Auditing including Tax Related Must Remain in CA Domain: ICAI President
If Company Secretaries (CS) and Cost Accountants (CMAs) are granted similar authority, it would dilute the exclusive domain of CAs, leading to increased competition within the audit profession
Auditing including Tax – Must Remain in CA Domain – CA Domain – ICAI President – ICAI – Domain – taxscan
Auditing including Tax – Must Remain in CA Domain – CA Domain – ICAI President – ICAI – Domain – taxscan
The new President of the Institute of Chartered Accountants of India ( ICAI ) has asserted that the auditing including tax audits should remain in the CA and it would be unfair to treat Company Secretaries and Cost Accountants as Accountants.
The President further clarified that any decision regarding this matter would be taken by the Ministry of Corporate Affairs' Coordination Committee, which includes representatives from relevant professional bodies.
This statement comes in response to the Institute of Company Secretaries of India (ICSI) seeking the inclusion of Company Secretaries under the definition of ‘Accountant’ in the proposed Income Tax Bill, 2025.
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Currently, CAs hold the exclusive right to conduct financial audits, statutory audits, and tax audits. This exclusivity ensures that audits are carried out by professionals with specialized expertise in financial reporting, assurance, and regulatory compliance. If Company Secretaries (CS) and Cost Accountants (CMAs) are granted similar authority, it would dilute the exclusive domain of CAs, leading to increased competition within the audit profession.
The President also addressed the issue of work-life balance among Chartered Accountancy professionals. He announced the formation of a dedicated committee to assist professionals in managing work-related stress and challenges while ensuring that productivity remains unaffected.
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