The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021 was handed by Lok Sabha on Wednesday.
The Bill seeks to amend the prevailing Chartered Accountants Act (ICAI), 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act 1980. The Bill is aimed toward offering mechanism for coping with the instances of misconduct within the three skilled institutes , particularly, the ICAI, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India and “with a view to strengthening the existing mechanism and ensure speedy disposal of the disciplinary cases.”
The Bill can also be aimed toward enhancing “accountability and transparency” by offering for audit of accounts of the institutes by a agency of chartered accountants to be appointed yearly by the Council from the panel of auditors maintained by the Comptroller and Auditor-General of India.
Replying to the controversy on the Bill, Finance Minister Nirmala Sitharaman, who additionally holds cost of the Ministry of Corporate Affairs, dispelled the apprehensions expressed by Opposition members. Later, the House negated all of the amendments moved by the opposition members and the Bill was handed by a voice vote.
The Bill was launched in Lok Sabha in December, final 12 months.
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With inputs from TheIndianEXPRESS
