ICAI Announcement: Amendments to Preface to Auditing Standards and Clarification thereof
Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
19th August, 2023
Amendment to the “Clarification Regarding Authority Attached to Documents Issued by the Institute” and Consequential Amendment to the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services”
I. In 1985, the Council of the Institute of Chartered Accountants of India had issued a Clarification namely “Clarification Regarding Authority Attached to Documents Issued by the Institute” (“The Clarification”). The Clarification was revised in February 2022. The Clarification is in force as on date. The Clarification provides the level of authority of various documents issued by the Institute e.g. Accounting Standards, Auditing Standards, Guidance Notes on Accounting, Guidance Notes on Auditing.
II. The Council of ICAI at its 422nd meeting held on 30th June & 1st July 2023 considered the recommendations of the Auditing and Assurance Standards Board (AASB) of ICAI regarding some changes required to be made in the Clarification to provide more clarity, to make the provisions more robust and to remove the provisions which are not relevant in the present context. The Council also considered the recommendations of AASB regarding some consequential changes required to be made in “Paragraph 11 - Guidance Notes” of the “Preface to the Standards on Quality Control, Auditing, Review, Other Assurance and Related Services” (“The Preface”) in order to align the Preface with the changes made in the Clarification. At the meeting, the Council agreed with these recommendations and decided to issue the amended Clarification and the amended Preface.
III. The amended Clarification is enclosed as Appendix 1. (Please click here to download)
The amended Preface is enclosed as Appendix 2. (Please click here to download)
IV. This Announcement is effective from the date of its hosting on ICAI’s website.
Latest additions to ICAI Reference Publications
ICAI FAQs:
FAQs on Unique Document Identification Number (UDIN)
[Published in January, 2022]
ICAI Publications:
Meetings of Committee of Creditors
A Handbook for the Guidance of Insolvency Professionals
[Released in February 2023]
Handbook on Enterprise Management of Corporate Debtor by Resolution Professional
[Released in February 2023]
Handbook on Taxation of Virtual Digital Assets
[Released in July 2022]
ICAI Announcement
Peer Review Board
The Institute of Chartered Accountants of India
19th July, 2023
Further deferment of second phase of Peer Review Mandate
The Council at its 407th Meeting held from 7th – 9th January 2022 decided to mandate the Peer Review process for coverage of more firms under Peer Review process. An Announcement dated 12.02.2022 in this regard was hosted on the website at https://www.icai.org/post/peer-review-mandate-roll-out . Further clarifications on the mandate were issued by the Council at its 410th Meeting held on 24th – 25th March 2022. An Announcement dated 11.04.2022 in this regard was hosted on the website at https://www.icai.org/post/peer-review-mandate-roll-out-revised .
Considering that some Practice Units which require to get themselves Peer Reviewed under the 2nd phase of the Peer Review mandate were not ready for the same, the Council at its 420th Meeting held on 23rd - 24th March, 2023 decided to defer the applicability of the second phase of the mandate by three months to be made effective from July 1, 2023.
However, requests were being received from the Practice Units that they were not aware of the Peer Review mandate and therefore requested for some additional time to get themselves Peer Reviewed. Considering the same, the Council at its 422nd Meeting held on 30th June – 1st July 2023 decided to further defer the applicability of the 2nd phase of the Peer Review mandate.
Accordingly, the second phase of the mandate is now applicable w.e.f April 1, 2024 for the following Practice Units:
Practice Units which propose to undertake Statutory Audit of unlisted public companies having paid-up capital of not less than rupees five hundred crores or having annual turnover of not less than rupees one thousand crores or having, in aggregate, outstanding loans, debentures and deposits of not less than rupees five hundred crores as on the 31st March of immediately preceding financial year: For these Practice Units, there is a pre-requisite of having Peer Review Certificate.
OR
Practice Units rendering attestation services and having 5 or more partners: For these Practice Units, there is a pre-requisite of having Peer Review Certificate before accepting any Statutory audit.
Accordingly Practice Units which accept Statutory audits on or before March 31, 2024 should ensure that they have a Peer Review Certificate at the time of signing.
The Council also decided that the applicability of the mandate shall under no circumstances be further deferred and the Practice Units shall ensure strict compliance of the same.
ICAI Publications - Direct Taxation
ICAI Publications - International Taxation
ICAI Publications - Miscellaneous
ICAI Publications - Direct Taxation
Handbook on FAQ’s on House Property under Income-tax Act, 1961
Handbook on Disallowance of Expenses under Income-tax Act, 1961
Treatise on Section 194-R under Income-tax Act, 1961
Handbook on Income Tax – Tax Collection at Source
Handbook on Taxation of Private Trust of Income-tax Act, 1961
Treatise on Report on Income Tax Dues
Technical Guide on Audit of Charitable Institutions under Section 12A of the Income-tax Act, 1961
Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 - AY 2022-23
Handbook on Statement of Donations Received
Technical Guide on Reconstitution of Firms
Technical Guide on Appeal before CIT(A) - Part I
FAQ on Technical Guide on Appeal before CIT(A) - Part-II
Technical Guide on Virtual ITAT Proceedings
Technical Guide on Taxation of HUFs
Registration of Charitable & Religious Institutions for Income tax Exemption
Approach to Tax Audit under section 44AB of the Income tax Act, 1961 (Checklist)
Technical Guide on Income Computation and Disclosure Standards
Implementation Guide w.r.t. Notification No. 33/2018 dated 20.07.2018 effective from 20.08.2018
A Study on Succession, Wills, Family arrangements/ Settlement and HUF partitions
Compliances of GST in Banking Sector [Revised upto February 2024]
Background Material on GST Demands & Appellate Remedies [November 2023]
Technical Guide on GST Reconciliation Statement (Form GSTR 9C) [November 2023]
Guide to CA Certificates in GST [October 2023]
Handbook on TDS Provisions under GST [October 2023]
Technical Guide on GST Annual Return (Form GSTR 9) [October 2023]
ICAI Publications - International Taxation
Certificate Course on UAE Corporate Tax-Background Material
Technical Guide on Expatriates Taxation (Revised 2023)
Withholding Taxes under Section 195 and Form No. 15CA/CB
Background Material of Diploma in International Taxation (Revised 2022)
Technical Guide on Royalty and Fees for Technical Services - Revised (2022)
Basics of Permanent Establishment (India Perspective)
Taxation of Non- Residents - Revised (2021)
Basics of International Taxation (2020)
Technical Guide on BEPS Action Plans and Multilateral Instrument (“MLI”) (2020)
Cross Border Transactions and Investments (2019)
ICAI Publications - Miscellaneous
Manual on Concurrent Audit of Banks
[September 2023 edition]
Meetings of Committee of Creditors
A Handbook for the Guidance of Insolvency Professionals
[Released in February 2023]
Handbook on Enterprise Management of Corporate Debtor by Resolution Professional
[Released in February 2023]
Handbook on Taxation of Virtual Digital Assets
[Released in July 2022]
ICAI Publications - International Taxation
Certificate Course on UAE Corporate Tax-Background Material
Technical Guide on Expatriates Taxation (Revised 2023)
Withholding Taxes under Section 195 and Form No. 15CA/CB
Background Material of Diploma in International Taxation (Revised 2022)
Technical Guide on Royalty and Fees for Technical Services - Revised (2022)
Basics of Permanent Establishment (India Perspective)
Taxation of Non- Residents - Revised (2021)
Basics of International Taxation (2020)
Technical Guide on BEPS Action Plans and Multilateral Instrument (“MLI”) (2020)
Cross Border Transactions and Investments (2019)
Go back to "ICAI Publications"
ICAI Publications - Direct Taxation
Handbook on FAQ’s on House Property under Income-tax Act, 1961
Handbook on Disallowance of Expenses under Income-tax Act, 1961
Treatise on Section 194-R under Income-tax Act, 1961
Handbook on Income Tax – Tax Collection at Source
Handbook on Taxation of Private Trust of Income-tax Act, 1961
Treatise on Report on Income Tax Dues
Technical Guide on Audit of Charitable Institutions under Section 12A of the Income-tax Act, 1961
Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 - AY 2022-23
Handbook on Statement of Donations Received
Technical Guide on Reconstitution of Firms
Technical Guide on Appeal before CIT(A) - Part I
FAQ on Technical Guide on Appeal before CIT(A) - Part-II
Technical Guide on Virtual ITAT Proceedings
Technical Guide on Taxation of HUFs
Registration of Charitable & Religious Institutions for Income tax Exemption
Approach to Tax Audit under section 44AB of the Income tax Act, 1961 (Checklist)
Technical Guide on Income Computation and Disclosure Standards
Implementation Guide w.r.t. Notification No. 33/2018 dated 20.07.2018 effective from 20.08.2018
A Study on Succession, Wills, Family arrangements/ Settlement and HUF partitions
Go back to "ICAI Publications"
FAQs issued by ICAI
- FAQs on applicability of PMLA to Chartered Accountants
- FAQs on Unique Document Identification Number (UDIN) [Published in January, 2022]
- FAQ on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (CSR Policy) Amendment Rules, 2021
- FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling
- FAQ on treatment of Securities Premium Account under Ind AS on the date of transition.
- ‘FAQ on 'Presentation of Dividend and Dividend Distribution Tax'(Revised September, 2019)
- FAQ on Elaboration of terms ‘infrequent number of sales’ or ‘insignificant in value’ used in Ind AS 109
- FAQ on deemed cost of Property, Plant and Equipment under Ind AS 101, First-time Adoption of Indian Accounting Standards
- FAQs on preparation of Consolidated Financial Statements
- FAQs on AS 11 notification – Companies (Accounting Standards) Amendment Rules, 2009 (G.S.R. 225 (E) dt. 31.3.09) issued by MCA
Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014
(Revised January 2024 Edition)
Implementation Guide to SA 230, Audit Documentation (Revised 2022 Edition)
Implementation Guide to Standard on Auditing (SA) 210, “Agreeing the Terms of Audit Engagements”
Implementation Guide to Standard on Auditing (SA) 560, “Subsequent Events”
Implementation Guide to Standard on Auditing (SA) 570(Revised), Going Concern
Implementation Guide to SA 230, Audit Documentation (Revised 2018)
Implementation Guide to SA 610(Revised) ,"Using the Work of Internal Auditors"
Implementation Guide on Reporting Standards (Revised SA 700, Revised SA 705 and Revised SA 706)
Implementation Guide on Auditor’s Reports under Indian Accounting Standards for Transition Phase
Implementation Guide to SA 300, Planning an Audit of Financial Statements
Implementation Guide to SA 501
Implementatin Guide to Risk Based Audit of Financial Statements
Implementation Guide to Standard on Auditing (SA) 530, Audit Sampling
Implementation Guide to Materiality in Planning and Performing an Audit
Technical Guide on Accounting Treatment of Bullion (Gold) Borrowing and Lending Transactions
Technical Guide on Financial Statements of Limited Liability Partnerships
Technical Guide on Financial Statements of Limited Liability Partnerships
Excel File for Illustrative Financial Statements of Limited Liability Partnerships
Technical Guide on Financial Statements of Non-Corporate Entities
Technical Guide on Financial Statements of Non-Corporate Entities
Excel File for Illustrative Financial Statements of Non-Corporate Entities
Technical Guide on Accounting for NPOs
Technical Guide on Accounting for NPOs
Excel File for Illustrative formats for Financial Statements of NPOs
Technical Guide on Internal Audit of Pharmaceutical Industry (September 2023 edition)
Technical Guide on Audit of Non-Banking Financial Companies (Revised 2023 Edition)
Technical Guide on Digital Assurance
Technical Guide on Audit of Internal Financial Controls in Case of Public Sector Banks
Technical Guide on Revised Formats of Long Form Audit Report
Technical Guide on Audit of Urban Improvement Trusts and Development Authorities
Technical Guide on Audit of Non Banking Financial Companies (Revised Edition 2016)
Technical Guide to Audit in a Shared Service Centre Structure
Technical Guide on Audit in Automobile Industry
Technical Guide on E Commerce Considerations for Audit of Financial Statements
Technical Guide on Audit in Hotel Industry
Technical Guide on Filing Forms for LLPs and Companies # 1: Form-11 (Annual Return of LLPs)
Technical Guide on Accounting of CSR Funds by Third Parties
Technical Guide on Accounting for Expenditure on Corporate Social Responsibility Activities
Technical Guide on Incorporation of Foreign Companies
Technical Guide on the provisions of Independent Directors from Corporate Governance perspective
Technical guide on the functioning of audit committee and its review checklist
Additions to ICAI Guidance Notes:
Guidance Note on the Companies (Auditor’s Report) Order, 2020 (Revised 2022 Edition)
Multiple Choice Questions (MCQs) on Guidance Note on the Companies (Auditor’s Report) Order, 2020
Guidance Note on Schedule III to the Companies Act 2013
Practitioner's Guide to Audit of Small Entities (Revised 2020)
ASB Guidance on Implementing AS 15, Employee Benefits (revised 2005)
ICAI Announcement
Professional Development Committee
The Institute of Chartered Accountants of India
30th June, 2023
Changing of cut-off date to 1st July instead of 1st January of every year for the Bank Branch Auditors Panel
As members are aware, every year PDC prepares a Multipurpose Empanelment Panel of Chartered Accountants/firms spread across the country based on multi layered logic for providing it to RBI and others. The cut-off date for the constitution of the firm and its members is considered as on 1st January of every year considering submission of Form 18 upto one month of submission (till 31st January) without condonation of delay for the purpose of preparation of Bank Branch Auditors Panel.
As the database of firms and members is readily available in Self Service Portal (SSP) of the ICAI on real time basis, the Council of the ICAI, at its 421st meeting held on 25th and 26th May 2023 decided to change the cut-off date for collating data for preparation Bank Branch Auditors Panel to 1st July instead of 1st January of every year.
Accordingly, the cut-off date for the constitution of the firm and its members will now be as on 1st July, 2023 considering submission of Form 18 up to one month of submission (till 31st July, 2023) without condonation of delay for preparation of Bank Branch Auditors Panel from 2023-24 onwards.
Further, the said panel will be prepared as per RBI’s revised guidelines for Appointment / Re-appointment of Statutory Branch Auditors of Public Sector Banks dated March 6, 2023.
Members may kindly note.
Professional Development Committee
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- ICAI Announcement: Restricting revocation of the UDINs within 48 hours
- ICAI Publication: Checklist on Standards on Auditing
- ICAI Announcement: Deferment of second phase of Peer Review Mandate
- ICAI: FAQs relating to professional ethics of members pertaining to Bank Assignments
- ICAI: Acceptance of certain assignments by the Concurrent Auditor of Bank Branches