INSUBCONTINENT EXCLUSIVE:
A Parliamentary panel has suggested setting up of accounting institutes on lines of IITs and IIMsA Parliamentary panel has said that
government should consider setting up Indian institutes of accounting (IIAs) akin to IITs and IIMs across the country for enhancing the
development of accounting and finance profession.This observation was made by the standing committee on finance in its report on the
today.The Parliamentary panel also suggested that multiple bodies, as is the norm in advanced nations, are required to promote healthy
competition and raising the standards and improving the credibility of financial reporting and auditing in the country.The government had
introduced the proposed bill in Lok Sabha on December 17, 2021 during the Winter session
However it was referred to the standing committee on December 21, 2021, which today presented its report on the legislation.The Bill seeks
to amend the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980
of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of
India, the Institute of Cost and Works Accountants of India and the Institute of Company Secretaries of India, must each constitute a
Acts, on receiving a complaint, the Director arrives at a prima facie opinion on the alleged misconduct
If the complaint is actionable, the Director must submit a preliminary examination report to the Board or the Committee (as the case may
be), within 30 days, the provision of the proposed bill says
by BJP MP Jayant Sinha suggested that while the autonomy and independence of the professional institutes should not be interfered with
unnecessarily, the integrity associated with financial reporting cannot be diminished in any way since it reflects business standards and
financial robustness for the entire country.Therefore it agreed that the members of the disciplinary bodies may thus be appointed as
proposed in the legislation.
