Re. : Applicable date of certain deferred provisions of Volume-I of Code of Ethics, 2019.
As the members are aware, the revised 12th edition of Code of Ethics had come into effect from 1st July, 2020. It is accessible on http://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 applicability of following provisions of Volume-I of Code of Ethics, 2019 was deferred due to situations prevailing due to Covid and to ensure effective adoption and implementation by the membership at large (Ref. Announcement dt. 31.03.2022 https://bit.ly/3d6YETG): –
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 Clients [Subsection 604] The Council at its 413th meeting held in August,2022 decided the abovementioned deferred provisions contained in Volume-I of Code of Ethics, 2019 which have been deferred from 1st July, 2020 till 30th September, 2022 will be made applicable from 1st October 2022 with certain amendments.
The detailed provisions (with amendments) pertaining to Responding to NonCompliance with Laws and Regulations (Sections 260 and 360), Fees-Relative Size (Paragraphs 410.3 to R410.6) and Tax Services to the Audit Clients (Subsection 604) contained in Volume I of Code of Ethics, 2019 may be accessed at https://resource.cdn.icai.org/71660esb57664.pdf