Reference Updates - CAalley.com

In order to ensure the quality of tax audit, the Council of the Institute has, at its 442nd meeting held on 26th and 27th May, 2025 and its 443rd meeting held on 30th June, 2025 and 1st July, 2025, decided the limit on the number of tax audits, to be effected by issuance of new guidelines, as follows -

(i) the existing limit of 60 tax audit assignments per member to be retained, but the same shall be in respect of tax audit assignments in a particular financial year.

(ii) the said limit of 60 would be the aggregate limit in respect of all tax audits accepted and signed by a member, both in his individual capacity and as a partner of a firm(s). In other words, an individual member cannot sign more than 60 tax audit reports in a financial year.

(iii) the limit on number of tax audit assignments per partner in a CA Firm cannot be distributed/or shared between the partners.

(iv) the limit of 60 would, however, not apply to tax audit assignments arising out of the requirements under clause (c), clause (d) and clause (e) of section 44AB, in relation to persons covered under section 44AE, 44ADA and 44AD, respectively.

(v) in the case of revision of tax audit report, the revised tax audit report shall not be taken into account for the purpose of reckoning the said limit of 60.

These changes shall be effective for the tax audits under section 44AB of the Income-tax Act, 1961 from 01st April, 2026 and shall continue to be in force until further orders.

Detailed Guidelines are hosted on ICAI website and are accessible at: https://resource.cdn.icai.org/87307dtc-aps1799-gazette-notification.pdf

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ICAI Announcement

Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
11th July, 2024

Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects

Panel Convenors: CA. Sripriya Kumar, Chairperson, AASB and CA. Ravi Patwa, Vice Chairman, AASB

The Institute of Chartered Accountants of India (ICAI), as the world’s largest accounting body and the regulator and developer of the accountancy profession in India, has consistently contributed to nation-building and supported the country’s economic development. With the rapidly changing business landscape, the emergence of new-age companies and start-ups, a growing number of companies going public, and an increasing array of regulatory and reporting requirements, the role of auditors has expanded significantly. In this evolving environment, where expectations from auditors are continually rising, the Auditing and Assurance Standards Board (AASB) of ICAI is committed to support members in practice by enhancing audit quality.

In this regard, it is to inform you that the Board, in line with the past three years practice, has once again formed an Expert Panel which will provide technical support to the members with respect to their queries on auditing aspects for the coming Audit season. Members having specific queries may send such queries at email address: auditfaq[at]icai[dot]in. The panel will be open from 11th July 2025 till 30th September 2025.

To enable us to serve you better, as regards drafting queries, kindly be guided by the following:

Be brief but provide full information and facts.
Do not mention the name of the Client or Entity as such information is Confidential between the auditor and the client
Do not submit the same query multiple times.
Avoid rejoinders (i.e., repeated follow-ups or counter-responses on the same query).
The Query mechanism is intended as a guide and you may consider to exercise your professional discretion in the conduct of your engagements and reporting thereon.

This initiative by AASB is on a best - effort basis and for the assistance of the members. The members are specifically informed that the views expressed by the experts would be their personal views and not necessarily the views of the AASB or the ICAI. AASB, ICAI or the experts of the Panel, do not accept any responsibility for actions taken by the querists based on such advice. Further, these views are not to be used as evidence in any non judicial/ quasi judicial/ judicial proceeding before any authority. Further, depending upon the nature of query, the Board reserves the right to not consider the query for response and the same may be done without assigning or communicating any reason therefore.

Chairperson
Auditing and Assurance Standards Board

Vice Chairman
Auditing and Assurance Standards Board

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