ICAI reserves the proposed law on chartered accounting
New Delhi:
The Institute of Chartered Accountants of India (ICAI) on Tuesday said that the decision to refer a bill amending the chartered accounting management law to the National Assembly standing committee is a good step and the institute will address the concerns of the public. about some provisions of the previously proposed law. dashboard.
On Tuesday, the Lok Sabha introduced the Certified Public Accountant, Cost and Works Accountant and the Company Secretary Bill (Amendment), 2021 to a standing committee of Parliament for scrutiny. .
The bill seeks to amend the law governing chartered accountants, cost accounting and company secretaries.
ICAI has raised concerns about the proposal to have a Non-Certified Accountant (CA) chair the disciplinary committee.
Against this backdrop, ICAI President Nihar N Jambusaria on Tuesday said the institute was pleased that the bill had been forwarded to a National Assembly standing committee. “It’s a step in the right direction,” he said.
The institute doesn’t have any major problems with any of the provisions except for the disciplinary mechanism. “We will make our point (before the committee),” he noted.
Under current law, the committee has two government nominations and three members from the ICAI board. The proposed measure includes two CAs and three non-CAs.
“ICAI reserves the right to have a non-CA as the Lead Officer as it requires a deep knowledge of Accounting, Auditing and Ethics as well as practical experience of at least 15 years to bring make an appropriate ruling in a disciplinary case. We recommend continuing with current practice to have the Chairman or Vice President of ICAI serve as Team Leader,” he said on December 17, the day the bill was adopted. introduced in Lok Sabha.
