As the members are aware, the revised 12th edition of the Code of Ethics has come into effect from 1st July 2020. It is accessible on www.icai.org at the following links:
Code of Ethics Volume - I
Code of Ethics Volume II
Code of Ethics Volume -III (Case Laws Referencer)
It may further be recalled that the following provisions of Volume-I of the Code of Ethics, 2019, deferred earlier, were to come into force w.e.f 1st April 2022 (Ref. Announcement dt. 26.7.2021 at https://www.icai.org/post/esb-applicable-date-of-certain-deferred-provisions)
1. Responding to Non-Compliance with Laws and Regulations (NOCLAR)
[Sections 260 and 360]
2. Fees- Relative Size
[Paragraphs 410.3 to R410.6]
3. Tax Services to Audit Client's
[Subsection 604]
The Council at its 410th Meeting held on 24th and 25th March 2022 decided that the applicability of the above-mentioned provisions be further deferred for a period of six months (i.e. till 30th September 2022) to ensure effective adoption and to implementation by the membership at large. A rollout plan for these provisions will be announced suitably.
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