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Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022

6th April, 2022

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Context - The Rajya Sabha has passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022.

 

Key features of the bill

  • The proposed bill amends;
    • The Chartered Accountants Act 1949
    • The Cost and Works Accountants Act 1959
    • The Company Secretaries Act 1980
  • It alters the disciplinary mechanism under these Acts and specifies timelines for disciplinary proceedings.
  • Provide more external representation on the Board of Discipline and Disciplinary Committee.
  • Creates a Coordination Committee headed by the Secretary of the Ministry of Corporate Affairs.
    • The Committee will have representation from the three Institutes formed under the Acts.
  • Firms must now register with the Institutes.
  • The Bill increases certain fines under the three Acts.
    • If a partner or owner of a firm is repeatedly found guilty of misconduct during the last five years, disciplinary action can be taken against the firm.

 

https://www.thehindu.com/news/national/rajya-sabha-clears-bill-revamping-chartered-accountancy-institutes/article65293365.ece