Action Plan Developed by The Institute of Chartered Accountants of India (ICAI) BACKGROUND NOTE ON ACTION PLANS
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1 BACKGROUND NOTE ON ACTION PLANS Action Plans are developed by IFAC members and associates to address policy matters identified through their responses to the IFAC Compliance Self-Assessment Questionnaire. They form part of a continuous process within the IFAC Member Body Compliance Program to support the ongoing development and improvement of the accountancy profession around the world. Action Plans are prepared by members and associates for their own use based on the national frameworks, priorities, processes and challenges specific to each jurisdiction. As such, they will vary in their objectives, content and level of detail, consistent with their differing national environments and stages of development, and will be subject to periodic review and update. Refer to responses to the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaire and Part 2 SMO Self-Assessment Questionnaire provide background information on each member and associate their environment and existing processes. These responses may be viewed at: Use of Information Please refer to the Disclaimer published on the Compliance Program website. ACTION PLAN IFAC Member: Original Publish : February 2009 Last Update: January 2014 Next Update: January 2016 Status as of of Publication Page 1 of 61
2 GLOSSARY AED AOSSG ASB ASLB ATC BOS C&AG CASLB CGA CPE CPT EEG FRRB GASAB GMCS I&D IAASB IAESB IASB ICAI IES IESBA IFAC IFRS IGAS IPSASs IRDA ISA KMC MCA MOU NACAS NBFC PAO QA RBI SEBI SME UGC Accrual Exposure Draft Asian- Oceanian Standard Setters Group Board Technician Course Board of Studies Comptroller and Auditor General of India Controller General of Accounts Continuing Professional Education University Entry Level Examination Emerging Economies Group Financial Reporting Review Board Government Advisory Board General Management and Communication Skills Investigation and Discipline International Auditing and Assurance Board International Education Board International Board Institute of Chartered Accountants of India International Education International Ethics Board for Accountants International Federation of Accountants International Financial Reporting Indian Government International Public Sector Insurance Regulatory and Development Authority International on Auditing Kolkata Municipal Corporation Ministry of Corporate Affairs Memorandum of Understanding National Advisory Non-Banking Financial Companies Pay & Office Quality Assurance Reserve Bank of India Securities & Exchange Board of India Small and Medium Enterprises Universities Grant Commission Status as of of Publication Page 2 of 61
3 Action Plan Subject: Action Plan Objective: SMO 1 Quality Assurance Continue to Use Best Endeavors # Start Actions Completion Background: Peer Review Mechanism - The Institute, as a pro-active measure, introduced the Peer Review Mechanism, the first of its kind for any profession in India in the year 2002 by issuing Statement on Peer Review. The peer review is directed towards maintenance as well as enhancement of quality of assurance services and to provide guidance to members to improve their performance and adhere to various statutory and other regulatory requirements. The Statement on Peer Review was released to meet the demands of high quality assurance, consistency and greater transparency. The purpose of the Peer Review statement is to provide a framework for, planning, performing, reporting and administration of the Peer Review process. Peer Review process is intended to Review the quality control framework of the Practice Unit as well as proper and consistent application of such control frameworks across engagement samples selected for Review. The statement provides the terms of reference of such Reviews and the roles and responsibilities of the parties concerned. The implementation of the scope and authority of this Statement is to be ensured both in letter and spirit in the peer Review process. The Board, comprising of members of the Council and representatives from Government and other bodies like the Ministry of Corporate Affairs, Comptroller and Auditor General of India (C&AG), Securities & Exchange Board of India (SEBI) & CII, is moving forward in ensuring that the reviews are carried out as per the best global practices. The Comptroller & Auditor General of India (C&AG) has also recognized Peer Review Board s work; as it seeks additional details from the Chartered Accountants firms about their Peer Review Status in the application form for allotment of audit for Public Sector Undertakings. Furthermore from last few years the C&AG annually seeks details from the Institute of those firms which have been issued certificate by the Peer Review Board The Securities & Exchange Board of India (SEBI), has made mandatory with effect from April 1, 2010 for the listed entities, that limited review/statutory audit reports submitted to the concerned stock exchanges shall be given only by those auditors who have subjected themselves to peer review process and who hold a valid certificate issued by the Peer Review Board of the Institute. As far as possible, in order that the reviewers carry out review assignment(s) as per globally accepted standards, the Board has brought out a comprehensive Peer Review Manual providing an insight into various aspects of peer review process and modalities. Status as of of Publication Page 3 of 61
4 # Start Actions Completion The Peer review process can be spelt out, in a nutshell, as the following: (i) Selection of Practice Unit Peer Review is being introduced in three levels with different types of practice units being included at each such level. Practice units falling under Level I, Level II & Level III would be subjected to peer review at least once in three, four & five years respectively. However, if the Board so decides the peer review of a practice unit can be conducted at shorter intervals. (ii) Peer Reviewer The nature and complexity of peer review require the exercise of professional judgement. Accordingly, an individual serving as a reviewer shall: - (a) be a member; (b) possess at least ten years experience of audit; (c) be currently active in the practice of assurance service engagements; and (d) be free from any obligation or conflict or interest in the reviewed firm or its partners or personnel. For allotment of review work, a reviewer:- (a) should have undergone the requisite training imparted by the Board; (b) should have furnished a declaration to the following effect: - (i) that no disciplinary action is pending against him. (ii) that he has not been convicted by a Competent Court whether within or outside India, of an offence involving moral turpitude and punishable with transportation or imprisonment. (iii) that he is free from any obligation or conflict or interest in the reviewed firm or its partners or personnel; and (c) should have signed the Statement of Confidentiality. (iii) Method of Review Reviewer may adopt either compliance approach or substantive approach or a combination of both. (iv) Cost of Peer Review Cost of Peer Review, laid down by the Board is borne by Practice Unit. (v) Confidentiality Reviewer is not supposed to keep any paper(s) original or photocopy, of practice unit. He can retain only his working papers. The Reviewer, his assistant, if any, has to sign statement of confidentiality, before commencing the review. All Board Members and officers and staff assisting the Board are also subject to similar Statement of Confidentiality. (vi) Certificate of Peer Review Status as of of Publication Page 4 of 61
5 # Start Actions Completion On the basis of the report submitted by the Reviewer, the Board shall issue a Certificate to the Practice Unit. REPORTING BY THE PEER REVIEWER I Preliminary Report If the Peer Reviewer finds deficiencies in systems and procedures or non-compliances, he will have to issue preliminary report to practice unit immediately. He may consider issuing such report also in case the clarifications given by the practice unit are not found satisfactory. Practice unit has to send reply in writing within 10 days of the receipt of such report. II Final Report The reviewer should submit final report to the Board with a copy to the Practice Unit incorporating the findings as discussed with the Practice Unit. The reviewer will issue a clean report if he is of the opinion that practice unit is conducting its affairs in the manner that ensures quality of services rendered by it. The reviewer will issue a qualified report in case of non-compliance with technical standards, quality control system design deficiencies, noncompliance with quality control policies and procedures and nonexistence of adequate staff training programmes. The Board shall consider the report and if satisfied, will issue Peer Review Certificate. If not satisfied, it may issue recommendations to practice unit and direct the reviewer for follow on review. Pursuant to a follow on review, if the report of the reviewer continues to be adverse then after the procedure specified in the Statement, it may be referred to the Disciplinary Directorate for initiating disciplinary action. Initiatives/Action Taken The Peer Review Board is continuously striving towards organizing training programmes for Peer Reviewers in various parts of the country. One day training programmes are conducted all across the country wherein the members are trained on Peer Review Process. Chartered Accountants with 10 or more years of experience are required to fill the Empanelment Form and attend the said training programmes. The technical contents of the matter cover Rationale & Significance of Peer Review, Compliance with Framework of Quality Control - General & Specific Controls, Compliance with Technical, Compliance with Audit Documentation, Quality of Reporting and Reporting by Peer Reviewers. The training programme also has an Interactive Session that answers the queries of the Peer Reviewers. Refresher courses for the trained Peer Reviewers are also organized to enable the Peer Reviewers to update and upgrade their knowledge and skills. Status as of of Publication Page 5 of 61
6 # Start Actions Completion The Peer Review Board has revised the Questionnaire of the Peer Review Board. The revision of the Peer Review Manual (priced publication) is under process Education & Training The Peer Review Board organizes training Programme for Peer Reviewers, so as to create a vast pool base of trained reviewers who then carry out the Peer Review Assignments. Peer Review Board since its inception has organized 125 Peer Review Training Programmes giving training to 4810 reviewers. Such training programmes are self-funded by the reviewers. Peer Review Board has revised the publications on Training Modules for Peer Reviewers and FAQs. These publications are distributed to participants at the training programme. The Peer Review Board has organized 4 Workshops on Quality Review Board in order to understand the Quality Assurance/Quality Control Systems. Recent Developments The Statement on Peer Review has been revised by the Peer Review Board and Questionnaire on Peer Review sent to the Practice Units has also been revised in accordance with SQC1 and Peer Review manual is also under revision by the Board. The Peer Review Board has also revised the notification cost for the Peer Reviewers which is borne by the Practice Unit. Maintaining Processes 1. April, 2009 Select all firms who were statutory auditors of Listed entities. These are required to undergo a cycle of review every three years. Peer Review in Process Peer Review Board & Secretariat Volunteer Input & Staff 2. May, 2012 Selection of 195 firms and 120 firms has been done under Level I & Level II respectively for Peer Review, in case of 101 firms request for initiating Peer Review process received and with this, firms in total have been brought under the purview of Peer Review System. Second cycle of Peer Review started in case of 1406 Practice Units covered under Level 1 firms and in case of 1537 Practice Units covered under Level II of Peer Review and in case of 177 Practice Units covered under Level III, in total 3120 Practice Units have undergone second cycle. December 2013 Peer Review Board & Secretariat Volunteer Input & Staff Status as of of Publication Page 6 of 61
7 # Start Actions Completion 3. August, 2012 Complete Peer Review process and subsequently Peer Review Certificate issued in case of 6666 Practice Units. In case of 223 firms follow on peer review in process. December 2013 Peer Review Board & Secretariat Volunteer Input & Staff 4. August, 2012 Organized 10 Training programmes across the country to create a wide pool of Peer Reviewers ( from January 2012). The Peer Review Board had organized 125 Training Programmes for Peer Reviewers till date. December 2013 Peer Review Board & Secretariat Volunteer Input & Staff Status as of of Publication Page 7 of 61
8 Action Plan Subject: Action Plan Objective: SMO 2 International Education Professional Accountants and Other Pronouncements issued by the IAESB Continue to Use Best Endeavours to Ensure ICAI s Education, Certification and Training is Aligned with the IESs # Start Actions Completion Background: ICAI continues to use its best endeavours to adopt new standards issued by the International Education Board (IAESB) on a timely basis and identify improvements to existing education and certification processes where necessary. The ICAI is periodically reviewing its syllabus and course curriculum to ensure that it incorporates latest national and international developments. Periodically Review Committees are appointed to carry out this function and the curriculum and the syllabus are brought on par with the education standards contemplated by international bodies like International Federation of Accountants (IFAC). In pursuance of this policy a thorough revision of the curriculum and syllabus was undertaken and the new syllabus has been implemented with effect from October, This curriculum incorporates the latest national and international requirements in the professional subjects. Another revision was conducted in 2008 to provide for Technician Course (ATC). The entry requirements have been revisited for further alignment with the IES 1 by facilitating direct admission to the certain categories of students. The ICAI is also taking adequate steps to give good knowledge in Information Technology to the chartered accountancy students through mandatory ITT training at two levels. Board of Studies: A Non-Standing Committee of the ICAI Board of Studies (BOS) is a Non-Standing Committee of the ICAI. It was established in September, 1954, to impart theoretical education to students registered for the Chartered Accountancy course. With the adoption of distance-education mode by the ICAI since 1955 and successful implementation of the same for over five decades, the ICAI has emerged as a pioneer in this field. By undertaking this responsibility, it has ensured the highest quality and consistency by providing education material and other academic inputs from time to time at the most affordable prices. Through the adoption of model of integrating theoretical education and practical training, It has been able to facilitate the development of not only professional knowledge and skills amongst large number of students but also inculcate professional values, ethics and attitudes. There are around one million students registered with the Board. The Board members include experts from Academia, Professionals, Council of the Institute and Government nominees. All reviews with respect to education and training form part of the Board of Studies. All Exposure Drafts on IES issued by IFAC form part of agenda of the Board of Studies. ICAI comments are sent as and when they are discussed and finalised by the members of the Board. The Board of Studies provides a comprehensive package of educational inputs to enable the students to prepare adequately for the examinations. In view of the large number of students scattered throughout the country as well as ab road, it aims to leverage technology and theoretical education through virtual mode for the benefit of students. It has established computer labs all over the country in which CA students are getting training in Information Technology. In order to equip students with the presentation skills and real life environment and to enhance their overall personality, the Status as of of Publication Page 8 of 61
9 # Start Actions Completion Board also organizes Orientation Programme and Course on General Management and Communication Skills (GMCS) which are mandatory to undergo by the students. The Board of Studies has also entered into Memorandum of Understanding with various universities enabling CA students to acquire BBA, B.Com, M.Com, MBA degrees. The Board also organizes a large number of National Conventions, Seminars and Conferences to update the students with the latest knowledge in different professional subjects. Structure and Content of Scheme of Education Different levels of Chartered Accountancy Course 1. Entry Level test Common Proficiency Test 2. First stage of Theoretical education Intermediate (Integrated Professional Competence) Course 3. Final Stage of Theoretical Education Final Course The Course also provides for direct admission to the CA Course by certain categories of students who would be exempted from p assing University Entry Level Examination (CPT). Graduates or Post Graduates securing minimum prescribed marks or candidates who have passed the Intermediate level examination by whatever name called, conducted by the Institute of Cost Accountants of India or by the Ins titute of Company Secretaries of India are exempted from passing the CPT. Detailed information about ICAI s professional education requirements and training can be found in the relevant section on the ICAI s website Review of Professional Education Program for Alignment with IES / New Developments 5. Periodically review of entire education and training scheme is done on a consistent basis. Entry Requirement were revisited and revised pursuant to the recommendation of the Committee set up in 2011 so as to bring at par with t he IES. In the meantime, the course curriculum of certain papers like Information Technology, Information Systems Control and Audit, Indirect Taxes has also been reviewed comprehensively and made applicable for Nov Examinations. Council of ICAI and High Level Committee Director of Studies 6. Near Future The formation of High Powered CRET is likely to be formed in the near future and shall consider all developments in respect of IES as well as other areas having an impact of education. - Council of ICAI and High Level Committee Director of Studies Status as of of Publication Page 9 of 61
10 # Start Actions Completion Maintaining Processes 7. February, 2013 Train CA students in information technology through computer labs managed by the ICAI. Conduct ITT of 100 hours for CPT passed students before commencement of practical training. Conduct Advanced ITT for Intermediate (IPC) passed students during last year of practical training who register for the Course on or before August 1, January, 2014 IT Directorate IT Directorate alongwith Regional Councils and Branches [Target approx to students depends upon no. of registration] 8. June, 2013 Hold Elocution and Quiz Contests across the country for the CA students on topics relating to profession. [The above Elocution and Quiz Contests are being organized at Branch, Regional and All India Level] January, 2014 Board of Studies Chairmen of Regional Councils and their Branches. 9. Conduct orientation programme of 7 days spanning 35 Hrs for University Entry Level Examination (CPT) passed students (entry level test) to create awareness and improving soft skills. [Throughout the year Approx batches of students in each batch depending upon the registration of students.] Decentralized Offices (DCOs)/ Regional Councils Director of Studies 10. February, 2013 Hold programmes to create awareness about the new scheme of education and training to School / University students through career counseling initiative including participation in Career Fairs. Career Counseling programmes also introduced. [Target: Approx programmes] January, 2014 Board of Studies/ Regional Councils & their Branches Director, Board of Studies/ Regional Heads/ Chairmen, Regional Councils and Branches Status as of of Publication Page 10 of 61
11 # Start Actions Completion 11. Hold 15 days course on GMCS. Compulsory for all students during the first year of practical training. Hold 15 days course on GMCS-II during last 18 months of practical training. [Throughout the year approx batches of students in each batch depending upon the registration of students.] Board of Studies/ Regional Councils & their Branches Director of Studies/Region al Heads 12. February, 2013 Organize Joint Seminars with Universities for interaction with Universities. January, 2014 Board of Studies Director of Studies [Target: 4 to 5 Joint Seminars.] 13. February, 2013 Conduct a four weeks Residential Programme on Professional Skills Development at Centre of Excellence of the ICAI at Hyderabad with an objective to inculcate General Management and Communication Skills in CA students. January, 2014 Board of Studies Director of Studies [Target: 6 to 8 Residential Programmes.] 14. February 2013 Hold National Conventions, 4 per Region in a year total 20. State Level Conference for CA Students One each in every State. Regional Conference for CA Students Once in every year by each Region. Sub-Regional Conference for CA Students Once in every year by each Region. Two Days Mega Event Once in a year by every Region/Branch. January, 2014 Board of Studies Director of Studies, Regional Councils and their Branches 15. February, 2013 All India/International Conference/Students Exchange Programmes. January, 2014 Board of Studies Director of Studies, Regional Councils and their Branches Status as of of Publication Page 11 of 61
12 # Start Actions Completion 16. Mock Tests and Special Counseling programmes. [Approx branches conducting Mock Tests twice before commencement of May & Nov. exams.] Action Plan Developed by Board of Studies Board of Studies to provide inputs for organisation by Regional Councils and their Branches. 17. Publish monthly Journal for students carrying articles from students and current information and other official announcements relating to students. 18. Continue to use best endeavors to monitor new and revised standards and incorporate them into accountancy education requirements and timely update education courses and content to reflect new requirements. Update study materials based on changes in Law, revision of., Auditing etc. CPT October/November. IPCC July. Final January. 19. Perform periodic review of ICAI s Part 1 and Part 2 responses and update sections relevant to SMO2 as necessary. Once updated inform IFAC Compliance staff about the updates in order for the Compliance staff to republish updated information. Board of Studies Director of Studies, Faculty of ICAI and funded by ICAI Board of Studies Faculty members of the ICAI Board of Studies Faculty members of the ICAI Review of ICAI s Compliance Information 20. Perform periodic review of ICAI response to SMO 2 of the IFAC Compliance Self- Assessment questionnaire and update the response as necessary. Board of Studies Director of Studies Yearly time-table is drawn up and the Regional Councils and Branches of the ICAI are given flexibility to organize above activities during the year Status as of of Publication Page 12 of 61
13 Action Plan Subject: Action Plan Objective: SMO 3 International and Other Pronouncements Issued by the IAASB Continue to Place Emphasis on Convergence with International Auditing and Assurance Board (IAASB) Pronouncements # Start Actions Completion Background: Further improvements to program for adoption and implementation of IAASB pronouncements General Information on Convergence with IAASB Pronouncements The Auditing and Assurance Board (AASB) of the Institute of Chartered Accountants of India was established in September 1982 as the Auditing Practices Committee (earlier research in the field of auditing was carried out under the aegis of Research Committee). The prime objective of the Board is to develop Auditing, codifying the best practices in the area of auditing. These are issued under the authority of the Council of the Institute of the Chartered Accountants of India (ICAI) and are mandatory in nature. The Institute is the only auditing standard setter in India. The Institute, being a founder member of IFAC has always been issuing based on the corresponding issued by the IAASB. Pursuant to the Clarity Project of the IAASB, the AASB has issued the Revised Preface in July, 2007, and thereon initiated the process of issuance of corresponding to the International issued by the IAASB under its Clarity Project. Revised Preface to the on Quality Control, Auditing, Review, Other Assurance and Related Services is effective from April 1, In terms of the Revised Preface, the auditing standards have been renamed, re-numbered and re-categorized in the format adopted by the IAASB. As per the new Preface, the composition of the Board includes one special invitee from each of the three regulatory bodies, viz., Security and Exchange Board of India, Reserve Bank of India and Insurance Regulatory and Development Authority of India. AASB s due process for considering IAASB standards for adoption is: Constitution of Study Group to prepare the basic draft of the proposed new/ revised Standard corresponding to IAASB s Standard Consideration of Draft by the AASB as prepared by Study Group Issuance of Exposure Draft Consideration of comments by the Board and finalization of draft Approval by the Council Release of final document in journal and website of the Institute Status as of of Publication Page 13 of 61
14 # Start Actions Completion Convergence Programme 21. Review the existing program for responding to IAASB exposure drafts. Refer to the timeline for specific International on Auditing (ISA) comparative review provided below. More details on the work program can be found on the ICAI s website January, 2010 Auditing and Assurance Board Auditing and Assurance Board I. ICAI completed its process of convergence with the ISAs issued by IAASB under the Clarity Project, except that the Council of the ICAI has decided not to issue a revised Standard corresponding to ISA 600 on account of the circumstances prevalent in India. II. AASB actively keeps track of the other new/ revised Engagement issued by IAASB post completion of latter s Clarity Project in March 2009 and issuing corresponding national. It has already issued the corresponding to ISRE 2400, ISRE 2410 and ISAE Issue Exposure Drafts of the revised SAs co-terminus with the exposure drafts of the revised /new ISAs. More details on the work program can be found on the ICAI s website Please see response to Question 22 above. Auditing and Assurance Board Auditing and Assurance Board and Study Groups. 23. Review the issues faced in converging with the IAASB. This is a continuous process. The issues were once again taken up by the AASB with the IAASB at the meeting of the National Setters of IAASB at New York in May Auditing and Assurance Board Auditing and Assurance Board and Technical Staff associated with Auditing and Assurance Board. Status as of of Publication Page 14 of 61
15 # Start Actions Completion Action Plan Developed by Continue to Place Emphasis on Implementation Activities to Ensure that Professionals and Public in India are Aware of New and Revised 24. January 7, 2008 Enhance Continuing Professional Education (CPE) program by monitoring and reviewing the implementation of planned conclaves/seminars/training programs. Incorporating the courses to educate auditors about new auditing requirements. AASB has been organizing awareness programmes on on Auditing for members. It has also launched a comprehensive e-learning module covering all on Auditing for members. It also brings out an e-newsletter covering various topics of relevance to practitioners including, regulatory developments etc. Auditing and Assurance Board, Continuing Professional Education Committee and Peer Review Board Auditing and Assurance Board, Continuing Professional Education Committee and Peer Review Board. Experts from the field of auditing. Members in Industry 25. Conduct seminars, workshops, conferences, etc., on auditing in various parts of the country in co-ordination with Continuing Professional Education (CPE) Committee. During , the CPE Committee organised audit related programmes on topics such as service tax audit, bank audit, VAT audit, the Sarbanes-Oxley Act, 2002, the overall set of auditing standards, audits in public sector, forensic audit, audit of members of stock exchanges, audit of charitable institutions, audit of insurance companies, etc., allocating more than 5000 CPE hours in total. Continuing Professional Education Committee/ AASB Contribution by members 26. Organized following Conclaves covering recent developments in auditing and risk based audit: June 2, 2007 Nagpur, June 27, Delhi, October 10, 2008 Pune, November, 2008 Kanpur. During the year , AASB organised seminars//conferences/workshops relating to auditing standards and auditing aspects at Indore, Visakhapatnam, Hyderabad, Chennai, New Delhi. During the year , AASB organised Continuing Professional Education Committee/ AASB Partly Contributed by members and partly by ICAI Status as of of Publication Page 15 of 61
16 # Start Actions Completion seminars/conferences/workshops relating to auditing standards and auditing aspects at Mathura, Indore, Udaipur, Kolkata, Gwalior, Baroda, Coimbatore. During the year , AASB organised seminars/conferences/workshops relating to auditing standards and auditing aspects at Visakhapatnam, Allahabad, Ernakulam, Indore, Kolkata, Baroda, Mangalore. During the year , AASB organised seminars/conferences/workshops relating to auditing standards and auditing aspects at Bhubaneswar, Jodhpur, Pune, Cuttack, Ernakulam, Hyderabad, Guwahati, Siliguri. During the year , AASB has organised till September 2013, seminars/conferences/workshops relating to auditing standards and auditing aspects at Guwahati, Siliguri, Visakhapatnam, Hyderabad, Lucknow, Allahabad, Pune, Delhi, Raipur. AASB has developed a comprehensive Background Material on the on Auditing issued by it under its Clarity Project. This Background Material is used by the trainers and participants at AASB s learning programmes on. AASB, in addition to organizing one/ two day seminars/ conferences on audit, also organises Four Day Training Workshops on Auditing. In , it organised five such Workshops (all metros included). AASB has also launched a comprehensive e-learning module covering all on Auditing for members. AASB also brings out an e-newsletter covering various topics of relevance to practitioners including, regulatory developments etc. 27. Conduct seminars, workshops, conferences, etc., on auditing in various parts of the countries in co-ordination with Continuing Professional Education Committee. Continuing Professional Education Committee/ AASB Partly Contributed by members and partly by ICAI Status as of of Publication Page 16 of 61
17 # Start Actions Completion Pre-Qualification Education 28. December 2008 Review study material for including recently issued Auditing. May, 2009 Board of Studies Technical staff of the Board of Studies 29. Inclusion of new auditing standards in the Final examination syllabus within one year of the date the standard becomes effective. Board of Studies Technical staff of the Board of Studies University Education 30. December, 2009 Coordinate with Universities Grant Commission (UGC) for including revised Auditing in the curriculum. December, 2010 Board of Studies/ Council of ICAI Board of Studies Training 31. September, 2008 Create region- wise pool of trainers for conducting high quality programmes on auditing. Chair, AASB Technical Staff of AASB, Voluntary Contribution from Members 32. Conduct training for the officials of the Comptroller and Auditor General of India (C&AG) to facilitate conduct of audit and participation in international audit assignments. Continuing Professional Education Committee Voluntary contribution from Members Status as of of Publication Page 17 of 61
18 # Start Actions Completion Technical Literature 33. Continue to develop relevant studies and implementation guides to assist auditors. Examples of technical literature issued by AASB can be found on the ICAI s website. AASB has brought out Implementation Guides and other technical material to help members understand and implement the auditing. These publications can be viewed on ICAI s website at following URL: Chair, AASB Technical Staff of AASB, Study Groups, Voluntary Contribution from Members Awareness Programme 34. October 2007 Circulated more than 5,000 copies of booklet What is an Audit Understanding an Audit of Financial Statements. January, 2008 Chair, AASB Technical staff of AASB 35. All updates hosted on the website of the Institute and also published in the journal of the Institute. Mass mailing to members of important recent developments in the field of auditing. 36. Improve the current communication plan for informing members and the public about the current Auditing that are in effect and to be used. Chair, AASB Technical staff of AASB Chair, AASB Technical staff of AASB Status as of of Publication Page 18 of 61
19 # Start Actions Completion Contribution at National Level 37. Interact periodically with regulators and other Government institutions such as, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Ministry of Corporate Affairs (MCA), Insurance Regulatory and Development Authority (IRDA), Comptroller and Auditor General of India (C&AG), etc., to cull out the auditing issues. AASB represents ICAI at the State Level Coordination Committee Meeting with State Governments and Other Authorities on the Regulation of Non-Banking Financial Companies (NBFCs) and unincorporated bodies accepting deposits from public. Chair, AASB and Council of ICAI Technical staff of AASB Contribution at International Level 38. Participate in the annual NSS meeting. Chair, AASB and Council of ICAI AASB Keeping Pace with IAASB Pronouncements 39. Issue Exposure Drafts of the revised SAs co-terminus with the exposure drafts of the revised /new ISAs. Chair, AASB and Council of ICAI Study Groups/ Technical Staff of AASB Maintain Processes 40. Continue to use best endeavors to maintain ongoing process to adopt and implement IAASB Pronouncements. This includes updating the Action Plan for future activities where necessary. Chair, AASB and Council of ICAI AASB Review of ICAI s Compliance Information 41. Perform periodic review of ICAI s Part 1 and Part 2 responses and update sections relevant to SMO3 as necessary. Once updated inform IFAC Compliance staff about the updates in order for the Compliance staff to republish updated information. Chair, AASB and Council of ICAI AASB Status as of of Publication Page 19 of 61
20 Action Plan Subject: Action Plan Objective: SMO 4 IESBA Code of Ethics for Professional Accountants Convergence of the ICAI Code of Ethics in View of the Revised Edition ( 2013 ) of IESBA Code of Ethics for Professional Accountants # Start Actions Completion Background: The Ethical Board of the Institute of Chartered Accountants of India (ICAI) is a technical committee, formulating ethical principles for members (i.e. professional accountants) and creating awareness of ethics among them. Code of Ethics is a publication of the Ethical Board of ICAI. As part of ICAI s obligation towards membership of IFAC, the ICAI Code of Ethics, 2009 for the first time, incorporated provisions of the IESBA Code of Ethics. The process of completion of convergence of ICAI Code of Ethics with the 2010 Edition of IESBA Code of Ethics for Professional Accountants was nearing completion, when due to issuance of IESBA Code of Ethics, 2013 edition, it has been decided to go convergence with the new edition, as the new edition has introduced substantial changes pertaining to Conflicts of Interest, Change to the Definition of Engagement Team and Provisions Addressing a Breach of a Requirement of the Code. ICAI has decided to go for convergence taking IESBA 2013 Code as the base,so that it is adopted to the maximum extent, except where there is any contradiction by the domestic law of the country. Convergence of the ICAI Code of Ethics in View of the Revised Edition ( 2013) of IESBA Code of Ethics for Professional Accountants 42. April, 24, 2013 A preliminary Meeting was held to decide the constitution and terms of reference of the proposed study group of Ethical Board for inter alia, examination of convergence of ICAI Code of Ethics with the IESBA Code of Ethics, 2013 edition. April, 24, 2013 Secretary, Ethical Board May, 9, 2013 A nine member study group of Ethical Board was constituted for inter alia, examination of convergence of ICAI Code of Ethics with the IESBA Code of Ethics, 2013 edition. May, 9, 2013 Secretary, Ethical Board 44. July, 6, 2013 Second Meeting of the study group of Ethical Board was held for inter alia, examination of convergence of ICAI Code of Ethics with the IESBA Code of Ethics, 2013 edition. The Study Group considered the changes. July, 6, 2013 Convenor, Study Group The Members of Study Group and Secretariat of the Ethical Board. Status as of of Publication Page 20 of 61
21 # Start Actions Completion 45. July, 23, 2013 Third Meeting of the study group of Ethical Board was held for inter alia, examination of convergence of ICAI Code of Ethics with the IESBA Code of Ethics, 2013 edition. The Study Group considered the changes. July, 23, 2013 Convenor, Study Group The Members of Study Group and Secretariat of the Ethical Board. 46. September 4, 2013 Fourth Meeting of the study group of Ethical Board was held for inter alia, examination of convergence of ICAI Code of Ethics with the IESBA Code of Ethics, 2013 edition. The Study Group considered the changes. September 5, 2013 Convenor, Study Group The Members of Study Group, and Secretariat of the Ethical Board 47. September, 18, 2013 The recommendations of the Study Group were placed before the 125 th Meeting of Ethical Board and after detailed deliberations, the Board finalised its recommendations and directed to place the recommendations before the Council of ICAI for final approval. September, 18, 2013 Secretary, Ethical Board The Members of Study Group, and Secretariat of the Ethical Board 48. September, 23, 2013 The recommendations of Ethical Board were placed before the Council at its 327 th Meeting held on 23 rd and 24 th September, The matter is now pending before the Council for its approval. After Council s approval, the same shall become effective. Council of ICAI Activities for Creating Awareness and Promotion of the Ethics 49. March, 2009 Programmes/Seminars/workshops on Ethics are organized across the Country. This year, i.e in 2013, the concept of webinars any time any where learning has been introduced. The Ethical Board has had two webinars on ethical issues this year so far. Secretary, Ethical Board Secretariat, Ethical Board, persons as faculty Status as of of Publication Page 21 of 61
22 # Start Actions Completion 50. March, 2011 All Branches/Regional Councils of ICAI in India are being encouraged through providing resources, including financial, in organizing workshops/ programmes in their respective areas, taking at least one topic on ethics in one quarter of the year, for creating awareness among members on issues relating to ethics. The topics on ethics for the workshops/programmes has also been recommended to the various Branches/Regional Councils, along with the support material. Secretary, Ethical Board Secretariat, Ethical Board, persons as faculty 51. April, 2012 In addition to the above, outreach programmes on ethical issues are being conducted by the Ethical Board across the Country. Secretary, Ethical Board Secretariat, Ethical Board, persons as faculty 52. September, 2009 Feature known as Know Your Ethics being published in the National Accountancy Journal. Secretary, Ethical Board 53. February, 2012 Ethics E-Newsletter (Bimonthly E-Newsletter on Ethical Board, being uploaded on the website of ICAI). Secretary, Ethical Board 54. June, 2012 Website of Ethical Board ( was launched, which is a new forum where professional accountants can update their knowledge on ethics. The website is constantly updated and the Ethics Helpdesk feature on the website is being used to help the members to get their queries on ethical issues resolved. Secretary, Ethical Board Maintaining Processes 55. Continue to support ongoing convergence with the IFAC Code of Ethics. This includes review of the implementation of the Action Plan to date and updating the action plan for future activities as necessary. Secretary, Ethical Board The Members of the Ethical Board and its Secretariat. Status as of of Publication Page 22 of 61
23 Action Plan Subject: Action Plan Objective: SMO 5 International Public Sector and Other Pronouncements Issued by the IPSASB Continue to Use Best Endeavors to Promote the Use of IPSASs # Start Actions Completion Background: In India, there are three levels of government, i.e., union government, state government and local self-government. The Government Advisory Board (GASAB) constituted by the Comptroller & Auditor General of India formulates Indian Government (IGASs) on cash basis for union government, state governments and union territories with legislative assemblies. GASAB uses corresponding IPSASs for development of Indian standards, wherever possible. Recently, the government of India decided to implement accrual accounting in union or state governments. GASAB has now started the process of formulation of the Indian Government Financial Reporting (IGFRSs) on accrual basis in line with IPSASs. For local self-government, in March 2005, ICAI constituted (CASLB) for development of on accrual basis. While formulating the (ASLBs), the CASLB gives due consideration to IPSASs, and tries to integrate them, to the extent possible, in the light of the conditions and practices prevailing in India. The are formulated and issued by the ICAI and recommended for implementation, by the Technical Committees on Budget and Urban /Panchayati Raj Institutions (Rural ) constituted by the Ministry of Urban Development and Ministry of Panchayati Raj Institutions, Government of India, respectively, to the states for adoption by Urban and Panchayati R aj Institutions. In order to play an active role and to provide support, the ICAI participates in the meetings of the Government Advisory Board (GASAB). The ICAI is contributing in the formulation of Government by offering elaborative comments. The ICAI endeavours to integrate the Government with the IPSASs to the extent possible with a view to facilitate global harmonization Status as of of Publication Page 23 of 61
24 # Start Actions Completion Development of (ASLBs) Based on IPSASs 56. August, 2005 The ICAI formulated and issued the Standard for Local Bodies (ASLB) 9, Revenue from Exchange Transactions corresponding to IPSAS 9, Revenue from Exchange Transactions. The Standard has been sent to the Technical Committees on Budget and Urban /Panchayati Raj Institutions constituted by the Ministry of Urban Development/Ministry of Panchayati Raj, Government of India, for recommending the same to the states for adoption by Urban /Panchayati Raj Institutions. Text of this Standard is available on the Institute s website i.e., under the heading. October, 2008 and ICAI Staff. Funding is by ICAI. 57. August, 2005 The ICAI formulated and issued the Standard for Local Bodies (ASLB) 5, Borrowing Costs corresponding to IPSAS 5, Borrowing Costs. The Standard has also been sent to the Technical Committees on Budget and Urban Local Bodies/Panchayati Raj Institutions constituted by the Ministry of Urban Development/Ministry of Panchayati Raj, Government of India, for recommending the same to the states for adoption by Urban Local Bodies/Panchayati Raj Institutions. Text of this Standard are available on the Institute s web-site i.e., under the heading. October, 2008 and ICAI Staff. Funding is by ICAI. 58. May, 2005 The ICAI formulated and issued the Standard for Local Bodies (ASLB) 17, Property, Plant and Equipment corresponding to IPSAS 17, Property, Plant and Equipment. The Standard has also been sent to the Technical Committees on Budget and Urban /Panchayati Raj Institutions constituted by the Ministry of Urban Development/Ministry of Panchayati Raj, Government of India, for recommending the same to the states for adoption by Urban /Panchayati Raj Institutions. Text of this Standard are available on the Institute s website i.e., under the heading. February, 2010 and ICAI Staff. Funding is by ICAI. Status as of of Publication Page 24 of 61
25 # Start Actions Completion 59. March, 2008 The ICAI formulated and issued the Standard for Local Bodies (ASLB) 14, Events after the Reporting corresponding to IPSAS 14, Events after the Reporting. The Standard has also been sent to the Technical Committees on Budget and Urban /Panchayati Raj Institutions constituted by the Ministry of Urban Development/Ministry of Panchayati Raj, Government of India, for recommending the same to the states for adoption by Urban /Panchayati Raj Institutions. Text of this Standard are available on the Institute s website i.e., under the heading. February, 2010 and ICAI Staff. Funding is by ICAI. 60. July, 2006 The ICAI formulated and issued Standard for (ASLB) 01, Presentation of Financial Statements corresponding to IPSAS 1, Presentation of Financial Statements. The Standard has also been sent to the Technical Committees on Budget and Urban /Panchayati Raj Institutions constituted by the Ministry of Urban Development/Ministry of Panchayati Raj, Government of India, for recommending the same to the states for adoption by Urban /Panchayati Raj Institutions. Text of this Standard are available on the Institute s website i.e., under the heading. September, 2011 and ICAI Staff. Funding is by ICAI. 61. March, 2008 The ICAI formulated and issued the Standard for Local Bodies (ASLB) 12, Inventories corresponding to IPSAS 12, Inventories. The Standard has also been sent to the Technical Committees on Budget and Urban Local Bodies/Panchayati Raj Institutions constituted by the Ministry of Urban Development/Ministry of Panchayati Raj, Government of India, for recommending the same to the states for adoption by Urban Local Bodies/Panchayati Raj Institutions. Text of this Standard are available on the Institute s web-site i.e., under the heading. September, 2011 and ICAI Staff. Funding is by ICAI. Status as of of Publication Page 25 of 61
26 # Start Actions Completion 62. May, 2005 The ICAI formulated and issued the Standard for Local Bodies (ASLB) 11, Construction Contracts corresponding to IPSAS 11, Construction Contracts. The Standard has also been sent to the Technical Committees on Budget and Urban /Panchayati Raj Institutions constituted by the Ministry of Urban Development/Ministry of Panchayati Raj, Government of India, for recommending the same to the states for adoption by Urban Local Bodies/Panchayati Raj Institutions. Text of this Standard are available on the Institute s web-site i.e., under the heading. February 11, 2013 and ICAI Staff. Funding is by ICAI. 63. December, 2007 Basic draft of the proposed (ASLB) on Revenue from Non-Exchange Transactions corresponding to IPSAS 23, Revenue from Non-Exchange Transactions has been considered by the Local Bodies (CASLB). The same is being finalised for pre-exposure (for circulation amongst council members, Past Presidents of ICAI and outside specified bodies for their comments). Persons who are experts in the area, the and ICAI Staff. Funding is by ICAI. 64. March, 2008 Basic draft of the proposed (ASLB) on Segment Reporting corresponding to IPSAS 18, Segment Reporting is under review by the resource person. The same is to be finalised for its pre-exposure (for circulation amongst Council members, past Presidents of ICAI and outside specified bodies for their comments). Persons who are experts in the area, the and ICAI Staff. Funding is by ICAI. Status as of of Publication Page 26 of 61
27 # Start Actions Completion 65. March, 2008 Basic draft of the proposed (ASLB) on Policies, Changes in Estimates and Errors corresponding to IPSAS 3, Policies, Changes in Estimates and Errors is being finalised for its preexposure (for circulation amongst Council members, past Presidents of ICAI and outside specified bodies for their comments). Persons who are experts in the area, the and ICAI Staff. Funding is by ICAI. 66. March, 2008 Basic draft of the proposed (ASLB) on Provisions, Contingent Liabilities and Contingent Assets corresponding to IPSAS 19, Provisions, Contingent Liabilities and Contingent Assets is under consideration by the (CASLB). Persons who are experts in the area, the and ICAI Staff. Funding is by ICAI. 67. January, 2007 The basic draft of the Framework for preparation and presentation of Financial Statements has been temporarily withdrawn by the Committee since IPSASB s conceptual framework is being finalised. N.A N.A N.A 68. March, 2008 The basic draft of the proposed ASLB on, The Effects of Changes in Foreign Exchange Rates corresponding to IPSAS 4 The Effects of Changes in Foreign Exchange Rates is under revision by the resource person., resource person who is expert in the area and ICAI Staff. Funding is by ICAI. Status as of of Publication Page 27 of 61
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