YSRCP MP Dr Satyavathi called the introduction of Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill in Lok Sabha a step in the right direction. While participating in the discussion on the Amendment Act, she said this act is necessary and will help take several measures to check the audit failures.

The Bill, which seeks to amend the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980, also proposes to strengthen the disciplinary mechanism under these Acts, and provide for time-bound disposal of cases against members of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India and the Institute of Company Secretaries of India.

Dr Satyavathi said this Amendment Act provides for time-bound disposal of cases and also widens the scope of disciplinary action for the Institute of Chartered Accountants of India (ICAI) which can now initiate action against firms for lapses and professional misconduct. This act will also enable setting up of a coordination committee which will have an important role in overseeing the development and harmonisation of the professions of Chartered Accountants, Cost Accountants and Company Secretaries.

While welcoming the provision in the Amendment Act for ICAI which can recommend all names in the Disciplinary Committee, Anakapalle MP said there are concerns over the reconstitution of the Disciplinary benches whereby, it now mandates the appointment of 2 CA and 3 Non-CA members as part of the Disciplinary Committee.