The Standing Committee on Finance has tabled a report on the Chartered Accountants, the Cost and Work Accountants and the Company Secretaries (Amendment) Bills, 2021 and made proposed amendments that will end the monopoly of ICAI, ICSI and ICMAI.
The panel specifically recommended the government to increase its supervision of CA Institute.
The Standing Committee on Finance’s report on the amendment Bill on three professions Chartered accountants, company secretaries and cost accountantshas come as a double setback to the three institutes, especially the CA Instituteoverseeing these professions.
The Bill further provides for timely disposal of disciplinary matters against the members of the Institute.
The Bill also sought to cover Firms under the purview of disciplinary mechanism, in the light of various recent incidents including the major corporate accounting scandals that impacted the economy.
Considering ICAI’s opposition in penalizing firms, the report said“the Bill does not intend to penalize firms for a single misconduct of it partner but repeated misconduct within a span of five years.”
The ICAI, disputed the inclusion of a non-Chartered Accountant as Presiding officer of the disciplinary mechanism.
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