Quick Summary
The Institute of Chartered Accountants of India (ICAI) on Tuesday announced a series of initiatives aimed at further enhancing its mission of being a true partner in nation building, empowering students and upholding Independence, Integrity and Excellence of the Chartered Accountancy profession.
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FAQ :
ICAI's new initiatives aim to foster inclusive growth, build a sustainable and resilient global ecosystem, and drive digitisation within the profession.
ICAI is partnering with SEBI on the 'Social Stock Exchange', finalising a Code of Conduct for Social Auditors, and developing comprehensive standards for Social Audit and Impact Reporting.
ICAI plans to expand its digital drive by increasing the use of Blockchain technology in finance and audit, exploring Decentralised Finance (DeFi), and integrating Blockchain with Big Data and AI. They are also studying virtual currencies.
ICAI is mandating a Peer Review mechanism for certain firms rendering assurance services, starting phased implementation from April 1, 2022, to enhance audit quality. They have also issued detailed Forensic Accounting and Investigation Standards (FAIS).
ICAI is introducing a 'New Scheme for Education and Training' with a greater emphasis on higher-order skills, a mandatory multi-disciplinary case study at the Final level, and enhanced practical training. The course is being revised every 5 years instead of 10.
Yes, ICAI is offering a 75% concession in registration course fees for all levels of Chartered Accountant courses to students registering from Jammu and Kashmir, Ladakh, and 8 North-East States until March 31, 2025.
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