ICSI has issued four auditing standards and has imposed the ceiling on number of Annual Secretarial Compliance Reports.

ICSI in its council meeting held on 4th – 5th May, 2019 has approved four Auditing Standards applicable on recommendatory basis on Audit engagements accepted by the Auditors on or after 1st July, 2019 and mandatory on or after 1st April, 2020.

Further it has also imposed the ceiling on number of Annual Secretarial Compliance Reports to be issued by PCS that is 5 (five) reports individually/ per partner in each financial year w.e.f. April 1, 2020 and an additional limit of 5 (five) Secretarial Compliance Reports individually/ per partner in case the Unit has been Peer Reviewed.

The complete news along with other important decisions taken by ICSI is attached herewith:

cs auditing standard Important_decisions_taken_by_the_Council_at_its_meeting_held_on_4-5_May_2019

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