ICAI defers decision on rotation of auditors

The Institute of Chartered Accountants of India ( ICI) has yet again deferred any decision on the referendum on the issue of rotation of auditors for the next council meeting.

" The new members to the council are not well versed with the issue and hence time has been given to them to understand the issues", a council member said.

The resolution regarding the rotation of auditors after specific period of time was taken last year.

But as the opinion was divided across the members of the institute, it was decided that a referendum would be taken, where all the members would vote on the issue.

The council, in the meeting held this weekend, decided to take up the issue of the same person being able to practice as a chartered accountant, cost accountant and company secretary if he possesses requisite qualifications in the inter institution co-ordination committee to.

This is because even though ICI has already allowed their members to do so, the sister institutes like Institute of Company Secretaries of India and Institute of Cost and Work Accountants of India have not.

Among the decisions taken during the council meeting this weekend was increasing the qualifying teaching hours that would allow part time practitioners to conduct auditing services apart from consulting services to 25 hours from 20 hours, a council member said.

Other decision pertains to training programmes of the institute. ICAI has decided to start continuing professional education (CPE) programmes to be carried out throughout India and in select places abroad, to enable chartered accountants to detect financial frauds and manage risks better, Sunil Goel ICAI president said in a press conference.

He added that the CPE committee formed earlier, has finalised the roadmap to meet International Federation of Accountants' recommendation on CPE.

The institute would monitor the quality of the programme offered through the CPU committee.