Core Insights - The Institute of Chartered Accountants of India (ICAI) has approved amendments to the code of ethics to enhance international connectivity for Indian chartered accountant firms [1][2] - The ICAI (Global Networking) Guidelines, 2025 have been established to facilitate associations between Indian CA firms and international entities [2][3] Group 1: International Collaboration - The new guidelines allow Indian CA firms and networks to form associations with international entities, promoting opportunities outside India [2] - The aim is to provide small and medium-sized Indian CA firms access to international knowledge, technology, and expertise for cross-border collaborations [2] Group 2: Code of Ethics Revisions - A revised 13th Edition of the Code of Ethics will be effective from 1 April 2026, introducing changes in advertising and website usage for firms [3][4] - The updated rules allow more flexibility in advertising content and enable chartered accountants to showcase their services more effectively [3] Group 3: Compliance and Sustainability - New regulations on responding to non-compliance with laws and regulations (NOCLAR) during audits now apply to all listed entities and their subsidiaries, increasing auditor responsibility [5] - Ethical standards for sustainability assurance have been added, based on IESBA guidance, covering sustainability-related independence requirements [5] Group 4: Expanded Services - The list of Management Consultancy and Other Services (MCS) that CAs can provide has been broadened to include areas such as social impact assessment, AI-related consulting, and forensic accounting [6] - ICAI has recommended that members and their firms accept audit fees exclusively through digital payments or banking channels [6]

Core Insights - The International Auditing and Assurance Standards Board (IAASB) has released illustrative sustainability assurance reports to aid practitioners in applying ISSA 5000 [1][4] - The new set of reports provides detailed examples relevant to daily practice, expanding on the previous four sample reports [2] - The reports cover various scenarios, including reviewing sustainability disclosures under IFRS S1 and S2, assessing sustainability reports, and combining different assurance types [3] Group 1 - The illustrative reports demonstrate practical applications of ISSA 5000, aimed at enhancing the consistency of sustainability assurance engagements [1][4] - The new examples include five cases where unmodified assurance conclusions are provided, addressing real-world application challenges [2][4] - Additional scenarios illustrate how to draft reports with modified conclusions, such as qualified conclusions and disclaimers [3][4] Group 2 - In September, IAASB updated the definition of publicly traded entities to align with the International Ethics Standards Board for Accountants' Code of Ethics [5] - This update affects both International Standards on Quality Management (ISQMs) and International Standards on Auditing (ISAs) [5]