ICSI and ICMAI seek inclusion of Company Secretaries in Accountant Definition

The Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICMAI) have requested that their members be included in the term of ‘accountant’ in a recently presented bill.

Both institutions are established by Parliamentary Acts and report to the Ministry of Corporate Affairs. ICMAI has roughly 100,000 members, while ICSI has about 75,000 active members.

ICSI noted in a release that company secretaries should be included in the definition of ‘accountant’ as established in the bill’s Section 515(3)(b).

The institute hopes to receive a positive reaction from the government regarding its proposal.

Dhananjay Shukla, president of ICSI, noted that incorporating company secretaries in the bill would ensure that there are enough experts to fulfil the increased demand for compliance with tax requirements.

He underlined that company secretaries play an important role in a variety of legal and regulatory sectors, including audits and certifications under various laws.

ICSI has sent a letter to the finance minister stating that company secretaries have the authority to issue various certifications and perform audits in accordance with multiple regulatory authorities.

It read as, “In view of the various recognitions available to Company Secretaries and the detailed coverage of the Accounting and Taxation papers in the curriculum of Company Secretaryship Course, it is submitted that Company Secretaries are very well conversant with the technicalities of the accountancy and taxation and are at par with other professionals.”

This development comes after ICMAI announced the results for the Certified Management Accountant (CMA) December 2024 session.