In a bid to ensure transparency in their functioning, a format for accounting and auditing of income and expenditure of political parties has been submitted to Election Commission by the Institute of Chartered Accountants of India (ICAI).
The implementation of the uniform format would help in bringing about accountability of political parties, ICAI President, Mr G. Ramaswamy, told reporters here last night.
ICAI has tied up with many accounting institutes in the world so that Indian accountants can make a mark anywhere. “We have ties with United Kingdom and Wales institute, Canadian Institute of Chartered Accountants and New Zealand Institute of Chartered Accountants,” Mr Ramaswamy said.