Many provisions of CA, CWA, and CS (Amendment) Act, 2022 recommended by the ICAI: President Debashis Mitra

The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022 was introduced in the Lok Sabha on 17th December, 2022 and thereafter referred to the Parliamentary Standing Committee on Finance.

The Bill was considered by both the Houses and passed by Lok Sabha on 30th March, 2022 and Rajya Sabha on 5th April, 2022 without any amendment. The same has received the assent of the Hon’ble President of India on 18th April, 2022.

Some of the important provisions included in the Amendment Act are relating to the change in the composition of Board of Discipline and Disciplinary Committee including fixation of timelines for various disciplinary processes, formation of a Coordination Committee of the three professional institutes, and power to take actions against firms.

I would like to inform that many of the provisions including power to take actions against firms, enhanced penalty for falsely claiming to be a member, maintenance of Register of Firms, duration of the Council term were earlier recommended by the Institute only.