Code of Ethics for Chartered Accountants: Complete Guide for CA Final Students (ICAI, IESBA, Fundamental Principles, Threats & Safeguards)

The Code of Ethics for Chartered Accountants is the cornerstone of the profession, ensuring that CAs uphold the highest standards of conduct, integrity, and professionalism. For CA Final students, a thorough understanding of this Code, issued by the Institute of Chartered Accountants of India (ICAI) and aligned with the International Ethics Standards Board for Accountants (IESBA) Code, is paramount for Paper 3 (Advanced Auditing and Professional Ethics). It guides professional accountants in navigating complex ethical dilemmas and maintaining public trust.

Quick Answer for Featured Snippets:
The Code of Ethics for Chartered Accountants, primarily issued by ICAI and aligned with IESBA, establishes five fundamental principles (Integrity, Objectivity, Professional Competence & Due Care, Confidentiality, and Professional Behaviour) that all professional accountants must adhere to, supported by a conceptual framework of identifying, evaluating, and addressing threats to these principles through safeguards.

What is the Code of Ethics? Definition, Purpose & Scope

The Code of Ethics provides a comprehensive framework of principles and rules that govern the professional conduct of Chartered Accountants. It serves as a guide for ethical decision-making and ensures that CAs act in the public interest.

Definition: The Code of Ethics is a set of principles and rules designed to ensure that all professional accountants maintain the highest standards of ethical conduct, objectivity, and integrity in their professional activities, thereby fostering public confidence in the profession.

Purpose:

• To establish the fundamental principles of ethical conduct for all professional accountants.
• To provide a conceptual framework for identifying, evaluating, and addressing threats to compliance with these fundamental principles.
• To promote public trust and confidence in the profession.
• To guide CAs in making ethical decisions in various professional scenarios.
• To differentiate the CA profession by its commitment to ethical excellence.

Scope: The Code applies to all professional accountants, whether they are in public practice (e.g., auditors, tax consultants) or in business (e.g., CFOs, internal auditors, financial controllers).

Sources of Ethical Guidance: ICAI and IESBA

The ethical framework for Chartered Accountants in India is primarily derived from two key sources:

1. The Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI):

   • This is the primary regulatory document for CAs in India.
   • It is largely based on and converged with the International Code of Ethics for Professional Accountants issued by the IESBA.
   • The ICAI Code is divided into three parts:
     • Part A: General Application of the Code: Lays down the fundamental principles and the conceptual framework.
     • Part B: Professional Accountants in Public Practice (PAPPs): Contains specific requirements and application material for CAs in public practice.
     • Part C: Professional Accountants in Business (PAIBs): Contains specific requirements and application material for CAs employed in business.

2. The International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA):

   • IESBA is an independent standard-setting board that develops and issues high-quality ethical standards for professional accountants worldwide.
   • The IESBA Code is widely adopted or used as a basis for national codes by professional accountancy bodies globally, including ICAI.
   • It provides a robust framework to address ethical challenges faced by accountants in an increasingly complex global environment.

Key takeaway: While the ICAI Code is the direct authority for Indian CAs, understanding the IESBA Code provides a broader perspective and context, especially for students aiming for international careers or dealing with multinational clients.

Fundamental Principles of Ethics

The Code of Ethics is built upon five fundamental principles that all professional accountants are required to comply with. These principles form the bedrock of ethical conduct.

1. Integrity:

   • Definition: To be straightforward and honest in all professional and business relationships.
   • Explanation: Integrity implies fair dealing and truthfulness. A professional accountant should not knowingly be associated with reports, returns, communications, or other information that:
     • Contains a materially false or misleading statement.
     • Contains statements or information furnished recklessly.
     • Omits or obscures information required to be included where such omission or obscurity would be misleading.
   • Example: An auditor must report findings honestly, even if they are detrimental to the client's management, without succumbing to pressure to alter the report.

2. Objectivity:

   • Definition: To not allow bias, conflict of interest, or undue influence of others to override professional or business judgments.
   • Explanation: Objectivity requires a professional accountant to be impartial, unbiased, and free from conflicts of interest. It means making decisions based on facts and professional judgment, rather than personal feelings or external pressures.
   • Example: An accountant should not audit a company in which they hold a significant financial interest, as this would create a self-interest threat to objectivity.

3. Professional Competence and Due Care:

   • Definition: To attain and maintain professional knowledge and skill at the level required to ensure that clients or employers receive competent professional service, based on current developments in practice, legislation, and techniques; and act diligently and in accordance with applicable technical and professional standards.
   • Explanation: This principle has two components:
     • Professional Competence: Requires a professional accountant to have the necessary expertise and continuously develop their knowledge and skills through Continuous Professional Education (CPE).
     • Due Care: Requires acting diligently, thoroughly, and in a timely manner, observing all applicable standards and ethical requirements.
   • Example: An auditor undertaking a specialized industry audit must ensure they have adequate knowledge of that industry's regulations and practices, or seek expert assistance.

4. Confidentiality:

   • Definition: To respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to disclose, nor use the information for the personal advantage of the professional accountant or third parties.
   • Explanation: Professional accountants must protect client/employer information from unauthorized disclosure. This duty continues even after the end of the professional relationship. Exceptions include legal obligations (e.g., reporting money laundering) or professional duties (e.g., peer reviews).
   • Example: An accountant working for a company must not disclose sensitive financial data or strategic plans to competitors or family members.

5. Professional Behaviour:

   • Definition: To comply with relevant laws and regulations and avoid any conduct that the professional accountant knows or should know might discredit the profession.
   • Explanation: This principle requires professional accountants to act in a manner consistent with the good reputation of the profession and refrain from any conduct that might bring discredit to the profession. This includes honesty and fairness in marketing and promotional activities.
   • Example: A CA should not engage in aggressive or misleading advertising that disparages other professionals or makes unsubstantiated claims about their services.

Conceptual Framework Approach: Threats and Safeguards

The Code of Ethics adopts a conceptual framework approach, which requires professional accountants to:

1. Identify threats to compliance with the fundamental principles.
2. Evaluate the significance of the identified threats.
3. Address the threats by eliminating or reducing them to an acceptable level through safeguards.

If the threats cannot be eliminated or reduced to an acceptable level, the professional accountant must decline or discontinue the specific professional activity.

Types of Threats

The Code identifies five categories of threats:

1. Self-Interest Threat:

   • Definition: The threat that a financial or other interest will inappropriately influence the professional accountant's judgment or behaviour.
   • Examples:
     • A financial interest in a client.
     • A loan or guarantee to or from a client or employer.
     • Undue dependence on total fees from a single client.
     • Concern about losing a client or employment.
     • Having access to confidential information that might be used for personal gain.

2. Self-Review Threat:

   • Definition: The threat that a professional accountant will not appropriately evaluate the results of a previous judgment or service performed by the professional accountant, or by another individual within the professional accountant's firm or employing organization, on which the accountant will rely when forming a judgment as part of providing a current service.
   • Examples:
     • An auditor performing an audit engagement on financial statements that were prepared by the same firm.
     • An accountant in business making a judgment about the adequacy of internal controls they designed.

3. Advocacy Threat:

   • Definition: The threat that a professional accountant will promote a client's or employer's position to the point that the professional accountant's objectivity is compromised.
   • Examples:
     • Acting as an advocate on behalf of an audit client in litigation or disputes.
     • Promoting shares in an audit client.
     • A professional accountant in business advocating for a particular accounting treatment that benefits the company but may not be the most appropriate.

4. Familiarity Threat:

   • Definition: The threat that due to a long or close relationship with a client or employer, a professional accountant will be too sympathetic to their interests or too accepting of their work.
   • Examples:
     • A close family relationship with a director or officer of the client.
     • Long association of senior personnel with an assurance client.
     • Acceptance of gifts or preferential treatment from a client or employer.

5. Intimidation Threat:

   • Definition: The threat that a professional accountant will be deterred from acting objectively because of actual or perceived pressures, including attempts to exercise undue influence over the professional accountant.
   • Examples:
     • Threats of dismissal or replacement over a disagreement on an accounting matter.
     • Pressure to reduce inappropriately the extent of work performed in order to reduce fees.
     • A dominant personality attempting to influence the decision-making process.

Safeguards

Safeguards are actions or other measures that may eliminate threats or reduce them to an acceptable level. They fall into three broad categories:

1. Safeguards created by the profession, legislation, or regulation:

   • Educational, training, and experience requirements for entry into the profession.
   • Continuing Professional Development (CPD) requirements.
   • Corporate governance regulations (e.g., independent audit committees).
   • Professional standards (e.g., auditing standards, accounting standards).
   • Professional or regulatory monitoring and disciplinary procedures.
   • External review of a firm's quality control system.

2. Safeguards in the client/employer environment:

   • For PAPPs (auditors):
     • Client's corporate governance structure (e.g., independent board, strong audit committee).
     • Client personnel with competence and experience to make managerial decisions.
     • Internal procedures that ensure objective choices in commissioning non-assurance engagements.
   • For PAIBs (employees):
     • Strong internal controls.
     • Robust internal audit function.
     • Ethics and conduct programs.
     • Policies and procedures for whistle-blowing.
     • Oversight by independent non-executive directors.

3. Firm-specific and engagement-specific safeguards:

   • For PAPPs (auditors):
     • Firm-wide quality control policies and procedures.
     • Engagement quality control reviews.
     • Rotation of senior personnel on assurance engagements.
     • Using different partners and engagement teams for non-assurance services.
     • Obtaining independent professional advice.
     • Disclosing to the audit committee the nature of services provided and fees charged.
   • For PAIBs (employees):
     • Firm's ethical leadership and culture.
     • Policies and procedures regarding conflicts of interest.
     • Internal review processes.
     • Consultation with other professionals.

Ethical Requirements for Professional Accountants in Public Practice (PAPPs)

CAs in public practice face specific ethical considerations due to their role in providing assurance and other services to the public.

1. Professional Appointment

• Acceptance: Before accepting a new client or engagement, a PAPP must consider whether acceptance would create any threats to compliance with the fundamental principles. This involves assessing the client's integrity, identifying any conflicts of interest, and ensuring the firm has the necessary competence.
• Engagement Letter: Clearly defining the terms of engagement, including responsibilities of both parties, scope of work, and fees, helps prevent misunderstandings and potential ethical issues.
• Changes in Professional Appointment: When asked to replace another accountant, the incoming accountant must communicate with the existing/previous accountant to ensure there are no ethical reasons not to accept the engagement (e.g., unpaid fees, unresolved disputes).

2. Conflicts of Interest

A PAPP must take reasonable steps to identify circumstances that could give rise to a conflict of interest. If a conflict exists, safeguards must be applied (e.g., notifying the client, obtaining consent, using separate engagement teams, or declining the engagement).

3. Second Opinions

When a PAPP is asked to provide a second opinion on the application of accounting or auditing principles to specific circumstances, they must exercise professional competence and due care. They should obtain sufficient information, including contacting the existing accountant, to provide an objective opinion.

4. Fees and Other Remuneration

• Contingent Fees: Fees calculated on a predetermined basis relating to the outcome or result of a transaction or the work performed. Generally prohibited for assurance engagements as they create a self-interest threat to objectivity.
• Referral Fees/Commissions: Accepting or paying a referral fee or commission can create self-interest or intimidation threats. Disclosure to the client is often a safeguard.
• High Fees: Fees should be a fair reflection of the value of the work performed. Unduly low fees can raise questions about the quality of work, while excessive fees can be unethical.

5. Marketing Professional Services

PAPPs can market their services, but they must do so ethically. Marketing should be honest, truthful, and not misleading. It should not make exaggerated claims, disparage other professionals, or imply an ability to influence regulatory bodies.

6. Gifts and Hospitality

Accepting gifts or hospitality from a client can create familiarity or intimidation threats. The PAPP must evaluate the nature, value, and intent of the gift. Only trivial and inconsequential gifts are acceptable.

7. Custody of Client Assets

A PAPP should not take custody of client money or other assets unless permitted by law and, if so, must comply with specific legal and ethical requirements (e.g., keeping assets separate, using them only for intended purpose, being ready to account for them).

8. Responding to Non-Compliance with Laws and Regulations (NOCLAR)

This is a critical area. If a PAPP encounters or suspects NOCLAR, they must: Understand the nature of the non-compliance and its potential impact; Discuss the matter with the appropriate level of management or those charged with governance; Determine if further action is needed in the public interest, which may include disclosing the matter to an appropriate authority (e.g., regulator), even if it breaches confidentiality. This is a complex area requiring careful judgment.

Ethical Requirements for Professional Accountants in Business (PAIBs)

PAIBs, while not providing external assurance, play a crucial role in financial reporting, internal controls, and ethical culture within their organizations.

1. Conflicts of Interest

PAIBs must identify and manage actual or potential conflicts of interest between their personal interests and those of their employing organization. This might involve disclosing the conflict, recusing themselves from decisions, or even resigning.

2. Preparation and Reporting of Information

PAIBs are often responsible for preparing or overseeing the preparation of financial and non-financial information. They must ensure that such information is presented fairly, accurately, and in accordance with relevant standards and regulations. Pressure to manipulate financial results is a significant ethical challenge.

3. Acting with Sufficient Expertise

A PAIB should not undertake tasks for which they do not have, or cannot obtain, sufficient expertise. This relates directly to the principle of Professional Competence and Due Care.

4. Financial Interests

PAIBs should avoid situations where their financial interests (or those of close family members) could influence their professional judgment or decision-making within the organization.

5. Inducements

Offering or accepting inducements (gifts, hospitality, preferential treatment) can create threats to objectivity and integrity. PAIBs must evaluate the nature and intent of such inducements and decline those that could be perceived to influence their judgment.

6. Responding to Non-Compliance with Laws and Regulations (NOCLAR)

Similar to PAPPs, PAIBs have a responsibility to respond to NOCLAR. Their actions might involve: Discussing with immediate superior or higher management; Seeking legal advice; Reporting to an external authority if internal channels fail and the matter is significant and in the public interest; Resigning from the organization as a last resort.

Disciplinary Mechanism of ICAI

The ICAI has a robust disciplinary mechanism to ensure compliance with the Code of Ethics and other professional standards.

• Disciplinary Directorate: Investigates complaints against members.
• Board of Discipline/Disciplinary Committee: Adjudicates cases based on the findings of the Directorate.
• Penalties: Can range from reprimand to removal of name from the Register of Members, along with monetary fines.
• This mechanism reinforces the importance of ethical conduct and acts as a deterrent against professional misconduct.

Case Studies / Ethical Dilemmas

These case studies illustrate common ethical challenges and how the conceptual framework approach can be applied.

Case Study 1: Conflict of Interest in Engagement Acceptance

Scenario: CA. Rakesh, a partner in a firm, is approached by XYZ Ltd. to conduct their statutory audit. CA. Rakesh's brother-in-law is the Finance Director of XYZ Ltd. CA. Rakesh has no financial interest in XYZ Ltd. or his brother-in-law's remuneration.

Ethical Issue: Acceptance of the audit engagement.

Analysis:

• Fundamental Principles Threatened: Objectivity (due to close relationship), Professional Behaviour.
• Threats Identified: Familiarity Threat (close family relationship with a key management personnel).
• Evaluation: The relationship with the Finance Director, who is responsible for financial reporting, is significant. This could lead to CA. Rakesh being too sympathetic to the client's interests or too accepting of their explanations, compromising his objectivity.
• Safeguards:
  • Elimination: CA. Rakesh could decline the engagement.
  • Reduction: If the firm is large enough, assign a different partner and engagement team who have no relationship with the Finance Director. The engagement team should be subject to an independent review by a partner not involved in the engagement. Disclosure to Those Charged With Governance (TCWG) and obtaining their consent.
• Conclusion: Given the direct involvement of a close relative in financial reporting, the familiarity threat is high. The firm should either decline the engagement or implement robust safeguards, such as assigning a completely separate team with an independent review, and transparently communicating the situation to TCWG. If safeguards cannot reduce the threat to an acceptable level, the engagement must be declined.

Case Study 2: Confidentiality vs. NOCLAR

Scenario: CA. Priya is the CFO of a manufacturing company. She discovers that the company has been consistently violating environmental regulations by discharging untreated waste into a nearby river, which is a criminal offense. Her CEO instructs her to keep this information confidential, stating that disclosing it would severely damage the company's reputation and financial stability.

Ethical Issue: Conflict between the principle of Confidentiality and the duty to act in the public interest (NOCLAR).

Analysis:

• Fundamental Principles Threatened: Confidentiality (if she discloses), Integrity, Professional Behaviour, Professional Competence & Due Care (if she ignores the violation).
• Threats Identified: Intimidation Threat (pressure from CEO), Self-Interest Threat (concern for her job/company's stability).
• Evaluation: The non-compliance is with environmental laws and regulations, which can have significant public health and environmental consequences. It is a criminal offense. The CEO's instruction creates an intimidation threat.
• Safeguards/Actions:
  1. Understand the matter: Ensure full understanding of the nature of NOCLAR, its materiality, and potential consequences.
  2. Discuss internally: Discuss with the CEO, highlighting the legal and ethical implications. If the CEO is involved, escalate to a higher level of management (e.g., Audit Committee, Board of Directors).
  3. Seek legal advice: Obtain legal advice on the matter, including her personal responsibilities and the company's obligations.
  4. Determine further action: If the company does not take appropriate action to address the NOCLAR, CA. Priya must consider whether a disclosure to an appropriate external authority (e.g., environmental regulator) is required or permitted by law, even if it breaches confidentiality. This is a situation where public interest often overrides confidentiality.
  5. Resignation: If all internal and external reporting avenues are exhausted and the NOCLAR remains unaddressed, and she cannot continue to be associated with such conduct, resignation might be a last resort.
• Conclusion: CA. Priya has a duty to act in the public interest. While confidentiality is important, it is generally overridden when there is a legal or professional duty to disclose NOCLAR, especially when it involves criminal activity and significant public harm.

Case Study 3: Fees and Independence

Scenario: CA. Sameer's firm has been the statutory auditor for ABC Ltd. for the past seven years. ABC Ltd. contributes 25% of CA. Sameer's firm's total annual revenue. ABC Ltd. has now offered CA. Sameer a significant non-assurance consulting engagement (e.g., designing an internal control system) for an additional fee.

Ethical Issue: Independence of the auditor, specifically concerning fees and non-assurance services.

Analysis:

• Fundamental Principles Threatened: Objectivity, Integrity, Professional Competence & Due Care.
• Threats Identified:
  • Self-Interest Threat: Undue dependence on total fees from a single client (25% is significant). The additional non-assurance engagement further exacerbates this.
  • Self-Review Threat: If CA. Sameer's firm designs the internal control system, they would then be auditing their own work in the subsequent statutory audit.
  • Familiarity Threat: Long association with the client (7 years).
• Evaluation: The combined effect of high fee dependence, long association, and the potential self-review threat from the consulting engagement significantly impairs independence and objectivity.
• Safeguards:
  1. Fee Dependence: Reduce dependence on a single client. If fees from an assurance client exceed a certain percentage (e.g., 15% as per ICAI guidelines for certain entities), disclosure to TCWG and engagement quality control review are required. If it becomes too high, resignation might be necessary.
  2. Non-Assurance Services: Decline the non-assurance engagement if it creates a self-review threat that cannot be mitigated. If accepted, ensure different personnel are used, and the client takes full responsibility for decisions. For a statutory audit client, designing internal controls is generally prohibited as it directly impacts financial statements and creates an unmitigable self-review threat.
  3. Long Association: Consider partner rotation (mandatory after a certain period for listed entities) or an independent review.
• Conclusion: The firm's independence is severely compromised. The non-assurance engagement of designing internal controls for a statutory audit client is generally not permissible. The high fee dependence and long association further complicate the situation. CA. Sameer should decline the non-assurance engagement and consider strategies to reduce fee dependence or potentially rotate the audit engagement.

Case Study 4: Professional Competence and Due Care

Scenario: CA. Divya, a newly qualified Chartered Accountant, receives an offer to handle the Goods and Services Tax (GST) compliance and advisory for a large manufacturing client. While she has studied GST during her CA course, she has limited practical experience in complex GST matters, especially for a large manufacturing entity with multi-state operations.

Ethical Issue: Accepting an engagement without sufficient professional competence.

Analysis:

• Fundamental Principle Threatened: Professional Competence and Due Care.
• Threats Identified: Self-Interest Threat (desire to gain experience/fees), Intimidation Threat (if she feels pressured to accept to prove herself).
• Evaluation: Accepting an engagement for which one lacks sufficient expertise can lead to substandard service, errors, and potential penalties for the client, thereby discrediting the profession.
• Safeguards:
  1. Decline or Seek Assistance: CA. Divya should either decline the engagement or, if she wishes to take it up, she must ensure she can perform it competently. This could involve:
     • Obtaining appropriate training: Undergoing intensive GST training specific to manufacturing and multi-state operations.
     • Seeking expert advice: Associating with a more experienced CA or firm specializing in GST for guidance and review.
     • Limiting scope: Initially accepting a smaller, less complex part of the engagement and gradually expanding as her competence grows.
  2. Disclosure: Inform the client about her limited practical experience in complex GST matters and the steps she plans to take to ensure competent service.
• Conclusion: CA. Divya must not accept the engagement unless she is confident that she can perform it with professional competence and due care. This means either acquiring the necessary skills before accepting or associating with someone who possesses them, with full transparency to the client.

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Common Mistakes & CA Exam Tips

• Confusing Principles and Threats: Clearly distinguish between the five fundamental principles (what you should be) and the five threats (what can compromise you).
• Generic Answers: Avoid vague statements. Always link your analysis to specific principles, threats, and safeguards relevant to the scenario.
• Ignoring NOCLAR: NOCLAR is a high-weightage topic. Understand the steps for both PAPPs and PAIBs.
• Not Applying Conceptual Framework: In case studies, explicitly state the threats, evaluate their significance, and propose specific safeguards.
• Independence Rules: Memorize key independence rules, especially regarding financial interests, loans, long association, and provision of non-assurance services to audit clients.
• Practice Tip: Solve past ICAI RTPs/MTPs and mock tests on Kartavvya for topic-wise MCQs + analytics on weak areas like "NOCLAR scenarios" or "independence threats."

Key Takeaways

• The Code of Ethics is non-negotiable for CAs, guiding conduct and building public trust.
• Master the five fundamental principles: Integrity, Objectivity, Professional Competence & Due Care, Confidentiality, Professional Behaviour.
• Understand the conceptual framework: Identify, Evaluate, Address (IEA) threats using safeguards.
• Be aware of the five types of threats: Self-Interest, Self-Review, Advocacy, Familiarity, Intimidation.
• Differentiate ethical requirements for PAPPs and PAIBs.
• NOCLAR is a critical area requiring careful judgment and potential disclosure overriding confidentiality.

Frequently Asked Questions (FAQs)

Q: What are the five fundamental principles of ethics for Chartered Accountants?
A: The five fundamental principles are Integrity, Objectivity, Professional Competence and Due Care, Confidentiality, and Professional Behaviour.

Q: What is the difference between a "threat" and a "safeguard" in the context of the Code of Ethics?
A: A threat is a circumstance or relationship that could compromise a professional accountant's ability to comply with the fundamental principles (e.g., self-interest threat). A safeguard is an action or measure that can eliminate or reduce a threat to an acceptable level (e.g., client rotation, independent review).

Q: Can a Chartered Accountant ever disclose confidential client information?
A: Yes, confidentiality can be overridden when there is a legal or professional right or duty to disclose, such as reporting non-compliance with laws and regulations (NOCLAR) to an appropriate authority, or in response to a court order.

Q: What is the significance of the "conceptual framework approach" in the Code of Ethics?
A: The conceptual framework approach requires professional accountants to proactively identify, evaluate, and address threats to their ethical compliance, rather than just following a prescriptive list of rules. This allows for flexibility in dealing with new and complex ethical dilemmas.

Q: What is NOCLAR and why is it important for CAs?
A: NOCLAR stands for Non-Compliance with Laws and Regulations. It is important because CAs have a responsibility to act in the public interest. If they encounter or suspect NOCLAR, they must take appropriate steps, which may include escalating the matter internally, seeking legal advice, and potentially disclosing it to external authorities, even if it means breaching confidentiality.

References & Further Reading

• The Code of Ethics for Chartered Accountants, The Institute of Chartered Accountants of India (ICAI)
• International Code of Ethics for Professional Accountants (including International Independence Standards), International Ethics Standards Board for Accountants (IESBA)
• ICAI Study Material for CA Final Paper 3: Advanced Auditing and Professional Ethics
• Guidance Notes issued by ICAI on various ethical matters

Last Updated: July 2024 | Prepared by Kartavvya CA Expert Team (aligned with latest ICAI syllabus & IESBA Code)

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