The Hindu Business Line : Minister allays fears on ICAI's autonomy

THE Government on Tuesday made it clear that it has no intention of taking away the autonomy of the Institute of Chartered Accountants of India (ICAI) through the proposed amendments to the existing legislation governing the chartered accountancy profession.

Allaying fears within a section of the chartered accountants community that the proposed Bill would restrict the autonomy of the ICAI, Mr Prem Chand Gupta, Minister of State (Independent Charge) for Company Affairs, said that the Government does not want to affect the autonomy of the institute.

He was addressing a function organised to give away the ICAI awards for excellence in financial reporting for the financial year 2003-04.

"We do not want to interfere with the day-to-day functioning of the institute. The recommendations of the Standing Committee on the professional Bills will be considered by the Government with an open mind," the Minister said.

Mr Gupta, however, called for more transparency in financial reporting of corporates even while underscoring the need to enhance the quality and quantum of non-financial disclosures in annual reports. He highlighted that non-financial information about an enterprise has become an important criterion in influencing investment decisions.

The Minister rued that financial reporting in the country was not up to the desired levels on certain aspects. Referring to the stock market scams that shook the capital market in the recent decade, Mr Gupta said that the question arises as to who is responsible for the unethical behaviour of certain market participants and professionals.

The annual report and accounts of Infosys Tech (2003-04) was adjudged the best amongst the entries received from various non-financial public and private enterprises and awarded the Silver Shield for excellence in financial reporting.

In the category of financial institutions in public, private and co-operative sector, the Silver Shield was awarded to HDFC.

Amongst the not-for-profit organisations, the Silver Shield was awarded to National Scheduled Caste Finance and Development Corporation.

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