The Institute of Chartered Accountants of India ( ICAI ) has launched the Online Process for Formation of Networking of CA Firms. The Online process has been launched for the formation of Networking of CA firms, as per new networking guidelines approved by the Council last year.
The networking tab is available under the Firm Module in Self Service Portal (SSP) and members can now directly apply through the Portal for approval and registration of the Network.
The ICAI has also issued the Guidelines for Networking of Indian CA Firms. The Council of ICAI issued Network Guidelines for the first time in the year 2005 and thereafter, the same was revised by the Council in the year 2011.
The ICAI has said that, at the present, is focussing on revision in Networking guidelines in order to enable the Indian CA firms to develop a sound Network of Firms, and after a gestation period, move toward allowing foreign firms to join the Indian CA networks. Therefore, this paper is limiting itself to networking amongst domestic CA firms only. At a later stage, the Council may consider further modifications in the present Networking Guidelines so as to pave way for Indian CA Networks to enter into networking arrangements with foreign accounting firms and have networking arrangements with foreign networks.
The Council of ICAI decided to modify the Guidelines to make it easier for the Indian CA firms to form networks and also remove any impediments and bottlenecks that dissuade the firms from growing bigger by joining a network. Another equally critical concern was not only to protect the professional practice of the small and medium firms but also their identity. Therefore, an attempt is made to mitigate the hardships in the revised Guidelines and encourage practising Members to consider Networking.
Read the Full text of the Guidelines Click here.
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