New balance sheet format to be implemented from April 1; audit fees set to rise, say experts
MANDI: Chartered Accountants (CAs) are bracing for an increase in audit complexities and fees as the Institute of Chartered Accountants of India (ICAI) is set to introduce a new balance sheet format for non-corporate entities from April 1, 2025.
This development was the key focus of a seminar organised by the ICAI’s Himachal Pradesh branch at Bilaspur, which was aimed at briefing CAs on upcoming changes in financial reporting and recent GST amendments.
New format to align with Schedule-III, boost transparency
Addressing the gathering, CA Navneet Sharma provided a detailed analysis of the new balance sheet format, highlighting its alignment with the Schedule-III structure followed by corporate entities.
While the new format is designed to improve financial transparency, it also increases the workload for CAs, raising concerns over higher audit fees.
“The additional reporting obligations and enhanced compliance requirements will undoubtedly result in increased audit time and costs,” Sharma noted, urging CAs to prepare clients for the changes.
ICAI sets minimum tax audit fee at Rs 22,000
Speaking at the event, ICAI Himachal Pradesh Branch chairman Naresh Vashisht emphasised that the new format will impact businesses of all sizes. He pointed out that the complexity of audits will grow, leading to higher audit fees.
