On the 10th of May, 2024, the Institute of Chartered Accountants of India (ICAI) issued a significant announcement regarding the review of rules specified under the Chartered Accountants Act, 1949. This initiative, led by the Ministry of Corporate Affairs, seeks public participation in enhancing the regulatory framework governing chartered accountants.
Detailed Analysis
The Ministry of Corporate Affairs has identified several key rules specified under the Chartered Accountants Act, 1949 for review. These rules, enacted in 2006, encompass various aspects of the functioning and governance of the chartered accountancy profession. The review aims to assess their relevance, effectiveness, and alignment with contemporary needs and industry standards.
1. Chartered Accountants (Election to the Council), Rules, 2006: These rules outline the procedures and guidelines for the election process of members to the council of the Institute of Chartered Accountants of India.
2. Chartered Accountants (Nomination of Members to the Council) Rules, 2006: This set of rules governs the nomination process of members to the council, ensuring representation from diverse backgrounds within the profession.
3. Chartered Accountants (Election Tribunal) Rules, 2006: The rules pertaining to the election tribunal establish the framework for adjudicating disputes related to council elections, ensuring transparency and fairness in the electoral process.
4. Appellate Authority (Allowances payable to, and other terms and conditions of service of Chairperson and members and the manner of meeting expenditure of the Authority) Rules, 2006: These rules delineate the allowances, terms of service, and expenditure management of the appellate authority overseeing disciplinary matters within the profession.
5. Chartered Accountants (Procedures of Meetings of Quality Review Board, and Terms and Conditions of Service and allowances of the Chairperson and members of the Board) Rules, 2006: This set of rules governs the procedures and functioning of the Quality Review Board, ensuring adherence to standards of professional conduct and quality assurance.
The Ministry invites stakeholders, including members of the chartered accountancy profession, regulatory bodies, academia, and the general public, to provide their valuable insights and suggestions. Feedback can be submitted through the Ministry’s official website within the specified timeframe.
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Council Affairs
The Institute of Chartered Accountants of India
10th May, 2024
Subject: Inviting Public Comments on Review of Rules specified under the Chartered Accountants Act, 1949
This is to bring to your attention an important initiative by the Ministry of Corporate Affairs regarding the review of rules specified under the Chartered Accountants Act, 1949.
The Ministry of Corporate Affairs is currently inviting public comments on the proposed review of rules specified under the Chartered Accountants Act, 1949 which are as under:
1. The Chartered Accountants (Election to the Council), Rules, 2006
2. The Chartered Accountants (Nomination of Members to the Council) Rules, 2006
3. The Chartered Accountants (Election Tribunal) Rules, 2006
4. The Appellate Authority (Allowances payable to, and other terms and conditions of service of Chairperson and members and the manner of meeting expenditure of the Authority) Rules, 2006
5. The Chartered Accountants (Procedures of Meetings of Quality Review Board, and Terms and Conditions of Service and allowances of the Chairperson and members of the Board) Rules, 2006
Public comments/suggestions may be submitted by visiting the website of the Ministry of Corporate Affairs (www.mca.gov.in) under the E-Consultation tab or by clicking the below link:
https://www.mca.gov.in/content/mca/global/en/econsultation/econsultation-listing-page.html
1. Visit the provided link above.
2. Review the public notice, instruction kit, and relevant documents available on the page.
3. Submit your comments and suggestions through the provided platform within the stipulated timeframe.
Your active participation in this review process is highly encouraged and appreciated.
Thank you for your attention and cooperation in this matter.
CA.(Dr.) Jai Kumar Batra
Secretary, ICAI
