Cabinet approval to amend Chartered Accountants Act
New Delhi: The Union Cabinet has given its nod to a Bill that seeks to amend the Chartered Accountants Act, Cost and Works Accountants Act and the Company Secretaries Act. The Bill is intended to improve the functioning of the professional companies in India. Official sources were quoted as saying that the Bill incorporating most of the suggestions of the Naresh Chandra Committee on Corporate Audit and Governance was considered and cleared by the Cabinet.

The Bill, among other provisions, seeks to establish three separate quality review boards (QRBs) for the professions of chartered accountants, cost accountants and company secretaries. It is also likely to have provisions relating to prohibition of undue dependence of an auditor on a single client.
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