Demutualisation of Accounting education from regulating the audit profession
Petition for Independent Oversight Body in India
- Indian Professionals
Independant Public Accounting Oversight Board.
Auditors License to be issued by an Independent Authority, like the one that exist in UK(RQB-RSB-Secretary of State), Australia(ASIC), European Union, USA(Respective states), South Africa (IRBA)etc.
Education Institutes should focus on Education-IPD and CPD as Documented by IFAC.
Members of full member body of the IFAC like the ICAI and ICWAI should be allowed, license to public practise of auditing without restriction- and only oversight should be exercised by the PCAOB.
PCAOB should have prescriptive compliance, for holding a valid license, which shall not grant exclusive rights to a professional body, such as the ICAI, instead focus on the skill set demonstration.
We,The Accounting professionals , certified by a statutory accounting body of the Indian Union (ICAI/ICWAI), would like to support the attempt to consider the demutualisation of Accounting Body and establishment of a separate and independent regulatory body for the covering all compliance zones under various statutes of the Indian Union,that will engage in Licensing auditors in various fields of compliance,not limiting to Just CAs.
All the field under the ambit of the new PCAOB shall be open to professionals whose name is registered in the member register of ICAI/ICWAI subject to demonstration of skill set to be prescribed by the PCAOB.
PCAOB shall also enable compliance of deficit skill set by directing these institutes to allow the interested applicant to undergo the necessary deficit in any one of these institutes irrespective of his/her membership affiliation. ICAI and ICWAI shall focus on IPD and CPD and the stakeholder requirements will be furthered by indepndant body which will be inclusive in nature consisting of nominees from Government, Departments requiring compliance, regulators, Citizens groups, Representation from ICWAI/ICAI/ICSI, industry forums, NGOs etal.
The Demutualisation of Accounting education from regulating the audit profession
Petition for Independent Oversight Body in India petition to Indian Professionals was written by Indiapcaob and is in the category Business at GoPetition.