Report on auditing parties' accounts submitted to EC: ICAI

COIMBATORE: Institute of Chartered Accountants of India ( ICAI) has submitted its report to the Election Commission on auditing of accounts of political parties, a top official said on Friday.

As per the request of EC, the Institute has made a few suggestions and prepared a report to the Commission for consideration and implementation, Dr Vijay Kapur, Chairman, Board of Studies, ICAI, told reporters here.

When asked whether political parties would be transparent in submitting receipts of funds, he said it was for the EC to look into it. The Institute has also submitted a report to Union HRD Ministry, then held by Kapil Sibal, for implementing accounting system in higher education, since it has already been notified, Kapur said.

As part of the accounting system in the sector, the institute is conducting capacity building workshops and programmes, the first of which was held in Delhi.

The second in the series for universities in southern states would be held at Hyderabad on January 3 and 4, Kapur, here to address the two-day CA Students National Convention, said.

G Ramaswamy, immediate past president of ICAI, said the International Financial Reporting Standards was likely to come in force by one to one and a half years, soon after the passage of the Companies Bill.

The Institute was also planning to start a Business Entrepreneurs Cell, to train Heads of Corporates and Companies in accounting, Kapur said.