Creative Bharat
According to CAG officials, consultations have begun with stakeholders to identify pain points and grey areas within the infrastructure ministries, which plans to invest ₹3 lakh crore annually in capital expenditure to increase its freight share from the existing 26 per cent to 45 per cent by 2047 | Photo Credit: SUSHIL KUMAR VERMA The […]
The Institute of Chartered Accountants of India (ICAI) has proposed that registration and regulatory control of multidisciplinary partnership (MDP) firms should be determined by which professional group holds the majority of partners, ensuring that statutory financial audits remain under the purview of Chartered Accountants (CAs), ETCFO has learnt. According to a source familiar with the […]
The National Financial Reporting Authority (NFRA), India’s apex audit regulator, has released a detailed sample Audit Strategy Memorandum (ASM) designed to help statutory auditors enhance audit planning, documentation, and risk assessment in line with professional standards. Issued under the NFRA Staff Series, the framework provides a model template for auditors, especially small and mid-sized firms, […]
The government is reviewing public procurement norms to make them more accessible to domestic audit and consulting firms, ETCFO has exclusively learnt from people familiar with the matter. The move is part of a wider policy effort to strengthen domestic professional-services networks and enable them to compete for government contracts traditionally dominated by global firms. […]
The Central Board of Direct Taxes (CBDT) today (Wednesday, October 29, 2025) extended the deadlines for tax audit cases and audit ITR. The due date for audit income tax return (ITR) filing has been extended from October 31, 2025, to December 10, 2025. The deadline to file tax audit report has also been extended to […]
The Income tax department on Wednesday extended the due date for filing income tax returns for AY 2025-26 for corporates and taxpayers requiring audit reports to December 10, 2025, according to a notification issued by the central board of direct taxes.According to an official notification issued by the CBDT, “The due date of furnishing the […]
The Institute of Chartered Accountants of India (ICAI) has proposed a major revision to its Code of Ethics, introducing new norms on sustainability assurance, audit independence, fee dependency, and advertising practices. The proposals form part of the Exposure Draft of the 13th Edition of the Code of Ethics, released by the Ethical Standards Board (ESB) […]
The Indian government is considering major reforms in the accounting and audit sector as it aims to create domestic firms capable of competing with the Big Four—EY, Deloitte, KPMG, and PwC. According to the Institute of Chartered Accountants of India (ICAI), fewer than 1% of registered accounting firms have more than 10 partners, with only […]
FRRB is using these parameters, along with other factors, in the review of financial statements for 2023-24 | Photo Credit: iStockphoto Seeking to further improve quality, the chartered accountants’ body ICAI’s Financial Reporting Review Board (FRRB) has introduced new parameters of low audit fees and negative reserves for reviewing the financials of companies. FRRB conducts […]
The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) has identified 388 serious audit and financial reporting non-compliances since its formation in July 2002. Of these, 205 cases have been referred for disciplinary action against auditors, while 183 have been forwarded to regulators, including the Ministry of Corporate Affairs […]
