Earlier peer review mechanism was not necessary for CA firms to attest the balance sheets of unlisted companies

Ranjeet Kumar Agarwal Sourced by The Telegraph

The Institute of Chartered Accountants of India (ICAI) has expanded mandatory peer reviews of CA firms with five or more partners to enable them to attest financial statements of both listed and unlisted companies.

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Earlier peer review mechanism was not necessary for CA firms to attest the balance sheets of unlisted companies.

“By the end of June 2024, all the firms who have 5 partners or more, have to mandatory be peer-reviewed by another CA firm if they want to attest any financial statement of any listed or unlisted company,” said Ranjeet Kumar Agarwal, president of ICAI.

Agarwal further announced three more initiatives of the ICAI in Calcutta on Friday.

First, the ICAI has formed a committee to develop a framework for aggregation of CA firms so that big accounting firms can be developed within the country.

The committee will review and revise the guidelines about overseas networking, merger and demerger rules, and multi-disciplinary practice.

“Most accounting work for other countries is already shifting to India,” Agarwal said adding that there is a need for further capacity building within the country.

The institute has also collaborated with the Comptroller and Auditor General of India to jointly conduct a certificate course for accountants required by panchayats and municipal bodies.

He said the foundation and intermediate course CA exams will now be held thrice a year — January, May/June and September, starting this year.

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