Chartered Accountant in India - Companies Act, Income tax Act, GST, FEMA, RERA etc and with further certification IP, RV etc and beyond statutory requirements like internal audit

Chartered Accountant in India 
  • Statutory Requirement :Companies Act, Income tax Act, GST, FEMA, RERA etc 
  • CA  with further certification : Insolvency Professional, Registered Valuer etc 
  • Beyond statutory requirements:  like internal audit ( even when not mandatory)

Stamp Released in the name of ICAI on the occasion of 70th year Celebration

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Career Opportunites for Chartered Accountants

Passing the CA Final exams is only the first hurdle, and a relatively small one, that you will cross while you set sail for the professional journey of your life. your results in academics solely depend on your hard work and talent.
But many other factors will have a major say in determining the direction and growth of your career.Luck, market conditions, opportunities, contacts, location, field of interest and 'being at the right place at the right time' will play a very insignificant role.

After we clear our exams and complete our articleship, we are often left shrouded by confusion. What to do? What profile to pick? Which sector will give me the best job satisfaction and professional growth? Whether and where to relocate?

We may even be spoilt by too many choices available. The choice made here will determine the future ahead and marks the beginning of end of similarity between one CA and the other. After this stage eventhough we all belong to same profession at the root each will tend to specialise in his own field and will have varied career growth graphs.

It is not to say that the decision once made is final for ever. Many CAs change their track successfully from specialisation to general and generalist to specialist and service to practice and vice versa. However some of the career options may not be always open for switching.

 Being more practical and ensuring minimum safety sometimes helps to ensure that downside is covered while still keeping open a upside in case the economy booms. An aggressive style of the Best or None helps to stay focused and reach the heights without being drifted into the comfort zone of a safe and smooth job. A SWOT analysis will help.

Audit and Taxation:

Audit and Tax are the most conventional of all CA professions. These fields are evergreen and the demand for qualified professionals seldom depends on market factors (although market factors may affect pay scales). These are the areas through which CAs carved a niche and build the repute for the profession. Auditors and Tax advisers command a significant amount of respect from their clients. On the flip side, professionals often complaint that Audit tends to get monotonous over a period of time and that there is little room for creativity and innovation. Taxation requires you to be updated with all the latest amendments, notifications and judgments that keep coming on a daily basis.

Project Finance/ Financial Advisory/ Mergers & Acquisitions:

Although these fields are not exactly alike, there are many similarities in the work you do and thus we will discuss them together. These fields, along with Investment Banking, are popularly considered to be the most glamorous of all profiles a CA can have. Also the fields are very rewarding in terms of job satisfaction and remuneration. A lot of networking needs to be done to generate business. Employers looking to recruit in these areas often look for professionals with additional qualifications like CFA.

However, these fields are heavily dependent on market conditions, both, in terms of recruitment and business. There is no guaranteed or recurring business from the same client. In periods of recession, these areas will grow at a very slow rate. Companies have had to let go of employees due to lack business in times of market depression.

Job in Banking and Financial Services:

This industry is possibly one of the biggest recruiters for CAs. Financial services include Insurance Companies, Mutual Funds, Valuation Firms, etc. Opportunities exist in banking operations, credit management, loan processing, treasury, financial product development & management, market & equity research, valuation, fund management, forex management, compliance, etc. just to name a very few. Careers in this industry are often rewarding and challenging. A CFA degree here will add a significant amount of value to you CV. But often, the profile mobility in this sector is limited. This is not the ideal industry for those looking for diversity in their profile.

Job in Outsourcing/ BPO/KPO

Whenever we come across the term outsourcing, the first thing that comes to our mind is a call center or BPO. But at times it is surprising to see the level of awareness we have regarding the size of the KPO industry and numerous opportunities there are for CAs. The KPO sector is a significant recruiter for CAs. It also provides employment to a lot of students who have completed their articleship and are waiting to clear their final exams. Accounting, taxation, legal, compliances, research, financial data management, documentation, ERP implementation, etc are just some of the processes that are outsourced by companies in developed countries to outsourcing companies in lesser developed countries. This is a multi-billion dollar industry and is increasingly recruiting more and more CAs. Certain of the Big 4 firms also have their own outsourcing units. This industry known for paying handsomely but not for giving an enriching experience in terms of knowledge development and job satisfaction as most of the work is repetitive in nature.


For those who are not interested in taking up a desk job and want to stay in touch with academia, this sector is one of the very good options. One can take up teaching jobs in educational institutions for CAs, commerce graduation coaching classes, certain post graduation institutes or ICAI. Also, this need not even be a full time thing. You may get into academics along with your job/practice. There is also the option of starting up your own coaching institution with very reasonable investment. Several of my batch mates are either working in the institute we studied at or have started their own institutes. If I share their experience, the job satisfaction in this sector is tremendous. It may not be financially rewarding in the initial stages, but in the long run it is at par or at times even better than any other sector.

Corporate Sector:

Apart from the service sector, the corporate sector is also a major recruiter for CAs. CAs have undertaken wide variety of roles in the corporate sector. The Boards of Directors of many large organizations across all industries are largely populated by CAs. Senior CAs have been known to take up leadership roles in many non-conventional roles such as Production, Marketing, Operations Management, Logistics, etc. But to be realistic, such roles are not very common. More conventional profiles for CAs in the corporate sector are Finance& Accounts, Corporate Finance, Internal Audit, Book-Keeping, Treasury, Restructuring, Business Development, etc. Remuneration in the corporate sector in different industries is widely different. Again, many CAs find it difficult to move out of a particular profile or industry in the corporate sector.

The finance department consists of CFO , the head and Controller and Treasurer. Often taxation is a specialised sub team with in controllers team or directly reporting to CFO. Company secretary often reports to Directors , also seen in many companies reporting to CFO.


          General accounting •         Cost accounting•          Credit and collections•          Management information systems•          Trade and other payables•          Corporate accounting•          Internal auditing•          Budgets and analysis•          Systems and procedures•          Planning and controlling•          Interpreting financial reports•          Evaluation and consultation•          Preparing reports for government agencies•          Reports on capital assets


          Raising capital          Short-term borrowings          Dividends and interest payments

          Insurance management          Analysis of investment securities          Investment portfolio

          Cash flow requirement          Investor Relations

Tax Management

·         Direct Taxes- Complaince and Planning·         Indirect Taxes - Complaince and Planning

  Internal Audit

Internal audit also offers a good entry into corporates and offers a good chance for learning to fresh CAs. Employers are also comfortable to place a fresh CA in internal audit that straight away taking us into strategic positions. 

Supply and Demand for Chartered accountants

The demand is based on condition of economy. If economy is not booming then we have tough time to get jobs or change jobs. Supply is not controlled and is ever increasing due to the attractive career offered by CA.

Some people have a belief that CA Istitute manages the results based on condition of economy. However in view of the RTI petetions against Institute , it has gone to great lengths to dispel the notion that it ever reduces the marks while it indicated that it may add across the baord in case of errors etc.

The pass percentage has been on rise due to well prepared candidates aided by coaching institutes sprawling across india which help a great deal in approaching the exam well prepared.
The syllabus for the “Limited Insolvency Examination” is as under:

Should Chartered Accountants enter into practice? The perspective shared by a practicing CA.
GIRISH BORKAR | 12/07/2013 MoneyLife
Unless the ICAI changes its role and becomes more of a quality educator, it would be better to look at other career options and not practice as a CA
I am a relatively small practicing CA, and I get almost 600 mails a month for articleship and for jobs for freshly qualified CAs. Why this sudden flood of applications? Over theyears the Institute of Chartered Accountants of India (ICAI) has quite literally liberalized the passing out percentage to such an extent that today more than 30% students pass out every six months as qualified chartered accountants! It is good that so many CAs are passing out, but, is the institute ensuring that each freshly qualified CA is competent and based on that competency does it ensure that the fresh CA gets gainful employment? Is the ICAI following a sane education policy? Doesthe industry have the capability to absorb so many CAs? Or are we devaluing the profession by just pushing in numbers without taking care of quality?
I do not deny that there will be brilliant students—but at the same time we are also stuck with mediocre students who proudly prefix their name with ‘CA’! Today a CA can be hired for as little as Rs20,000 per month and still one finds that CAs are jobless! This is as much as a graduate gets in a call centre! Should the ICAI not have a re-look at its policy of passing students?
No job, alternative–practice?
With CAs flooding the market and not getting a job, the alternative is to start a practice—which is easier said than done as the cost of setting up a new practice in metros is very steep with property prices and rentals beyond the reach of most freshly qualified CAs budgets.
 I have been in practice for the last 24 years and the challenges faced in practice are phenomenal—especially if you want to follow the straight and narrow path. Clients do not like an increase in fees, traditional practice is getting redundant and does not have value—in fact it is losing monetary value! The new economy is throwing more challenges and unless the smaller firms consolidate and innovate they too will become redundant, with the big CA firms in a much better position to corner all the glory work with economies of scale and contacts at high levels. Let me run you through some traditional practice models and its revenue stream showing which will show that fees have stagnated while costs have gone through the roof. 
1. Return filing
The return filing fees in 1990 was Rs1,500 and even now a CA cannot charge more than Rs2,000. The purchasing power of Rs1,500-Rs2,000 was far greater in 1990 whereas in 2013 it does not pay for a dinner for a family of four at a decent restaurant. The same is true for VAT. 2. Assessment hearing
 The assessment proceedings have greatly reduced. In any case the same pattern. It was great value to charge Rs2,000 per hour in 1990 and we cannot increase the same by inflation rate. If Rs2,000 of 1990 has become Rs20,000 in value in 2013 we cannot charge Rs20,000 per hour. Even if we charge the client laughs to our face! 3. Audit Fees/Certification Fees
A similar pattern follows for audit fees and certification fees. With much greater risk and responsibility thrown onto the auditors, the clients hate to increase fees. With so many CAs flooding the market, we are developing a rubber stamp culture where CA shopping is done to see who certifies at a lower rate—something like the notaries who run after you outside every court for getting the job done through them! 
Unfortunately CAs have not remained immune to inflation unlike the clients’ propensity to pay appropriate and fair fees! Subscribing to knowledge based websites and purchase of books have all kept pace with inflation and sometimes have outrun inflation, thereby disproportionately increasing operating costs. The articled clerks demand nothing less than Rs5,000 per month, some of them protesting deduction of profession tax, which is a legal obligation on the payer! Cost of communication, power, systems, everything has gone up—but the fees remain fixed to 1990 levels!

I find that a lot of CAs who were doing very well in terms of monetary value in 1990 to 2000 are not making much money in 2013. Today a good fresher CA gets a CTC of Rs4 lakh to Rs6 lakh (these are among the lucky few) and a CA with 20 years experience in practice is not far off from that figure of income. This leaves quite a bitter taste in the mouth. 
 Innovate and Evolve
We therefore must evolve.  One of the methods of evolution is that we need to find ways and means of working together and increasing revenue. We pool together the resources and the knowledge base. Some of us must develop resources and some of us can develop knowledge base. We can then take up larger assignments in the corporate sector. We have to attune ourselves to the changing economy and business structure. We need get together like-minded professionals and evolve a working relationship which can sustain in long run. We need to develop a bigger brand as well.
If one seriously wants to pursue a career as a CA, one will have to assess the focus area of specialisation, whether one wants to go into the industry or practice. Unless the ICAI changes its role, and becomes more of a quality educator rather than an institute which is flooding the market with ‘qualified’ CAs, who do not find jobs, it would be better to look at other career options
Some thoughts and suggestions to CA Institute
Some suggestions being floated to make CA as potent course which offers good job prospects  as opposed to a course intended for a manufacturing audit expert.
The course is designed for audit profession as per the mandate given to CA institute as per CA Act.
Even though ICAI goes beyond that and promote it as a course intended for building finance professionals for corporates but cirriculam reamins the one which trains you to be a auditor. 
Hence CA institute may not be able to do much in the interest of CAs opting for jobs. The points being made about the course/institute are :
1. It cannot be a correspondence course. It has to be campus based. Think of how seriously the MBA correspondence courses are taken!  There are a lot of benefits of a campus based course, which CA students dont get, like, good faculty, campus life, student networking etc. etc. These are absolute necessities for any decent form of higher education.
2. Practical approach. They have been talking a lot about it. But most of the qualified CA's that I know, still make it by just mugging up things. Why would any corporate be interested in hiring such people. In B-schools they dont make you mug up. There are detailed case studies for every topic and you learn through those case studies.
3. Articleship cannot be compulsory. When I last checked, the CPA course in the US had two modules, where you get the degree by completing the course, and then if you want to take an audit license then you have to go through the internship, but that is optional. So the articleship is primarily required for people who want to get into the audit profession. Not every budding CA wants to be an auditor. If you want to get into finance or taxation, there is not much you will learn in your articleship. Hence articleship has to be made optional, and applicable only for those who want an audit license. You can still have a complusory six month/one year  internship. Maybe the one year industrial training can be made complsory.    
4. The syllabus - The syllabus is designed to make you an expert "auditor" or "tax consultant". I think, with the kind of understanding that a CA student has of financials, CA institute would do well to include more topics in areas of Corporate Finance, Banking or even Private Equity. Considering the fact that most of CA students are doing a Bachelors in Business or Commerce, ICAI can build on the "business" knowledge of students and turn them into astute finance professionals with solid business understanding.
Tweaking a few subjects in the syllabus can easily make the "skills" of a CA more relevant to a broader level of industry.

 5.Poor alumni network 
- Basically, it sucks ! The only CAs who network are perhaps the guys interested in running for some ICAI election ! There is very little value addition done in terms helping young CAs or Articles by the experienced ones.

6.ICAI Council - The number of emails, I got before the election soliciting votes .. OMG !! And none of them had quantifiable agendas, just empty promises ! And no updates for the next few years, no effort to make the process inclusive .. it looks so politicised. Like we have in audit, lets make a checklist of all u promised to do and then "(reverse) tick" the things actually done .. I wish there were more accountability.
Other issues in CA Profession frequently discussed are :
Dummy Articles menace
Due to the Articleship requirement , it cannot be pursued as a part time course by graduates who are already employed and want to acquire higher qualification.
Competition in jobs from double qualified professionals
Lax regulatory authorities in corporate and tax laws translates to casual attitude towards profession from the enterprises
The course has international recognition for its rigour.
Espicially there is a good intake in Gulf.
Communication skill plays a very important role in the success of the professional
Since the traditional areas of practice are not so lucrative, CAs engage themselves in loan syndication and raising of debt finance for SME sector.
Audit profession is dominated by big audit firms
Accounting related BPOs offer reasonably good career for CAs given their strong academic background

Eventhough entry into Accounts and Finance department is assured with a CA, rising to the highest level of CFO is not assured as nowadays non CAs are increasingly taken as CFOs saying that it is altogether a different ball game and CAs lack the communication and management skills to tackle the job of CFO

Search for dream job

Some jobs that require creativity and artistry are pegged as low payers, when in reality the average wine steward, makes slightly more than an account manager. Pairing wine with meals may take as much logic and skill as crunching numbers and analyzing profits and loss, or one may be simply valued over the other for unfathomable reasons.

So before you invest time and money in educating yourself, you should explore the realities of a professional field in order to determine the return on your investment. Of course, factors beyond pay come into play here, and it is up to you to weigh them out.

Professional opportunities for practising Chartered Accountants

Statutory Central Auditors in Public Sector Banks

1 (i) The audit firm shall have a minimum 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated with the firm. The remaining 2 could be either exclusive partners or CA employees with a continuous association with the firm for a period of one year. These partners should have minimum continuous association with the firm i.e. one each should have continuous association with the firm at least for 15 years and 10 years, two with a minimum of 5 years each and one with a minimum of one year. Four of the partners should be FCAs. Also at least two of the partners should have minimum 15 and 10 years experience in practice. (In case the paid Chartered Accountant available with the firm without any break was admitted as a partner of the said firm at a future date, his association with the firm as a partner will be counted from the date of his joining the firm as a paid Chartered Accountant.)

(ii)The number of professional staff (excluding typists, stenographers, computer operators, secretary/ies and sub-ordinate staff etc.), consisting of audit and articled clerks with the knowledge in book-keeping and accountancy and are engaged in outdoor audit should be 18.

(iii)The standing of the firm should be of at least 15 years which would be reckoned from the date of availability of one full time FCA continuously with the firm.

(iv)The firm should have minimum statutory central audit experience of 15 years of Public Sector Banks (before or after nationalisation) and/ or by way of statutory branch audit thereof or that of statutory audit experience of a private sector bank with deposits resources of not less than Rs.500 crore. (In case any of the partner of an audit firm is nominated / elected for a period of at least 3 years or more on the Board of any public sector bank then his / her such experience for a maximum period of three years will be considered as bank audit experience, provided such experience has not been earned by him/ her concurrently i.e. when his / her firm was assigned statutory audit of any PSB,select all India financial Institutions or RBI.)

(v) The firm should have statutory audit experience of 5 years of the Public Sector Undertakings (either Central or State Government undertaking).
(While calculating such experience, more than one assignment given to a firm during a particular year or more than one year's statutory audit (audits in arrears) assigned to the firm will be reckoned, as one year experience only, for the purpose of counting such experience.)

(vi) At least two partners of the firm or its paid Chartered Accountants must possess CISA / ISA qualification.
Note- C&AG will empanel the Audit Firms based on the above parameters as on January 1 of the relevant year and send the panel to RBI.

 Audit/Inspection of the Members of the Exchange

National Multi-Commodity Exchange of India Limited (NMCE), Ahmedabad, invites applicationsfor empanelment of Chartered Accountants firms to conduct Audit/Inspection of books of accounts and other records of its Members.

Eligibility Criteria for Empanelment

(i)        The Chartered Accountant firm should have a minimum of 5 years of experience in undertaking audits of banks, insurance companies, public sector units, Commodity Futures Markets/Securities Markets and large reputed organizations in private sector.
(ii)       The firm should be empanelled with Comptroller & Auditor General of India (CAG), Reserve Bank of India (RBI) (Statutory Central auditors of Public Sector Banks).
(i)                A partnership CA firm should have at least following number of partners.
No.of Partners        
                        Metro Cities                           4 of which at least 2 should be FCA’s
                        Non-Metros                           2 of which at least 1 should be FCA.

(ii)              At least one partner should have an association of 10 years or more with the firm and another partner of the firm should have association of at least 5 years or more with the firm.
(iii)            The minimum number of professional staff (excluding typists, stenographers, computer operators, secretary/ies and sub-ordinate staff etc.) consisting of audit and articled clerks with the knowledge in book-keeping and accountancy and are engaged in outdoor audit should be:

In Metro Cities       -   10
In Non-Metros       -      5

Kindly arrange to send your detailed profile along with details of your experience in undertaking audits in the format below. The terms and conditions for empanelment of Auditors/CA firms are as per Annexure-I   The detailed profile should be sent to the Exchange by courier/by speed post with the envelope marked as “Application for Empanelment of Auditors”. A soft copy may also be sent by mail to

National Multi-Commodity Exchange of India Limited
4, 4th Floor, H. K. House,
B/h Jivabhai Chambers,
Ashram Road,
Ahmedabad - 380 009,
 Gujarat, ( +91 - 079 – 40086037
6 +91 - 079 – 40086019/41


1.               Name of the Firm:
2.         Address:
3.         Contact Numbers:
4.         Constitution:
5.         Details of partners of the firm with their membership Number and the date of  association with the firm as employee / partner:
6.         Year of Establishment:
7.         Registration Number of ICAI:
           (Copy to be enclosed)
8.         Details of Registration with CAG Office:
            (copy to be enclosed)
9.        Details of Registration with RBI:
            (copy to be enclosed)
10.       Categorization by ICAI, if any:
11.       Income Tax PAN Number of the firm (copy to be enclosed):

12.       Service Tax Registration Number of the firm (copy to be enclosed):

13.       Gross income in last 3 financial years:
14.       Details of paid CA employees of the firm with their membership Number:

15.       Details of staff employed (specify the number of article clerks separately):

16.       Number of CISA/DISA qualified Chartered Accountants as partners / employees:

17.       Details of Branches, if any, contact No. of branch, Name of the person in-charge of the Branch:

18.       Any association (direct/indirect) with Commodity Exchange/Commodity Exchange Member to be disclosed:

19.       Details of professional experience in Banks Audit/PSU Audit/ Audit of Commodity Futures Market/Securities Market and other large reputed organizations in private sector:

20.       Any other information about the work experience of the firm / partners / employees:


General Terms and Conditions for empanelment of Auditors/CA firms with the National Multi-Commodity Exchange of India Limited (NMCE)

1.                  The professional fee for Inspection of an Exchanges Member would be Rs. 10,000/- (Rs. Ten Thousand Only) plus applicable Service Tax per financial year per Member. The bill (revenue stamp affixed), in triplicate, is to be submitted for payment with an advance receipt for Professional fee and the same may be submitted along with the Audit / Inspection Report. However payment shall be made only if the report is submitted as per the terms and conditions mentioned herein below and in the assignment letter.
2.                  The Auditors should intimate their acceptance of the Audit / Inspection assigned to them, within a week of receipt of the appointment letter from the Exchange.
3.                  In case of direct or indirect association with any commodity Exchange or any of the Commodity Exchange member in any capacity, it should be disclosed in the application for empanelment.
4.                  The firm has to give declaration that no partner/Chartered Accountant employee of the firm of auditors has been held guilty of professional misconduct by the Institute of Chartered Accountants of India
5.                  The firm has to give a declaration / undertaking that:
a.       For the year of audit, and for a period of three years from the  submission of inspection report of the audit assigned, no assignment for internal audit or consultancy or any other audit or service of the Commodity Exchange or any Member of the Commodity Exchange (member or its sister concerns) (including a subsidiary company/joint venture of the member, in case of corporate member) will be accepted, either by the firm or by its partners or relatives (husband, wife, brother or sister or any lineal ascendant or descendant) of the partners of the firm or by its associates.
b.      The audit team shall consist of two or more persons – of which one should necessarily be a partner of the firm.  The audit would not be done by a person (i) who is neither a partner nor an employee of the CA firm to which the audit has been allotted, (ii) who was earlier associated with the audit of the Exchange or Member (member or its sister concerns) (including a subsidiary company/joint venture of the member, in case of corporate member) as a partner/employee of the previous auditor.
c.       The partners, employees and other personnel of the firm will not divulge any information that has come to their possession during the course of inspection to any person other than the authorized officials of the Exchange/ Commission or to a statutory authority, under any provision of law.
6.                  Empanelment with the Exchange does not automatically guarantee assignment of audit.  Assignment of audit would be done, as per the needs of the Exchange.
7.                  The firm(s), which fulfill the empanelment criteria would be short-listed and empanelled for a period of 5 years. The decision of the National Multi-Commodity Exchange of India Limited (NMCE), regarding the selection, constitution and size of the panel would be final.
8.                  In case of any change in the constitution of the firm on account of merger, de-merger or for any other reason the same would be brought to the notice of the Exchange immediately.
9.                  In case of violation of any of the above conditions and for any other reason deemed appropriate by the Exchange, the firm would be liable to be removed from the panel of the Exchange and the decision of the Exchange in this regard would be final.
10.              The methodology adopted for conducting the Inspection should be as per PART B of the Guidance Manual for Audit of the Members of the Commodity Futures Exchanges.
11.              The procedure and coverage of Inspection should be as per the Chapter II and PART C provided under Guidance Manual for Audit of the Members of the Commodity Futures Exchanges.
12.              The Format adopted should be as per Schedule II Format of Inspection Report under Guidance Manual provided for audit of the members of the Commodity Futures Exchanges.
13.              A fortnightly status report is expected from the auditors stating the progress of inspection of each Member allotted to them.
14.              After the completion of the Inspection the Auditor would be required to submit the Audit Reports in Hard (two copies) and soft form (Compact disc)
15.              A copy of the Pre-Inspection Questionnaire as per Schedule-I, furnished by the Member should also be attached to the Audit Report.
16.              The Audit Report not submitted in accordance with the terms and conditions shall not be accepted by the Exchange.

Opportunities under RERA

CA’s, Engineer, Architects Professionals play a prominent role under RERA. All promoters shall obtain from these 3 professional’s certificates from time to time to withdraw the money from the project Bank Account based on % of development of the project.
  • the engineer shall certify that the items shown in the cost of construction is matching to the physical condition at the site of the real estate project;
  • the architect shall certify that the physical condition at the site is built as per the sanctioned plan; and chartered accountant shall certify the cost incurred on construction cost and land cost;
  • the chartered accountant shall also certify the proportion of the cost incurred on construction and land cost to the total estimated cost of the project
Further few states have notified the drafts of the certificates along with guidance for issuance of these certificates.
Section 56 gives legal authorization to the "Chartered Accountants, Cost and Management Accountants, Advocates and Company Secretaries" to act as a Legal representative of promoter or Real estate agent under the Act. Following are the opportunities provided under the Act to Chartered Accountants, Cost and Management Accountants, Advocates and Company Secretaries: 
To present the case before the Appellate Tribunal or the Regulatory Authority or the adjudicating officer; Drafting of Reply to show cause notice; appeal etc.; 
Assisting client in respect of filing of application for registration under the Act; 
Preparing up-to-date list regarding number and types of apartments or plots, garages booked; Assisting client in taking approvals which are pending subsequent to commencement certificate; Assisting client in obtaining completion certificate or the occupancy certificate; Assisting client in obtaining the lease certificate and any other certificates as and when required; 
Assisting client in preparing various documents, agreement and deed from time to time; Help in maintaining web page and providing information as are required to be mentioned on that web page; 
Providing consultancy/opinion with respect to various transaction under RERA and other laws; Provide assistance with regard to any other information and documents as may be demanded by the Authority; 
Valuation of projects under RERA.

As a Examiner

Applications for empanelment as examiner of Chartered Accountants examinations are invited from eligible members of the Institute and other professionals including academicians of reputed educational institutions, tax and legal practitioners etc., having a flair for academic activities including valuation of answer books and willing to be a dedicated examiner.
1. Chartered Accountants with a minimum of four years standing in practice or in service are eligible to apply.

2. University Lecturers/Professors with a minimum of five years teaching experience are eligible to apply.
Please find below the relevant link

As a checker

Invitation to become Checker for Chartered Accountants Examinations
Examination Department of the Institute would like to avail the services of the members of the Institute (upto 15 years of Experience) to act as Checker, other details are as under:
The Examination Department of the Institute avails the services of resource persons (members of the Institute, academicians, executives, etc.) to act as Examiners to evaluate the answer books of Chartered Accountants Examinations (Final/IPCE/PCE). Each examiner is required to appoint a person as his checker to inter-alia perform the following functions besides assisting him in the preparation of Award List.
The services of the checkers are required at individual examiner level to check the following:
1. To ensure that the marks awarded to the sub parts of a question entered in the marks grid on the cover page of the answer book has been totaled correctly.
2. To ensure that the total marks written in numerals in the marks grid on the cover page of the answer book tallies with what is written in words therein below.
3. To ensure that total marks in the grid is carried forward correctly in numerals in the OMR portion on the right hand bottom corner of the cover page of the answer book.
4. To ensure that the darkening of the corresponding OMR circles on the cover page is done as per the numerals written in the box there above.
5. To ensure that the total marks on the cover page of the answer book is carried forward correctly in the award list against the respective code number.
6. To ensure that the totals of the marks entered in each column of the award list is correct.
7. To ensure that the grand total of each award list is correct
8. To ensure that the total number of answer books is entered correctly in the relevant box in the award list.
9. To ensure that darkening of circles in the award list is in accordance with the marks written in numerals against the respective code number of the answer book.
10. To ensure that the page wise totals of marks awarded on the award list is carried forward correctly to the summary sheet
11.To ensure that totaling of marks of all the candidates carried forward to the Summary Sheet is correct.
12.To ensure that darkening of OMR circles is done completely in Cover page of the answer books as well as OMR Award List.
Over all scheme for members of the Institute to become checkers:
1. Members who would like to associate with the Examination Department to act as Checker have to fill up an online form available at The Examination Department will not entertain any other mode of empanelment application form.
2. Based on the assignment given to individual examiners, reference of such examiners to whom the services of empanelled checkers are required would be provided to the empanelled checkers in due course.
3. Though the empanelment is open to members having upto 15 years of experience, first preference will be given to members having upto 5 years of post membership experience. Similarly second preference will be given to members with upto 10 years of post membership experience and so on.
4. The empanelled checkers have to visit the examiners at their residence or official address for providing the services as aforesaid.
5. A token honorarium of Rs. 25 per full paper or Rs. 15 per half paper would be paid to the checkers.
6. It is anticipated that the number of visit of checker to the examiners’ office/residence would be maximum 3 to complete the assignment for which a conveyance expenditure reimbursement of Rs. 1000 for A class cities or 500 Rs. for B class cities (per occasion) will be paid. Additional visits by the checkers to examiners, if found necessary may, also be eligible for reimbursement of the conveyance expenditure subject to necessary approvals.
FEMA Consultancy by CA / CS

1. Foreign Investments
Consultants structures foreign investments into India in various sectors in compliance with all the regulatory guidelines under FEMA. Consultants will handhold the Foreign Company till it is fully and legally makes investments into the Target Company in India.

2. Acquisitions & Takeovers
Consultants handles a full range of Mergers and Acquisition transactions viz., Mergers, Acquisitions, de-mergers, dis-investment of shares / assets, Re-structuring of capital & debt, buy-back of securities, repatriation of the proceeds on winding up and on sale of shares.

3. Private equity and Venture Capital Investments
Consultants will provide consultancy and advisory support services to Private equity and Venture Capital funds for its activities.
The services include Fund Formation, on-shore / off shore structures, Registrations with Regulatory authorities in India, Forex due diligence of target/ investee companies in India, transactional support, working with Foreign Investment Promotion Board, Reserve Bank of India, etc.

4. Regulatory Approval advisory
Consultants advices its clients in regulatory compliance of FEMA transactions undertaken by them and also represents them before the regulatory authorities viz., Foreign Investment Promotion Board, Reserve Bank of India, Compounding Authority etc. and obtains necessary approvals/directions.

5. Establishment of Indian subsidiaries of Foreign Companies
Consultants assists foreign companies to set up their WOS in India. Consultants will hand hold the foreign company from structuring stage to making the investments and then to its legal establishment and commencement of operations.

6. Establishment of JV/WOS outside India of Indian entities
Consultants assists and provides advisory support services under FEMA regulations to Indian entities to set up WOS/ JVs outside India.
Consultants also assists the Indian companies in dis-investments and making periodical reporting compliance to Reserve Bank of India.

7. Establishment of Liaison Office (LO) /Project Office (PO) /Branch Office (PO) in India for foreign companies
Consultants assists and provides advisory support services in establishment of Liaison Office /Project Office /Branch Office in India by foreign companies.
Consultants also assists the offices in making periodical reporting compliance to Reserve Bank of India through the Authorized dealer banks.

8. ECB/ Trade credits
Consultants structures trade credits and ECBs for Indian entities. The services include guidance in the transaction in compliance with the FEMA regulations, periodical reporting to Reserve Bank of India, obtaining regulatory approvals for the transaction wherever required.

9. Forex Due Diligence
Consultants performs Due Diligence Services for its clients at the time of Acquisition or take over of an Indian company by a Foreign Company. This service is a unique service which will exclusively focus on Forex Regulations compliance of the target company. This is a true Value Addition service and other legal due diligences cannot replace this service. Consultants has helped several Foreign Companies with this Due Diligence service, which in some cases enabled the Foreign Company to re-negotiate the whole deal and truly added value to the deal.

10. Forex Audit
Forex Audit is a systematic analysis of all Forex Transactions of the client and examining their compliance to FEMA Regulations. Consultants's philosophy is not to just conduct Forex Audit and highlight the irregularities but to regularize the mistakes and draw a proper check list for all future transactions. Consultants has provided this service to several companies with true value addition.

11. Forex Remittances
Consultants provides comprehensive advisory support on structuring and executing of Forex remittances from India including remittances under Liberalized Remittance Scheme (LRS) by resident individuals and enabling its clients complying with all the FEMA Regulations applicable as on the date of transaction.

12. Acquisition of immovable property in India by non-residents
Consultants provides advisory and support services to eligible non-residents in acquiring permitted immovable properties in India. The services include review of the eligibility of the investor, type of property and routing of funds for the investment / acquisition.
Our Latest Case Studies...

Reviewed the capital structure of a Hospital company wherein a Non resident investor planned for equity investment.

Certificates issued by CAs to have unique identification numbers

All certificates issued by chartered accountants will have a unique document identification number from January next year as part of efforts to prevent forgery of documents. The Institute of Chartered Accountants of India (ICAI), which has more than 2.92 lakh members, on Tuesday said it has introduced the Unique Document Identification Number (UDIN) for the members. According to the institute, there has been an increasing trend to forge the stamp and signature of chartered accountants. The UDIN would be "mandatory for all practicing chartered accountants w.e.f. January 1, 2019 to register all certificates issued by them with UDIN portal which can be verified by users/ stakeholders," the institute said in a release. A number would be generated for every document certified or attested by a chartered accountant and the same would be registered with the UDIN portal. In a set of Frequently Asked Questions (FAQs) about the initiative, the institute said that UDIN would help curb the menace of fake or forged documents.
In its release, the ICAI cited an order by a division bench of the Calcutta High Court passed on June 21 related to one Binod Kumar Agarwala and Income Tax Department wherein the institute was directed to initiate appropriate action against the concerned chartered accountants firm. "The high court while passing the orders observed that the firm had prepared balance sheet of the assessee i.e. Binod Kumar Agarwala by projecting a rosy picture as to the credit worthiness of the assessee for the purpose of availing credit facilities from the bank," the release said. Later, the ICAI issued a show-cause notice to the firm seeking an explanation. "However, the said firm of chartered accountants has vehemently denied stating that their firm had not prepared those documents and their signatures and stamp has been forged. "The firm had also submitted of having filed a FIR with Kharagpur Police and a sworn affidavit affirming their non-association in this matter. However, Director (Discipline), ICAI is further examining the matter," the release said.

National Financial Regulator

Change in Disciplinary proceedings of ICAI

After 2006, the whole concept of disciplinary proceedings for chartered accountants have been amended. Previously the Disciplinary Committee was the enquiry committee and the Central Council was awarding punishment. Now Disciplinary Committee comes under Code of Civil Procedure and the punishment is awarded by this committee. The Central Council of the CA Institute does not award the punishment since 2006.


NEW DELHI – 110 002

New Delhi, 8th January, 2016


(Chartered Accountants)

No.54-EL(1)/14/2015: In pursuance of Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006, the Council of the Institute of Chartered Accountants of India is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twenty Third Council of the Institute from the constituencies as given below:-

1.           Western India Regional Constituency comprising the States of Goa, Gujarat and Maharashtra and the Union Territories of Dadra & Nagar Haveli and Daman & Diu.

Membership No.
CA. Bhandari Anil Satyanarayan, FCA
CA. Chhaira Jay Ajit, FCA
CA. Chhajed Prafulla Premsukh, FCA
CA. Ghia Tarun Jamnadas, FCA
CA. Hegde Nandkishore Chidamber, FCA
CA. Jambusaria Nihar Niranjan, FCA
CA. Khandelwal Dhiraj Kumar, FCA
CA. Kinare Mangesh Pandurang, FCA,
CA. Shah Dhinal Ashvinbhai, FCA
CA. Vikamsey Nilesh Shivji, FCA
CA. Zaware Shiwaji Bhikaji, FCA

2.           Southern India Regional Constituency comprising the States of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telangana and the Union Territories of Lakshadweep and Pondicherry.

Membership No.
CA. Babu Abraham Kallivayalil, FCA
CA. Devaraja Reddy M., FCA
CA. Madhukar Narayan Hiregange, FCA
CA. Sekar G., FCA
CA. Sripriya K. (Ms.), FCA
CA. Vijay Kumar M. P., FCA

Eastern India
Regional Constituency
comprising the States of Arunachal

Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Sikkim,

Tripura, West Bengal and the Union Territory of Andaman & Nicobar Islands.



Membership No.


CA. Agarwal Ranjeet Kumar, FCA



CA. Goyal Sushil Kumar, FCA



CA. Mitra Debashis, FCA

Central  India  Regional  Constituency  comprising  the  States  of  Bihar,

Chattisgarh, Jharkhand, Madhya Pradesh, Rajasthan, Uttarakhand and Uttar




Membership No.


CA. Agarwal Shyam Lal, FCA



CA. Agrawal Manu, FCA



CA. Kushwah Mukesh Singh, FCA



CA. Sharma Prakash, FCA



CA. Soni Kemisha (Ms.), FCA


5.           Northern India Regional Constituency comprising the States of Haryana, Himachal Pradesh, Jammu & Kashmir and Punjab and the Union Territories of Chandigarh and Delhi.

Membership No.
CA. Agarwal Sanjay, FCA
New Delhi
CA. Chaudhary Sanjiv Kumar, FCA
CA. Gupta Atul Kumar, FCA
CA. Gupta Naveen N. D., FCA
CA. Gupta Vijay Kumar, FCA
CA. Sharma Rajesh, FCA
CA. Vasudeva Sanjay, FCA
New Delhi

(V. Sagar)

Returning Officer and Secretary

Total Number of Members of ICAI as on 27.10.14 - 227555. 
Central 36720; 
Eastern 21935; 
Northern 46059; 
Western 78439; 
Southern 44402. 
 Total 32 Central Council Members of ICAI.
Central 5; Eastern 3; Northen 7; Western 11; Southern 6

ICAI Election Procedure

Our elections are held on the single ‘transferable vote’  system under which the voter has to indicate his preferences about the candidates by inserting the figures 1, 2, 3 etc against the names of the candidates according to his preference. Some members are under the impression that only the ‘ first’ preference vote has value. This impression is not correct. A candidate is required to obtain only specified number of first preference for getting himself elected. If the first preference votes obtained by him are more than the required number, the excess is transferred to candidates who have secured 2nd and 3rd preferences. Similarly, if the number of the first preference votes received by received by a candidate are much below  than the required number of, his first preference votes will be transferred at full value to those candidates who have been marked for subsequent preferences. It is, therefore, important to know that a voter should not select only one candidate of his choice but should select as many candidates as possible and mark his for such candidates. This will help the voter to get at least one of the candidates of his choice elected.

The procedure for counting the votes and for distribution of the proportionate value of various preferences to different candidates is somewhat complicated. An attempt has been made in the illustration given below to explain the working of this system.
  1. No. Of candidates                              10
  2. No. Of candidates to be selected          5
  3. No. Of valid votes cast                   3,000
  4. Quota for election
3,000 x  100
—————–    +   1        =       50,001
5 + 1
For the purpose of simplification the quota for this illustration is taken to be 500 votes
5. Distribution of votes:
Candidatesfirst preference
6. First Count:
(i) Candidate ‘A’ will be declared elected as he gets more than 500 votes
(ii) Surplus of 50 votes will be distributed to other candidates. For this purpose the value of surplus votes will be worked out and distributed   will be worked out and distributed to candidates who have been marked second preferences.
(iii) If only 500 out of 550 voters have exercised their second preferences, the value of each surplus vote will work out to 50 divided by 500 i.e. 10%. On distribution of second preference votes, the position of the other candidates will be as under, if these preferences are received by B, C D and E only.
CandidatesOriginalDistribution of VotesTotal surplus
B475(250)   25500
C375(100)   10385
D350(100)   10360
E325( 50)      5330
On the above basis, candidate ‘B’ will be declared as elected as he gets 500 votes on distribution of surplus of ‘A’.
7. Elimination candidates:
(i) Since there are no surpluses with other candidates, the candidate who has got the lowest number of votes will be eliminated.
(ii)In the given case ‘J’ will be the first to be eliminated. 55 votes in his packet will be distributed to candidates who have been marked second or  subsequent preferences  at full value. If only 50 voters have marked second or subsequent preferences the distribution will be as under.
CandidatesOriginal+                              iii abovevotes from ‘J’Total
(iii) The next candidate to be eliminated will be ‘I’ with 100 votes. I all the voters have exercised subsequent preferences, the position will be as under:
Candidatesvotes b/fdistribution of “I”Total
(iv) The next candidate to be eliminated will be “H”. If all the 150 candidates have expressed their subsequent preferences, the position will be as under:
Candidatesvotes b/fdistribution of “H”Total
On this basis “D” will be declared elected and “F” who has got the least votes of 335 gets eliminated. Out of this 33  if only 275 voters  have expressed their subsequent preferences the distribution will be as follows:
Candidatesvotes b/fdistribution of “H”Total
Here “G” gets elected.
(v) The remaining candidates will be “C” and “E”. Since the number of votes obtained by “E” is 470 as against 455 by “C”, “E” will be declared elected even though he had secured less than 500 votes.
(vi) A, B, D, G and E will be the candidates who are successful in this election.

CPE credit requirement for chartered accountants can be met through unstructured learning for members in service and can be filed online

CPE credit requirement for chartered accountants in service can be met through unstructured learning also which is based on self declaration of any of the following activities

Type of Activity
Web- based
(1)      Web-based Learning Modules
(2)  Viewing of programmers hosted on the web channel of   ICAI
Self-learning Modules and Courses
(1)  Audio- tapes/video- tapes.
(2)Correspondence courses.
(3)  Computer based learning programmers
Acting as Faculty
Acting as visiting faculty or guest faculty at various Universities/ Management Institutions / Institutions of National Importance
Teleconferencing Programmes
Participant in CPE Teleconferencing Programmes with supervision of the POU
Questionnaires/ Journals
Providing solutions to questionnaires / puzzles available on Web/Professional Journals
Internal Training Programmes
Internal Training Programmes being organised by firms of CharteredAccountancy with seven or more partners

ICAI loosing sole jurisdiction

Power to regulate member of profession
SEBI jurisdiction over auditors of listed companies-

Sebi had issued a showcause notice to Price Waterhouse asking it to explain why it had kept quiet about murky financial dealings of Satyam, although it was associated with the company for several years.

PWC, which had been associated with Satyam for several years as auditors, had contended that only Institute of Chartered Accountants of India can hold enquiry with regard to its professional conduct.

Price Waterhouse had moved the High Court challenging Sebi's jurisdiction over the audit firm as it has nothing to do with the securities market.

Sebi's lawyer argued that auditors have a "direct, fiduciary relationship with shareholders" and shareholders incurred losses for decisions taken by them based on Satyam's balance sheet.

The Bombay High Court has ruled in Aug 2010 that the Securities and Exchange Board of India (Sebi) can proceed with its inquiry against audit firm Price Waterhouse for its alleged role in Satyam scam as it is a preventive action by the regulator to safeguard interests of investors.

Noting that prima facie Sebi had found evidence of violation of accountancy norms, court said that it has the jurisdiction to regulate markets and to protect investors' interest.

Further, judges noted that Sebi does not intend to bar PWC from chartered accountancy profession, but only wants to enquire into the Satyam issue.

The high court, however, said if it is found that there was omission without any connivance, then on the basis of such evidence, Sebi cannot give any further directions. But if there is evidence, the regulator can proceed by giving directions, the court ruled.

Iif the auditor is found guilty, Sebi can ask listed companies not to use PWC's services, the court observed.

Expressing satisfaction over the Bombay High Court order, ICAI said Sebi is the right authority to probe allegations of irregularities against audit firm Price Waterhouse in the multi-crore Satyam scam.

"ICAI, as institute, cannot proceed against any firm. SEBI has the authority to do it, in the interest of shareholders," Institute of Chartered Accountants in India (ICAI) President Amarjit Chopra told media while commenting on the Bombay High Court ruling that dismissed the petition of Price Waterhouse.

"Price Waterhouse is caught in its own web. They wanted to wriggle out, but they are caught...We welcome the ruling," Chopra said.

Price Waterhouse had said that it would consider various options, including filing an appeal in the Supreme Court, against the order of the High Court.

"...further proceedings of Sebi have been stayed by the HC for four weeks. We await receipt of the HC written order, to decide our next course of action, including the option of filing an appeal in the Supreme Court," it said.

Source - the economic times

 Sebi bans PwC for 2 years: It is unprecedented but a wake-up call for auditors, others associated with capital markets  by Jayant Thakur

Sebi's order of 10 January 2018 places a 2-year ban on PricewaterhouseCoopers (PwC) in India. This has come exactly 9 years after the confession of B Ramalinga Raju, Chairman of Satyam Computer Services Limited (whose accounts were audited by PwC), to massive financial manipulation. Auditors are the most visible and reliable gatekeepers of accounts. It is expected that their role in the matter (of manipulation) would be closely scrutinised. However, such a ban (plus disgorgement of fees) of the 11 firms in the PwC network is not merely unexpected and unprecedented, but far-reaching too.
Two years may not sound like a life sentence, but for a professional firm that relies on professional skilled personnel and knowledge, infrastructure, clients, etc., it could cause a lot of harm.
Can Sebi act against auditors -- this contention was upheld by the Bombay High Court in 2010 in the PwC case itself. It rejected the argument that Sebi has no jurisdiction to take action against auditors who participate in frauds in listed companies. Using general powers available to it under law and armed further by this decision, Sebi has already passed orders on auditors earlier. But this order is much more detailed and has wider ramifications.
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Any professional – not just a Chartered Accountant, but even doctors, lawyers, etc. – is concerned that his work would be minutely scrutinised with the benefit of hindsight by regulators, courts and errors would be found. However, in this case, had the issue been merely of faulty/negligent work, Sebi may not have been able to take action. The question here was not whether the work was faulty but that it involved knowing participation in a fraud. Sebi not only found serious faults in the conduct of the audit of Satyam by PwC but also that these amount to complicity in the fraud.
Sebi found, for example, that PwC did not do its job well while verifying the huge bank balances/fixed deposits that Satyam supposedly held but actually did not. Sebi highlighted that these constituted nearly 70 percent of the total assets, yet PwC did not provide the necessary  'professional skepticism' in verifying them. Instead of verifying these balances directly from the bankers themselves, PwC largely relied on confirmations obtained through Satyam. This was not only against norms prescribed by the parent body of Chartered Accountants – the Institute of Chartered Accountants of India – but against their own internal manual for conduct of audit.
PricewaterhouseCoopers International. Reuters
PwC, Sebi further said, did not detect huge amounts of sales fraudulently recorded in the accounts. Sebi said thousands of fake sales invoices were recorded in a out-of-the-routine course. This should have normally come up in an audit if proper procedures were followed. There were other findings too. However, the question that arises is – even if assuming that all these were faults - did they amount to PwC being complicit in the fraud? Sebi can take action only if it can show complicity to fraud.
Sebi said that to prove complicity in frauds, the standards of proof are lower than in criminal cases. The standard applicable is it is more than likely that PwC was complicit in the fraud. Sebi said that this fraud was perpetrated over several years and if certain basic and prudent audit procedures were not followed, it is more than probable that there was complicity of PwC in the fraud.
The Order said, “There can be only two reasons for such a casual approach to statutory audit – either complacency or complicity”. Thus, it held that PwC was guilty of complicity in the fraud.
The question is, who should be acted against here? Are the persons directly responsible for the audit to be acted against or should the order cover the whole PwC group in India including persons and firms distant to the whole matter? Interestingly, Section 147 (5) of the Companies Act, 2013 clarifies that in case of a firm of auditors, it is the firm and the partners who committed the fraud or colluded therein who are liable for fraud. The Companies Act 2017 (provisions not yet notified) adds a proviso that says that in case of criminal liability other than fine, only the partners involved in the fraud would be liable.
Sebi however noted several aspects here. It found close connection between several member firms of PwC including sharing of resources. It referred to settlement orders of SEC, USA in this matter. It also noted that the firm name was used in the audits and the brand thus served an important purpose and stamp of credibility. Thus, it ordered that the ban should apply to the whole group. This will have far-reaching implications as a precedent.
It is almost certain that the Order will be appealed against. How it turns out will matter not just to listed companies and their shareholders, auditors and professionals generally, but also to other stakeholders in the capital market.

Power to issue standards
Who is the Account & Audit Regulator of India? NFRA or ICAI?

The Companies Act, 2013 has introduced a new regulatory authority under Section 132 for financial reporting known as National Financial Reporting Authority (NFRA) which has wide powers to recommend, enforce and monitor the compliance of accounting and auditing standards. The Companies Act, 1956 empowered the Central Government to form a Committee for recommendations on Accounting Standards, which is National Advisory Committee on Accounting Standards (NACAS). This is now being renamed with enhanced independent oversight powers and authority as National Financial Reporting Authority (NFRA).

Before the passing of companies Act, 2013 the account & audit actions were regulated by the world’s 2nd biggest accounting body ICAI but through the Companies Act, 2013 a quasi-judicial body named National Finance Reporting Authority of India (NFRA) which is the renewed form of NACAS also empowered with the account & audit regulation power. Therefore, the issue of distribution of power as to the audit & account regulation between NFRA & ICAI is very debatable between both the authorities.
The NFRA by the virtue of new company legislation is empowered with various powers like suo moto investigation in case of professional misconduct, recommendation to government about formulation of accounting and auditing policies and standards, imposing penalties, debarring members of the institute etc. All these powers are also entrusted to the ICAI by virtue of Chartered Accountant Act, 1949.

Now the question arises as to who is the account and audit regular of India? On this question Mr. Sachin Pilot, the then Union Minister for corporate affairs had stated that
NFRA and ICAI shall co-exist and NFRA will be the overarching body, with large canvas to operateNFRA will be a nodal agency for financial reporting with quasi-judicial powers and the power to suspend auditors.”

But is it possible to say that two largest body made by the government will co-exist? Let’s have a look to the points on which these two authorities can collide:
·         By this change, the role of ICAI is reduced to issues which are very intrinsic and essential to the profession. For instance, the rule is that a CA cannot advertise, however, if a CA is caught advertising, under the new law NFRA will step in on issues of professional misconduct, which was earlier, the function of ICAI. At the same time, NFRA and ICAI will investigate the same person for professional misconduct so there is a chance for overlapping of various other powers and it would surely results in conflict between these statutory bodies. Also, it is specified that no other institute or body (including professional institutes) shall initiate or continue any proceeding in such matters of misconduct where the authority has initiated an investigation under this section.  Therefore, it would not be wrong to say the NFRA is an eclipse on the powers of ICAI.
·         Further, the power to formulate the policies and standards for accounting and auditing can be exercised by both bodies. By this power, there is possibility that both the authorities differ in opinion as to the standards or policies, or it would result in the duplication of work within both NFRA & ICAI.  This thing will also lead in confusion to government at several times.
NFRA is entrusted with a step up power from ICAI, which is to punish the audit firm also which ICAI cannot exercise. ICAI is empowered to punish only individual not the firm. As shown in landmark accounting fraud case of Satyam computer in 2008 in which the audit firm which prepares the fraudulent company accounts were never booked and only the partner who signed the accounts sheets was booked. Therefore, the NFRA is the body which can book the audit firm also for their misconduct in relation to the profession.

This article is written by Narendra Mohan, a student Faculty of Law, Lucknow University

Definition of accountant /auditor  - Whether meant for CAs only, cannot include CWA / CMA and CS 
Issues in Direct Tax code

The finance ministry’s proposal to expand definition of accountant to include company secretaries and cost accountants in the new Direct Taxes Code has the chartered accountants’ community up in arms.
The draft of the DTC, placed for public comments early this month, proposes to widen the scope of the definition of accountant to include other professionals as well. In the Code, the accountants would be responsible for undertaking audit and certification of accounts of assesses, something which has been the domain of chartered accountants so far.
This has the CA community worried. Concerned over the proposal, Institute of Chartered Accountants of India (ICAI) president K Raghu, along with a few council members of the institute, met top officials in the finance ministry last week to impress upon the difference in expertise of CA and other professionals.
“CAs are ideal to do tax audit, we are apt for financial audit. We have told the revenue secretary and the CBDT chairman that this work should be only for CAs as we have the expertise required for the job. They have assured us that they will look into it,” Raghu told The Indian Express.

In the meeting with revenue secretary Rajiv Takru and Central Board of Direct Taxes (CBDT) chairman RK Tewari on April 16,2014 the ICAI officials also said that the move would lead to loss to the exchequer due to issuance of audit certificates by professionals having limited knowledge of audit of accounts. According to the proposed definition of accountant, apart from CAs, company secretaries and cost accountants would also be included in it. The standing committee on finance had earlier urged the finance ministry to include company secretaries and cost accountants in the definition of accountant arguing that it will provide small and medium enterprises a wider and cost effective scope for selection of professionals.
ICAI’s opposition notwithstanding, the proposal has brought cheers for the cost accountants and company secretaries who argue that the move is timely and need of the hour.
“This is timely and appropriate in view global situation. Why should there be a monopoly of one profession? Cost-based and operational audits are required today. This is the age of professional accountants and not chartered accountants. Stakeholders need specific information,” SC Mohanty, president, Institute of Cost Accountants of India, said. He added that the institute will make a representation before the finance ministry after the elections. Widening of definition will benefit other professionals also because several legislations including excise use the definition of accountant from the Income Tax Act.

Auditors under new Companies Act 2013

Rules relating to audit and auditors under companies act 2013 are notified

All rules relating to chapter X of the Companies Act, 2013, relating to audit and auditors have been notified. Further, The Companies Act, 2013, has come into effect from April 1, 2014.

Many of the final rules are more rational, even as auditors will continue to find some new requirements challenging.

Mandatory rotation of auditors:  The final rules, which were recently issued, on the eve of coming into force of the Companies Act itself, are comparatively more reasonable for the auditor community without diluting the interest of any stakeholder (say, creditors) of large private companies.

Rotation of auditors is now mandatory for all listed companies and only those unlisted and private companies which meet the prescribed criteria.

 Unlisted public companies with a paid up share capital of Rs. 10 crore or more; private limited companies with a paid up share capital of Rs. 20 crore or more; and companies with public borrowings from financial institutions, banks or from the public (by way of deposits) of Rs. 50 crore or more; will need to rotate their auditors.

 A press release from The Institute of Chartered Accountants of India (ICAI) quotes its President, C.A. K Raghu as saying: Rotation of Auditors which has not been accepted across the world is now only restricted to certain class of companies leaving close to 90% of the companies outside the scope of rotation. This will benefit small and medium practitioners (which means auditors) and corporates.  

 Last December, member countries of the European Union, approved new auditor regulations, which provide that auditor of public interest entities, be rotated every ten years – with provisions for a longer tenure when audit engagements are put out for bid or joint audits are performed. Public interest entities include banks, insurance firms and listed companies. “A point to note is that private companies continue to remain out of the ambit of auditor rotation requirement,” points out a retired auditor friend to Zenobia Aunty. Moreover, he adds: Auditor rotation isn’t yet on the legislative books in the United States of America.

Well, back home, private companies meeting the specified criteria have no choice but to rotate audit firms. One may well say that these are large firms, well equipped to bear any administrative hassles and costs that may arise owing to auditor rotation requirements.

 Private companies in India which are subsidiaries of global MNCs will also have to comply with rotation requirements if they meet the prescribed thresholds. MNCs typically prefer to have a single audit firm carry out audit for its subsidiaries spread across the globe – it helps in seamless consolidation of accounts. Guess, they have to toe the line adjust to this new local requirement. Many could call it the cost of doing business in India!

Perhaps a 100% subsidiary in India of a foreign company, could have been exempted from audit rotation requirements.

Maximum tenure of an audit partner or audit firm: As regards the maximum tenure of an auditor (partner in an audit firm) and the audit firm, the term prescribed is five years and ten years respectively. Further, shareholders can at their discretion even determine that the audit partner be rotated at much shorter intervals or that there be a joint audit conducted.

The final rules clarify with an illustration, issues relating to a transitional period which is three years. Thus, if an audit partner, or audit firm is due to complete the maximum prescribed term of five and ten years respectively, the rotation requirements will apply at the end of the three year transition period starting from April 1, 2014. This transitional period is much welcome and who knows what the laws will be three years down the line – an amendment is always possible!

Rotation of auditors is in a nascent stage, be it in EU or in India. Thus, no statistical evidence would be available of whether such rotation truly meets the intended objective of ‘independence’ or whether it just results in an added administrative cost for companies.

Cap on the maximum number of audits: Surprisingly the cap on the number of audits continues. The earlier Companies Act and the Institute of Chartered Accountants of India restricted the number of auditee companies to thirty. An audit partner could not be an auditor for more than twenty public companies of which not more than ten companies could have a paid up share capital of more than Rs. 25 lakh.
The Companies Act, 2013 and the final rules do not prescribe for any restrictions on the maximum number of audits based on the size of the companies. Thus, the maximum number of audits per audit partner is now twenty – which would include audits of small private companies.

Understandably, ICAI’s President has said: “As far as the limit of twenty audits is concerned, this is likely to create practical difficulties for the profession. With the technological advancement both in accounting and auditing, chartered accountants can serve and bestow personal attention to a much larger population than the limit prescribed.”

Reporting Frauds: While challenges arising from the above points can be dealt with by the audit professionals, the biggest challenge that lies ahead is public perception. Zenobia Aunty’s favourite niece – this columnist, is a chartered accountant.

One of the things she learnt as a CA student was that the “auditor is a watch dog and not a bloodhound”.  These were the famous words pronounced by Lord Justice Lopes of England’s Court of Appeals in the case of Kingston Cotton Mills, a century ago.

In other words, he or she is not meant to attack the books of accounts with a preconceived notion that a fraud exists. Alas all her dreams of playing Sherlock Holmes had promptly disappeared during her first week of internship itself! But she soon learnt what it means to be a truly independent auditor, one whom the stakeholders can rely on. The auditor, after all, is responsible for verifying whether the financial statements exhibit a true and fair view of the state of affairs of the business.

Over the years, while auditors have continued to bank upon Lord Justice Lopes’ verdict, public perception has changed. Incidents of fraud, even if ingenious and conducted by top management – such as Satyam in India have widened this perception gap.

Perhaps this change in perception is captured in the Companies Act, 2013 and notified rules. It was required under the new Act that the auditor should immediately inform the Central Government within a prescribed time frame and in the prescribed manner, if the auditor had reason to believe that an offence involving fraud is being or has been committed against the company by its officers or employees. No materiality limit was set for such reporting. The term ‘Fraud’ as defined under the Act, covers every act of omission or commission.

 ICAI in its press note comments: We also understand that there are going to be practical difficulties in dealing with the requirement to report on every fraud. However, the silver lining in the final rules on reporting of fraud is that now the auditor need not report the fraud directly to the Central Government. In the first instance, the report would have to be given to the Board of Directors of the Company and  the Audit Committee and within next sixty days, the report on fraud shall have to be submitted to the Central Government. We are looking at various possibilities and hope to resolve this issue in a practical manner soon”.

Now, the auditor is required at first to report the fraud to the board and the audit committee, seek their reply within a forty-five day period and within fifteen days of this reply, report the fraud to the Central Government together with the response of the board and audit committee. Well, this puts some degree of onus on the board and audit committee as well.

SEPT. 11 2013:  

The auditing fraternity is facing regulatory heat with the draft rules on the new company law looking to implement mandatory auditor rotation on a retrospective basis.

For the first time ever, India is introducing mandatory auditor rotation — both at an individual auditor level and at the audit firm level.

The implementation of this norm is expected to enhance auditor independence and audit quality.

The auditing fraternity had, in recent years, come under a cloud after a spate of accounting scandals, such as Satyam Computer and Reebok India. This prompted the Government to mandate auditor rotation.

The new company law, which came into force on August 30, stipulates that an individual cannot be appointed as an auditor for more than one term of five consecutive years. Shareholder ratification is also a must every year.

Also, the same individual can be re-appointed as auditor of the same company only after a cooling period of five years from the end of his earlier five-year term.

The draft rules also stipulate that an audit firm cannot be appointed as an auditor for more than two terms of five consecutive years.


There also has to be a five-year cooling period before an audit firm is reappointed after completion of two terms of five consecutive years.

India Inc will get three years to implement the new regime.

In deciding on the timeline as to when mandatory auditor rotation should kick-in, the draft rules, released on Monday, proposed that the period of holding office prior to the commencement of the new law will be counted.

“It was clearly surprising to see retrospective application of auditor rotation norms when the law (new company law) talks of two terms of five consecutive years (prospectively),” N. Venkatram, Managing Partner-Audit, Deloitte, Haskins & Sells, told Business Line.

Prior to the new law, an auditor/audit firm could be appointed by shareholders for a maximum period of one year.

“In the earlier regime, an auditor was never appointed for any term of five consecutive years. His appointment was for only one year. A term of one year is not the same as a term of five consecutive years. So, counting the past period could be questioned,” Venkatram said.

Interestingly, the draft rules are silent on the class of companies (besides listed entities) to which auditor rotation will be mandatory. This is under consideration of the Government, say the draft rules.

Vishesh Chandiok, National Managing Partner, Grant Thornton, said there was need to restrict the auditor rotation exercise to perhaps only the Sensex or Nifty companies — being the largest public interest entities — to start with.

“After learning from this experience and if it serves the original objective, then auditor rotation should be extended to a larger subset of companies in a phased manner,” Chandiok said, while welcoming the concept.

If the Corporate Affairs Ministry’s earlier plan of pegging the threshold at Rs 100-crore turnover were to be implemented, then over 10,000 companies will need to rotate auditors in the coming three years, he said, adding that this could be difficult to monitor.

Meanwhile, the draft rules stipulate that an incoming auditor will not be eligible, if such auditor is associated with the outgoing auditor under the same network of firms or is operating under the same trademark or brand.

New Companies Act 2013 : Areas of concern to Institute of chartered Accountants of India
The Institute of Chartered Accountants of India (ICAI) has certain concerns and issues in the Companies Act, 2013 as well as in the draft rules. The issue of constitution of National Financial Reporting Authority (NFRA), reporting on fraud by the auditor, cap on number of audits, auditor barred from rendering certain services. Alignment of law and rules relating thereto needs to be focused in order for proper implementation and regulation thereof, K Raghu, ICAI president said.

Since, it is for very first time under Companies Act, rules have come in larger numbers for as many sections, matching of law and its rules are far more important for all stakeholders, he said. Introduction of section 132 in the Act on the constitution of NFRA was a surprise and also the parliamentary standing committee on finance which examined the Companies bill earlier has not recommended constitution of such authority, Raghu pointed.

As on date, there are several regulations governing the profession. Need of the hour is to provide more accountability and strengthening the existing system. Multiplicity of regulators will not serve the purpose as it would lead to duplication of work on the same matter. ICAI has taken care of steps suggested by Government. NFRA will definitely lead to duplication of self-regulated authority and autonomy in the field of accounting and auditing.

The wide and sweeping powers which NFRA has under the section are likely to pose serious problems not only in the administration of corporate affairs but also the functioning of other institutions, he warned. Noting that the government is in the process of finalising the rules for the Act, Raghu said, "The ICAI has drawn the attention of the ministry to its concerns over NFRA in the draft rules and hopefully these issues will be addressed when the rules are notified.

NFRA: Ministry of Corporate Affairs has notified relevant sections to give effect to NFRA by way of notification on 24th of October, 2018.

Below are the few points and critical aspects that you needs to know about NFRA:

1.Till now ICAI used to make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards but, from now onwards ICAI will act as advisory to NFRA and NFRA will recommend to the Government

2.NFRA have the power to investigate, either suo motu or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be prescribed into the matters of professional or other misconduct committed by any member or firm of chartered accountants,
And no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation.
So, ICAI cannot interfere where NFRA has issued proceedings

3. NFRA have the same powers as are vested in a civil court 

4. And the most critical one comes here, PENALTY

where professional or other misconduct is proved:

NFRA may impose one lakh rupees - five times of the fees received, in case of individuals

ten lakh rupees -ten times of the fees received, in case of firms

Debarring the member or the firm from Practice 6 months - 10 years

CAs signing Project Report or Estimates or Provisional Figures

Now Calcutta High Court comes hammer & tongs at CAs

In the latest judgement in Binod Kumar Agarwala vs. CIT, the Hon'ble Calcutta High Court has signaled a zero-tolerance policy towards the alleged nefarious practice of CAs.

The High Court slammed the CAs for certifying bogus loans and misleading lenders, which in turn has led to the colossal NPAs.

"The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid," the High Court observed.

The assessee committed fraud on the bank and obtained credit facilities by misrepresenting its financial position.

To aid him in the criminal act, a firm of chartered accountants named 'Roy Ghosh and Associates' issued a certified balance sheet containing bogus figures.

The CA firm boldly issued a disclaimer stating that the figures "have no relation with the actual figures".

"We are giving the information and explanations herewith purely based on estimate basis and have no relation with the actual figures and to avail the bank loan.", it was stated.

The High Court seethed with anger at the blatant temerity of the Chartered Accountant in certifying the bogus balance sheet.

"The substance of the appellant's submission is that to suit a person's purposes before one authority or the other, different pictures as to the financial position of such person or any entity under the 
control of such person may be presented.

This is a question larger than any legal issue under the Income Tax Act and is a matter of public policy.

It is inconceivable that a person may approach a bank by inflating the value of his assets and a few months down the line he can deflate the value of the assets, so to say, while queuing up to pay tax."

It is scarcely expected of a banker to question the veracity of  any accounts certified by a firm of chartered accountants or to look into the fine print and comprehend therefrom that utterly bogus figures had been furnished only for the purpose of availing of the credit facilities from the bank", it was observed.

The High Court came down heavily on the practice of painting a rosy picture as to the financial position of the applicant seeking credit facilities while at the same time slipping in another balance-sheet and P&L A/c in the income-tax records indicating a less robust financial position of the constituent.

It described Roy Ghosh and Associates as a "willing accomplice" to this criminal and fraudulent practice.

It also held that the accounts cannot be "tailor-made to suit a particular purpose or window-dressed to make it attractive for bankers to rely thereupon and all the gloss and sheen removed thereafter when it
was the time to pay tax."

ITAT hauled up for not reporting the CA to the ICAI 
Jan 2019

The ITAT passed strictures and observed that a Chartered Accountant is governed by certain discipline and he has to conduct audit in accordance with the provisions and rules of the Chartered Accountants Act.

It also noted that Schedule II and Part 1 holds a chartered accountant guilty of professional misconduct if he permits his name or name of his firm to be used in connection with the audit based on estimate.

However, the High Court hinted that the ITAT should have gone further and been vigilant towards the abetment by the CA in the "commission of a colossal act of misrepresentation".

"Indeed the Appellate Tribunal may only be faulted for not reporting Roy Ghosh and Associates to the Institute of Chartered Accountants for having apparently abetted in the commission of a 
colossal act of misrepresentation which the appellant assessee undertook before his bankers for the purpose of obtaining credit facilities by indicating a financial position that was not warranted by the books of the assessee", it held.

ICAI directed to examine the issue

Ultimately, the Hon'ble High Court directed that a copy of the order be sent to the ICAI for appropriate steps, if thought fit, to be taken against Roy Ghosh and Associates in accordance with law and upon due notice to such firm of CAs.

Whether the ICAI has taken any steps pursuant to the directions of the High Court is not known as of date.

Professional Misconduct
Income Tax Audit: Negligence in reporting 40A(3) & 40(a)(ia) violation is Professional Negligence – CA awarded punishment of removal of his name from the Register of Members Ignorance & casualness may be a costly. There is not only penalty u/s 271J but also chances of Disciplinary action by ICAI. CA Ishaq Esmail Lakkadghat Versus Income Tax Officer, 11 (3) -1 Mumbai


ICAI (Institute of Chartered Accountants of India)  has brought up new code of ethics 2019. The same was to be made effect from 1st April 2020 however made applicable from 1st July 2020 due to Covid 19. The regulator being a member of International federation of accountants (IFAC) has revised new code of ethics in accordance with international standards.

Major changes have taken place in code of ethics which are as follows from erstwhile code . These are as follows.

1. Non compliance with other laws and regulation : A new version introduced this is done to ensure that while Chartered accountant is appointed for any function the responsibility to ensure that management follows all laws whether or not affecting financial statements. Examples are Fraud corruption bribery Money laundering , Terrorist financing and proceeds of crime. Data protection Public health and safety

 2. Changes in provision of taxation services to audit client :. A statutory auditor can undertake tax audit (44ab of income tax act and section 35 of CGSt act 2017) also take representation services at different forums and do issue certificates.

3. Fees relative size : A single client fees cannot exceed 15% of total fees . The above 3 clauses mentioned above are being deferred considering covid 19 constraints faced by members in practice. However other provisions are suo moto applicable A critical change taken place in Volume 1 code of ethics As per companies act 2013 rotation of auditors became applicable for certain class of companies. However under now code of ethics even partner rotation is there in the term of period which decided by client. 


*ICAI PUBLICATIONS ON AUDIT(with link to download)*

Sl. No. Publication Link
1 Handbook of Auditing Pronouncements 2019 Edition

2 Guidance Note on Audit of Consolidated Financial Statements (Revised 2016)

3 Guidance Note on Reports or Certificates for Special Purposes (Revised 2016)

4 Guidance Note on Audit of Internal Financial Controls over Financial Reporting

5 Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 (Revised 2016)

6 Guidance Note on the Companies (Auditor's Report) Order, 2016

7 Implementation Guide on Reporting Standards (Revised SA 700, Revised SA 705 & Revised SA 706)

8 Technical Guide on Audit of Non-Banking Financial Companies (Revised 2016)

10 Implementation Guide to SA 300, Planning an Audit of Financial Statements

11 Implementation Guide on Audit of Internal Financial Controls over Financial Reporting with Specific Reference to Smaller, Less Complex Companies

12 Implementation Guide on Auditor's Reports under Indian Accounting Standards for Transition Phase

13 Implementation Guide to SA 701, Communicating Key Audit Matters in the Independent Auditor's Report

14 Implementation Guide to SA 610(Revised), Using the Work of Internal Auditors.

15 Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements

16 Implementation Guide to SA 230, Audit Documentation (Revised 2018)

Evolving Auditors Role

Auditors no longer just watchdogs: NFRA chief 

Stop taking shelter under this misconception, says R Sridharan

Audit regulator National Financial Reporting Authority (NFRA) has urged the audit fraternity to refrain from taking shelter under the much venerated description of the auditor "being only a watchdog and not a bloodhound".

NFRA Chairman R Sridharan, was supposed to have delivered a speech at an ICAI event of Western India Regional Council (WIRC) but now published on the NFRA website, noted that this description needs to be "exorcised from our minds".

It may be recalled that Lopes L J had in 1896, in the famous Kingston Cotton Mill Co case, noted the "watchdog" formulation and highlighted that "An auditor is not bound to be a detective, or, as was said, to approach his work with suspicion or with a foregone conclusion that there is something wrong. He is a watchdog, but not a bloodhound. He is justified in believing tried servants of the company in whom confidence is placed by the company".

Sridharan said: "This misconception has very far reaching consequences. The law on the fraud related responsibilities of the auditor has moved far ahead of what it was in the 1890s. We need to forget the watchdog and not bloodhound description."

Sridharan's remarks are significant as some members of the audit fraternity in India were taking the stance of "auditors being only a watchdog and not a bloodhound" in defence of some of major audit failures in recent years.(such as IL&FS).

Regulation of Audit Reports by ICAI



*APPLICABLE LIST*(i) Certificates issued on the basis of Financial books of accounts and annual financial statements-Capital Contribution Certificate/net worth certificate
(ii)Certificates issued on the basis of Financial books of accounts and annual financial statements - Turnover Certificate
(iii)Certificates issued on the basis of Financial books of accounts and annual financial statements -Working Capital Certificate/Net Working Capital Certificate
(iv)Certificates issued on the basis of Statutory records being maintained under Indian Companies Act, 2013 and applicable provisions
(v)Certification of Fair Values of Shares of Company for the scope of merger / de-merger, Buy Back, Allotment of further shares and transfer of shares from resident to non-resident.
(vi)Certificates for Foreign Remittance outside India in form 15CB.
(vii)Net worth Certificates for Bank finances
(viii)Net worth Certificates for Bank Guarantee
(ix)Net worth Certificates for Student Study Loan
(x)Net worth Certificates for Issuance of Visa by Foreign Embassy
(xi)Certificate in respect of Liquid Asset under Section 45-IB of RBI Act, 1945
(xii)Certification of arms length price u/s 92 of the income Tax Act, 1961.
(xiii)Certificates for  funds/ Grants utilisation  for NGO’s
(xiv)Certificates for  funds/ Grants utilisation  for Statutory Authority
(xv)Certificates for  funds/ Grants utilisation Under FERA/FEMA/other Laws
(xvi)Certificates for  funds/ Grants utilisation Charitable trust/institution
(xvii)Certification under the Income-Tax laws for various Deductions, etc.
(xviii)Certification for claim of refund under GST Act and other Indirect Taxes.
(xix)Certification under Exchange Control legislation for imports, remittances, ECB,DGFT,EOU, etc
(xx)Certificates in relation to initial Public Issue/compliances under ICDR and LODR.
(xxi)Certificate issued by Statutory Auditors of Banks
(xxii)Certificate issued by Statutory Auditors of Insurance Companies
(xxiii)Additional Certification  by Concurrent Auditors of Banks not forming part  of the concurrent audit assignment
(xxiv)Certificate of Short Sale of securities issued by Concurrent Auditors of Treasury Department of Banks
(xxv)Certificate of physical verification of securities issued by Concurrent Auditors of Treasury Department of Banks
(xxiv)Certificate issued for KYC purpose to banks confirming sole proprietorship
(xxv)Certificate Regarding  Sources of Income
(xxvi)Certificates for Claiming Deductions and Exemptions under various Rules and Regulations
(xxvii)Certificates issued under LLP Act
(xxviii)RBI Statutory Auditor Certificate for NBFCa
(xxix)Certificate issued under RERA
*Certificates includes Reports issued in lieu of a Certificate in terms of Guidance Note on Reports or Certificates for Special Purposes (Revised 2016)

*NOT APPLICABLE LIST*1. Auditor's Opinion/Reports issued by the Practicing Chartered Accountant under any Statute w.r.t. any entity or any person (e.g.: Tax Audit, Transfer Price Audit, VAT Audit, GST Audit, Company Audit, Trust Audit, Society Audit, etc.,
2. Valuation Reports
3. Quarterly Review Reports,
4. Limited Review Report
5. Information System Audit,
6. Forensic Audit,
7. Revenue / Credit / Stock Audit,
8. Borrower Monitoring Assignments,
9. Concurrent / Internal Audit and the like,
10. Any report of what so ever nature issued including Transfer Price Study Report, Viability Study Report, Diligence Report, Due Diligence Report, Management Report, etc.