A parliamentary panel has suggested creating the IIA which will offer 5-year UG courses and possibly PG and PhD courses like the IITs and IIMs.
The proposed IVI will also have an Academic Council that will be responsible for developing the CA undergraduate curriculum.
NEW DELHI: A parliamentary panel has proposed to establish an Indian Institute of Accountancy (IIA) to raise the standards of accounting education in India.
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The IIA, according to the house panel, will be established by central law similar to other eminent educational institutions like the Indian Institutes of Technology (IIT) and the Indian Institutes of Management (IIM). The IIA, like the IITs and IIMs, will also be set up in different parts of the country and will work closely with these institutions as well as the national law universities and other national and regional institutions.
The proposal is part of a series of recommendations made on the report on Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill 2021, tabled in Lok Sabha on Wednesday.
The panel proposed forming an IIA to focus primarily on academics while the Institute of Chartered Accountants, or ICAI, will limit itself to the role of a “licensing agency”. “The proposal views The IIA as an academic institution that trains licensed professionals similar to AIIMS, PGI, JIPMER, National Law Schools. In contrast, the Institute of Chartered Accountants of India will be a professional certification agency much in the same way as it is now,” the report states.
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The ICAI is a statutory body established by an Act of Parliament to regulate the profession of accountancy in the country. The institute operates under the administrative supervision of the Ministry of Corporate Affairs. The IIA will also offer a “competition” to the Institute of Chartered Accountants of India, or ICAI.
The IIA will be governed by a fully autonomous Board of Directors that will include both experts and laypersons as well as officials from the Ministries of Finance, Education and Business Affairs.
IIA: Courses offered, admission
The institute will be “research-oriented” and will initially offer a five-year undergraduate course and eventually offer postgraduate and doctoral programs. Given freedom of choice, students who qualify for the undergraduate program will receive two degrees – a Bachelor of Accounting and a Bachelor of Commerce. After graduation, these students will also obtain a license similar to that of CAs and will be called Chartered Professional Accountants.
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The proposed IIA will also have an Academic Council that will be responsible for developing the undergraduate curriculum. The undergraduate curriculum will include financial and cost accounting, auditing, taxation, law, business strategy, organizational behavior, management, governance and public administration, technology, data science, psychology and other related subjects. Recently, Debashis Mitra, the new President of the Institute of Chartered Accountants of India had announced that a new program would be launched this year.
At the postgraduate level, students will have the choice to specialize in areas such as forensic accounting, business analysis, cybersecurity, valuation, international taxation, and other relevant areas. Admission to the institute will be on the basis of an entrance test in accordance with the National Education Policy 2020.
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