More flexibility for CAs under proposed ICAI code

THRESHOLD FOR STATUTORY AUDIT WORK RAISED TO 40 FIRMS

- MANU KAUSHIK

THE INSTITUTE OF Chartered Accountants of India (ICAI) has proposed to allow CAs to take statutory audit work for 40 firms — companies, limited liability partnerships (LLPs), partnership firms, etc—up from 30 now, besides giving them a host of other relaxations including letting them hold noneducational seminars in India and abroad, and advertise to attract clients.

The draft Code of Ethics released by the institute recently also allows auditors to take on more non-audit work, especially in the MSME space.