The bill is to resolve conflict between the administrative and disciplinary arms of the institute
The government has introduced a new bill in the parliament to strengthen the disciplinary mechanisms for the three, chartered accountants, cost and work accountants and company secretaries.
The Chartered Accountants, The Cost and Works Accountants and The Company Secretaries (Amendment) Bill, 2021 is mainly aimed to reframe and speed up the disciplinary mechanism of the institutes.
Three bills dealing with, The Chartered Accountants Act, The Cost and Work Accountants Act and The Company Secretaries Act will be amended and time bound disposal of cases with time limits for fast disposal of matters will be ensured by the members of the respective institute.
The bill's main aim is to deal with the fight between interests of the administrative and disciplinary arms of the institute.
From now Firms will have to be registered separately with the respective institutes and will come under the disciplinary mechanism.
The councils will have the autonomy to fix various fees and their accounts will be audited and approved by the Comptroller and Auditor General of India.
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