ICAI-Announcement for the Corporate Affairs Standards: The need of the hour
October, 19th 2011
The globalisation and the emerging scenario of the corporate world require specialized professionals who can provide service with excellence, professionalism & objectivity to deal with various aspects of the corporate affairs. Technicalities of Corporate laws, accounting and auditing have undergone and are undergoing important changes. Members and other stakeholders need guidance on various areas of corporate laws and practice.
While appreciating the need of the profession and the global corporate sector the Council of the Institute of Chartered Accountants of India issued the Corporate Affairs Standards (CAS) to guide the members and other stakeholders. The three Corporate Affairs Standard on Business Valuation; Auditors appointment, retirement & removal and Certification under MCA-21 have been drafted with the view to empower the members on various areas of corporate field and to disseminate the same amongst other stakeholders and also in interpreting various Laws, Rules, Regulations, principles, practices and procedures. The main purpose of formulating Corporate Affairs Standards is not to interpret the Law but to sets out the concepts, principles, practices and procedures that underlie the corporate law compliances, corporate governance and management of corporates.
We are hopeful that the Corporate Affairs Standards prove to be an empowerment exercise for the profession and enable to equip the members to continue professional work as skilled and acclaimed professional and also have a positive impact on the economic and corporate environment, society and will contribute to good governance and management.