ICAI’s Game-Changer Step Toward Strengthening Domestic Indian Firms; Council Clears Transformative Reforms Aligned with PM Modi’s Vision

Dec 13: Aligning with the Hon’ble Prime Minister’s vision of strengthening Indian firms and showcasing India’s professional excellence on the global stage, the Institute of Chartered Accountants of India (ICAI) today announced a landmark set of reforms. ICAI President CA. Charanjot Singh Nanda along with Vice-President CA. Prasanna Kumar D briefed the media on the transformative decisions taken by the 447th Council.

A major highlight of the reforms is the Council’s approval of key amendments to the Advertisement Guidelines through the revised Code of Ethics. This long-awaited move opens new possibilities for Indian CA firms, especially emerging and mid-sized practices, to enhance visibility, expand their reach and compete confidently at a global level.

The significant step toward building Big Indian Firms, the Council has approved the ICAI (Global Networking) Guidelines, 2025, a milestone that unlocks a new era of global partnerships for Indian CA firms.

These guidelines provide a structured, transparent and compliant framework for Indian CA firms, domestic networks and ICAI-registered consultancy companies to forge international affiliations and access opportunities across global markets. They further empower domestic networks to collaborate with overseas entities across jurisdictions.

The objective is clear: create a level playing field where small and medium Indian CA firms can participate meaningfully in global collaborations. With this framework, Indian firms gain access to shared global knowledge, specialised expertise, advanced tools and technology, and the collective brand strength of international networks.

Together, these reforms equip Indian firms with sharper capabilities, broader global exposure, and significantly enhanced opportunities to scale.

Further to empower the CA Firms, the Council of ICAI at its 447th Meeting approved the revised 13th Edition of the Code of Ethics. The new Code will be applicable from 1.4.2026. The key enhancements include:-

1.The Council has approved pivotal amendments in the provisions relating to Advertisement and Website Guidelines in the Code of Ethics. This marks a major step toward creating an ecosystem where Indian firms can grow, compete, and position themselves on a global scale. The updated Guidelines on Advertisements and Websites will enhance accessibility, improve professional visibility, and align with contemporary global practices. The revisions in the scope of “write-up” of advertisement and other revisions will give greater creative flexibility to members. These revisions collectively enable Chartered Accountants to present their professional services in a more effective and modern manner.

In the website guidelines, the Council has proposed greater flexibility by allowing members and firms to use push technology for services that are not exclusive to the CA profession (e.g., consultancy, accounting, etc.). Allowing such non-exclusive services to be promoted through “push mode” enhances visibility, aligns with current digital practices, and provides a level playing field for Chartered Accountants. Further, network firms registered with ICAI will now be permitted to develop and maintain their own websites. This change is expected to significantly enhance the visibility of networks, strengthen collaboration, and facilitate efficient information sharing through digital platforms.

2.ICAI has now converged with the 2024 edition of the International Ethics Standards Board for Accountants (IESBA) Code of Ethics. This is in line with its commitment to adopt the highest international ethical standards and to ensure that the stringent provisions of auditor independence are implemented. Some of these provisions are as under:

While the provisions of Non-Assurance Services for audit clients get further restricted in accordance with the IESBA Code of Ethics, certain new provisions on the subject bring express prohibitions. Under the new provisions, an audit firm cannot accept the audit of a Public Interest Entity (PIE) if it has previously provided a non-assurance service that could create a self-review threat to the financial statements.
An important change is the extended applicability of the provisions on Responding to Non-Compliance with Laws and Regulations (NOCLAR) during the course of audit engagements. The provisions are now extended to all listed entities and their material subsidiaries, thereby strengthening transparency, accountability, and auditor responsibility in addressing potential non-compliance.

3.New Ethical Standards for Sustainability Assurance have been incorporated into the Code of Ethics. These standards are based on the International Ethics Standards for Sustainability Assurance (including International Independence Standards) issued by IESBA.

4.Under the proposed revision to the Code of Ethics, the list of Management Consultancy and Other Services (MCS) that a Chartered Accountant may provide has been further expanded to include a wider range of contemporary, digital-age services. These now encompass areas such as social impact assessment, artificial intelligence–related services, forensic accounting, and other emerging professional domains. This expansion reflects the evolving needs of the economy and enables Chartered Accountants to offer more diverse and modern professional services.

5.In line with the policy of the Government of India to promote the digital economy, it has been recommended that the members or firms should accept audit fees only through digital modes or banking channels.

The leadership highlighted ICAI’s sustained efforts to blend new-age thinking with the Institute’s strong legacy, reinforcing its focus on enhancing professional excellence, expanding global footprints, strengthening regulatory frameworks, and equipping members with future-ready skills in an evolving global environment.

Some other key initiatives shared during the Conference:

UDIN Crosses Historic 10-Crore Milestone

Informing the media of a major achievement, the President announced that Unique Document Identification Numbers (UDINs) crossed the landmark figure of 10 crore during the reporting year—yet another significant milestone for the Institute. This 10-crore UDIN milestone embodies ICAI’s vision of a future where trust, transparency, and technology converge to elevate India’s standing as a global financial leader. It reflects the profession’s collective resolve to uphold integrity and strengthen public confidence in the financial ecosystem.

WOFA 2.0: A Global Confluence of Accounting Leadership

The highlight of the press conference was The World Forum of Accountants (WOFA) 2.0, scheduled from January 30 to February 1, 2026, at the India Expo Centre, Greater Noida. The grand event, under the theme “Nation Building to Global Collaboration: Strengthening Trust, Enabling Growth,” is expected to bring together more than 20,000 delegates from across 40 countries. This global platform will strengthen ICAI’s mission to encourage global partnerships and showcase India’s leadership role in the accountancy world.

As India advances with renewed purpose, Chartered Accountants continue to anchor the nation’s economic momentum with integrity, insight, and innovation. ICAI’s initiatives—strengthened standards, expanded global mobility, and future-ready reforms—reinforce its role as a trusted architect of financial resilience. The collective resolve of professionals, industry, and policymakers will define India’s next leap, positioning the country as a global force in finance, governance, and sustainable development.