Tax audits our forte, would be unfair to treat others as accountants: ICAI president Nanda
Audits, including the tax ones, should remain the preserve of chartered accountants, as they are best trained for these tasks, new president of the Institute of Chartered Accountants of India (ICAI) Charanjot Singh Nanda asserted on Wednesday, opposing suggestions to treat other professionals as accountants.
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Top bodies representing company secretaries and cost accountants this month approached the government to include their members as accountants under the provisions of the new Income-Tax bill.
Any such move would allow them to conduct lucrative tax audits that are currently undertaken by chartered accountants (CAs) alone.
“I would like to maintain good relations with other institutes (the Institute of Company Secretaries of India and the Institute of Cost Accountants of India). But tax audit is the forte of chartered accountants,” Nanda said in his first press conference after taking over as the ICAI chief last week.
“We also study cost accountancy and other issues (such as Companies Act compliance) as part of our courses. But we don’t claim expertise in those things. We are trained predominantly in audits,” he said, indicating his expectation that everyone should respect each other’s specialised domain.
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