ICAI will get this new power to tighten the screws on chartered accountant firms

ICAI will get this new power to tighten the screws on chartered accountant firms

Government will give power to ICAI to take disciplinary action against partnership firms of chartered accountants who indulge in any malpractices

The government will empower ICAI to take disciplinary action against partnership firms of chartered accountants who indulge in any malpractices.

In the last few years, the role of Chartered Accountants in many economic offenses has been found suspicious.

The Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill-2021 has been introduced in the Lok Sabha on Friday. This bill will amend some important provisions of the Chartered Accountants Act-1949, the Cost and Works Accountants Act-1959 and the Company Secretaries Act-1980. Along with this, the top units of Cost Accountants and Company Secretary will also get new powers.

Right now ICAI can take action only against its members. The proposed amendment in the new law will provide powers to take action against the partnership firm

Taxtimes

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