In a separate reply, the minister said that inclusion of ICAI members on the board of NFRA (National Financial Reporting Authority) will not create any conflict of interest situation.
The high-level committee set up by the Institute of Chartered Accountants of India (ICAI) will look into the suggestions made by various stakeholders, including students, on the examination process of CA, Parliament was informed on Monday. The committee was formed in September following protests from students who were demanding revaluation of their CA (chartered accountant) exam answer sheets.
The panel, which met on October 7 and held deliberations, invited suggestions from students and other stakeholders on examination processes and changes including regulatory changes, if any required therein, Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said in a written reply to Lok Sabha.
Consequently, an online form was hosted on ICAI’s website and stakeholders were requested to submit their suggestions in this regard by November 10, he added. “The suggestions so received are being compiled by ICAI and will be placed before the aforesaid high level committee for its consideration at its forthcoming meeting,” Thakur added. The minister said that on receipt of the recommendations of the committee, it would be taken up for consideration by the examination council of ICAI. Issues such as bringing more transparency in the manner of declaration of results, disclosure of marking schemes followed by ICAI and removal of doubts regarding ICAI regulating the pass percentage are under deliberations by the committee.
In a separate reply, the minister said that inclusion of ICAI members on the board of NFRA (National Financial Reporting Authority) will not create any conflict of interest situation. NFRA board has 13 members of which three members represent ICAI. Thakur said that the main functions will be performed by the executive body of NFRA and as such, no conflict of interest will be there. Separately, he said that the Companies (Auditors Report) Order 2016 has not been extended to private schools and hospitals built on concession land.
Under the CARO, which was notified by the Corporate Affairs Ministry in March 2016, auditors need to touch upon a slew of factors in their reports, such as whether a company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.