Kochi: The Institute of Chartered Accountants of India (ICAI) is going to make major changes in the laws and rules related to Chartered Accountants. This is the first time after the establishment of the institute in 1949, when amendments in its act and schedule are being considered. According to Satish Kumar Gupta, member of the Central Council of ICAI, its final draft will be prepared in two months and sent to the government.
Separate rules will be set for consultancy and audit
ICAI Central Council member Satish Kumar Gupta clarified that if a CA is doing consultancy work, he should be kept out of the purview of the stringent rules applicable to CAs. There should be the same rules for them as there are for consultants of other professions. Stringent laws should apply only to those who directly handle audit work. Discussions are ongoing with the Ministry of Corporate Affairs and their response has been extremely positive.
Will open the way for networking with other professional firms
Apart from this, ICAI is also working on making changes in the guidelines related to networking. Under the existing rules, no CA firm is allowed to network with firms of another profession. This restriction will end once the new guidelines are implemented, making it possible for CA firms to work with other professional firms. After discussion in the committee, it should be sent to the government for final decision.
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