ESB Achievements
Significant Initiatives of Ethical Standards board in 2014-15
  1. Revision of ICAI Code of Ethics
    Ethical Standards Board is considering the changes in the ICAI Code of Ethics in light of the changes brought out by the IESBA Code of Ethics, 2014, Companies Act, 2013 and other developments.
  2. ICAI Code of Conduct for elected, elected, nominated and co-opted representatives
    Ethical Standards Board is considering the ICAI Code of Conduct for elected, nominated and co-opted representatives.
ESB Decisions
Recent Decisions of Ethical Standards Board
  1. Illustrative Formats of acceptance letters to be submitted by the incoming auditor u/s 139(1) of the Companies Act, 2013 (the formats are illustrative only and not mandatory)
  2. Permitting the use of firm name by client, mentioning the firm as a "Knowledge Partner" or in the "Thank You" advertisement, is not permissible.
  3. Concurrent auditor of an entity cannot accept an assignment under ant statute.
  4. A chartered accountant in practice may establish a TIN – FC, and may as well establish a TIN - FC under franchise from the other entity which is already a TIN – FC.
  5. Quick Response Code (QR Code) may be printed on the visiting Card by a member in practice, provided that the Code does not contain information that is not otherwise permissible to be printed on a visiting Card.
  6. A statutory auditor and tax auditor can not be valuer of the unquoted equity shares as it would create threats to independence of the auditor, which may not possibly be reduced by application of safeguards.
  7. The use of banner with name of CA firm is not permissible in terms of provisions of Items 6 and 7 of Part –I of First Schedule to The Chartered Accountants Act, 1949.