A big legal push to reform the CA profession
Government’s bill to amend the Chartered Accountants Act, 1949, the law that governs the Institute of Chartered Accountants of India (ICAI), has been passed in lower house of the Parliament. The provisions of the bill provide for chairmanship of ICAI’s disciplinary committee and board of discipline by non-CAs, increased term of ICAI’s council to 4 years and decrease of consecutive terms for its elected members to two, ICAI’s auditor from CAG empaneled CA firms and coordination committee for ICAI, ICSI & ICWAI among others. Recently a parliamentary committee also suggest for setting up string of Indian Institutes of Accounting (IIAs). These IIAs will offer a five-year full-time and broad-based degree in accounting, auditing and related areas and their graduates.
