The weekly messenger | Edition 08.22

Auditing news

Peer Review Mandate - Phase I – 25 February 2022

The Institute of Chartered Accountants of India (ICAI) on 12 February 2022 has issued a revised Peer Review Mandate, wherein the coverage of the peer review has been enhanced by covering more firms under the ambit of the same. The revised mandate would be rolled out in four phases.

Now, the ICAI has issued the format of the declaration form, which is to be filed by the firms falling under Phase I of the roll out by 31 March 2022.

For more information, click here.

Compendium on Disciplinary Case Studies − February 2022

The Research Committee of the ICAI has issued the ‘Compendium on Disciplinary Case Studies’ which consists of the summary of the various pronouncements/ decisions taken by the Disciplinary Directorate, ICAI related to the professional misconduct by members in light of various factors which are covered under Clause 5, 6 and 7 of Part I Schedule II of the Chartered Accountants Act, 1949.

The purpose of issuing this Compendium is to guide and assist the professionals regarding the precautions to be taken in their future assignments.

For more information, click here.

Regulatory news

LLP (Second Amendment) Rules, 2022 – 4 March 2022

The Central Government has issued the Limited Liability Partnership (LLP) (Second Amendment) Rules, 2022, wherein certain amendments have been made in the existing Rules, the listing of which is as follows:

• Rule 11 ‘Incorporation of Limited Liability Partnership’

• Rule 19 which deals with the Name of LLP

• Rule 24 ‘Financial Disclosures’

• Rule 25 which deals with the Annual Return

• Rule 34 ‘Foreign Limited Liability Partnership’

• Rule 36 ‘Electronic Filing of Documents’

• Rule 37 ‘Striking Off Name of Defunct LLP’

Further, in the aforesaid rules, certain existing forms have been substituted with the new forms.

These Rules shall come into force from the date of its publication in the official gazette.

For more information, click here.