India News | ICAI to Launch Training on Panchayat, Municipal Accounting
Get latest articles and stories on India at LatestLY. The Institute of Chartered Accountants of India (ICAI) has decided to launch a nationwide training programme for panchayat and municipal accountants to strengthen financial governance, an official said.
Kolkata, Dec 16 (PTI) The Institute of Chartered Accountants of India (ICAI) has decided to launch a nationwide training programme for panchayat and municipal accountants to strengthen financial governance, an official said.
This initiative, with a special focus on West Bengal where panchayats are strong, aims to equip local bodies with robust accounting practices.
"There is an urgent need to have strong accounting records and practices in our panchayats and municipalities," said ICAI President Aniket Sunil Talati.
The ICAI has already signed an MoU with the Comptroller and Auditor General of India (CAG) in this regard.
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"Through this MoU with CAG, we are launching a course and an examination to create panchayat and municipal accountants across the country," Talati said.
The training will be available in multiple languages, including Bengali, against a nominal fee of Rs 500.
Participants will undergo a two-level examination, upon successful completion of which they receive a certificate.
"The Institute, along with the CAG and state governments, will then work towards placing these qualified individuals as the official account keepers for panchayats and municipalities," Talati stated.
The ICAI also said it has introduced an exposure draft, suggesting fresh auditing standards for Limited Liability Partnership (LLP) in the country.
LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.
This move aims to align LLP auditing practices with existing corporate norms. The exposure draft is open for public comments until January 6, 2024.
The draft will later be presented to the National Financial Reporting Authority and the government to make them compulsory for LLP audits, Talati said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)