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The proposal to introduce non-CA members into the Institute of Chartered Accountants of India’s (ICAI) disciplinary committee and the Chartered Accountancy Bill, which was sent by Lok Sabha to a Parliamentary standing committee for scrutiny on December 21st, has caused growing angst and nervousness among chartered accounting firms and accounting professionals.
Chartered Accountants, Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021, has proposed the inclusion of two CAs and three non-CAs (often government nominees) in the ICAI disciplinary committee, a change from the current setup comprising two non-CA nominees and three ICAI members.
The rejig in composition changes the power equation in favour of non-CAs in the committee which oversees the complaints and enquiries relating to the misconduct of members.
Many chartered accountants feel that non-CAs won’t have the deep knowledge of accounting that’s required to deliver fair judgements.
