I. REGULATORY UPDATE – ICAI ANNOUNCEMENT
a) Relaxation in compliance with the 'Guidance Note on Financial Statements of Non-Corporate entities' and 'Guidance Note on Financial Statements of Limited Liability Partnerships' for annual reporting period 2024-25
The ICAI has announced that compliance with the Guidance Note on Financial Statements of
Non-Corporate Entities and the Guidance Note on Financial Statements of Limited Liability Partnerships, which were originally effective from April 1, 2024,
has been relaxed for the annual reporting period 2024-25.
Application of these Guidance Notes during this period is voluntary. This relaxation does not affect the applicability of existing Accounting Standards or the Framework for Preparation and Presentation of Financial Statements, which remain mandatory.
b) Widening Scope of Mandatory Applicability of Audit Quality Maturity Model (AQMM) v.2.0 and Disclosure of Levels
CURRENT APPLICABILITY
AQMM is mandatory only for firms auditing
- Listed entities
- Banks (other than Co-operative banks, except multi-state co-operative banks)
- Insurance companies (excluding firms conducting only branch audits)
