Institute of Chartered Accountants of India (ICAI) on Tuesday stated the choice to refer a invoice to amend the legislation governing chartered accountants to a Parliamentary standing committee was step and the institute will put throughout its considerations over sure provisions of the proposed laws earlier than the panel.
On Tuesday, the Lok Sabha referred the Chartered Accountants, the Price and Works Accountants and the Firm Secretaries (Modification) Invoice, 2021 to a Parliamentary standing committee for scrutiny.
The invoice seeks to amend the legal guidelines governing chartered accountants, value accountants and firm secretaries.
The ICAI had raised considerations with regard to the proposal to have a non Chartered Accountant (CA) because the presiding officer of the disciplinary committee.
In opposition to this backdrop, ICAI President Nihar N Jambusaria on Tuesday stated the institute was pleased that the invoice has been referred to a Parliamentary standing committee. “It’s a good step in the best path,” he stated.
The institute didn’t have any main points with any provisions apart from the disciplinary mechanism. “We’ll put up our views (earlier than the committee),” he famous.
Underneath the present legislation, the committee has two authorities nominees and three members from the ICAI council. The invoice has proposed to incorporate two CAs and three non-CAs.
“ICAI has a reservation on having a non CA because the Presiding Officer as a radical data of Accounting, Auditing and Moral Requirements and expertise within the apply of no less than 15 years is required to reach on the proper judgement in a disciplinary case. We have now beneficial that the present apply of getting President or Vice President of ICAI because the Presiding Officer be continued,” he had stated on December 17, the day the invoice was launched in Lok Sabha.