Emerging areas of audit vital for tech transfer, partnerships: FM to ICAI

Union Finance Minister Nirmala Sitharaman says the chartered accountants need to familiarise themselves with the new global developments in the areas of audit, and has asked them to develop standards and best practices in carbon, CSR (corporate social responsibility), and ESG (environmental, social, and corporate governance) audits.

Addressing the National CA conference organised by the Institute of Chartered Accountants of India (ICAI), Sitharaman says, “Chartered accountants will have to familiarise themselves with newer areas with the global developments to better advise the clients in new greenfield areas whether carbon accounting, CSR accounting or ESG on which now due diligence is so required by your clients.”

Sitharaman says the newly emerging areas of audit and accounting are important for negotiating the transfer of technology or funds, and for partnerships.