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Ethical Standards Board

Chairman, Ethical Standards Board
CA. Chandrashekhar Vasant Chitale

Phone: +91 9822088833
Mobile: +91 9822088833


Purpose & Objective


“The Institute of Chartered Accountants of India (ICAI) is a statutory body established under The Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India. The Council of ICAI is empowered to discharge the provisions of the Act, and regulate and maintain the standards of the profession. In pursuance of this, ICAI has established the Ethical Standards Board to function as standard setting body. The Ethical Standards Board develops and issues ethical standards and other pronouncements for chartered accountants. It works towards evolving a dynamic and contemporary Code of Ethics and ethical behaviour for members while retaining the long cherished ideals of `excellence, independence, integrity’ as also to protect the dignity and interests of the members”.


The objective of Ethical Standards Board is to set up ethical standards for chartered accountants, converge with the International best practices on ethics, subject to local laws, thereby enhancing the quality and consistency of services provided by chartered accountants and strengthening the public confidence in the profession.

Terms of Reference

  • To examine various issues concerning Code of Ethics governing the members of the Institute.
  • To establish standards for Chartered Accountants for regulation and maintenance of status and standards of professional qualification of members of the Institute
  • To examine and advise on any ethical matters referred to the committee.
  • To review periodically and publish the revised Code of Ethics and their publications relating to ethics.
  • To promote public awareness and confidence in the integrity, objectivity, competence and professionalism of members and to co-ordinate with other Committees.
  • To examine and deal with the complaints of members against their unjustified removal as auditors of any entity as per procedure evolved and to take necessary steps to protect the interest of the members.
  • The Ethical Standards Board will review the terms of reference at every two years

Form of Complaint/Statement of Reasons for unjustified removal of auditor to be filed before the Ethical Standards Board.


  • CA. Chandrashekhar Vasant Chitale, Chairman
  • CA. Sushil Kumar Goyal, Vice-Chairman
  • CA. Aniket Sunil Talati, President (Ex-officio)
  • CA. Ranjeet Kumar Agarwal, Vice-President (Ex-officio)
Read More....

Knowledge Sharing

Significant Achievements /Initiatives of Ethical Standards Board 2021-22 and 2022-23
  • The revised 12th edition of Code of Ethics has been diversified into three Volumes:
    Volume - I as convered with the provisions of International Ethical Standards Boards of Accountants (IESBA)
    Volume - II based on domestic provisions governing the members of the Institute.
    Volume - III being compilation of Disciplinary Cases of the institute.
    The Code of Ethics is applicable w.e.f. 1st July 2020.
  • The fourth edition of “FAQs on Ethical Issues”, publication of Ethical Standards Board, has been issued at the Annual Function of the Institute held on 9th February,2021. It incorporates changes brought out by the new Code of Ethics.
  • The Ethical Standards Board come up with a booklet for members in practice being independent director or Director Simplicitor in Companies This booklet contains relevant provisions of Companies Act, 2013, the Chartered Accountants Act, 1949, Code of Ethics, frequently asked questions and the decisions of the Ethical Standards Board taken from time to time on the said issue.
  • The Electronic Code or E-Code on the Volume-I of Code of Ethics has been launched at the Digital platform of the Institute. It will enable better ease of use to the members as compared to the ordinary soft copy version of the Code.
  • A video presentation has been prepared by the Ethical Standards Board, containing significant changes in new Code of Ethics, as compared to its previous edition, for the awareness among the members on provisions of revised Code of Ethics. The Ethical Standards Board has also prepared and uploaded the videos on Frequently Asked Questions on topics of Ethical issues link at the digital learning platform of the Institute relating to Professional Ethics of members Pertaining to Bank Assignments, Communication and changes in Professional Appointments, Books, articles and Presentations, Director Simplicitor/ Independent Director and Advertisement and Soclicitation.
  • Creatives on Provisions of new Code of Ethics have been regularly issued on social media platform of Ethical Standards Board (@icaiesb). These have helped members at large for the dissemination of knowledge on revised Code of Ethics.
  • CA Connect Portal was operationalized on 31.07.2021. It is an indigenous system of listing of CA Firms/ Individual CA Practitioners on the Platform of ICAI. The objective of this Website/Portal is to provide an effective platform for listing. This Portal is providing the essential bridge between clients and Chartered Accountants. The prospective clients can search the services offered by Firms/Individual practitioners based on their area of expertise under one roof irrespective of their geographical locations.
  • The Ethical Standards Board organized two global virtual seminars in 2021-2022 as under:
    • Mr. Alan Johnson, President, the International Federation of Accountants (IFAC) attended VCM of the Ethical Standards Board on Ethical Challenges in Emergence of New Technologies on 01.09.2021.
    • Ms. Nancy Foran, Director, Confederation of Asian and Pacific Accountants (CAPA) attended ICAI Global Virtual Seminar on “Ethics and Sustainability” on 22.09.2021.
Recent Decisions of Ethical Standards Board
1. It is permissible for members in practice to charge fees on a percentage of utilization amount of an educational Institute for certifying the amount (utilization) spent by an educational Institute out of grant.
2. It is not permissible for a member in practice to accept the appointment of statutory audit of the society wherein immediate family member i.e., spouse or dependent, of member hold honorary position of one of the managing committee of the institutes governed by the society.
3. There is no conflict of interest in a Chartered Accountant, who is a member of a Trust, being the auditor of the said trust. It is subject to the exception where a particular statute governing a Trust prescribes prohibition on the member of the Trust to be its Auditor or otherwise where there is conflict of interest as per the provisions of Code of Ethics.
4. It is not permissible for a member to use Messaging Applications to send messages to make people aware about his practice, and mention the services provided therein.
5. It is permissible for a practicing Chartered Accountant holding Certificate of Practice to become a member of the 'Board of Management' in Primary (Urban) Co-operative Banks.
The Ethical Standards Board noted that the position of a member of 'Board of Management' in Primary (Urban) Co-operative banks (UCBs) and the role attached to that position is similar to that of a Director-Simiplicitor; where there is no involvement of a member in the day-to-day functioning/operations and not signatory etc. and only sitting fees for the services rendered are provided.
6. Member in practice cannot act as Trademark or Patent Attorney. However, Professional advice in relation to Intellectual Property Rights (IPR) is a routine professional work for a Chartered Accountants in practice and same is permissible under the provisions of the Chartered Accountants Act, 1949.
7. There is no prohibition for internal auditor of a company to acquire/purchase shares of the said Company.
8. A CA Firm may register itself on Udyog Aadhar, a web portal of Ministry Micro, Small and Medium Enterprises.
9. A chartered accountant in practice can provide services through kiosk only if the services provided are professional activities of a practicing chartered accountant, permitted under the Act.
10. It is permissible for two or more Chartered Accountants in practice collectively to have joint training session for their clients on GST, and share the fees collected from the clients thereof.
1. FAQs on Advertisement and Solicitation.
2. Engaging in Derivatives' transactions by members in practice (FAQs)
3. FAQs on Communication and changes in Professional Appointments
4. Clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client
5. FAQs on Books, Articles and Presentations by Members in Practice
6. Clarification on Fees from a Single Client
7. Communication with the Retiring Auditor through E-mail (FAQs on Communication)
8. Advisory on Mentioning Fees in Advertisements issued by Members
9. FAQs relating to professional Ethics of members pertaining to Bank Assignments
10. Announcement on Internal Auditor not to undertake GST Audit simultaneously (28.9.2018)
11. FAQs on Ethical Issues relating to GST
12. Announcement on advertising by members in practice engaged in coaching/ teaching institute (18.5.2017)
13. Announcement on KYC Norms (applicable w.e.f 1/1/2017)
14. Announcement on ICAI Code of Conduct for elected, nominated and co-opted representatives (Applicable w.e.f 1.1.2017)
15. Announcement on use of designation(s) other than the designation of "Chartered Accountant". (Issued: February, 2015)
16. Announcement on prohibition to undertake the assignment of audit and accounting work together for the same entity.(Issued: May, 2014)
17. Announcement on Ranking of CA Firms.(Issued : March, 2014)
18. Announcements - Amendment in Council General Guidelines , 2008 (Issued : June, 2011)
1. Clarification with regard to Chartered Accountants in Practice/Firms of Chartered Accountants registering themselves on GeM (Government e-marketplace) Portal
2. Continuing Audit in case of pending Fees of earlier year(s)
3. Clarification on a member in practice being a Karta of a HUF making investment.
4. Clarifications on some commonly asked queries pertaining to elected representatives of ICAI and the general members of ICAI
5. Clarification on Concurrent Auditor undertaking the assignment of Quarterly Review.
6. Clarification on Tax Audit Assignments
7. Clarification on acting as recovery consultant in Banking Sector
8. Clarification on Sharing of Fees with Government
9. Clarification regarding (1) Listing with bodies creating data-base for independent directors of Chartered Accountants and (2) Acting as E-Intermediary.
10. Clarification on Chartered Accountants acting as Direct Selling Agent (DSA)- Ethical issues involved.
11. Clarification regarding transfer of Goodwill of Chartered Accountant Firms
12. Clarification on whether the Auditor of a Subsidiary Company can be a Director of its Holding Company.
13. Clarification on the Appointment of an auditor in case of indebtedness.
1. FAQ on Ethical Issues, 2021
2. Code of Ethics, 2019 Volume - I   (Announcement dt. 29.09.2022) & (Earlier Announcements)
3. Code of Ethics, 2020 Volume-II (Applicable w.e.f 1.7.2020)
4. Code of Ethics, 2020 Volume - III
5. Code of Ethics, 2009
Guidelines/ Features
1. Corporate Form of Practice Guidelines
2. Council Guidelines for Conversion of CA Firms into LLP
3. Advertisement Guidelines including CA/CA Firm website guidelines. (updated till February, 2020)
4. COUNCIL GENERAL GUIDELINES, 2008 (updated till February,2020)
5. Guidelines of the Council in the context of use of designation etc. and manner of Printing of Letter-heads and visiting cards.
6. Revised Resolution passed by the Council under Regulation 190A (effective from 9th August, 2008)
7. Know Your Ethics
8. CA Logo Guidelines

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