ICAI Releases Exposure Draft on Proposed Networking Model for LLP Firms
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- Last Updated on 23 May, 2024
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A new network model seems requisite to meet the challenges to the extent possible. Accordingly, the Committee for Aggregation of CA Firms (CACAF) of the Institute of Chartered Accountants of India (ICAI) proposes a new model of networking, Approach III named as LLP Firm Network Model.
Presently, as per the Guidelines for Networking of Indian CA Firms 2021, the Institute of Chartered Accountants of India (ICAI) provides two models of networking:
- Different firms coming together to form an Alliance with a new name of Alliance and continuing to practice independently and can showcase as an Alliance to the world.
- Different firms coming together to form a Network with a new Network name and practicing in the name of firms belonging to the Network. This Model is sub-divided into the following two options:
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- Network of firms in the existing model by practicing in individual firm names.
- Network of firms with a Lead firm acting on behalf of constituent firms of the Network.
Now a new model of networking is proposed named as LLP Firm Network Model which is Registered, Recognized, and Regulated.
The exposure draft contains the silent feature of the LLP Firm Network Model and proposed insertions in the guidelines for Networking of Indian CA Firm, 2021.
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