ICAI Expedited Action on Audit Discrepancies
The Institute of Chartered Accountants of India (ICAI) plans to set up a task force to fast-track investigations into alleged accounting and auditing anomalies, including those involving IndusInd Bank and Gensol. Aiming to resolve at least ten significant cases within two months, ICAI is also reviewing draft rules for the 2025 Income Tax Act.
- Country:
- India
The Institute of Chartered Accountants of India (ICAI) is intensifying efforts to address alleged irregularities in accounting and auditing involving significant public interest. According to President Prasanna Kumar D, the apex body plans to establish a group to expedite action on approximately 10 ongoing cases.
Among the cases under scrutiny are those related to IndusInd Bank and Gensol. Kumar, who began his presidency on February 12, stated that decisions on these cases should be finalized within the next two months. The ICAI's efforts include a thorough review by the Financial Reporting Review Board and the Board of Discipline.
Additionally, the ICAI has set up an expert committee to provide feedback on the draft rules for the upcoming Income Tax Act, 2025. These rules, expected to come into force on April 1, have been released for public comment before they are officially notified.
ALSO READ
-
ICAI Unveils Global Networking Guidelines for Chartered Accountant Firms
-
ICAI Sets New Standards in Digital Audit with ISAS Launch
-
'We have achieved proud distinction of accounting for 41 per cent of all women employed in factories across country,' says TN Fin Min.
-
Chartered accountants' apex body ICAI elects Prasanna Kumar D as President
-
ICAI Partners with The Art of Living for Holistic Wellbeing
Google News