The government has presented a bill in Parliament aimed at strengthening the disciplinary mechanisms of accountants, management expense accountants and company secretaries.
The 2021 bill on accountants, cost and work accountants and company secretaries (amendment) aims to reform and accelerate the disciplinary system of institutes.
Three bills dealing with these professions, the law on chartered accountants, the law on cost and labor accountants and the law on company secretaries will be amended and the settlement of cases within a limited time frame with deadlines for swift resolution of cases 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 mechanisms.
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.
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