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On the heels of Prime Minister Narendra Modi’s tough talk, the CA Institute has made the first move to address the issues raised by him on July 1 during the profession’s foundation day.
After a meeting of the Central Council on Monday, the CA Institute has decided to form three separate groups (including reconstitution of an existing one) for this purpose, Nilesh Vikamsey, President of the Institute of Chartered Accountants of India (ICAI), told BusinessLine here.
While two new groups have been set up, one existing group on disciplinary committee — which had made as many as 10 suggestions — has been reconstituted to help further improve the disciplinary mechanism process, Vikamsey said.
The two new groups are for framing a vision 2024 and strengthening of Indian firms; and combating black money.
These groups would endeavour to submit their reports by August 10, when the Central Council is expected to next meet, he said.
On July 1, while addressing a gathering of Chartered Accountants, the Prime Minister had highlighted the CA Institute’s poor track record on the disciplinary front and the high pendency of cases.
It was also pointed out that the current mechanism was causing delay in settling cases, with the result that only 25 CAs have been brought to book in the last 11 years.
Besides stressing the need to overhaul the disciplinary system to make it effective, Modi had also wanted the CA Institute to take steps to build ‘Big 4’ from India so that the world can have “Big 8” in the accounting world.
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