Now, ICAI to turn transparency spotlight on itself

Print Posted Date : 19-Oct-2011 , 08:27:07 am | Posted By CASANSAAR

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Like charity, scrutiny too, it seems, begins at home. After pitching for more disclosure norms for corporates, the Institute of Chartered Accountants of India (ICAI) now wants to usher in more transparency in its own functioning.

The accounting regulator is planning to throw open the proceedings of its disciplinary committee for public at large for which it will approach the Ministry of Corporate Affairs soon.

“Currently the proceedings are in-camera. But we want people to know that the proceedings are conducted in the best possible manner. Opening the proceedings of the committee will help peoplebetter understand the process and functioning of the institute,” G Ramaswamy, president, ICAI, told The Indian Express. He added that this would also help in reducing the number of adjournments and increase the time for disposal of a case.

Disciplinary committee under Section 21D of the Chartered Accountants Act, 1949, is tasked with investigating and enquiring in respect of a complaint or information against a member of the institute. It can summon witnesses related to a case, can enforce their attendance and examine them on oath. It has to submit its report to the ICAI council and award punishment. (Indian Express)

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