section 260), NOCLAR now applies to Senior Professional Accountants in service, being employees of listed entities. For professional accountants in public practice (Section 360), it applies to audit engagements of listed entities with a net worth of 250 crore rupees or more, with further extension planned.
The detailed provisions with amendments can be accessed at https://resource.cdn.icai.org/71660esb57664.pdf.
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