ICAI entering into domain of ICSI by setting up corporate affairs standards.
Monarch Gandhi
Dear friends,
The accounting and auditing regulator, the Institute of Chartered Accountants of India (ICAI), is set to enter a new area, till now a domain of the Institute of Company Secretaries of India (ICSI), by setting up corporate affairs standards (CAS) on various areas of corporate law and practices.
ICAI has already prepared three such standards on business valuation, on an auditor’s appointment, retirement and removal, and Certification under the MCA 21 e-governance project. Asked to comment, officials said that they were deliberating on the issue and declined to say more.
Treading on ICSI’s toes
While ICAI says the latest standards are required in the current global business environment, there are others who feel ICAI is clearly infringing on the ICSI domain. Even a senior ICAI Council member accepted that ICAI’s corporate affairs standards may overlap with that of ICSI.
“ICAI’s role is well defined as an accounting regulator, which is setting accounting standards and see to it that they are adhered to. It should stay away from getting into uncharted areas,” said a Chennai-based leading company law expert and a practicing company secretary who didn’t want to be identified. Too many standards create confusion, he added.
http://corporatelawupdates-monarchgandhi.blogspot.com
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Madhur Agrawal
standard set up by ICSI in the above matters. Its the clear cut laid
back attitude of ICSI, that provoke other institutes.
Even institute is not serious about the Secretarial Standards. More
than four years passed since it notified a new SS. I remember, two
years ago during a press conference the president of ICSI said that
they are coming with three new SS, but till now,forget the
notification, even a draft not released of the SS.
This is not the only case, even in the case of PMQ, ICSI made number
of times announcement that they are starting courses on Corporate
Insolvancy, Competition Law, IPR and Valuation, but failed to launch
any of them.
ICSI done its part of job, Business Valuation & Certification there
job too, so maintain the uniformity they introduced these standards.
We cant stop others pursuation for our loss of opportunity. Nothing
wrong done by ICSI.
Regards,
Madhur N. Agrawal
On 10/22/11, Monarch Gandhi <monarc...@gmail.com> wrote:
> Dear friends,
>
> The accounting and auditing regulator, the Institute of Chartered
> Accountants of India (ICAI), is set to enter a new area, till now a domain
> of the Institute of Company Secretaries of India (ICSI), by setting up
> corporate affairs standards (CAS) on various areas of corporate law and
> practices.
>
>
> ICAI has already prepared three such standards on business valuation, on an
> auditor’s appointment, retirement and removal, and Certification under the
> MCA 21 e-governance project. Asked to comment, officials said that they were
> deliberating on the issue and declined to say more.
>
> *Treading on ICSI’s toes*
> *
> *While ICAI says the latest standards are required in the current global
> business environment, there are others who feel ICAI is clearly infringing
> on the ICSI domain. Even a senior ICAI Council member accepted that ICAI’s
> corporate affairs standards may overlap with that of ICSI.
>
> “ICAI’s role is well defined as an accounting regulator, which is setting
> accounting standards and see to it that they are adhered to. It should stay
> away from getting into uncharted areas,” said a Chennai-based leading
> company law expert and a practicing company secretary who didn’t want to be
> identified. Too many standards create confusion, he added.
>
> This is matter is grave concern for ICSI & I think it is clear interference
> in CS domain. We must protest this to secure ICSI respect and future.As far
> as CAS is concern we are enough capable for making it.
>
> Thanks and Regards,
>
> MONARCH AJIT GANDHI
> *L.L.B (Gen)*
>
> *http://corporatelawupdates-monarchgandhi.blogspot.com*
>
> *“Good decisions come from experience, and experience comes from bad
> decisions.”*
>
>
>
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