Putting in place a stricter compliance mechanism, chartered accountants’ apex body ICAI has barred members from participating in tenders for assignments that can be performed only by CAs.
However, ICAI members can participate in such tenders if the minimum fee for the assignment has been prescribed by the entity concerned. The Institute of Chartered Accountants of India (ICAI) has said a practising member “shall not respond to any tender issued by an organisation or user of professional services in areas of services which are exclusively reserved for chartered accountants, such as audit and attestation services.”
According to the institute, the restriction would not be applicable in instances where the minimum fee of the assignment is prescribed in the tender document itself.