ICAI has bookings on a proposed legislation on chartered accountantsNew Delhi: Institute of Chartered Accountants of India (ICAI) on Tuesday stated the choice to refer a costs to amend the law governing chartered accountants to a Parliamentary standing committee was a great step and the institute will put across its issues over specific arrangements of the proposed legislation prior to the panel.On Tuesday, the Lok Sabha referred the Chartered Accountants, the Cost and Functions Accountants and the Business Secretaries (Modification) Expense, 2021 to a Parliamentary standing committee for scrutiny.The expense looks for to amend the laws governing chartered accounting professionals, cost accountants and business secretaries.The ICAI had actually raised interest in regard to the proposal to have a non Chartered Accountant (CA) as the administering officer of the disciplinary committee.Against this background, ICAI President Nihar N Jambusaria on Tuesday stated the institute was happy that the bill has actually been referred to a Parliamentary standing committee.

It is a good step in the right instructions, he said.The institute did not have any significant problems with any provisions other than for the disciplinary mechanism.

We will install our views (prior to the committee), he noted.Under the current law, the committee has two federal government candidates and three members from the ICAI council.

The expense has proposed to consist of 2 CAs and three non-CAs.

ICAI has a booking on having a non CA as the Presiding Officer as a comprehensive knowledge of Accounting, Auditing and Ethical Standards and experience in the practice of a minimum of 15 years is needed to get to the ideal judgement in a disciplinary case.

We have actually suggested that the existing practice of having President or Vice President of ICAI as the Presiding Officer be continued, he had stated on December 17, the day the bill was introduced in Lok Sabha.