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Monday, Sep 23, 2002

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ICAI hopeful of Act amendment

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THE Institute of Chartered Accountants of India (ICAI) has sent some proposals to the Union Government to tighten the disciplinary mechanism and is hopeful that the Government would respond positively and amend the Chartered Accountants' Act, 1949 for the purpose, the ICAI Vice-President, Mr R. Bupathy, has said.

Mr Bupathy told presspersons here that the institute wanted to grade the complaints against the auditing firms depending on the gravity of the alleged lapses and to fix a timeframe for disposing of the complaints. The institute also wanted to set up regional benches for speedy disposal.

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