M. Devaraja Reddy, President of the Institute of Chartered Accountants of India, has called upon chartered accountant firms to undergo peer review by ICAI to improve their professional capability.
The peer reviewed CA firms would get more professional opportunities than other firms, thereby, catering to the needs of clients in future, he said while inaugurating the sub-regional conference of chartered accountants organised by the Southern India Regional Council (SIRC) of ICAI.
He emphasised the need for members to update their knowledge of the profession and avoid diversion and dilution of values. He also urged the younger generation of CAs to take up responsibilities and contribute more towards the economy.
Later, speaking to reporters, he said the new scheme of education and training for the CA course by the Committee for Review of Education and Training (CRET) would be launched in November. ICAI is helping the Centre in bringing out the background material for the GST law and coordinating with the authorities for the success of the recently announced Income Disclosure Scheme 2016. The Accounting Research Foundation of the CA Institute is also partnering the Indian Railways in converting its accounting system into double entry, he said.
Babu Abaraham Kallivayalil, Chairman, Board of Studies, ICAI also spoke.