Bills Tabled To Strengthen Disciplinary Mechanism For Chartered Accountants

The government has introduced bills in the parliament to strengthen the disciplinary mechanisms for chartered accountants, cost and work accountants and company secretaries. The Chartered Accountants, The Cost And Works Accountants And The Company Secretaries (Amendment) Bill, 2021 is aimed to reform and speed up the disciplinary mechanism of the institutes.

Three bills dealing with these professions, The Chartered Accountants Act , The Cost And Work Accountants Act And The Company Secretaries Act will be amended and time bound disposal of cases with time limits for speedy disposal of matters will be ensured by the members of the institute.

The bills aim to deal with the conflict of interest between the administrative and disciplinary arms of the institutes. Firms will now have to be registered separately with the respective institutes and will come under purview of disciplinary mechanism.

The councils will have the autonomy to fix various fees and their accounts will be audited and approved by the Comptroller and Auditor General of India.