CA, CS, CMA : Automation is reducing repetitive accounting work such as GST filings, reconciliations, and data entry, but professional judgment ...
Goods and Services Tax : ICAI clarified that ITC wrongly reversed under Table 4(B)(1) instead of Table 4(B)(2) can still be reclaimed within statutory time...
CA, CS, CMA : The FAQs explain how the 60 Tax Audit assignment ceiling will operate through the UDIN system from 1 April 2026. ICAI clarified wh...
CA, CS, CMA : The evolution from manual training to tech-driven learning highlights changing expectations. The key takeaway is balancing traditi...
CA, CS, CMA : Banks are asking CAs to issue end-use and KYC certificates without regulatory support. RBI confirms no such requirement exists, hi...
CA, CS, CMA : Chandigarh Chartered Accountants Taxation Association has requested CBDT to immediately release pending ITR e-filing utilities for...
CA, CS, CMA : The Sales Tax Bar Association requested reconsideration of Bar Council of India rules prohibiting advocates from entering partners...
CA, CS, CMA : ICAI has warned members and students against fraudulent calls, emails, and WhatsApp messages seeking confidential information and ...
CA, CS, CMA : The issue involves publication of the draft panel for statutory auditor appointments. ICAI has released the list based on existing...
Goods and Services Tax : Persistent technical issues prevented users from accessing the portal and completing filings. The representation seeks urgent fixe...
Goods and Services Tax : The Telangana High Court granted anticipatory bail to a Chartered Accountant accused in a share transfer fraud case, observing tha...
CA, CS, CMA : The Delhi High Court held that one of the meetings relied upon for automatic vacation of the petitioner’s seat was convened with...
Corporate Law : The case examined whether the accused could disprove liability under Section 138. The court upheld conviction as the presumption r...
CA, CS, CMA : The Court examined whether a complaint arising from a family dispute can be entertained in misconduct proceedings. It held that su...
Goods and Services Tax : The High Court granted a post-decisional hearing after finding that a proper Chartered Accountant’s certificate with UDIN was no...
CA, CS, CMA : ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not...
CA, CS, CMA : The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory r...
CA, CS, CMA : The issue involved disciplinary action for professional and other misconduct under the Chartered Accountants Act. The authorities ...
CA, CS, CMA : The issue concerns disciplinary action for professional misconduct. The ruling enforces removal from membership and bars practice ...
CA, CS, CMA : ICAI has established a new branch in Korba under Regulation 159 to expand its regional presence. The move enhances administrative ...
SIA 130 mandates that the Chief Internal Auditor establish a documented Internal Audit Process and a formal Quality Assessment and Improvement Program (QAIP). This ensures that internal audits are conducted systematically, resources are adequately skilled, and objectives are met in conformance with ICAI Standards.
SIA 120 requires internal audit terms to be formalized in a Charter (in-house) or Engagement Letter (outsourced). This ensures clear scope, authority, deliverables, and the nature of assurance provided.
ICAI’s SIA 110 establishes 10 Basic Principles for all internal audits, focusing on credibility (Independence, Integrity, Competence) and performance (Risk-Based Audit, Due Care). Adherence and documentation are mandatory.
QSIA 2 mandates independent Peer Review (often regulatory) and Third-Party Assessments (voluntary) of internal audit functions to ensure compliance with ICAI Standards, ethical practices, and continuous quality improvement.
New Standard prescribes a Quality Assurance and Improvement Program (QAIP) for internal audits, mandating internal/external reviews, continuous team improvement, adherence to ethical standards, and a minimum seven-year documentation retention period.
The ICAI’s Preface defines Internal Audit as providing assurance on internal controls and risk management processes to enhance governance. It establishes the IASB’s functions, including formulating and reviewing SIAs, and emphasizes that compliance with these Standards will be mandatory in a phased manner for all members.
The ITAT Rajkot confirmed the addition of Rs.3.99 crore to the income of Kataria Snack Pellets Pvt. Ltd. under Section 56(2)(viib), ruling that the company’s Discounted Cash Flow (DCF) share valuation was speculative, lacked empirical support for growth rates and terminal value, and failed to adhere to ICAI guidelines.
Choosing a CA articleship firm is crucial. Compare Big 4 vs. mid-sized firms for exposure, mentorship, and work variety. Learn what truly builds a strong CA career.
ICAI opens empanelment for CA members to serve as January 2026 exam observers. Criteria include age limit (65), no relative appearing, and non-involvement in coaching.
Summary of India’s recent economic reforms (GST, Income Tax, IBC) and the ICAI’s role, including the upcoming WOFA 2.0, new global training, and strategic MoUs for nation-building.
