ICAI clarification on applicability of SA 700 on tax audit reports_44AB of ITA - SA 700 deferred by a year only for the limited purpose of tax audit report (emphasis supplied)

ICAI Announcement

Clarification Regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961. - (05-07-2013) 

As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI has been receiving mails seeking clarification regarding applicability of SA 700 on tax audit reports, i.e. Form No. 3CA/3CB.

Considering the fact that all tax audit reports are now mandatorily required to be filed online and that the format of tax audit report is prescribed by the Central Government, the Council in its 325th meeting held from 1st June to 3rd June, 2013 decided to defer the applicability of SA-700 (Revised) on the tax audit report under section 44AB of the Income-tax Act,1961 by one year i.e. the requirements of SA-700(Revised) are not applicable for tax audit reports filed up to 31st March, 2014.

ICAI is further taking up the matter with the appropriate authorities so that suitable changes can be brought in the forms relating to tax audit.

Source:  http://www.icai.org/new_post.html?post_id=9687&c_id=219

Procedure for providing Inspection or Certified Copies of Evaluated Answer Books

ICAI has announcd the Procedure for providing Inspection or Certified Copies of Evaluated Answer Books.


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Announcements - Definition of Relative in Chapter-IV of the Council General Guidelines, 2008 - (29-07-2011)

ANNOUNCEMENT No. ICAI/ESB//2011/02 All the members of the Institute of Chartered Accountants of India (ICAI) are  hereby informed that in terms of its decision taken at the 299th Meeting of the  Council held on 27th – 28th October, 2010, it has been decided that the term  “relative” for the purpose of Chapter-IV of Council General Guidelines, 2008  (Opinion on Financial Statements when there is substantial interest)  will have the same meaning as assigned to it in AS-18..

Announcements - Amendment in Council General Guidelines , 2008 - (29-07-2011)

ANNOUNCEMENT

No. ICAI/ESB/2011/01

All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th - 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the Council General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered Accountants Act, 1949” has been repealed with effect from 7th June, 2011

Announcement of KYC Norms -ICAI

No. ICAI/ESB/2011/03

Announcement of KYC Norms

All the members of Institute of Chartered Accountants of India (ICAI), who are in practice,  are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms)  at it’s 307 th Meeting held on 13thJuly,2011, which shall be recommendatory in nature, and apply only in case of attest function.