Pushing ahead with efforts to create homegrown big audit firms, ICAI plans to amend its Code of Ethics to provide more leeway for chartered accountants in terms of issuing advertisements and maintaining their own websites, among other activities.
The Institute of Chartered Accountants of India (ICAI) will release the exposure draft on the many changes proposed to the Code of Ethics, its President Charanjot Singh Nanda said at a briefing here on Friday.
The government has been pushing for building indigenous professional service giants, and free trade agreements with various countries also present expansion opportunities for Indian entities.
Currently, the Code does not permit networks to have their own websites. In the proposed revisions to the Code, network firms will be allowed to have their own websites, a move that will also help these entities to promote their services.
Also, changes are planned that will help allow advertising by the chartered accountant firms. To fully implement the changes in the ICAI’s Code of Ethics, amendments will also need to be made in the Chartered Accountants Act, 1949.
Presently, the Act does not allow a chartered accountant to solicit professional work or advertise his professional attainments or services, and the exemption is that they are permitted to advertise through ‘write-up’ as per the institute’s advertisement guidelines.