Lok Sabha approves accountancy Invoice: FM says modifications received’t affect autonomy of institutes

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The Lok Sabha on Wednesday permitted a Invoice to rejig the functioning of the institutes of chartered accountants, price accountants and firm secretaries. The Chartered Accountants, Value and Works Accountants and Firm Secretaries (Modification) Invoice 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 our bodies.

Union finance and company affairs minister Nirmala Sitharaman asserted that the modifications is not going to infringe upon the autonomy of those our bodies. It’ll improve the standard of audit and enhance the nation’s funding local weather, the minister stated. 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, which amends the Chartered Accountants Act, 1949, the Value and Works Accountants Act, 1959, and the Firm Secretaries Act, 1980, was later handed by the Decrease Home after rejecting the amendments moved by the opposition members. Amongst different issues, the Invoice offers for organising of a coordination committee headed by the company affairs secretary. It’ll have representations from the three institutes.

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