The institute has already implemented several strategies to encourage the aggregation of CA firms. Credit: Abshine love/Shutterstock.

The Institute of Chartered Accountants of India (ICAI) is planning to finalise international networking guidelines for Indian chartered accountant (CA) firms within this fiscal year, reported Press Trust of India (PTI).

ICAI president Ranjeet Kumar Agarwal highlighted the institute’s commitment to fostering large domestic CA companies capable of competing on a global stage, the report said.

As of now, Indian CA entities operate without any specific guidelines for international networking.

The ICAI, which boasts over 400,000 members, is pursuing initiatives to position India as a global hub for accounting and auditing services.

Agarwal outlined the institute’s strategy to scale up Indian CA companies and enhance their international presence.

The institute has already implemented several strategies to encourage the aggregation of CA entities.

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The ICAI is also seeking to relax the regulations that currently limit chartered accountants from advertising and soliciting clients.

To enact these changes, an amendment to the Chartered Accountants Act of 1949 is necessary, Agarwal said.

Once finalised, the proposed amendments would be submitted to the government.

Furthermore, ICAI has expressed concerns to the Ministry of Corporate Affairs regarding proposed amendments to certain auditing standards, specifically SA 600, which deals with the audit of group companies, and SA 299, concerning the joint liability of auditors.

In a separate development, the ICAI is planning to establish 11 Centres of Excellence (CoEs) in India over the next three years, with a focus on specialised areas to promote financial and tax literacy, reported PTI.            

Currently, two CoEs in Hyderabad, Telangana and Jaipur, Rajasthan are operational, and another is set to open in Kolkata, West Bengal, by January 2025.

Furthermore, ICAI is advocating for the concept of the International Financial Services Centre (IFSC) as part of its broader objective.