Date:17/07/2004 URL: http://www.thehindubusinessline.com/2004/07/17/stories/2004071702900600.htm

Back ICAI seeks amendment of CA Act

Our Bureau

Chennai , July 16

THE Institute of Chartered Accountants of India wants to be allowed to conduct training classes abroad. It has sought the Government's help to amend the CA Act to enable this.

This was disclosed here on Friday by the institute's President, Mr Sunil Goyal. Speaking to presspersons, Mr Goyal, on the sidelines of an all India conference of the institute, said that many provisions of the Act had outlived their utility and therefore needed to be changed.

For example, today a firm of chartered accountants cannot have more than 20 partners. Chartered accountants cannot also accept assignments on profit-sharing basis. Mr Goyal said that the Madhya Pradesh Government had offered to hire a firm of chartered accountants to revamp its Mining Department and take a share of the savings as the fee. The offer could not be accepted as the regulations prohibit it.

Mr Goyal said that Government of India should negotiate with other countries to let Indian chartered accountants to participate in those countries.

The institute also wants India to get into mutual recognition agreements with other countries, so that a chartered accountant from India is qualified enough to take up assignments in those countries.