ICAI to set up public advocacy cell

The Institute of Chartered Accountants of India (ICAI) will set up a public advocacy cell that will provide inputs to the government when a new law or changes to an existing legislation are sought to be implemented.

ICAI President Nihar N Jambusaria, who took over the reins this month, on Tuesday also said the institute is seeking help from its overseas chapters to have an understanding about changes required to attract more investments into the country.

Building capacities of the institute's members in terms of technology, and creating more financial literacy, especially among MSMEs and small enterprises, to curb possible wrong accounting practices are also among the priorities for the institute.

''We will also set up a public advocacy cell. When there are new laws or when existing laws are sought to be amended, we will keep giving our inputs to the government... These kind of inputs in terms of practical aspects will be very helpful,'' Jambusaria told PTI.

According to him, such inputs can help in having aspects of ease of doing business at the stage of enactment of legislations itself.

Apart from building capacities of its members on technology, he said the institute will work towards promoting financial and tax literacy.

''Wrong practices in accounting are largely happening due to financial illiteracy... we have thought of promoting financial and tax literacy among MSMEs and small enterprises... it will not only help the nation but also auditors. When they audit, there will be better quality of accounts by organisations,'' he pointed out.

The institute has more than three lakh members.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)