Institute of Chartered Accounts of India has already submitted its report to the Election Commission on auditing of accounts of political parties, a top official said today.

As per the request of EC, the Institute has made a few suggestions and prepared a report to the Commission for consideration and implementation, Dr Vijay Kapur, Chairman, Board of Studies, ICAI, told reporters here.

Similarly, the Institute has also submitted a report to Union HRD Ministry, then held by Kapil Sibal, for implementing accounting system in Higher Education, by which all colleges and universities could come under the system's purview, since it has already been notified, Kapur said.

When asked whether political parties would be transparent in submitting receipts of funds, he said it was for the EC to look into it.

As part of the accounting system in higher education sector, the institute is conducting capacity building workshop and programme, the first of which was held in Delhi.

The second in series for universities in Southern States would be held at Hyderabad on January 3 and 4, Kapur, here to address the two-day CA Students National Convention,said.

G Ramaswamy, immediate national past president of ICAI, who was present, said the International Financial Reporting Standards was likely to come in force by one to one and half years, soon after the passage of Companies Bill.

The Institute was planning to start a Business Entrepreneurs Cell, to train Heads of Corporates and Companies in accounting, Kapur said.