CA SANJAY NIKAM’s Post

ICAI may introduce Centralized NOC Policy: NOC column to be included on UDIN. ICAI is set to implement a centralized policy for Non-Objection Certificates (NOCs) through the UDIN Portal. Acquiring an NOC from a retiring auditor has traditionally been a challenging task, especially for young practicing CAs. Obtaining this certificate from senior members often poses difficulties, leading to issues such as professional misconduct charges. In a positive development, a dedicated NOC column will be incorporated directly into the UDIN portal, streamlining the process and addressing the challenges faced by auditors, particularly those in the early stages of their careers. #icai #cacommunity #caaspirants #charteredaccountant #charteredaccountants #professionaldevelopment #update #noc #udin

*IMPORTANT INITIATIVE FOR PRACTISING CAs* *Centralized NOC Policy to Identify New Auditors aceepting audits without communicating with the previous auditors* Communicating with the previous auditor is crucial before accepting a new audit assignment for an entity. If an auditor accepts an assignment without following this procedure, it can be difficult for the previous auditor to identify the new auditor and result in lost outstanding fees. To address this longstanding issue, the Institute of Chartered Accountants of India (ICAI) is launching a Centralized No Objection Certificate (NOC) policy on the UDIN Portal (https://udin.icai.org/) to streamline the process. This progressive step aims to improve coordination between current and previous auditors.

AN INTERESTING INITIATIVE FOR OUR PRACTITIONERS Centralized NOC Policy to Identify New Auditors It is of paramount importance for auditors to communicate with an entity's previous auditor before accepting a new audit engagement.  Failing to do so can create difficulties for all parties involved. When a new auditor assumes responsibilities for an entity without first contacting the previous CA, it hinders the ability of the former auditor to identify the successor and pursue any outstanding fees. Recognizing this longstanding issue, the Institute of Chartered Accountants of India (ICAI) is taking meaningful action. ICAI plans to launch a Centralized Non-Objection Certificate (NOC) policy through their UDIN (https://udin.icai.org/) Portal. This system will streamline the process of auditor transition. By facilitating cooperation and information exchange between previous and incoming auditors, the new NOC policy aims to resolve payment issues and ensure a smooth transfer of responsibilities. This initiative demonstrates ICAI's commitment to progressive reform. By addressing gaps that have challenged the profession for years, the centralized NOC system will modernize audit procedures for the benefit of all stakeholders. It provides an important step forward in strengthening accountability and transparency. #NOC #ICAI

*IMPORTANT INITIATIVE FOR PRACTISING CAs* *Centralized NOC Policy to Identify New Auditors aceepting audits without communicating with the previous auditors* Communicating with the previous auditor is crucial before accepting a new audit assignment for an entity. If an auditor accepts an assignment without following this procedure, it can be difficult for the previous auditor to identify the new auditor and result in lost outstanding fees. To address this longstanding issue, the Institute of Chartered Accountants of India (ICAI) is launching a Centralized No Objection Certificate (NOC) policy on the UDIN Portal (https://udin.icai.org/) to streamline the process. This progressive step aims to improve coordination between current and previous auditors. Regards CA Dani khandelwal #danikicosting #dkc

A captivating endeavor for our professionals Implementation of a centralized Network Operations Center (NOC) policy to ascertain the identification of new auditors. Prior to accepting a new audit engagement, it is crucial for auditors to establish communication with the entity's former auditor. Neglecting to do so can result in complications for all parties concerned. If a new auditor takes on the obligations of an entity without first contacting the previous certified accountant (CA), it obstructs the former auditor's ability to identify the successor and seek any unpaid fees. In response to this enduring problem, the Institute of Chartered Accountants of India (ICAI) is implementing significant measures. ICAI intends to implement a Centralized Non-Objection Certificate (NOC) policy using their UDIN (https://udin.icai.org/) Portal. This technology will optimize the efficiency of auditor changeover. The new NOC policy seeks to promote collaboration and the sharing of information between outgoing and incoming auditors. Its primary objective is to address payment-related problems and facilitate a seamless transition of responsibilities. This effort showcases ICAI's dedication to forward-thinking reform. The unified NOC system will modernize audit procedures by resolving long-standing inadequacies that have posed challenges to the profession. This will ultimately benefit all stakeholders involved. It represents a significant advancement in enhancing accountability and openness. 

Honored to have received my ICITSS (Information Systems Audit and Control) certification from ICAI Gurugram in 2021. This credential has been instrumental in enhancing my expertise in information systems and audit controls, and I continue to apply these skills in my professional endeavors. #ICITSS #ICAI #InformationSystems #AuditControls #ProfessionalCertification #CareerDevelopment #ContinuousLearning

#prass #audit ICAI’s new centralised NOC policy for statutory audit: 1. The Institute of Chartered Accountants of India (ICAI) is introducing a groundbreaking reform – the Centralized online NOC (Non-Objection Certificate) Policy. 2. This policy aims to revolutionize the process of obtaining NOCs, a critical document for auditors engaging with new clients. 3. Currently, obtaining a NOC involves approaching the previous auditor for a signed document stating they have no objection to the new appointment. This process can be time-consuming and cumbersome, especially for young CAs who may face delays or difficulties in securing NOCs from established auditors. 4. The centralized system ensures an online documented trail, minimizing the risk of misconduct for not obtaining NOCs. 5. This initiative fosters transparency, efficiency, and a level playing field, paving the way for a more streamlined and ethical audit ecosystem in India.

*IMPORTANT INITIATIVE FOR PRACTISING CAs* *Centralized NOC Policy to Identify New Auditors aceepting audits without communicating with the previous auditors* Communicating with the previous auditor is crucial before accepting a new audit assignment for an entity. If an auditor accepts an assignment without following this procedure, it can be difficult for the previous auditor to identify the new auditor and result in lost outstanding fees. To address this longstanding issue, the Institute of Chartered Accountants of India (ICAI) is launching a Centralized No Objection Certificate (NOC) policy on the UDIN Portal (https://udin.icai.org/) to streamline the process. This progressive step aims to improve coordination between current and previous auditors. #ICAI

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The Institute of Chartered Accountants of India (ICAI) Dear ICAI, I kindly request your attention to an issue with the SSP portal. For several days, I have been attempting to reset my password and request an OTP, but I have not received the OTP on my phone. As a paying member, it is frustrating to encounter such basic issues, especially when there is so much emphasis on automation and technological advancement. I would appreciate it if this matter could be addressed promptly. Any late payment of fees would be purely ICAI’s fault as you don’t believe in investing in Tech but to keep the surplus in BS. P.S. these are my personal views & not to be read otherwise. #ICAI