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ICAI CA May 2021: Plea In Supreme Court For Opt Out Option, Extra Attempt


ICAI CA May 2021: Plea In Supreme Court For Opt Out Option, Extra Attempt
The petition has asked for the Supreme Court’s direction to the ICAI to include an opt-out facility in the May CA exams, allowing students to carry forward their candidature to the next session of these exams.
Education |
Edited by
Bishal Kalita |
Updated: Jun 9, 2021 2:47 pm IST
| Source: Careers360
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Image credit: Shutterstock
New Delhi:
A petition has been filed in the Supreme Court of India challenging the June 5 notification issued by the Institute of Chartered Accountants of India (ICAI), regarding the conduct of CA exams.
The petition has asked for the Supreme Court’s direction to the ICAI to include an opt-out facility in the May CA exams, allowing students to carry forward their candidature to the next session of these exams.

ICAI postpones Foundation exams, releases revised schedule for these courses

ICAI has postponed the CA Foundation exams 2021. Check the revised schedule below.

ICAI declares new dates for CA Foundation, Intermediate and Final Exams 2021

CA Foundation exams conducted by The Institute of Chartered Accountants of India (ICAI) were postponed on Saturday, June 5 due to the pandemic. The exams will now commence on July 24. ICAI CA 2021 Intermediate and Final exams will be held from July 5 to July 20.

ICAI issues exposure draft of self-evaluation matrix for audit firms

Centre for Audit Quality expected to issue the final version on July 1

RBI's new norms to help enhance audit quality, transparency, add value: Experts

In April, the Reserve Bank issued a circular putting in place the new norms for appointment of statutory central auditors and statutory auditors for commercial banks, large urban co-operatives and large non-banks and housing finance companies.

ICAI chief backs RBI on new audit rules - Times of India

India Business News: In the tussle between foreign and Indian firms over auditing bank accounts, the Institute of Chartered Accountants of India (ICAI) president Nihar Ja

ICAI seconds "statutory auditors for co-op banks"

Chartered Accountants of India (ICAI) has supported RBI's new norms for banks including cooperative banks and non-bank lenders to engage statutory audi

ICAI CA May Exam 2021 dates: Inter, Final, and PQC exams to be held from THIS date

ICAI CA May Exam 2021 dates: Inter, Final, and PQC exams to be held from THIS date - Eligible candidates for the CA examination for May session can check the notice on the official site of ICAI - icai.org.

Cash loan above Rs 20,000 can put Covid-hit families in legal tangle


Cash loan above Rs 20,000 can put Covid-hit families in legal tangle
Section 269SS of the Income Tax Act, 1961 bars receipt of Rs 20,000 or more in cash as loan or deposit by an individual from another individual
Ashutosh Kumar | May 14, 2021 | Updated 13:08 IST
Mumbai-based Vishal Gupta, who lost his father to Covid-19 in May last year, faces a new challenge. Gupta's family paid over Rs 9 lakh for the treatment of his father, out of which a majority amount was raised from friends and relatives. A part of the financial help they received was in the form of cash.  
A social worker who helped the family hospitalise the patient last year recently apprised them of tax provisions that prohibit cash transactions among individuals as loan over a certain limit. Now the family of three brothers, employed in unorganised sector, fears being harassed by tax authorities.  

Cabinet clears MoU between ICAI, Qatar Financial Centre Authority


Cabinet clears MoU between ICAI, Qatar Financial Centre Authority
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Last Updated: May 12, 2021, 06:35 PM IST
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Synopsis
The Memorandum of Understanding (MoU) would enhance cooperation between the institutes to work together to strengthen the accounting profession and entrepreneurship base in Qatar, according to an official release. The Cabinet, chaired by Prime Minister Narendra Modi, approved signing of the MoU.
The ICAI has more than 6,000 members in the Middle East.
The Memorandum of Understanding (MoU) would enhance cooperation between the institutes to work together to strengthen the accounting profession and entrepreneurship base in Qatar, according to an official release.
The Cabinet, chaired by Prime Minister Narendra Modi, approved signing of the MoU.

ICAI to move RBI for tweaking of bank auditor appointment norms

Wants the cooling off period retained; suggests central bank setting minimum number of auditors

Cabinet approves MoU between ICAI, Chartered Accountants Australia and New Zealand


Cabinet approves MoU between ICAI, Chartered Accountants Australia and New Zealand
ANI |
Updated: Apr 20, 2021 23:31 IST
New Delhi [India], April 20 (ANI): The cabinet chaired by Prime Minister Narendra Modi on Tuesday has approved a fresh Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ).
The move will develop a mutually beneficial relationship between the two accountancy institutes and offer a globalized environment in order to address new challenges facing the profession. It is expected to provide an opportunity to the ICAI members to expand their professional horizons.
The engagement between the two Institutes is expected to result in greater employment opportunities for Indian chartered accountants and also greater remittances back to India.

Guwahati branch of ICAI holds peer reviewers' training meeting


Guwahati branch of ICAI holds peer reviewers' training meeting
The Guwahati branch of the ICAI (Institute of Chartered Accountants of India) organized a peer reviewers’ training meeting at the ICAI Bhawan, here for its selected members on Saturday.
STAFF REPORTER
GUWAHATI: The Guwahati branch of the ICAI (Institute of Chartered Accountants of India) organized a peer reviewers' training meeting at the ICAI Bhawan, here for its selected members on Saturday.
The 'Peer Review Framework' of ICAI is the systematic monitoring of the procedures adopted and records maintained by Chartered Accountants while carrying out audit and assurance services in the course of one's professional responsibility to ensure and sustain quality.

Individual CAs/firms cannot retain two consecutive audit rotation cycles


Individual CAs/firms cannot retain two consecutive audit rotation cycles
April 18, 2021
Can’t use trade name to bypass company law norms: CA body
A proprietary CA firm or an individual chartered accountant will no longer find it easy to retain the audit mandate in a company beyond the stipulated five consecutive years as allowed under the company law.
They cannot use their trade name to bypass the norm and bag the audit mandate for the second consecutive term (of five years) in a company, the CA Institute has clarified.
The CA Institute has made it clear that a proprietary firm (having a firm registration number) or an individual CA (practising either in his own or trade name) can be appointed auditor of a company only for one term (of five consecutive years). An individual, as a proprietor, cannot use his name, say ABC, as well as his trade name (ABC&Co), to retain the audit mandate for two consecutive audit rotation cycles of five years each.

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