ICAI President Charanjot Singh Nanda on Wednesday said capping the number of tax audits that can be done by an individual chartered accountant to 60 annually will help strengthen the regulatory framework and enhance focus on auditing work.The Institute of Chartered Accountants of India (ICAI), which has more than 400,000 members, has notified the norms for capping the number of individual tax audits and these will come into effect from April 1 next year.

The limit of 60 will be the aggregate limit in respect of all tax audits signed by a member (chartered accountant), both in his individual capacity and as a partner of a firm(s). Further, a partner of a firm cannot sign any tax audit report on behalf of any other partner.