New Delhi, Feb 11 (PTI) ICAI President Nihar N Jambusaria on Friday said the institute has made submissions to a Parliamentary panel regarding its concerns over the proposed amendments to the law governing chartered accountants and expressed hope that the committee will recommend suitable changes.

The Institute of Chartered Accountants of India (ICAI) has flagged certain provisions in the bill, including those relating to disciplinary committee, striking off names of defaulting CA (Chartered Accountants) firms and approval of names of CA firms registered with the institute.

Also Read | OnePlus Nord CE 2 5G Teased on Amazon India, MediaTek Dimensity 900 & 65W SuperVOOC Fast Charging Confirmed.

Certain concerns with respect to the proposed coordination committee between the institutes of chartered accountants, cost accountants and company secretaries have also been raised by the ICAI.

In December last year, the Lok Sabha referred the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021, to the Parliamentary Standing Committee on Finance for scrutiny. The bill seeks to amend the laws governing chartered accountants, cost accountants and company secretaries.

Also Read | Tesla Recalls Over 5.78 Lakh Cars Over a Potential Issue With Boombox Feature: Report.

Jambusaria said the institute had an in-person meeting with the committee on February 3 regarding the bill. Prior to that, it had also submitted a memorandum to the committee.

"We are hopeful that the standing committee will consider our representation and will recommend suitable amendments to the bill which was introduced in Parliament," he told PTI on Friday.

The bill has proposed a wide scope for the coordination committee and matters like infrastructure development, training and academics cannot fall within the ambit of the committee, he noted.

Regarding the constitution of disciplinary committee, he said status quo should be maintained.

At present, the disciplinary committee has two government nominees and three members from ICAI council. The bill has proposed to include two CAs and three non-CAs. Besides, it has been proposed that the disciplinary committee will be headed by a non-CA.

On CA firms, the new bill proposes to remove the name of the firm if it is debarred from taking up any activity by any other regulator. "For a small default, if another regulator says the firm should not do audit for a year, its name cannot be permanently removed from the register of names," Jambusaria said.

The institute is of the view that ICAI disciplinary committee should take action on the default of the firms, he added.

(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)