The Institute of Chartered Accountants of India ( ICAI ) has officially announced the release of the “ICAI (Aggregation of LLPs) Guidelines, 2024,” marking a significant step in the ongoing transformation of the Indian CA profession.
In a move aimed at strengthening the profession, the Committee for Aggregation of CA Firms (CACAF) was established during the 2024-25 fiscal year with a mission to promote strategic reforms within the industry. The committee has been tasked with implementing a framework that aligns CA firms with global standards while improving their operational efficiency in a rapidly changing regulatory and professional environment.
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The new guidelines provide a framework that facilitates the aggregation of LLPs, allowing Indian CA firms to enter into partnerships with other LLPs. This collaboration is expected to create synergies by leveraging combined resources and expertise, thereby improving operational capabilities and service delivery across all locations in India. The primary goal is to foster a coordinated approach among partner firms to ensure consistent quality in audits, further strengthening the reliability of CA services across the nation.
By supporting the restructuring needs of CA firms, these guidelines offer a platform for long-term growth and sustainability. The aggregation of LLPs is seen as a forward-looking strategy, addressing the changing needs of the profession and ensuring that Indian CA firms remain competitive on the global stage.
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The ICAI Council approved the guidelines during its 432nd meeting, held on 2nd and 3rd July 2024. These guidelines officially came into effect following their notification and are available for detailed review on the ICAI portal.
For further clarifications or queries, members are encouraged to contact CACAF or the M&SS department via email at cacaf@icai.in or fna@icai.in.
Read More:
Gazette Notification: [BREAKING] ICAI notifies Aggregation of CA Firm LLPs Guidelines [Read Notification]
Detailed Article: ICAI guidelines enable CA firms to merge, compete globally, boost India’s growth
This initiative is a key milestone in the evolution of the Indian CA profession and aims to enhance the overall quality and global reach of CA firms in India.
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