The President Institute of Chartered Accountants of India (ICAI), CA Nihar N. Jambusaria while addressing its Members regarding the latest developments related to the CA Profession informed that the ICAI is in talks with RBI for a hike in Audit Fees which is stagnant for 10 Years.
The ICAI President along with the Chairman and Vice-Chairman of the Professional Development Committee met the Governor of RBI, Shakti Kanta Das discuss the matters related to the rise in Audit Fees which is stagnant for the last 10 Years although inflation, cost of conducting audits, and reporting requirements have increased many folds. The RBI Governor has appreciated the need for fee rise and promised quick action.
The ICAI President stated that the matters related to audit quality, capacity building of members, and allotments of the audit were discussed at length.
After the onslaught of COVID-19 in 2020, the situation has started becoming normal so the ICAI has decided to organize an International Conference on ‘Accountants Creating a Digital and Sustainable Economy’ on the 21st and 22nd of January 2022 in Mumbai. The ICAI President urged the members and people to attend the conference in large numbers.
“We have formed a group to strengthen the ICAI’s role as a Consultative Body in the emerging regulations, laws, and topics of corporate and economic interest,” the CA Nihar N. Jambusaria added.
“Annual Budget Excise is the key government activity in which ICAI has been participating for many decades with success. We have submitted our pre-budget memorandum to the government. Last month we had a meeting with the Revenue Secretary to discuss various important suggestions related to the Union Budget, the President added.
The ICAI President urged the members to cast their valuable vote on the 3rd or 4th of December 2021 for the elections to the Central and Regional Council.
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