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Election commission joins hands with ICAI to clean the books of Political Parties
PrintElection Commission has decided to join hands with Institute of Chartered Accountants of India (ICAI) to clean the books of political parties by providing them a new set of accounting norms that would make their financial statements more transparent and accountable.
The new accounting practises for political parties would focus on strengthening disclosure norms that would avoid chances of manipulating financial statements by concealing information.
Detailed disclosures would foster confidence of various stakeholders, chief election commissioner Nasim Zaidi said while participating in a programme on 'Financial Reporting Practices for Political Parties' organised by ICAI.
“Election Commission of India is vested with the responsibility to conduct free and fair elections but the concerns have been raised in various quarters about the quantum and nature of expenditure incurred in conducting free and fair elections,” Zaidi said.
During the programme, Zaidi also lauded the efforts taken by ICAI for creating awareness among political parties to adopt better practices in the preparation of financial statements. Speaking at the event, ICAI president Manoj Fadnis highlighted the responsibility of the auditor vis-a-vis his limitations in conducting audit. With increased expectations, he said, professionals have to understand their responsibilities for the preparation and presentation of transparent statements.
The new accounting practises for political parties would focus on strengthening disclosure norms that would avoid chances of manipulating financial statements by concealing information.
Detailed disclosures would foster confidence of various stakeholders, chief election commissioner Nasim Zaidi said while participating in a programme on 'Financial Reporting Practices for Political Parties' organised by ICAI.
“Election Commission of India is vested with the responsibility to conduct free and fair elections but the concerns have been raised in various quarters about the quantum and nature of expenditure incurred in conducting free and fair elections,” Zaidi said.
During the programme, Zaidi also lauded the efforts taken by ICAI for creating awareness among political parties to adopt better practices in the preparation of financial statements. Speaking at the event, ICAI president Manoj Fadnis highlighted the responsibility of the auditor vis-a-vis his limitations in conducting audit. With increased expectations, he said, professionals have to understand their responsibilities for the preparation and presentation of transparent statements.
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