ICAI to set up 'accountancy museum' in 25 cities

For better documentation and archiving in accountancy and audit, the Institute of Chartered Accountancy of India (ICAI) will set up "accountancy museums" in 25 cities across the country. 

ICAI, which already has such a museum at Noida on Delhi's outskirts, will now have such establishments in 25 cities including its regional offices in most of the states, ICAI President Subodh Kumar Agrawal said. 

Museum would be a rich amalgam of historic records, speeches, documents, rare and contemporary photographs, activities and event, press clippings, mementos, shields, and audio and video material, he said, adding Jaipur will be one of the cities to have such a museum. 

Union Finance Ministry has raised the audit limit of nationalised bank branch from Rs 20 crore to 50 crore turnover in the current financial year, he said, adding ICAI demanded this audit limit be reduced to its original limit of Rs 8 crore so that rural including panchayat level branches be audited every year for transparency of business. 

Recently ICAI functionaries met Finance Secretary Rajiv Thakaru in Delhi making an appeal on reducing the audit limit from Rs 50 crore to Rs 8 crore turn over so that proper and timely audit be done in public banks, Agrawal said. (Business Standard)