ICAI invites suggestions from members to enhance audit independence and accountability

Last updated: 18 March 2020

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The Institute of Chartered Accountants of India (ICAI) is seeking feedback from its members on a consultation paper aimed at strengthening audit independence and accountability. The paper, issued by the Ministry of Corporate Affairs, examines current laws and proposes amendments to ensure auditors can perform their duties with integrity and objectivity. ICAI is encouraging members to share their views on these crucial matters.

Announcement Sub: ICAI invites suggestions/comments from members on Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability by 12.00 Noon on 21st February, 2020. The Ministry of Corporate Affairs, Government of India has issued a Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability wherein the comments have

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FAQ :

The ICAI is inviting members to provide suggestions and comments on a consultation paper designed to enhance audit independence and accountability.

The consultation paper aims to examine existing legal provisions and propose suitable amendments to improve audit independence and accountability.

Auditor independence means an auditor must carry out their work freely, with integrity, and in an objective manner, without undue influence.

The auditor's report is a public document relied upon by various stakeholders, including shareholders, financial institutions, the government, and the general public.

Members are requested to provide their suggestions and comments to the ICAI by 12.00 Noon on 21st February 2020.

A copy of the consultation paper is available at http://www.mca.gov.in/Ministry/pdf/Comments_08022020.pdf, and members can submit their comments via the provided link: https://forms.gle/uwDoPdgEL7ucsYyy7.

Attached File : 40_18054_58436icaimcp180220.pdf

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