ICAI raises worries over CA Act Amendment Bill

ICAI raises worries over CA Act Amendment Bill

The apprehensions over the CA Act amendment bill to the Parliamentary panel was raised up by the Institute of Chartered Accountants of India (ICAI)

The Board's opinions on the necessities looked into the bill. It includes the one relating to the constitution of the disciplinary committee to BJP member, Jayant Sinha-led Parliamentary Standing Committee on Finance.

ICAI has already submitted our memorandum to the Parliamentary Standing Committee on Finance, informed Nihar N Jambusaria, ICAI President. They are going to hear on February 3.

Jambusaria further stated that they are requesting for maintenance of the present status, so proposed that the presiding officer should not be a non-CA. If so, the person will not understand the essentials of accounting standards, auditing standards and ethical standards. It would be a challenge for him to make a judgement in any case.

At present, ICAI President or Vice President is the presiding officer of the disciplinary committee.

According to him, there are two government nominees and right now, they take common resolutions… in any case the presiding officer should be a CA if they want three non-CAs.

"As there is no database of CA firms in foreign countries, we are looking for an amendment. It would be impossible for the ICAI to note if the anticipated name by any new firm is similar to the existing name of a firm in any other country, other than India," he asserted.

The ICAI President said that the committee's terms of orientation should be restricted to only direction, with respect to the proposal to set up the coordination committee among the institutes. "As the three institutes are independent bodies, we are asking them to drop (them) as they have covered some more areas," he added.