The Institute of Chartered Accountants of India (ICAI) has invited public comments on the draft of the amendments in Chartered Accountants Regulations, 1988. The ICAI has notified the draft and was published through the official gazette on 10th July 2023. The ICAI has made numerous changes in the regulations.
The Ministry of Corporate Affairs has granted preliminary approval to the proposed amendments in the Chartered Accountants Regulations of 1988, which have been formulated as a result of the Amendment Act 2022.
As per the stipulation of sub-section (3) of Section 30 of the Chartered Accountants Act, 1949, the notification with regards to the proposed amendments has been officially released in the Gazette of India, Extraordinary, specifically in Part III Section 4, dated 7th July, 2023. This notification aims to gather feedback from individuals who are expected to be impacted by the amendments. Additionally, the notification has been made available on the Institute’s website as well.
The stakeholders may send their suggestions/objections in regard to the aforesaid draft amendments latest by 9th August, 2023 for consideration of the Council by visiting the google form https://forms.gle/GMvEosYf9r9Wv3o1A.
The ICAI has proposed the amendments in Grant or refusal of Certificate of Practice, Appointment of Auditors, Powers and duties of the President, Powers, duties and functions of the Secretary,..etc.
It was also also inserted new sections on Manner of registration of firm and terms and conditions, Register of Firms, List of Firms, Status of actionable information and complaints in public domain, Powers and duties of the Vice-President, Allowances payable to the Presiding Officer and members of the Board of Discipline and Disciplinary Committee constituted under Section 21A and Section 21B of the Act, Panel of persons for nomination to the Board of Discipline and Disciplinary Committee constituted under Section 21A and Section 21B of the Act.
For Draft Notification: Click here
For submitting Public Comments through Google Docs : Click here
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