CA Firms to Get PMIS Interns: ICAI Permits Advertisements Under New Ethics Code

CA firms are likely to begin accepting interns under the Pradhan Mantri Internship Scheme (PMIS) soon. Meanwhile, ICAI has also implemented a revised Code of Ethics, which allows Chartered Accountant firms to issue advertisements, among other changes.

ICAI President Prasanna Kumar D said, “Under the scheme, an intern can get at least Rs 9,000 per month, out of which Rs 8,100 is provided by the government and the remaining Rs 900 or even more can be provided by CA firms from a non-Corporate Social Responsibility (CSR) fund. There is agreement on this issue with the government.”

Earlier, CA firms were unable to participate in PMIS because the scheme required the employer’s contribution to be paid through a CSR fund, which CA firms do not maintain. ICAI has now resolved this issue with the government.

The PM Internship Scheme, which was launched under Budget 2024-25, aims to provide internship opportunities to 1 crore youth in the top 500 companies over five years. Under this scheme, the company will provide the person with actual working experience in a skill in which the company is directly involved, and at least 50% of the internship period would be spent in the actual work/real-life business environment.

On the proposed PM Mitra initiative, ICAI President Prasanna Kumar D said the institute has submitted its recommendations to the government and expects the scheme to be launched as early as next month. ICAI is also working on a 9-month curriculum combining theoretical and practical training. With 5 regional councils and 186 branches across the country, including a strong presence in Tier-II and Tier-III cities, the institute aims to leverage its extensive network to support MSMEs and skill development initiatives.

This also allows for provision of structured compliance and advisory support without the geographical or cost barriers which often prevent smaller enterprises from availing quality professional services. The goal of Corporate Mitras courses is to develop a pool of industry ready Corporate Mitras with strong practical knowledge. It will also facilitate MSMEs to avail affordable and effective compliance and advisory support.

ICAI has also made the revised 13th Edition of the Code of Ethics effective from April 1, introducing a major reform that allows CA firms to advertise their services. According to ICAI President Prasanna Kumar D, the move will help Indian CA firms scale up in line with the government’s vision of creating large domestic professional firms.

Under the revised Code, members and firms may publish advertisements containing details of their services, subject to ICAI guidelines and professional standards. However, ICAI will neither approve such advertisements nor assume responsibility for any claims or content published by the member or firm.

The revised Code of Ethics also strengthens the independence requirements for non-assurance services provided to audit clients and introduces new ethics and independence standards for sustainability assurance under Volume III of the Code.

In addition, the revised website guidelines allow CA firms to use “push technology” for non-exclusive services and “pull mode” technology for exclusive services. The code also expands the scope of management consultancy and other services to include emerging areas such as forensic accounting, research analysis, social impact assessment, sustainability evaluation, artificial intelligence and other technology-driven services.