Section 11: Functions, Duties and Authority of the Council

The functions, duties and authority of the Council shall be as follows:-

(a) To conduct professional examinations for new entrants in the accounting profession.

(b) To fix up procedures relating to the registration of members and members holding a Certificate of Practice.

(c) To provide membership of the appropriate class to applicants who have acquired qualifications pursuant to Section 16.

(d) To optimally utilise available resources and means for the cause of development of the accounting profession.

(e) To determine appropriate qualifications for human resources engaged in the accounting profession.

(f) To fix the curriculum and practical training period required for obtaining membership of the Institute.

(g) To organise academic classes and training programmes by itself or in collaboration with any university or other educational institutions.

(h) To issue Certificates of Practice to members willing to carry on the accounting profession.

(i) To offer career development opportunities in order to enhance the efficiency of members.

(j) To monitor as to whether or not the members and Members holding Certificate of Practice have acted in conformity with the prescribed professional code of conduct.

(k) To initiate actions, in accordance with the recommendation of the Disciplinary Committee, against members holding a Certificate of Practice for their actions and actions done in contravention of the professional code of conduct.

(l) To issue theoretical or practical guidance and guidelines in various aspects of accounting and auditing, and to carry out other professional development activities as and when needed.

(m) To monitor and regulate so as to ensure the compliance of Accounting Standards and Standards on Auditing developed or recommended by the Accounting Standards Board and the Standards on Auditing Board.

(n) To safeguard the rights and interests of the members and to protect and promote their reputation.

(o) To render advice and suggestions to the Government of Nepal for improvement in prevailing laws related to industry, commerce, finance, revenue and the accounting profession.

(p) To acquire membership of the International Federation of Accountants and Regional and Sub-regional Federations and establish contact with other foreign professional institutes.

(q) To recommend appropriate educational standards for accounting education, in consultation with the university or any other academic institutions.

(r) To organise, as and when necessary, training, symposia and seminars to enhance the professional efficiency of Registered Auditors.

(s) To conduct short-term or long-term training, workshops or symposia for the benefit of the human resources involved in the accounting profession.

(t) To publish materials related to the accounting profession.

(u) To establish a library containing materials related to the profession.

(v) To determine procedures to be followed by Committees constituted by the Council.

(w) Approving the budget of the Institute and arranging for the funds.

(x) To recruit staff, as required, for the Institute and fix their remuneration and other perks.

(x1) To install the mechanism of providing Continued Professional Education (CPE) to members.

(x2) To develop an education system to produce Accounting Technicians and undertake other necessary actions in this regard.

(y) To carry out such other functions as prescribed by this Act or Regulations and Byelaws framed under this Act.

(z) To carry out any other functions that are deemed necessary to attain the objectives laid down by this Act.