The Institute of Chartered Accountants of India (ICAI) is set to issue a new framework of information systems audit standards later this month, the Press Trust of India (PTI) has reported. 

The new framework, titled Information Systems Audit Standards (ISAS), aims to reinforce audit practices in the context of India’s expanding digital and automated financial environment. 

The institute plans to publish 11 distinct standards under this initiative. 

ICAI president Prasanna Kumar D said it would be the first time a professional institute has established such standards. 

The central council of the ICAI approved the standards earlier this month. 

According to an Economic Times report, the ISAS would establish a direct link between system controls and financial reporting integrity. 

“In an environment where financial statements are enterprise resource planning (ERP) generated, system-processed, algorithm-driven and cloud-hosted, strong information systems controls are essential,” the ICAI said in a note. 

“By strengthening assurance over automated entries, revenue systems, core platforms and technology-based processes, ISAS enhances the reliability of digital financial reporting and reinforces stakeholder confidence across the ecosystem.” 

Earlier in the week, the ICAI released a set of global networking guidelines intended to support the expansion of Indian accountancy practices. 

Under these norms, domestic chartered accountancy practices will be able to collaborate with overseas networks. 

The framework also brings the Indian entities of “global networks of chartered accountants (or their equivalents in other jurisdictions)” within the scope of the ICAI’s regulatory oversight. 

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged the UK Government to proceed cautiously with proposals to implement a visitor levy in England, warning that many hospitality businesses are already under strain. 

This call follows the ICAEW’s latest Business Confidence Monitor, which reported that 64% of businesses see the tax burden as an increasing challenge. 

In November 2025, the government launched a consultation on plans to give mayors in England powers to introduce a local visitor levy on overnight accommodation. Visitor levies are due to become operational in Scotland later this year and in Wales from 2027. 

Responding to the consultation on the visitor levy, the ICAEW said that if ministers decide to proceed, the legislation should establish a statutory national model. 

It argued that this would avoid a mix of different local schemes that could raise costs, create extra bureaucracy and delay the point at which revenue reaches local authorities. 

The ICAEW said that, given the pressures on businesses, any move in England must be designed and implemented with particular care. 

The institute said a single national framework is needed so accommodation providers, online platforms and councils can apply the levy consistently. 

Under its proposal, local leaders could adopt this national model after a set notice period, while any departure from the standard scheme would require full consultation where local circumstances justify it. 

To keep the system clear and manageable, the ICAEW recommended a flat-rate charge per night. It said this would make pricing more transparent and remove the need to split out elements of package deals. 

The institute also called for exemptions to be defined at national level only. 

It warned that locally set exemptions could result in a “postcode lottery” of tax rules and increase compliance demands for businesses operating in more than one area. 

The ICAEW also suggested a national cap of 28 nights so that the levy aligns with existing value added tax (VAT) rules on long-stay accommodation. 

It recommended a minimum 12-month notice period before any levy is introduced, alongside “grandfathering” measures to protect existing advance bookings. 

Additionally, the ICAEW proposed a centralised collection system. Under this model, payments would be made via a single national portal and then distributed to the appropriate local authorities. 

ICAEW VAT and Customs technical manager Ed Saltmarsh said: “Our members tell us that doing business is too complicated, too expensive and too uncertain, and the introduction of another tax will add to the burden that hospitality firms are already under.” 

Australia’s peak accounting and self-managed super fund (SMSF) bodies have lodged a joint submission to the Treasury’s consultation on professional indemnity insurance (PII) in the context of the Compensation Scheme of Last Resort (CSLR). 

In the submission, Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, the Institute of Public Accountants and the SMSF Association urged Treasury to lift transparency and strengthen data collection on PII claims. 

In a statement, CA ANZ said robust, responsive PII is central to consumer protection and confidence in the retail financial advice system, given its role in compensating clients for losses stemming from poor-quality advice or adviser misconduct. 

However, the groups cautioned that PII is not designed to underwrite product failures or systemic collapses, and should not be treated as the primary backstop for large-scale industry failures. 

CA ANZ said: “A key issue we raised is the lack of transparency around how PII is currently responding to claims. There is limited publicly available data on whether claims are paid, unpaid or declined, making it difficult to assess whether PII arrangements are working as intended or where coverage gaps may exist. 

“We have called for improved reporting of PII claims data to better inform regulators, industry and policymakers.” 

In the joint statement, the accounting bodies also voiced support for ongoing, consistent oversight of PII by the Australian Securities and Investments Commission (ASIC). 

The organisations said that, while the current regulatory framework for PII is broadly adequate, stronger monitoring would bolster compliance and enhance consumer protection. 

They also highlighted growing pressures on the CSLR, arguing that regulatory efforts should tilt more decisively towards prevention, with a focus on improved governance, tighter management of conflicts and earlier regulatory intervention. 

“We require members in public practice to hold robust PII that meets clear minimum standards, including a longterm runoff cover. 

“These requirements support high professional standards, reduce risk, and improve the availability and effectiveness of insurance coverage,” the statement added. 

The UK’s HM Revenue & Customs (HMRC) will require anyone dealing with the department on a client’s behalf to register from May 2026. 

The move follows a 2024 consultation, after which the government confirmed that all tax practitioners that plan to interact with HMRC on behalf of clients must register. 

Legislation to introduce the regime is included in the current Finance Bill. 

The government describes this as a step towards “raising standards in the tax advice market” and has said the requirement will be backed by investment to ensure HMRC’s registration services are easy to use. 

HMRC has issued initial guidance on who must register, how and when registration will take place, and the standards advisers need to meet. 

The Institute of Chartered Accountants of Scotland (ICAS) is involved in ongoing discussions on implementation and guidance and has invited queries and feedback from members. 

According to an ICAS statement, any business that is paid to interact with HMRC regrading someone else’s tax affairs will have to register. 

Interaction includes contact by phone, post or email, messages through the GOV.UK website or HMRC app, and sending returns, claims or other documents. 

The legal entity that interacts with HMRC will be required to register. Individual employees will not need to register separately, although HMRC will carry out checks on certain individuals within the registered business. 

Registration is required even if the business does not see itself as a tax adviser or works as a registered sole trader. Additionally, the registration has been made mandatory for businesses that interact with HMRC on behalf of one client or are based outside the UK. 

However, businesses which run payroll in-house, work on intra-group tax work and offer free tax advice are exempted. 

Additionally, no registration is needed where interaction is only on customs or import VAT; as a VAT representative; as a Northern Ireland tax representative; as a UK representative for Vaping Duty; or to represent a client in court or tribunal appeals. 

The Financial Reporting Council (FRC) in the UK has approved changes to FRS 102, updating the rules that govern how companies may reshape the layout of their balance sheets and profit and loss accounts in their annual reports. 

The updated standard aims to let entities use presentation options under company law while keeping the reporting framework relevant and informative for users. 

The update has been drafted to keep presentation requirements broadly aligned with International Financial Reporting Standards (IFRS), following the issue of IFRS 18, Presentation and Disclosure in Financial Statements. 

Organisations that decide not to alter the format of their financial statements under FRS 102 will not be affected by these revisions. 

The amendments follow the FRC’s review of responses from stakeholders to its proposals set out in FRED 87, published in July 2025. They will apply to financial periods beginning on or after 1 January 2027. 

Alongside this, and again reflecting stakeholder input, the FRC has introduced limited clarifications arising from the Periodic Review 2024 amendments, which relate to both FRS 102 and FRS 105. 

FRS 102 is a single accounting standard used for the financial statements of entities that are not applying adopted IFRS, FRS 101 or FRS 105. 

It is aimed at general purpose financial statements and financial reporting for a broad range of entities, including those that are not companies and those that do not have a profitseeking objective. 

The standard is based on the International Accounting Standards Board’s IFRS for SMEs [small and medium-sized enterprises] Accounting Standard, with significant adaptations for use in the UK and the Republic of Ireland. 

The International Auditing and Assurance Standards Board (IAASB) has opened a public consultation survey on its post-implementation review of ISA 540 (Revised) on auditing accounting estimates and related disclosures. 

ISA 540 (Revised) was developed to introduce more robust requirements and more detailed application guidance. 

It is intended to support audit quality by requiring auditors to apply appropriate procedures to accounting estimates and the associated disclosures in financial statements. 

The standard has been in effect for audits of financial statements for periods beginning on or after 15 December 2019. 

To support the review, the IAASB has issued an online survey aimed at a wide range of stakeholders. 

The questionnaire includes sections tailored to different groups so respondents can provide input based on their specific role and experience. 

Survey responses will help the IAASB determine whether ISA 540 (Revised) has fulfilled its intended purpose. 

This includes identifying any benefits or improvements seen in practice, as well as any difficulties or questions that have arisen during implementation. 

The consultation will also help in understanding whether further action by the IAASB is required to address issues raised by stakeholders. 

The survey concentrates on three areas: overall views on ISA 540 (Revised) and its supporting guidance and tools; perceived benefits from its implementation; and any issues, challenges or impacts arising from its use. 

The IAASB noted that respondents may answer all questions or focus only on those most relevant to them and that all submissions will form part of the public record. 

The survey is open for responses until 15 June 2026.