Faster Disposal Of Misconduct Complaints
New Delhi, Mar 24 (UNI) Law has been amended to make India's Cost and Works Accountants more accountable through expeditious disposal of complaints of professional or other misconduct, and faster justice, it was announced tonight.
Having been signed by President A P J Abdul Kalam and notified since, the Cost and Works Accountants (Amendment) Bill, 2006 has come into force as Act No 7 of 2006, the Law and Justice Ministry said.
The need to amend the Cost and Works Accountants Act, 1959 was felt in light of changes in India's economic and corporate environment, including growth in capital markets and dismantling of economic controls.
The Bill was passed by both Houses of Parliament.
The move is intended to provide professionals to the corporate sector to assess and analyse costs in a competitive environment and inputs to regulators and the government, the Ministry said.
The Act provides for setting up an institutionalised disciplinary mechanism within the framework of the Institute of Cost and Works Accountants of India to ensure expeditious disposal of complaints of professional or other misconduct against members, ensuring faster delivery of justice, it said.
An Appellate Authority headed by a sitting or retired High Court judge will deal with appeals, it said.
A Quality Review Board will be set up including ''outside'' experts to review the standard of services provided by the members of the Institute, the Ministry said.
The mechanism is intended to bring about transparency in the Institute's financial affairs.
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