Parliament on Tuesday accredited a invoice to revamp the functioning of the institutes of chartered accountants, price accountants and firm secretaries, with Finance Minister Nirmala Sitharaman asserting that the adjustments is not going to affect the autonomy of those our bodies.
Rajya Sabha handed the Chartered Accountants, the Value and Works Accountants and the Firm Secretaries (Modification) Invoice, 2022 with a voice vote after negating all amendments moved by the Opposition.
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Lok Sabha had cleared the invoice on March 30, 2022.
The laws seeks to nominate non-Chartered Accountant (CA), non-cost accountant and non-company secretary because the presiding officer of the disciplinary committees of the respective institutes.
The Congress, TMC, DMK and YSRCP opposed the invoice, citing “infirmities” and alleging that it was a blatant assault on skilled autonomy.
The three institutes are the Institute of Chartered Accountants of India (ICAI), Institute of Value Accountants of India (previously generally known as ICWAI), and Institute of Firm Secretaries of India (ICSI).
The invoice amends the Chartered Accountants Act, 1949, the Value and Works Accountants Act, 1959, and the Firm Secretaries Act, 1980.
Amongst different issues, the invoice gives for the establishing of a coordination committee headed by the Secretary of the Ministry of Company Affairs. It’s going to have representations from the three institutes.
The invoice additionally gives for registration of companies with the institutes and it’ll assist in paving the way in which for Indian accountancy companies to develop large, she mentioned.
It additionally proposes to reinforce the quantum of fines for companions and companies discovered responsible of misconduct.
