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The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021 was passed by Lok Sabha on Wednesday.
The Bill seeks to amend the existing Chartered Accountants Act (ICAI), 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act 1980. The Bill is aimed at providing mechanism for dealing with the cases of misconduct in the three professional institutes, namely, the ICAI, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India and “with a view to strengthening the existing mechanism and ensure speedy disposal of the disciplinary cases.”
The Bill is also aimed at enhancing “accountability and transparency” by providing for audit of accounts of the institutes by a firm of chartered accountants to be appointed annually by the Council from the panel of auditors maintained by the Comptroller and Auditor-General of India.
Replying to the debate on the Bill, Finance Minister Nirmala Sitharaman, who also holds charge of the Ministry of Corporate Affairs Ministry, dispelled the apprehensions expressed by Opposition members. Later, the House negated all the amendments moved by the opposition members and the Bill was passed by a voice vote.
The Bill was introduced in Lok Sabha in December, last year.
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