Cabinet clears 3 bills on accounting regulators
The Cabinet on Thursday cleared three bills aimed at amending the laws governing regulators of the accounting profession.
By TNN |
DELHI: The Cabinet on Thursday cleared three bills aimed at amending the laws governing regulators of the accounting profession. It approved the amendments to the Chartered Accountants (Amendment) Bill 2005, Cost and Works Accountants (Amendment) Bill 2005 and the Company Secretaries (Amendment) Bill 2005 as recommended by a group of ministers (GoM).
Information and broadcasting minister Jaipal Reddy said the GoM had endorsed all the recommendations made earlier by a parliamentary standing committee on finance. The amendments relate to the disciplinary mechanism, election to the governing councils of the institutes and the voting rights of members who are co-opted in the councils.
The institutes had earlier opposed the bills saying that the government intends to reduce their autonomy. Offences by the members would be classified as major and minor and an independent body would sit in judgement.
Presently, cases are referred to High Courts.
The GoM had also recommended that the members, who are co-opted to the councils, should not have voting rights. These members, who are experts in certain areas, take part in only those council meetings where the subject is debated.
The GoM had also recommended three terms of three years each to council members. ���We have broadly agreed to GOM recommendations while preparing the amendment bills,��� an official told ET. The ICAI had opposed the new bill saying the government���s intent is to reduce the institute���s autonomy by giving it directions.
Information and broadcasting minister Jaipal Reddy said the GoM had endorsed all the recommendations made earlier by a parliamentary standing committee on finance. The amendments relate to the disciplinary mechanism, election to the governing councils of the institutes and the voting rights of members who are co-opted in the councils.
The institutes had earlier opposed the bills saying that the government intends to reduce their autonomy. Offences by the members would be classified as major and minor and an independent body would sit in judgement.
Presently, cases are referred to High Courts.
The GoM had also recommended that the members, who are co-opted to the councils, should not have voting rights. These members, who are experts in certain areas, take part in only those council meetings where the subject is debated.
The GoM had also recommended three terms of three years each to council members. ���We have broadly agreed to GOM recommendations while preparing the amendment bills,��� an official told ET. The ICAI had opposed the new bill saying the government���s intent is to reduce the institute���s autonomy by giving it directions.
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