Government introduced a bill to improve the disciplinary mechanisms for CA, CMA, and CS

In Parliament, the government has introduced a measure to tighten the disciplinary mechanisms for Chartered Accountants, Cost Accountants, and Company Secretaries.

The amendment to the 2021 bill on Chartered Accountants, Cost and Work Accountants, and Company Secretaries attempts to modernize and speed up the institutes’ disciplinary mechanism.

Three bills dealing with these professions, the law on chartered accountants, the law on cost accountants, and the law on company secretaries, will be amended, and the members of the institute will ensure that cases are settled within a limited time frame with deadlines for swift resolution of cases.

The legislation are intended to address the conflict of interest that exists between the institutes’ administrative and disciplinary branches. Firms will now be required to register separately with each institute and will be subject to disciplinary measures.

The councils would have the authority to set various fees, and the Comptroller and Auditor General of India will audit and approve their accounts.