The CA Institute is toying with the idea of introducing the concept of “temporary suspension” of erring members as part of broader improvement of its disciplinary mechanism of the audit profession, its newly elected President Nilesh Vikamsey has said.

“This is only an idea with us. We have to discuss it at the Central Council level and then write to the Government”, Vikamsey said at a press conference, his first after assuming charge as the 65th President of the single largest accountancy body in the world.

Vikamsey’s remarks are significant as the disciplinary framework of the CA Institute had in recent years come under scanner post several corporate scams including the infamous ones such as Satyam computers.

Asked as to what was the status of the CA Institute assuming powers to penalise erring CA firms, Vikamsey said that the CA Institute had already recommended to the Government that the relevant law be amended for this purpose.

“We will again take this up with the Government during my tenure also”, he added.

PRIORITIES

Vikamsey said that the CA Institute will this year work closely with the Central and State Governments to ensure successful implementation of goods and service tax (GST). “The other priority for me is to help expand the income taxpayer base”, he said.

“We want to be a true partner to the Government in nation building”, Vikamsey added.

ACCRUAL ACCOUNTING

Building on its existing relationship with Railways, the CA Institute will soon sign a Memorandum of Understanding (MoU) for an all-India roll out of accrual accounting at 17 Railways zones and its four manufacturing units.

“This MoU is expected to be signed in the next few days. It’s ready”, he added.

Meanwhile, on allegations of accounting irregularities in some Tata Companies, Vikamsey said that the CA Institute was looking into the matter.

srivats.kr@thehindu.co.in