06ICAI further defers certain provisions of Volume-I of Revised Code of Ethics, 2019 to 30th Sep 2022
ICAI revised Code of Ethics ApplicabilityÂ
The revised 12th edition of ICAI Code of Ethics for Chartered Accountants has come into effect from 1st July, 2020.
The ICAI new Code of Ethics for Chartered Accountants can be accessed at the Institute’s website at the following links :-
Code of Ethics Volume – I
https://www.icai.org/resource/55133CodeofEthics-2019.pdf
Code of Ethics Volume – II
https://www.icai.org/resource/60018code-of-ethics-2020vol2.pdf
Code of Ethics Volume –III (Case Laws Referencer)
https://www.icai.org/resource/59111esb48239.pdf
However, on account of the prevailing situation due to Covid-19, the following provisions of Volume-I of Code of Ethics, 2020 HAD been deferred :-
| Provisions deferred | Sections |
| 1.Responding to Non-Compliance of Laws and Regulations (NOCLAR) | Sections 260 and 360 |
| 2. Fees – Relative Size | Paragraphs 410.3 to R410.6 |
| 3. Taxation Services to Audit Clients | Subsection 604 |
Except the provisions in above table, all other provisions of revised Code of Ethics are applicable w.e.f 1st July, 2020.
Now, ICAI Council at its 410th Meeting held on 24th and 25th March, 2022 has decided that the applicability of abovementioned provisions be further deferred for a period of six months (i.e. till 30th September, 2022)Â to ensure effective adoption and implementation by the membership at large.
A roll out plan for these provisions will be announced suitably, says ICAI announcement.
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