ICAI in talks with RBI for raising Bank Audit Fees

The Institute of Chartered Accountants of India [ICAI] is in talks with the Reserve Bank of India [RBI] about raising audit fees, which have been stagnant for the past ten years, according to the ICAI President.

The ICAI President, along with the Chairman and Vice-Chairman of the Professional Development Committee, met with the Governor of the Reserve Bank of India, Shakti Kanta Das, to discuss issues concerning the stagnation of audit fees over the last ten years, despite the fact that inflation, audit costs, and reporting requirements have increased many folds.

The RBI Governor acknowledged the need for a fee increase and promised swift action. The ICAI President stated that issues concerning audit quality, member capacity building, and audit allocations were thoroughly discussed. After the onslaught of COVID-19 in 2020, the situation has begun to normalise, so the ICAI has decided to hold an International Conference on ‘Accountants Creating a Digital and Sustainable Economy’ on January 21st and 22nd, 2022 in Mumbai.

The ICAI President urged members and the general public to attend in large numbers. “We have formed a group to strengthen the ICAI’s role as a Consultative Body in emerging regulations, laws, and corporate and economic interest topics,” CA Nihar N. Jambusaria added. “Annual Budget Excise is a key government activity in which ICAI has participated successfully for many decades.” We have submitted to the government our pre-budget memorandum. We met with the Revenue Secretary last month to discuss various important suggestions for the Union Budget, the President added.

The ICAI President urged members to cast their votes for the Central and Regional Council elections on December 3rd or 4th, 2021.