Page 4 - A Position Paper on Regulation of Accountancy Profession and Oversight Mechanism in India

Contents

Foreword (v)
List of Illustrations (vii)

Executive Summary (ix)

Chapters

1. Evolution of Accountancy Profession in India 1

2. ICAI–Towards Nation-building 11
3. Ensuring Quality through Robust Disciplinary Mechanism 19

4. Company Law Amendments and Its Silhouette on Role of Chartered Accountants 31

5. Economic Offences—Collective Governance Failure/Regulatory Failure or Aberrations 35

6. Will NFRA be a Panacea? 41

7. The Way Forward 51
Annexures

A Who’s Who of India Speak on Accountancy Profession and Professionals 61

B International-Benchmarked Education Improving Quality of Attestation Function—Accounting
Standards/ Indian Accounting Standards/Guidance Notes and Their Importance 71

C Brief History of Evolution and Stringent Setting of Standards on Auditing (SAs) in India 75

D Brief History of Evolution and Stringent Setting of Standards on Auditing (SAs) in India (contd.) 79

E Ethical Standards for Accountancy Profession 81
F Initiatives of Peer Review Board 85

G.1 Section 132 of Companies Act, 2013 101

G.2 Draft Rules for NFRA, as issued by MCA in October 2013 for public comments 105

G.3 Suggestions submitted by ICAI on Draft Rules for NFRA, as issued by MCA in October 2013 for
public comments 131

G.4 Inputs provided by ICAI in response to MCA’s request on the procedure to be followed while
dealing with complaints/information cases under NFRA Rules 139

H Suggestions submitted to Parliamentary Standing Committee on Finance on 31 May 2016 163

st
I Suggestions submitted by ICAI on Draft NFRA Rules issued in 2013 for public
comments by the Ministry of Corporate Affairs on 8 May, 2018 187
th
Acknowledgements 197