The Institute of Chartered Accountants of India (ICAI) has proposed to allow CAs to take statutory audit work for 40 firms – companies, limited liability partnerships (LLPs), partnership firms, etc – up from 30 now, besides giving them a host of other relaxations including letting them hold non-educational seminars in India and abroad, and advertise to attract clients.

The draft Code of Ethics released by the institute recently also allows auditors to take on more non-audit work, especially in the MSME space.

The ICAI, however, said that the CAs will still have to comply with the statutory ceiling of audit limit prescribed under the Companies Act, 2013. As per Section 141(3)(g) of the Companies Act, an individual auditor or a partner in a firm is not allowed to do audit work for more t

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