The Institute of Chartered Accountants of India (ICAI) has released a draft of proposed amendments to the Chartered Accountants Regulations, 1988, vide notification No. 1-CA(7)/208/2023 published on 10th July 2023. This draft is being published in accordance with the requirements of section 30(3) of the Chartered Accountants Act, 1949.
The purpose of publishing this draft is to inform all stakeholders who may be affected by these amendments. It was notified that the draft regulations will be reviewed and considered after a period of thirty days from the date on which the copies of the Gazette of India containing these draft regulations become available to the public.
If anyone wishes to raise objections or provide suggestions regarding the aforementioned draft regulations, they may submit them to the Secretary of the Institute of Chartered Accountants of India at ICAI Bhawan, Indraprastha Marg, New Delhi – 110002. These submissions should be made within the specified period for consideration by the Council.
In the draft, it was proposed to substitute regulation 9 with Grant or refusal of Certificate of Practice. Also, after regulation 20, the following regulations 20A, 20B and 20C shall be inserted, namely 20A Manner of registration of firm and terms and conditions, 20B Register of Firms and 20C List of Firms.
For regulation 195, the following regulation shall be substituted, namely Appointment of Auditors. The Council shall appoint a firm of chartered accountants as auditor every year in accordance with the provisions of sub-section (5) of Section 18 of the Chartered Accountants Act.
Also, in regulation 127, for sub regulation (1), the following sub regulation shall be substituted, namely; (1) Regional Councils may be constituted for one or more of the regional constituencies mentioned hereunder or as may be specified from time to time by the Central Government under clause (a) of sub-section (2) of Section 9:
1.The States of Goa, Gujarat, Maharashtra and the Union Territory of Dadra and Nagar Haveli and Daman and Diu.
2.The States of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Telangana and the Union Territories of Lakshadweep and Puducherry.
3.The States of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, West Bengal, and the Union Territory of Andaman & Nicobar Islands.
4.The States of Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Rajasthan, Uttarakhand and Uttar Pradesh.
5.The States of Haryana, Himachal Pradesh, Punjab and the Union Territories of Delhi, Chandigarh, Jammu & Kashmir and Ladakh.
The new Form 1A is for the Registration of the Firms of The Institute of Chartered Accountants of India. The contents include Firm Registration Number, Firm Name 3. Date of Constitution, Type of Firm – Proprietary/Partnership/LLP/MDP, Date of approval of Firm Name, Address of the Head Office, Details of Partners (Along with their date of joining and leaving), Branch office(s) of the firm- along with their address, date of opening, closure and in-charge details, Second Office(s) of the Firm, Details of Paid Assistants along with their date of joining and leaving, PAN of the Firm, GSTIN of the firm… etc.
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