NewsGate Press Network

The Rajya Sabha on Tuesday the 5th of April 2022 passed a Bill to provide a mechanism for dealing with cases of misconduct in the three professional institutions — the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India.

The Chartered Accountants, the Cost and Works Accountants, and the Company Secretaries (Amendment) Bill, 2022 was passed with voice vote.

The Bill, which was passed by the Lok Sabha on March 30, seeks to amend the existing Chartered Accountants Act 1949, the Cost and Works Accountants Act 1959, and the Company Secretaries Act 1980.

The Bill is also aimed at enhancing “accountability and transparency” by providing for an audit of accounts of the three institutes by a firm of chartered accountants to be appointed annually by the Council from the panel of auditors maintained by the Comptroller and Auditor-General of India.