ICAI Council Recommends Audit Fee Collection only through Banking Channels

The Institute of Chartered Accountants of India (ICAI) has recommended that chartered accountants and audit firms collect audit fees only through banking channels or digital modes.

The recommendation was approved by the ICAI Council at its recent meeting as part of the revised 13th Edition of the Code of Ethics. The new Code will be applicable from April 1, 2026 .

According to ICAI, the move is in line with the Government of India’s policy to promote a digital economy and reduce cash-based transactions. Accepting audit fees through banks or digital platforms will improve transparency, create a clear payment trail, and help prevent unaccounted cash dealings.

Senior members of the profession said the step would strengthen public trust in audit services and support ethical practices. Digital and bank-based payments also make it easier to comply with tax and regulatory requirements.

ICAI clarified that the decision is a recommendation under the Code of Ethics and reflects the Institute’s effort to modernize professional practices while maintaining high standards of integrity and accountability .

Other Key Recommendations:

Along with this, the ICAI Council has approved several other important recommendations. These include changes in advertising and website guidelines to allow greater professional visibility, alignment of the Code of Ethics with international standards, expansion of services that chartered accountants can offer in new and emerging areas, and stronger ethical rules to improve transparency, independence, and accountability in the profession .

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