ICAI Releases Aggregation Guidelines 2024 for CA Firms LLPs

The Institute of Chartered Accountants of India ( ICAI) officially declared the release of the “ICAI (Aggregation of LLPs) Guidelines, 2024,” citing an influential phase in the existing transformation of the Indian CA profession. 

The Committee for Aggregation of CA Firms (CACAF) in a move sought to strengthen the profession, was founded during the 2024-25 fiscal year to encourage strategic reforms within the industry. The committee has been provided the task of implementing a framework that aligns CA firms with global standards while enhancing their operational efficiency in a rapidly transforming regulatory and professional environment.   

Under the updated guidelines a framework is been provided that streamlines the aggregation of LLPs permitting the Indian CA firms to enter into partnerships with other LLPs. The same collaboration is anticipated to make synergies via using the integrated resources and skills, hence rectifying the operational capabilities and service delivery across all locations in India. The objective is to initiate a coordinated approach among the partner firms to ensure uniform quality in audits, additionally robusting the reliability of CA services in the country.

Through the assistance of the restructuring requirement of CA firms, such guidelines propose a platform for long-term growth and sustainability. LLP aggregation is discovered as a forward-looking technique that addresses the amending requirements of the profession and ensures that the Indian CA firms stay competitive in the phase of the world.

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During its 432nd meeting, held on 2nd and 3rd July 2024 ICAI council approved the guidelines.

These Guidelines come into force from the date of its notification.

Detailed Guidelines are hosted on the ICAI portal and are accessible at https://resource.cdn.icai.org/84293cacaf67953.pdf

For any clarifications/query, members may reach out to the CACAF or M&SS through e-mail at cacaf[at]icai[dot]in and fna[at]icai[dot]in;

In the evolution of the Indian CA profession, the initiative is a major milestone and is been targeted to improve the overall quality and global reach of CA firms in India.        

official announcement by ICAI: https://www.icai.org/post/icai-aggregation-of-llps-guidelines-2024