The Institute of Chartered Accountants of India ( ICAI ) has deferred the certain provisions of Volume-I of Revised Code of Ethics, 2019.
The revised 12th edition of Code of Ethics has come into effect from 1st July, 2020. 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.
The ICAI has deferred the Sections 260 and 360 which is related to Responding to Non-Compliance with Laws and Regulations (NOCLAR). It also deferred Provisions related to Fees – Relative Size and Tax Services to Audit Clients [Subsection 604].
The ICAI has said that, 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.
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