The Institute of Chartered Accountants of India (ICAI) president Charanjot Singh Nanda has opposed calls to include other professionals such as company secretaries and cost accountants in the definition of ‘accountant’.
Nanda, recently elected president of ICAI, stated that tax audits and other audit-related functions should remain the exclusive domain of chartered accountants, given their specialised training and expertise.
This statement follows recent requests from the Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICMAI) to include their members in the definition of ‘accountant’ under a newly introduced Income Tax Bill, 2025.
Both institutions are set up under Acts of Parliament and operate under the corporate affairs ministry.
ICMAI has around 100,000 members, and ICSI has approximately 75,000 active members.
ICAI, which has a membership of approximately 400,000 chartered accountants, is committed to maintaining a positive and collaborative relationship with ICSI and ICMAI, said Nanda.
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By GlobalDataHowever, he firmly believes that audit work should remain exclusive to chartered accountants.
“Audit work can be done only by chartered accountants, the chartered accountants in practice… we do audit. Audit is a serious business which can be done only by people doing so,” Nanda stated in response to the ongoing debate.
He also cited two significant rulings—one by the Supreme Court and another by the Delhi High Court—which uphold the exclusive role of chartered accountants in conducting audits.
The issue will be addressed by the coordination committee, which includes representatives from ICAI, ICSI, and ICMAI, and is chaired by the Secretary of the Ministry of Corporate Affairs.
“I want to again re-emphasise the fact that audit is the forte of chartered accountants… tax audits are the preserve of chartered accountants… audit is the responsibility that has been entrusted to us by the Parliament,” Nanda concluded.
Earlier in February 2025, the ICAI received approval from its Central Council to set up the ICAI International alternative dispute resolution (ADR) Centre throughout India via its branch network.
