ICAI

ICAI guidelines-Chartered accountants responding to tenders for exclusive CA practice areas shall be liable for disciplinary action

ICAI has issued the following guidelines whereby any chartered accountant member responding to an exclusive areas of practice (like audit and attestation) shall be liable for disciplinary action.

Council Affairs
4th April, 2016
ANNOUNCEMENT – RESPONDING TO TENDERS

The matter pertaining to responding to tenders issued by various users of professional services or organization in areas exclusively reserved for the members of the Institute was recently considered by the Council of the Institute. The Council on a consideration of the matter has decided that –

a)   In the exclusive areas of practice of Chartered Accountants, like audit and attestation services i.e. those areas where the assignments can be performed only by Chartered Accountants or where only Chartered Accountants have been invited for audit assignments, members should not respond to such tenders. In such cases, entities may avail the multipurpose empanelment data available with ICAI. However, wherever minimum fee of the assignment is prescribed in the tender document itself, members may participate in such tendering process.

b)   In those areas, where along with Chartered Accountants, other professionals can also apply for the tender, there is no restriction for the Chartered Accountants to respond to the tenders floated by authorities from time to time.

The Council has further decided that its aforesaid decision be suitably issued as a guidelines of the Council under clause (1) of Part II of the Second Schedule to the Chartered Accountants Act, 1949 and any member who contravenes any of the provisions of the above guidelines shall be liable for disciplinary action under Section 21 of the Chartered Accountants Act, 1949.

While the guidelines of the Council on the above matter is being issued separately under clause (1) of Part II of the Second Schedule to the Chartered Accountants Act, 1949, this Announcement is being issued for advance information of the members at large.

(V. Sagar)
Secretary
Share

Recent Posts

  • Income Tax

Disallowance u/s 13(1)(c) can’t be made primarily that specified concerns earned higher profits.

Mere higher profit margins would not make payments made by Trust as diversion of funds for the benefit of the…

20 hours ago
  • society

Chartered Accountant can’t be made an Inquiry Officer u/s 24 of Societies Registration Act 1860

Chartered Accountant can’t be made an Inquiry Officer under section 24 of Societies Registration Act 1860 – High Court In…

1 day ago
  • Government

Revised turnover threshold for grant of license/registration to food businesses in India

FSSAI revises turnover threshold for grant of license/registration to various food businesses in India under Food Safety and Standards (Licensing…

1 day ago
  • Government

Persons with Piped Gas connection to surrender domestic LPG connection immediately

Persons with Piped Gas connection to surrender domestic LPG connection and not to obtain a domestic LPG connection Amidst the…

2 days ago
  • Income Tax

Limitation u/s 201(3) for TDS defaults operate quarter-wise – High Court

Since TDS statements are filed on a quarterly basis, the computation of limitation for treating assessee in default u/s 201…

4 days ago
  • Companies Act

Pillar Two model rules – The Companies (Accounting Standards) Amendment Rules, 2026

Pillar Two model rules - MCA has notified the Companies (Accounting Standards) Amendment Rules, 2026 to amend Accounting Standard (AS)…

4 days ago