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STANDING COMMITTEE ON FINANCE (2021-2022) SEVENTEENTH LOK SABHA THE CHARTERED ACCOUNTANTS, THE COST AND WORKS ACCOUNTANTS AND THE COMPANY SECRETARIES (AMENDMENT) BILL, 2021 (MINISTRY OF CORPORATE AFFAIRS) FORTY-FIFTH REPORT LOK SABHA SECRETARIAT NEW DELHI March, 20221 Chaitra, 1944 (Sa
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FAQ :
The proposed new body is called the Indian Institute of Accounting (IIA).
The main goal is to raise the standards of accounting education and offer competition to the Institute of Chartered Accountants of India.
The IIAs will be statutory bodies established by a Central law, similar to IITs and IIMs.
Initially, IIAs will offer a five-year undergraduate programme in accounting, followed by postgraduate programmes in specialized areas and eventually PhD programmes.
Graduates who qualify will be called Certified Professional Accountants (CPAs) and will be given a licence to practise.
Licence holders will be required to register with a Central Licensing Authority, such as NFRA, which will handle disciplinary matters.
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