ICAI to oppose proposal to introduce three non-CA members in disciplinary committee

Source: Reuters

The Institute of Chartered Accountants of India (ICAI) has said it will oppose the Centre’s proposal to introduce three non-CA members into ICAI’s disciplinary committee, arguing that the move will impact fair judgement.

The government, through the Chartered Accountants, Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021, has proposed the inclusion of two CAs and three non-CAs in the ICAI disciplinary committee.

At present, the panel comprises two non-CA nominees and three ICAI members.

The bill has been sent by Lok Sabha to a Parliamentary standing committee for scrutiny.

We oppose the proposal and will present our case before the standing committee when we are invited for hearing, ICAI vice-president Debasish Mitra told PTI on the sidelines of a programme on Wednesday.

He said that non-CAs won’t have the “in-depth knowledge of accounting, which is a must for fair judgement”.

Mitra also said ICAI would focus on adapting new technologies like artificial intelligence along with forensic auditing and upgrading its code of ethics.