ICAI Defers certain provisions of Code of Ethics, 2019
The Institute of Chartered Accountants of India (ICAI) Defers certain provisions of Volume-I of Revised Code of Ethics, 2019. As the members are aware, the revised 12th edition of Code of Ethics has come into effect from 1st July, 2020. It is accessible on http://www.icai.org at the following links: –
Code of Ethics Volume – I
https://resource.cdn.icai.org/55133CodeofEthics-2019.pdf
Code of Ethics Volume – II
https://resource.cdn.icai.org/60018code-of-ethics-2020vol2.pdf
Code of Ethics Volume –III (Case Laws Referencer)
https://resource.cdn.icai.org/59111esb48239.pdf
It may further be recalled that the following provisions of Volume-I of Code of Ethics, 2019, deferred earlier, were to come into force w.e.f 1st April, 2022 (Ref. Announcement dt. 26.7.2021 at https://www.icai.org/post/esb-applicable-date-of-certain-deferred-provisions ) :-
1. Responding to Non-Compliance with Laws and Regulations (NOCLAR)
[Sections 260 and 360]
2. Fees – Relative Size
[Paragraphs 410.3 to R410.6]
3. Tax Services to Audit Clients
[Subsection 604]
ICAI Defers certain provisions of Code of Ethics, 2019
The Council at its 410th Meeting held on 24th and 25th March, 2022 decided that the applicability of abovementioned provisions be further deferred for a period of six months (i.e. till 30th September, 2022) to ensure effective adoption and implementation by the membership at large. A roll out plan for these provisions will be announced suitably.
A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest. A professional accountants responsibility is not exclusively to satisfy the needs of an individual client or employing organization. Therefore, the Code contains requirements and application material to enable professional accountants to meet their responsibility to act in the public interest.
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