ICAI ramps up tax audit scrutiny tenfold, 1,000 firms under review
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- ✓The Institute of Chartered Accountants of India increased tax audit scrutiny tenfold, selecting 1,000 companies for review for assessment year 2024-25.
- ✓ICAI president Prasanna Kumar D.
- ✓said the increase is aimed at "improving compliance and expanding the coverage of tax audit quality checks." The board now reviews reports across eight sectors.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Financial Express
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
The Institute of Chartered Accountants of India (ICAI) has stepped up its tax audit scrutiny tenfold, selecting 1,000 companies with turnover of over Rs 100 crore for review of their reports for assessment year 2024-25. About 867 reports have been reviewed so far. While the CA institute did not disclose the exact gaps found, an official said "certain common and recurring deficiencies" in tax audit reporting were identified during the scrutiny.
ICAI increased the number of companies selected for review to 1,000 in 2025-26, from 100 in the previous selection year. ICAI president Prasanna Kumar D. said that the sharp increase is aimed at improving compliance and expanding the coverage of tax audit quality checks.
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