ICAI defers NOCLAR, Fees – Relative Size and Tax Services to Audit Clients in Volume-I of Code of Ethics, 2019

The Institute of Chartered Accountants of India (ICAI) on Monday announced that the Non Compliance with Laws and Regulations (NOCLAR) (Sections 260 and 360), Fees-Relative Size (Paragraphs 410.3 to R410.6), and Tax Services to Audit Clients (Sub-section 604) contained in Volume-I of Code of Ethics, 2019 will be effective from 1 April 2022.

“As the members are aware, the revised 12th edition of Code of Ethics has come into effect from 1st July 2020,” the ICAI said.

It is accessible on www.icai.org at the 3 links Code of Ethics Volume–I, Code of Ethics Volume–II, and Code of Ethics Volume–III (Case Laws Reference).

The ICAI has further be recalled that the Council at its 393rd Meeting held on 30th June and 1st July 2020 decided that due to the prevailing situation due to Covid-19, the effective date of the following provisions of Volume-I of Code of Ethics, 2019 be deferred till further notification and an Announcement dated 1st July 2020 was accordingly hosted on the Website of the Institute namely Responding to Non-Compliance with Laws and Regulations (NOCLAR) [Sections 260 and 360];  Fees – Relative Size [Paragraphs 410.3 to R410.6]; and Tax Services to Audit Clients [Subsection 604].

“The Council has recently decided that the provisions namely, Responding to Non-Compliance with Laws and Regulations (NOCLAR) (Sections 260 and 360), Fees-Relative Size (Paragraphs 410.3 to R410.6) and Tax Services to Audit Clients (Sub-section 604) contained in Volume-I of Code of Ethics, 2019, the applicability of which was deferred earlier, be made applicable and effective from 1st April 2022,” the ICAI said.

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