New Delhi, Feb. 6: The newly-inducted president of the Institute of Chartered Accountants of India (ICAI), R. Bupathy, met Vinod Dhall, secretary in the department of company affairs (DCA), today to discuss the issues related to the proposed amendments to the Chartered Accountants Act (CA Act) and the formation of a peer review board by the institute.
The institute had submitted its set of recommendations on these issues to the DCA some time ago.
The amendment to the CA Act has become a tricky issue in the wake of the formation of the peer review board. The Naresh Chandra committee had recommended that the chairman of the board will be someone from outside the council of ICAI even though such a proviso will require an amendment to the CA Act.
The institute is unhappy over the prospect of an outsider heading the board. However, Bupathy said: “I do not think it will be an embargo on our independence. Besides, the chairman will be chosen by a joint consultative process between the ICAI and DCA.”
The issue of increasing the members of the council of ICAI from the present 30 to 40, is also likely to crop up during the meeting, sources said. The proposal to increase the strength of the council was placed before its administrative ministry, the DCA, by ICAI along with the set of proposals for amending the CA Act.
“The government has already started the process for the parliamentary approval of the amendment to the CA Act. We expect the amendment to happen in a year’s time,” said Bupathy, who was elected as ICAI president only yesterday. He took over from Ashok Chandak.