The Institute of Chartered Accountants of India ( ICAI ) President CA. (Dr.) Debashis Mitra said that, CA Amendment Act makes no mention of Indian Institute of Accountants ( IIA ).
The Chartered Accountants, the Cost and Works Accountants, and the Company Secretaries (Amendment) Bill, 2022 was introduced in the Lok Sabha on 17th December, 2021 and thereafter referred to the Parliamentary Standing Committee on Finance. The Bill was considered by both the Houses and passed by Lok Sabha on 30th March, 2022, and Rajya Sabha on 5th April, 2022 without any amendment. The same has received the assent of the Hon’ble President of India on 18th April, 2022.
The ICAI President also said that, Some of the important provisions included in the Amendment Act are relating to the change in the composition of the Board of Discipline and Disciplinary Committee including fixation of timelines for various disciplinary processes, formation of a Coordination Committee of the three professional institutes, and power to take actions against firms. I would like to inform that many of the provisions including the power to take actions against firms, enhanced penalty for falsely claiming to be a member, maintenance of Register of Firms, and duration of the Council term were earlier recommended by the Institute only.
He also said that, The Act makes no mention of the Indian Institute of Accountants (IIA). Our reputation as an institution and as a profession is built by sheer determination, continuous knowledge enrichment, readiness to lead the change, and adapting to the evolving environment. The way our profession has adopted technology and transformed itself to support the economy during the pandemic is a testimony to its commitment, ethos, and excellence.
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