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With a view to improve the quality of tax audits, the Tax Audit Quality Review Board (TAQRB) of ICAI has issued a publication ‘Study on Compliances in Reporting in Tax Audit Report’ to help and guide its members in enhancing and improving the quality of tax audit. The publication provides guidance with respect to Section 44AB of the Income Tax Act, 1961 as well as provides various practical examples and illustrations to explain different issues around Tax Audits.

To access the text of the publication, please click here

With the emergence of risk concerns such as the global pandemic, multiple economic and financial crisis along with a series of scandals across sectors, a strong need has been felt for the auditors and CFOs to manage these risks and establish the necessary controls within each business process. This has become all the more important due to the constant change in the risk landscape and continued technological advancements.
Against this backdrop, ICAI, through its Research Committee undertook a research project on the mentioned topic and in July 2022, released its publication - The Emerging role of Auditors and CFOs in - addressing Risk Management: A New Perspective. The publication is expected to provide auditors, boards and senior management with recommendations and insights into a framework for effective risk management and Enterprise Risk Management (ERM) implementation.

To access the text of the publication, please click here

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