Functions, Duties and Authority of the Council

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The functions, duties and authority of the Council shall be as follows:-
(a) To conduct professional examinations for new entrants in accounting profession.
(b) To fix up procedures relating to the registration of members and members holding Certificate of Practice.
(c) To provide membership of appropriate class to applicants having acquired qualifications pursuant to Section 16.
(d) To optimum utilise available resources and means for the cause of development of accounting profession.
(e) To determine appropriate qualifications for manpower engaged in the accounting profession.
(f) To fix curriculum and practical training period required for obtaining membership of the Institute.
(g) To organize academic classes and training programmes by itself or in collaboration with any university or other academic institutions.
(h) To issue Certificates of Practice to members willing to carry on accounting profession.
(i) To offer career development opportunities in order to enhance 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 Certificate of Practice for their acts 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 Accounting Standards Board and Standards on Auditing Board”.
(n) To safeguard rights and interests of the members and to protect and promote their reputation.
(o) To render advice and suggestions to His Majesty’s Government for improvement in prevailing laws related with industry, commerce, finance, revenue and 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 account education, in consultation with university or any other educational institutions.
(r) To organize, as and when necessary, training, symposia and seminars to enhance professional efficiency of Registered Auditors.
(s) To conduct short-term or long-term training, workshops or symposia for the benefit of manpower involved accounting profession.
(t) To publish materials related with accounting profession.
(u) To establish a library containing materials related to profession.
(v) To determine procedures to be followed by Committees constituted by the Council.
(w) To approve budget of the Institute and arrange for the fund.
(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 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 deem to be necessary to attain the objectives laid down by this Act.

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