Four hour mandatory CPE on Standards on Auditing & Code of Ethics can be done virtually – ICAI

Four hour mandatory CPE on Standards on Auditing & Code of Ethics can be done through virtually/online meetings/webnairs by calendar year 2020 onwards – ICAI 

ICAI, in view of the global pandemic Covid-19, had decided to completely restrict conduction of any programme/class by any Regional Council/Branch/Central Level Committee, Students Association, Branches of Student Associations, CPE Study Circle of ICAI or any other Programme Organising Units (POUs), requiring physical presence of Members and Students  till 15th April, 2020.

As per ICAI Regulations, 20 hours structured CPE learning is mandatory to be completed by Members below 60 years holding COP, in each calendar year, wherein 4 hours of structured learning could be through e-Learning Videos available on ICAI Digital Learning Hub, conducted and monitored by ICAI and its Central Committees (on MCQ and result basis).

The above requirements had been also reduced to 10 hours till 30th June, 2020.

Subsequently, the CPE Directorate of ICAI had allowed the Regional Councils, Branches, and Foreign Chapters apart from Central Committees to organise webinars under unstructured learning activities.

Compliance of Mandatory CPE on Standards on Auditing & Code of Ethics 

ICAI in view of the hardship faced by the members towards compliance of mandatory CPE hour’s requirement due to non- organization of structured CPE hours programmes,  decided to Grant structured CPE hours to the participants of  Virtual CPE Meeting to be organized by Central Committees/Foreign Chapters/Regional Councils/Branches/CPE Study Circles/CMI & B Study Circles so that a large number of members may benefit from the same. Webinars shall continue to be organized by Central Committees only. Details can be viewed at https://icai.org/post.html?post_id=16516

The CPE Directorate had decided to implement the decision of the Council with regards to mandatory completion of 2 Structured CPE Hours, each on the topics related to “Standards on Auditing” and “Code of Ethics” (total 4 Structured CPE Hours) during every Calendar year, from Calendar Year 2020 onwards in Online/Virtual mode for the Categories of members who are required to complete minimum 20 Structured CPE Hours in a Calendar year (COP Holder). This may be completed any time during the year in online/virtual mode.

Accordingly, now out of 20 hours Structured CPE hours which is mandatory to be completed by Members below 60 years holding COP, in each calendar year, 10 Structured CPE hours could be granted through online mode (either through Digital Learning Hub or through above Virtual CPE meetings including mandatory CPE hours on “Code of ethics” and “Standard on auditing”) till 30th June, 2020.

Details of all forthcoming Virtual CPE Meetings (VCMs)/Webinars being organized by various Programme Organising Units of ICAI are available at CPE Portal at www.cpeicai.org/all-upcoming-programs/ . Contents eligible for grant of Structured CPE Hours on the topics “Standards on Auditing” and “Code of Ethics” on ICAI Digital Learning Hub may be accessed through https://eservices.icai.org/

• Penalty u/s 271B is not attracted where books of account not maintained – ITAT Allahabad
• NALCO invites RFP for empanelment of CA Firms for verification of Stores/Spares & movable assets
• Sending or bringing currency of Nepal and Bhutan – RBI revises regulations
• Manufacturing without aid of power. Entire process though by distinct units to be seen – SC
• Delay in filing Form 10B condoned as failure was in 1st year of operation of Trust