The government is set to amend laws to streamline the functioning, especially the disciplinary aspects, of three professional institutes — the Institute of Chartered Accountants of India (ICAI), Institute of Cost and Works Accountants of India (ICWAI) and Institute of Company Secretaries of India (ICSI).
A bill to amend relevant provisions of laws governing the three bodies is expected to be introduced during the second half of the budget session of Parliament. The idea is to step up oversight on the three bodies after a committee suggested several changes almost three years ago. In fact, some of the proposals have been accepted, the legal changes are being undertaken in consultation with the institutes.
ICAI itself has been open to changes in recent months and has sought to simplify the process in cases such as those where the Quality Review Board suggests disciplinary action against its members, who are chartered accountants.
Team – Intellex Strategic Consulting Pvt Ltd
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