Union minister P P Chaudhary assured ICAI that they need not worry about the proposed National Financial Reporting Authority (NAFRA) but emphasised that there is a need to strengthen the existing system.

The Companies Act, 2013 provides for setting up of the NAFRA, which would look into accounting and auditing standards, among others.

Against the backdrop of concerns that the autonomy of the ICAI would be impacted with setting up of the NAFRA, Chaudhary said as far as it is concerned, there is "nothing to worry".

"It is not a question to create any problem with professional institutions.

If anything is required to be done, it will be certainly in the interest of the institution and the profession.

"If any initiative (is to be) taken by the government, all the stakeholders will be given reasonable opportunity of hearing and thereafter only the government will take a suitable action," Chaudhary said at the annual function of the ICAI here.

The Minister of State for Corporate Affairs also stressed that the question is that "we want to strengthen the existing system".

Speaking at the event, Commerce and Industry Minister Suresh Prabhu said the government is preparing a separate category for global trade and working to make sure that services provided by chartered accountants, doctors, lawyers and others from India would also contribute towards it.

Efforts are on to ensure that professionals from India have access to the market, Prabhu, who is also a chartered accountant, said.

"Don't think in limited way, think beyond... as participant in the global trade," he told the chartered accountants. #casansaar (Source - PTI, Business Standard)