The Institute of Chartered Accountants of India ( ICAI ) will soon launch the Centralised NOC (Non Objection Certificate) policy on the UDIN ( Unique Document Identification Number ) Portal.
Getting NOC from a retiring Auditor is always a critical job for an Auditor. Particularly young CA’s in practice currently, face a lot of problems while obtaining NOC from senior members.
Many CAs have been booked for professional misconduct for not getting NOCs. Now, a separate NOC column will be introduced on the UDIN portal itself, which is a very good step.
Further, The Institute Chartered Accountants of India( ICAI ) had found Chartered Accountants ( CA ) guilty of Professional Misconduct for taking Tax Audit Assignment without Communicating to the Previous Auditor.
Same has been confirmed by CCM CA. (Dr). Rohit Ruwatia Agarwal on his Twitter handle.
“Getting NOC from another CA is always a critical job for Auditor. Particularly young CA’s in practice have to face lot of problems while obtaining NOC form senior member.” Economic & Public Policy Commentator Dinesh Wadera commented on X.
Panipat Branch has already implemented ‘Virtual NOCs,’ showcasing a forward-thinking approach to address the challenges faced by auditors. This initiative sets a precedent for digitalization within the industry.
Prominent voices in the field, such as Economic & Public Policy Commentator Dinesh Wadera and CA Chirag Chauhan, advocate for digitalization in the audit process. Requests for digitalization, as seen on Twitter, echo the need for technological advancements to streamline auditor procedures.
CCM CA. (Dr). Rohit Ruwatia Agarwal clarified on X that, Institute will implement the same in UDIN Portal this year.
Further, ICAI has also decided to conduct 3 Chartered Accountant Foundation and Intermediate Exams from June 2024, as per sources.
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