ICAI News

 i) Audit of smaller entities: ICAI has prepared a note on the above subject which has been published on pages 453 to 465 of CA Journal for September, 2012. The Standards on Auditing, issued by ICAI, contain objectives, requirements and application and other explanatory material that are designed to support the auditor in obtaining reasonable assurance about the financial statements and express an appropriate opinion. The note prepared by ICAI explains the importance by using SA for Audit of small entities.

ii) Eligibility of paid assistant in CA firm Regulation 43 of Chartered Accountants Regulations has been amended w.e.f 1-8-2012, providing that the period of employment of paid assistant to the same firm of Chartered Accountants for the purpose of engagement of articled assistants 111 (2012) 44-b BCAJ has been increased from the present period of 12 months to 3 years. This notification is available on Institute Website (Page 518).

iii) New branches of students association The following two branches have been opened for Western India Chartered Accountants Students Association w.e.f. 4-7-2012 (Page 518). a) Gandhidham Branch of WICASA b) Solapur Branch of WICASA iv) Announcement for members in practice The following announcement has been published by ICAI (Page 518).

In continuation of the Announcement published in the February, 2011 issue of the C. A. journal at 1174, attention of the members in practice is hereby once again drawn to the resolution of the Council taken in December, 2010 required to be complied with, while responding to tenders or enquiries issued by various users of professional services.

In terms of the said Council decision, a member in practice responding to tenders and accepting professional work based thereon, is required to maintain a cost sheet incorporating therein details of the costs being incurred therein having regard to number of persons involved, hours to be spent, etc.

The said cost sheet is required to be submitted to the Institute, when so directed. Members concerned are required to take note of the above and ensure compliance, in their own interest.