Page 53 - PowerPoint Presentation

ICAI LATEST NEWS FEED

ICAI members can have Chartered Accountants Australia & New Zealand

Membership

ICAI entered into an arrangement with Chartered Accountants Australia & New
Zealand whereby its members based in the two countries would be able to have
membership of CAANZ

The Institute of Chartered Accountants of India (ICAI) has entered into a unilateral
arrangement ‘Pilot International Pathway Scheme’ with Chartered Accountants
Australia & New Zealand (CAANZ)

ICAI members based in Australia and New Zealand would get the membership of CA
ANZ by completing 40 hours of self-study program and attending a two days’
workshop in less than one month’s time. The participants shall be evaluated through
oral and written assessments during the workshop.

Frauds of a Partner are NO more limited to his responsibility

The Notification issued by the Ministry of Corporate Affairs (MCA) on 7th May 2018
has omitted the Rule 9 of the Companies (Audit and Auditors) Rules, 2014 from the
Companies Act 2013.

The omitted Rule 9 imposed liability on the concerned partners only i.e. In case of
criminal liability of any audit firm, the liability other than fine, would devolve only on
the concerned partner or partners, who acted in a fraudulent manner or abetted or, as

the case may be, colluded in any fraud.

Inconsequent to the omission of Rule 9, audit firms can now be punished for an
offence done by one of its partner who acted in a fraudulent manner or abetted or
colluded in any fraud.

53
www.icaidohachapter.org