Reetu | Oct 9, 2023 |
CA Firms required to Report Audit Fees to ICAI under revised Code of Ethics
The Institute of Chartered Accountants of India(ICAI) has notified Reporting requirements pertaining to Fees related disclosure to the Institute under the revised requirements in Code of Ethics.
As the members are aware, the provisions pertaining to “Fees – Relative Size” contained in Volume-I of Code of Ethics [Paragraphs 410.3 to R410.6] have inter alia been made applicable from 1.10.2022 with certain amendments.
Under the revised “Fees-Relative size” provisions, disclosure to the Institute is required if the gross annual professional fees from an Audit client exceed the prescribed threshold percentage for two consecutive years.
Where the Fees related disclosure is to be made to the Institute, the CA firm shall make the disclosure in the prescribed form, duly filled and signed, in accordance with the provisions of revised paragraphs R410.3a and R410.4 of Volume-I of the Code of Ethics.
CA Firm will send the form to the Ethical Standards Board via email. The Form prescribed for making the above disclosure is shown below.
For the Form Download Official Notification PDF Given Below:
In case of any Doubt regarding Membership you can mail us at [email protected]
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