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Parliament passes accountancy bill

On Tuesday, Rajya Sabha passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022 with Finance Minister Nirmala Sitharaman asserting that it will not impact the autonomy of these bodies. 

“The objective is to bring all the three acts at par without affecting the autonomy which they enjoy…In last eight years, in supporting all the ecosystem for business and start-ups. Stand-Up India and Start-Up India show that the companies are eager to register themselves as LLPs because of which the new environment is coming in. Now we see that requirement for regulating them also needs to be robust,” Sitharaman said in Rajya Sabha. The Government will appoint non-members as the presiding officer of the disciplinary committees of the respective institutes. However, it is to be noted that these appointments would be made on the basis of the recommendations given by the Council of the Institute of Chartered Accountants of India (ICAI), the Institute of Cost Accountants of India and the Institute of Company Secretaries of India (ICSI).

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