ICAI Aims to Bolster Global Presence of Indian CA Firms

The Institute of Chartered Accountants of India (ICAI) plans to finalize international networking guidelines for Indian CA firms this fiscal year. The initiative aims to make Indian firms more globally competitive, requiring changes to the Chartered Accountants Act, 1949. ICAI President Ranjeet Kumar Agarwal discussed the goals and challenges at a briefing.

This fiscal year, the Institute of Chartered Accountants of India (ICAI) aims to finalize guidelines for the international networking of Indian chartered accountant firms. President Ranjeet Kumar Agarwal revealed these intentions on Monday, signaling a push to bolster Indian CA firms on the global stage.

Currently, Indian CA firms lack regulations for international networking. With over 400,000 members, ICAI strives to transform India into a leading hub for accounting and auditing. Strategy formulation and execution are underway, as highlighted by Agarwal during a briefing in the national capital.

ICAI is also modifying merger regulations, extending the period for demergers from five to ten years. Additionally, the institute intends to ease restrictions on advertising services, needing amendments to the Chartered Accountants Act, 1949, for implementation. Concurrently, ICAI has expressed concerns over proposed changes to auditing standards, notably SA 600 and SA 299, which have seen differing opinions from the National Financial Reporting Authority.

(With inputs from agencies.)