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.
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