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the government is consider reviewing the structure of the apex chartered accountants body in the country, the Institute of Chartered Accountants of India (ICAI), that may result in the separation of its academic and regulatory functions. When contacted, Corporate Affairs Minister Salman Khursheed said, “If ICAI requires a review, we will look at it… The idea that the education part is kept apart from regulation, I think it is being floated around. Other countries have implemented this successfully including the UK. I am very willing to talk on this.” ICAI president Uttam Prakash Agarwal, however, said, “What is the purpose of two bodies? Have they (those who are talking about splitting the role) found anything lacking? We have proved over credibility across the globe… On the basis of foreign practices, they are saying so… The institute has eight government nominees.”
source:
CAclubindia
