Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022

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Context - The Rajya Sabha has passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022.

Key features of the bill

• The proposed bill amends;
  • The Chartered Accountants Act 1949
  • The Cost and Works Accountants Act 1959
  • The Company Secretaries Act 1980
• It alters the disciplinary mechanism under these Acts and specifies timelines for disciplinary proceedings.
• Provide more external representation on the Board of Discipline and Disciplinary Committee.
• Creates a Coordination Committee headed by the Secretary of the Ministry of Corporate Affairs.
  • The Committee will have representation from the three Institutes formed under the Acts.
• Firms must now register with the Institutes.
• The Bill increases certain fines under the three Acts.
  • If a partner or owner of a firm is repeatedly found guilty of misconduct during the last five years, disciplinary action can be taken against the firm.

https://www.thehindu.com/news/national/rajya-sabha-clears-bill-revamping-chartered-accountancy-institutes/article65293365.ece